Petroleum
Indonesia has taken steps to dismantle the Suharto family's business empire, a move that comes after the patriarch's downfall as president. The family's ventures are now under intense public scrutiny, and several companies linked to the Suhartos have been identified for review and potential
Petroleum
As part of its ongoing review of its worldwide portfolio, Amoco Corporation has announced plans to sell its 24.5 percent stake in the Liuhua oil field in the South China Sea before the end of the year. The company has also reported significant new natural gas reserves in the
Petroleum industry
A top State Department official has declared that United Nations sanctions against Iraq will persist due to leader Saddam Hussein's non-compliance with Security Council demands. Undersecretary of State Thomas R. Pickering expressed skepticism over Iraq's willingness to meet its obligations, stating that sanctions will remain in
Petroleum industry
Despite concerns over declining oil production, Alaska's top oil producers are optimistic about the future of the industry, thanks to new technology, revised taxes, and a new leasing strategy. According to executives from companies like Arco Alaska Inc. and BP Exploration (Alaska) Inc., the industry is now competitive
Petroleum
The oil and gas industry, which has experienced widespread layoffs over the past decade, now finds itself facing a desperate shortage of qualified petroleum engineers, geologists, and geophysicists. Employers are recruiting on college campuses, seeking roughly 500 petroleum engineers in 1998 from a nationwide graduating class of around 250. Chevron
Petroleum
Meridian Resource Corporation, a leading oil and gas company, announced its first quarter 1998 earnings on May 18, 1998. The company reported a net loss of $40.9 million, or $1.22 per share, due to decreased revenues and a non-cash write-down of its oil and natural gas properties. Despite
Gas industry
MDU Resources Group, Inc. announced a three-for-two stock split in a move aimed at broadening its distribution and attracting new investors. The company's Board of Directors approved the stock split on May 14, 1998, subject to regulatory approval. The split is expected to be effective on July 13,
Gas industry
DuPont Co is set to spin off its oil subsidiary, Conoco Inc, marking one of the largest initial public offerings in history. The move is part of the company's "aggressive growth plan", which will see DuPont emphasize agricultural biotechnology and pharmaceutical products even more. Analysts estimate
Petroleum industry
Adair International Oil & Gas, Inc., a Houston-based company with interests in oil, gas, and energy projects in the U.S., Colombia, Paraguay, and Yemen, has announced a $3 million offering. The company, managed by a world-class group of professionals, is expected to increase revenues from $250,000 per year
Petroleum industry
The Mobil Corporation has launched a new advertising campaign called "Take Wing," which aims to showcase the company's products as empowering customers to live more productively. The campaign, which breaks from traditional product-focused advertising, combines Mobil's Pegasus icon with R. Kelly's hit
Petroleum industry
Tuesday's selling spree by petroleum futures traders in New York led to a significant slump in crude prices, with crude prices falling almost 50 cents per barrel. The failure of the world's leading oil producers to indicate agreement on additional production cuts was a major contributor
Gas industry
Stock prices, which had been a major concern in the market, receded as the Dow Jones industrial average set a new record. The Dow Jones industrial average rose by 45.59 points to 9,192.66, surpassing its previous record of 9,184.94 set on April 21. The Nasdaq
