Petroleum
Negotiations between the Communications Electrical and Plumbing Union (CEPU) and Telstra management have been ongoing for 13 months, with the CEPU requesting an 8 percent annual wage rise and increased job security for its 50,000 members. The union claims that Telstra's refusal to negotiate a fair enterprise
Gas industry
The Carr Gottstein Foods Co. remained Alaska's top private-sector employer in 1997 for the seventh consecutive year, according to the state's Labor Department. Providence Alaska Medical Center ranked second, with the Fred Meyer chain taking third. The list highlights the growth and decline of various industries
Petroleum
Key Energy Group, Inc., a leading provider of energy operations and services, has completed the acquisition of Colorado Well Service, Inc. and several oilfield service assets of TransTexas Gas Corporation. The total cash consideration for the three transactions was approximately $28 million, with $20 million allocated for the TransTexas Assets.
Petroleum
Key Energy Group, Inc., a holding company with diversified energy operations, has received commitments for $700 million in funding to support its acquisition of Dawson Production Services, Inc. The company announced that it has entered into commitment letters with Lehman Commercial Paper, Inc. and Lehman Brothers, Inc. for $150 million
Gas industry
Oil exploration group Cairn Energy is preparing to share its dissatisfaction with the Bangladesh government over the allocation of licenses in the recent licensing round. Cairn, in partnership with Shell, had applied for six blocks but was granted a share in only one. This decision has sparked concern that Cairn
Natural gas
Garnet Resources Corporation has reported its second quarter results for 1998, including a net loss of $2,503,176 and a decrease in oil sales to 833 barrels per day. Despite a 23% reduction in corporate general and administrative expenses, the company is facing significant financial challenges, including non-compliance with
Natural gas
Crude oil prices in the US saw a subdued reaction to the latest developments in Iraq, with protests from the White House and the U.N. Security Council contributing to a gain of only 8 cents/bbl in New York. The decision by Iraq to suspend cooperation with arms inspectors
Natural gas
Prices for crude oil plummeted on Monday, with the September light, sweet crude contract on the New York Mercantile Exchange (Nymex) closing down 51 cents at $13.70/bbl, while front-month North Sea Brent futures in London dove below $13/bbl to end the day down 53 cents at $12.
Petroleum
The U.S. oil and gas market experienced a downturn last week, with shares plummeting due to concerns over second-quarter and future earnings, coupled with a significant drop in the price of front-month West Texas Intermediate. The Oil Daily 30 Composite index slipped 3%, with most major oil companies reporting
Petroleum
Chevron's joint venture with the Soviet Union in the 1990s was met with skepticism by Western competitors, who doubted the project's viability. By mid-1996, Chevron had invested about $700m in the project, with its 50% equity stake generating a mere $1m in profit. However, in 1997,
Natural gas
On July 22, 1998, a class action lawsuit was filed against Triton Energy Limited, alleging that the company and certain officers and directors issued a series of materially false and misleading statements about the company's properties, operations, and prospective value. This artificially inflated the price of Triton common
Natural gas
Triton Energy Corp.'s shares plummeted 33% to $20-1/2 on Friday after the Dallas-based independent announced that it would not be sold as expected, but rather had arranged a $377 million financing agreement with Atlantic Richfield Co. (Arco) for its Gulf of Thailand natural gas play. Analysts had
