Natural gas
Duke Energy International, a subsidiary of the global energy company Duke Energy Corporation, has announced a $45 million investment in Electroquil, SA, a power generating company in Guayaquil, Ecuador. This investment will make Duke Energy International the controlling shareholder, with a 51.5 percent stake in the company. The remaining
Natural gas
Market players shifted their attention to fundamentals, with crude futures prices in New York slipping ahead of weekly inventory reports. The American Petroleum Institute (API) figures for the week ended Feb. 6 showed a build of crude stocks, a rise in gasoline stocks, and a drop in distillate stocks. Despite
Natural gas
Oil prices surged in New York on Friday as traders repositioned themselves in anticipation of potential tensions in the Middle East, supporting petroleum futures in New York. The news that Iraq was opposed to the proposed increase in humanitarian oil sales to $5.2 billion per 180 days boosted the
Petroleum
ARCO, a leading energy company, announced in February 1998 that it replaced 164% of its 1997 worldwide oil and gas production with new reserves, adding 600 million barrels of oil equivalent at an average cost of $4.45 per barrel. This impressive reserve replacement is a testament to the company&
Petroleum
Cornerstone Ventures L.P.'s Quarterly Reserve Report revealed a significant jump in domestic oil and gas reserves in the fourth quarter of 1997, with values climbing to their highest level since 1991. However, despite the increase, transaction activity remained lethargic, with only 45 deals closed in the fourth
Gas industry
The American Stock Exchange announced that it will start trading options on the over-the-counter stock of 3Dfx Interactive, Inc. and the Amex-listed stock of Seven Seas Petroleum Inc. effective February 6. 3Dfx Interactive, a San Jose-based company, develops high-performance 3D media processors and software used in multiple hardware entertainment platforms.
Petroleum industry
Tesoro Petroleum Corporation, a leading natural resource company, announced a substantial increase in earnings for 1997, doubling net earnings to $30.7 million, or $1.16 per share, when excluding certain nonrecurring items. This significant growth was driven by improved profitability in the downstream operations, increased reserves through exploration and
Gas industry
Unocal Corporation, a leading global energy resource and project development company, has announced the extension of its common stock repurchase program. The company's board of directors has authorized management to buy back up to $200 million worth of Unocal's common stock. The repurchases will be made
Petroleum industry
FX Energy, Inc. and Homestake Mining Company have signed an agreement that grants Homestake the right to earn at least a 75% interest in FX Energy's Sudety gold concession in western Poland. The agreement requires Homestake to spend at least $1.1 million over a two-year period. This
Petroleum
The Amoco Corporation announced its fourth-quarter earnings, reporting a profit of $789 million or $1.63 per share. This compares to record earnings of $871 million or $1.74 per share for the same period in 1996. Chairman and CEO H. Laurance Fuller noted that the recent drop in crude
Petroleum
Exxon Corporation, the leading international oil and gas company, reported a record net income of $8,460 million in 1997, representing a 13% increase from the previous year's net income of $7,510 million. This achievement marks the third consecutive year of record earnings for the company. On
Petroleum
Oil prices slid on Thursday, driven by a combination of bearish sentiment, increased Iraqi oil exports, and weak gasoline demand. Although rumors of an emergency OPEC meeting initially sparked a rally, the prospect of such a gathering was later dismissed by Venezuelan Energy and Mines Minister Erwin Arrieta. Meanwhile, the
