Petroleum industry
In a major shake-up in President Clinton's administration, former U.N. ambassador Bill Richardson has been appointed as the next Energy Secretary, taking over from Federico Pena who resigned in April. Richardson's appointment, coupled with Clinton's encouraging comments about Iran, marks a significant shift
Petroleum industry
Energy Optics, Inc. subsidiary American Millennium Corporation has entered into an agreement with Griffin Petroleum to provide satellite monitoring of conditions on an existing oil lease operated by Griffin Petroleum. The agreement marks a significant step in implementing satellite-based data and messaging communications services for the oil and gas industry.
Petroleum industry
Canada's top oil producers are facing increased financial strain due to high debt levels, which may lead to further budget cuts and decreased production forecasts. According to analysts, average oil industry debt in Canada has reached levels not seen in many years, with year-end debt-to-equity ratios averaging 41%
Petroleum industry
Howell Corporation, a domestic producer of oil and gas based in Houston, Texas, has adjusted its credit facility with Bank of Montreal (BMO) following a redetermination of its borrowing base and the settlement of litigation involving Snyder Oil Corporation and Amoco Production Company. The adjustments include the elimination of a
Petroleum industry
Texaco Inc., Shell Oil Co., and Saudi Aramco have agreed to create a refining alliance, which will be the nation's No. 1 seller of gasoline and will have 13 to 15 percent of U.S. gas sales. The alliance, formed through two joint ventures, Equilon Enterprises LLC and
Petroleum
The England selectors are under pressure to make changes to their one-day team ahead of the World Cup, with captain Adam Hollioake coming under fire for his inspirational leadership. Despite a decent start to the Texaco series, Hollioake's team has been plagued by batting collapses and poor fielding
Petroleum
Petroleo Brasileiro (Petrobras) is awaiting a decision on which of its upstream assets will be allowed to be retained, and which will be put up for bidding, following the release of a report by the National Petroleum Agency (ANP). After the oil reform law of August 1997 removed Petrobras'
Petroleum industry
The Falkland Islands could be poised to benefit from an oil boom after American company Amerada Hess discovered oil reserves during test drilling. The find, located 200 miles north of the islands, has sparked excitement among the island community, oil industry experts, and City investors. If the early results are
Gas industry
MDU Resources Group, Inc. announced a three-for-two stock split in a move aimed at broadening its distribution and attracting new investors. The company's Board of Directors approved the stock split on May 14, 1998, subject to regulatory approval. The split is expected to be effective on July 13,
Gas industry
DuPont Co is set to spin off its oil subsidiary, Conoco Inc, marking one of the largest initial public offerings in history. The move is part of the company's "aggressive growth plan", which will see DuPont emphasize agricultural biotechnology and pharmaceutical products even more. Analysts estimate
Gas industry
Stock prices, which had been a major concern in the market, receded as the Dow Jones industrial average set a new record. The Dow Jones industrial average rose by 45.59 points to 9,192.66, surpassing its previous record of 9,184.94 set on April 21. The Nasdaq
Gas industry
TransCanada PipeLines Limited has announced a significant development in its expansion plans, signing a development agreement with H&R Developments to construct a new office tower in downtown Calgary. The tower, valued at $200 million, will provide necessary space for TransCanada's rapidly expanding energy services businesses, including
