Gas industry
Despite a 10 cents per barrel drop in the price of West Texas Intermediate (WTI) oil, stocks in the petroleum and gas industry outperformed the general stock market, with The Oil Daily 30 Composite index advancing 2.5% versus the Dow Jones Industrial Average's 1.9% gain. However,
Gas industry
American Access Technologies, Inc., a provider of innovative telecom switching enclosures, has announced that Mobil Corporation and Fina, Inc. have placed orders for its cost-saving Zone Cabling Termination Cabinet (ZCTC) units. The surprise orders demonstrate the appeal of the company's patented technology, which applies the concept of "
Petroleum industry
Pioneer International's Caltex share offer has received over 90 million shares, with more than 65% of those shares being purchased by retail investors. Despite weaker than expected institutional demand, the share offer exceeded expectations, with retail investors buying 45.1 million shares, and institutions collecting the remaining 30
Petroleum industry
Harken Energy Corporation has completed the formation evaluation of the Canacabare #1 well, which has shown promising results. The well was drilled vertically to a total depth of 8,410 feet in the Paleozoic formation and has indicated good porosity at 20-24% and above-average oil saturation at 40%. These results
Gas industry
National Energy Group, Inc. announced the closure of its purchase of additional interests in the East Bayou Sorrel Area, Iberville Parish, Louisiana, from Fortune National Resources Corporation for $4,695,000. The acquisition added 432,000 barrels of oil and 551,000 mcf of natural gas to its proven reserves
Gas industry
GeoResources, Inc., a natural resources exploration and production company, announced its 1997 financial results, showcasing a significant increase in production and growth in proved oil reserves. The company's oil and gas operations produced 213,000 net equivalent barrels of oil or 584 BOE per day in 1997, a
Petroleum
Magnum Hunter Resources, Inc., a rapidly growing independent exploration and development company, has entered into a definitive agreement with the principal shareholders of Swanson Consulting Services, Inc. to form a strategic alliance. The primary objectives of this collaboration are to leverage Swanson's geological, geophysical, and engineering expertise alongside
Petroleum industry
YUKSI, Russia's largest oil company, will sign a groundbreaking strategic alliance with Schlumberger, enabling YUKSI to outsource oilfield services in its vast Russian oil fields over the next five years. The alliance marks an unprecedented departure from traditional Russian industry practice, where companies typically perform all oilfield services
Petroleum industry
Atlantic Richfield, the parent company of Arco Alaska Inc., has announced that it will sell its domestic coal operations to St. Louis-based Arch Coal Inc. in a $1.14 billion deal. The acquisition will create the nation's second-largest coal producer, with annual revenues of nearly $2 billion and
Petroleum
Gothic Energy Corporation today announced its fourth quarter and year-end 1997 financial results, showcasing significant growth in natural gas and oil sales, production volumes, and earnings before interest, taxes, depreciation and amortization (EBITDA). The company's financial performance reflects a robust expansion in its oil and gas operations, with
Gas industry
In a welcomed relief to consumers, gas prices in Hampton Roads have continued to drop, with some stations offering regular unleaded gasoline for as low as 99 cents a gallon in March. This significant price drop is attributed to a combination of factors, including low crude oil prices, a decline
Gas industry
Crude oil prices continued their downward trend, with both Nymex and IPE futures experiencing losses on Friday. Despite an initial surge in buying interest, the market's interest waned, with prices dropping to session lows. This comes as OPEC has postponed its ministerial monitoring subcommittee meeting, originally scheduled for
