Petroleum
Weeks of escalating tensions between Yemen's northern and southern factions have culminated in a critical juncture, with the northern army, led by President Ali Abdullah Saleh, planning to use its numerical superiority to gain a decisive military advantage over its southern counterparts. The spoils of war would likely
Gas industry
Enterprise Oil's £1.4 billion hostile bid for Lasmo has faced a setback, with the Takeover Panel demanding that the company state its intentions, reducing the surprise factor of the bid. This comes as Lasmo's share price has increased by 35% in the last month, making
Gas industry
Enterprise Oil, a leading oil explorer, has launched a hostile takeover bid for rival Lasmo, worth almost £1.5 billion. The bid, which consists of 27 Enterprise A shares and 12 Enterprise warrants for every eight shares held by Lasmo investors, has been met with resistance from Lasmo's
Petroleum industry
Mitchell Energy and Development Corp., a company with a significant presence in the Houston-Galveston area, has been taking steps to strengthen its financial situation by divesting its assets. The company has sold 16 of its oil rigs to Nabors Industries Inc. for $9 million, with 13 more rigs still on
Petroleum industry
Occidental Petroleum Corp. announced a net loss of $40 million in the first quarter of 1994, which was somewhat greater than the consensus estimate of financial analysts. The company attributed the loss to the collapse in crude oil prices and a surprising drop in revenues from natural gas pipeline operations.
Gas industry
Cross Timbers Oil Co. is set to make significant strides in the energy sector as it plans to spend $250 million on property acquisitions by 1998. The company, a natural gas and petroleum producer, has already invested $110 million in energy properties since its initial public offering last May. With
Gas industry
Canadian oil and gas producers are reporting record drilling programs and significant profits despite the 1993 oil price drop. According to David O'Brien, chairman of the Canadian Association of Petroleum Producers, many companies will profit from higher North American gas prices due to the growth in the US
Gas industry
As the final minutes of trading before the Easter holiday approached, crude oil and gasoline futures prices on the New York Mercantile Exchange (Nymex) took a sudden and dramatic turn, leaving many traders stunned. The price surge was triggered by Mobil Corp.'s announcement to close a 63,000
Gas industry
Benton Oil & Gas Co. has announced a net loss for the second consecutive year, resulting from a decline in production revenues in its domestic operations. However, the company's efforts to divest itself of nonstrategic properties have been partially offset by the success of two international projects in
Petroleum industry
Oil markets remained relatively stable on Mar 24, 1994, with the market awaiting the Organization of Petroleum Exporting Countries' (OPEC) decision to not cut production quotas. Despite the anticipation of a lack of production reductions, West Texas Intermediate futures for May 1994 delivery increased 18 cents to $15.08/
Petroleum industry
Strong prompt physical demand in Europe for North Sea crudes, combined with short covering on the New York Mercantile Exchange (Nymex) before expiration of the April futures contract, sent crude oil prices sharply higher Monday. West Texas Intermediate (WTI) futures for April delivery soared 49 cents to $15.37/bbl
Gas industry
Seagull Energy Corp., a Houston-based oil and gas company, is seeking to separate its Alaskan transmission and distribution operations from its expanding exploration and production (E&P) operation, catering to the interests of Wall Street. If approved by shareholders at a meeting set for June 1, the move would
