Gas industry
The Clinton administration stepped in to rescue Enron Corp's planned development of Mozambique's Pande natural gas field from cancellation after the country's Energy Minister, John Kachamila, abrogated a memorandum of understanding on the project. In response to Kachamila's letter, National Security Adviser
Gas industry
Geokinetics Inc., a Gulf Coast oil and gas exploration and production company, has signed a letter of intent to acquire Green Mountain Geophysics, Inc., a leading provider of 3-D seismic acquisition design software to the petroleum industry. The acquisition, subject to satisfaction of certain conditions, is expected to close on
Gas industry
A new joint venture, Rio Grande Pipeline Company, has been formed by Amoco Pipeline, Mid-America Pipeline, and Navajo Pipeline to transport natural gas liquids (NGLs) to Mexico from West Texas. The first shipments on the new pipeline system are planned for late 1996, and will transport NGLs from Hobbs Station
Gas industry
Mobile Gas Service Corporation, a natural gas distributor serving over 100,000 customers in southwest Alabama, announced its fiscal year 1995 earnings. The Company reported net income of $4,028,000, or $1.26 per share, compared to $4,893,000, or $1.78 per share, in fiscal 1994. Gross
Gas industry
As the global chemical industry faces volatility, Occidental Petroleum Corp. is taking proactive steps to boost its oil and gas earnings and strengthen its balance sheet. The company aims to increase earnings from oil and gas operations to $225 million to $250 million this year, which should double to $500
Gas industry
Texas Pacific Group, a $720 million private investment partnership, has signed a definitive agreement to invest $40 million in Denbury Resources Inc., a Calgary-based energy exploration and production company. The investment requires regulatory and shareholder approvals and is expected to close next month. Upon completion, Texas Pacific will own approximately
Gas industry
Magnum Hunter Production, Inc., a subsidiary of Magnum Petroleum, Inc., has completed the acquisition of domestic producing oil and gas properties from a Corpus Christi, Texas-based independent for $4.5 million. The purchase price was comprised of cash and a note secured by restricted common stock of the Company. The
Gas industry
Magnum Hunter Production, Inc., a subsidiary of Magnum Petroleum, Inc., has secured an increase in its revolving credit facility with First Interstate Bank of Texas from $10 million to $20 million. This boost in credit capacity was made possible by the recent completion of an acquisition and several pending acquisitions.
Gas industry
Trunkline Gas Co and Natural Gas Pipeline Co are considering plans to convert their gas pipeline capacity to crude oil, highlighting a series of gas-to-oil conversions among pipeline companies. This move is expected to boost crude supply to the Midwest, which has been rising with recent gas-to-oil pipeline conversions and
Gas industry
The U.S. energy company, Entergy Corp., has decided to withdraw from the TransGas consortium project, which aimed to build a 500-mile natural gas pipeline from Argentina to Chile. This move comes on the heels of Entergy's decision to scrap plans for two 350 megawatt power plants in
Gas industry
As electric industry restructuring continues, natural gas distribution companies (LDCs) in the Central and Mid-Atlantic regions of the U.S. are at the greatest risk of losing competitive ground in both their heating and cooling markets. A study released by Richard J. Rudden, President of R.J. Rudden Associates, Inc.
Gas industry
Equitable Resources, Inc. has expanded its presence in the energy industry by purchasing a 30 percent interest in South Coast Exploration Company, a private energy company specializing in 3-Dimensional seismic and computer-aided exploration techniques. This strategic investment, announced on October 23, is expected to enhance Equitable's capabilities in
