Gas industry
Kelley Oil and Kelley Oil & Gas Partners Ltd. are considering consolidating into a new company, Kelley Oil & Gas Corp., with the aim of simplifying their organizational structure and increasing financial strength. The proposed merger, which could be completed by the end of the year, would see all publicly
Gas industry
Oil prices took a sharp decline on Thursday as large investment funds began to take their profits and move into other commodities. The shift led to a significant drop in crude oil and refined products prices, with natural gas futures experiencing the greatest decline. The turmoil in the oil market
Gas industry
Sharply higher oil and gas production in the second quarter was not enough to offset lower prices for two modest-sized producing companies, Nuevo Energy Co. and Devon Energy Corp. However, Parallel Petroleum Corp. nearly tripled its profits. Despite the challenges, Nuevo Energy and Devon Energy Corp. reported higher revenues and
Petroleum industry
Oil traders in August 1994 were more concerned with technical signals from their computer printouts than with bullish new stocks data and the continued deterioration of Nigerian crude oil exports. The West Texas Intermediate (WTI) crude oil futures for September delivery plummeted 56 cents/bbl on Wednesday, only to rally
Petroleum industry
The oil trading community's misinterpretation of a news wire about the release of Moshood Abiola on bail led to a sharp decline in West Texas Intermediate (WTI) crude oil futures, with prices plummeting over $1/bbl on the New York Mercantile Exchange (Nymex). The market failed to recover
Petroleum industry
The Texas Natural Resources Conservation Commission's (TNRCC) decision to delay until Dec 1, 1996, a finding on which fuels should be on the state's alternative fuel list has sparked further controversy between major oil companies and independent natural gas producers. The proposed rule would have adopted
Petroleum industry
Crude oil prices continued their upward trajectory on Friday, fueled by mixed reports of potential supply disruptions in various regions. West Texas Intermediate (WTI) crude oil futures for August delivery rose 16 cents to $19.53 per barrel on the New York Mercantile Exchange (Nymex). The price increase was driven
Petroleum industry
As the Colorado Oil and Gas Conservation Commission (OGCC) assumes expanded environmental protection powers, the state's oil and gas industry is counting on increased regulation by the commission to prevent local governments from imposing their own regulations. However, environmental groups and many state landowners remain skeptical, believing that
Petroleum industry
After a tumultuous period, oil and gas markets showed gains across the board, with gasoline and natural gas leading the way. Favorable supply and demand numbers are beginning to influence market sentiment, as seen in the prices of unleaded regular gasoline and West Texas Intermediate (WTI) crude oil. Meanwhile, leading
Petroleum industry
Independent oil companies in the US are awaiting sustained oil price levels before engaging in new drilling activity, despite recent price increases. Current prices remain below $20/bbl, a threshold that must be sustained for six months for new drilling to be viable. This caution is driven by the memory
Petroleum industry
Financial executives at a recent symposium in Tokyo, Japan, have emphasized the need for international financial organizations, including the World Bank, to promote investment in the oil and gas sector in emerging countries. Experts estimate that around $100 billion will be required annually to fund projects such as gas pipeline
Petroleum
As crude oil prices have surged from $14 per barrel to almost $20 per barrel in June 1994, prospects for tax and royalty relief in the US petroleum industry have dimmed. When over 100 industry leaders requested a meeting with President Clinton in March 1994, they hoped to discuss relief
