Petroleum industry
Yesterday, French oil group Elf Aquitaine disappointed the markets by announcing it had indefinitely postponed the sale of 15.5% of Sanofi-Synthelabo, a French pharmaceutical group in which it has a 35% interest. The company cited the evolution of markets as the reason for the delay, but analysts remain unconvinced.
Petroleum industry
Iraq's upstream investment prospects are gaining momentum as the United Nations Security Council's permanent members (P5) close in on a deal to lift sanctions. Following a senior diplomat meeting in London, hopes are rising that a breakthrough will be achieved this week in New York, where
Petroleum industry
The crisis in East Timor has set off a chain reaction of violence across Indonesia, with the country's unity hanging in the balance. Indonesian President B.J. Habibie has declared martial law in East Timor, but the troops dispatched have joined in the killings of civilians, sparking widespread
Petroleum industry
The Alpine Group, Inc., a holding company with a 51.7% ownership stake in Superior TeleCom Inc., reported record revenues and earnings for its fiscal 2000 first quarter ended July 31, 1999. Revenues from continuing operations reached $515.2 million, a 228% increase from $156.9 million in the same
Petroleum industry
CMS Energy Corporation, a diversified energy infrastructure company, has opened a new office in downtown Denver, Colorado, as part of its ongoing expansion into the Rocky Mountain region. This strategic move reflects the company's long-term plan to aggressively pursue new energy development opportunities in the area. With a
Petroleum
Devon Energy Corporation and KN Energy, Inc., partners in Thunder Creek Gas Services, LLC, have completed the 126-mile Thunder Creek natural gas pipeline in northeast Wyoming. The pipeline, which extends between Gillette and Glenrock, Wyoming, has a design capacity of approximately 450 million cubic feet of gas per day. This
Petroleum
Energy commodity markets worldwide could be severely impacted if Y2K-related problems occur, as companies would likely draw down natural gas and oil stocks during the winter months, exacerbating any potential disruptions. The American Petroleum Institute (API) and the White House Council on Year 2000 Conversion have expressed concerns about end-of-year
Petroleum industry
KN Energy, Inc. and Tom Brown, Inc. have announced the sale of 1,000,000 shares of Tom Brown, Inc.'s preferred stock to an undisclosed investor for approximately $29 million in cash. The preferred stock, originally issued to KN in 1996, is convertible into 1,666,000 shares
Petroleum industry
Last week, energy-sector shares took a hit as the Oil Daily 30 Composite fell 4.22%, while the Dow Jones Industrial Average slipped 0.09%. Amidst the decline, natural gas exploration and production company Sheridan Energy Inc. saw its stock climb 38.7% to $5.37. The boost is attributed
Petroleum industry
The oil trading community is poised to navigate the January 1, 2000, milestone with confidence, despite some concerns about computer readiness due to the Y2K bug. Recent dress rehearsals have identified areas for improvement, but most industry players are optimistic about their ability to avoid disruptions. Major oil companies are
Petroleum industry
Calpine Corporation, a leading US power company, has entered into an agreement with Sheridan Energy, Inc. to acquire the latter through a $41 million cash tender offer. The acquisition aims to strengthen Calpine's fuel capabilities and bring expertise in gas exploration and development. The transaction is expected to
Petroleum industry
Markets around the world have been on edge, anticipating the outcome of the US Federal Open Market Committee meeting, which will decide on the direction of US interest rates. The options presented to the committee are complex, but essentially boil down to leaving rates unchanged, cutting them, or raising them.
