Gas industry
President Clinton's executive order prohibiting US companies from developing Iranian oil and gas fields has sparked concerns in the oil industry, with some experts warning that a total trade ban against Iran could harm US companies due to a tight sour crude market, while others believe it would
Gas industry
Crude oil prices on the New York Mercantile Exchange (Nymex) surged on Wednesday as traders covered short positions and speculated on a potential shortage of gasoline. The April crude contract closed at $18.11/bbl, a 17-cent gain, as the Energy Information Administration (EIA) reported a smaller-than-expected increase in crude
Gas industry
Global Natural Resources Inc. has announced a significant increase in its proved oil and gas reserves, totaling approximately 45.8 million barrels of oil equivalent (MMBOE) at year end 1994. This represents a 42% growth over the reserves reported a year earlier, with notable increases in international reserves, particularly in
Gas industry
OTM International Development, a Canadian company, has initiated a 25-year, multi-million dollar exploration and development program in the Crimea to extract oil and gas reserves. The program involves the drilling of a 28,000-square-kilometer region, where large oil and gas reserves were discovered during earlier exploration under the former Soviet
Gas industry
YPF Sociedad Ansinima, a major Argentine oil company, has announced an agreement to acquire Maxus Energy Corporation, a leading oil and gas company, in a deal worth $5.50 per share. The acquisition will see YPF acquire all of Maxus' common stock through a tender offer, followed by a
Gas industry
Dallas-based Maxus Energy Corp., a debt-laden oil and natural-gas exploration and production firm, has received a $755.44 million tender offer from Argentine oil company YPF Sociedad Anonima. The offer, which is for all 134.9 million Maxus shares outstanding, values each share at $5.50, plus an additional 10
Gas industry
A billion-dollar battle is unfolding in British Columbia as Westcoast Energy Inc. and BC Gas Inc. clash over the expansion of the province's pipeline network. Westcoast, the province's monopoly gas transmission company, is accusing BC Gas of using scare tactics to block its $284 million expansion
Gas industry
Consolidated Natural Gas Company, one of the nation's largest producers, transporters, distributors, and marketers of natural gas, reported a net income of $183.2 million for 1994, or $1.97 per share. This represents a decline from 1993's net income of $205.9 million, or $2.
Gas industry
Occidental Petroleum Corp. (NYSE: OXY) announced a major boost in worldwide oil reserve additions for 1994, totaling 235 million barrels. This represents a 271 percent replacement ratio, indicating that the company found and added new oil reserves that surpassed its production levels by a significant margin. The enhanced oil recovery
Gas industry
Questar Corp., an integrated natural gas company, has announced a 7% increase in 1994 net income, reaching a record $87,543,000, or $2.16 per share, compared to $81,692,000, or $2.03 per share, in 1993. Despite a decline in gas prices and warmer-than-normal temperatures, the company
Gas industry
LG&E Energy Corp., a diversified utility holding company, has reached definitive agreements with Hadson Corporation to purchase its natural gas marketing, gathering, and processing company for $143 million. The acquisition involves all Hadson subsidiaries, including Hadson Gas Systems Inc., and 1,300 miles of gas gathering systems, gas
Gas industry
Southeastern Michigan Gas Enterprises, Inc., a leading natural gas marketer, reported a significant increase in net income for the year 1994. Led by President and Chief Executive Officer Ward N. Kirby, the company witnessed improved results from its natural gas marketing operations, interest savings from debt refinancing, and lower depletion
