Natural gas
Parker Drilling Company, a subsidiary of Parker Drilling International Ltd., is set to become the first Western drilling contractor to work on-land in Vietnam, marking a significant milestone in the company's history. The announcement was made at Parker's annual meeting of stockholders, where it was revealed
Petroleum industry
Exxon Company, U.S.A. has sold its Houston-based residential business, Friendswood Development Company, to Lennar Corporation in a move consistent with Exxon's long-term plan to focus on its core energy business. Lennar, one of the nation's largest residential real estate companies, is acquiring Friendswood'
Petroleum industry
United Heritage Corporation, a Cleburne, Texas-based company, is mailing a letter to its shareholders with significant updates on its business performance and future prospects. The letter addresses the sale of Heritage Lifestyle Lite Beef, the company's new direction following the negotiation of Apex Petroleum, L.L.C.'
Gas industry
Public Service Enterprise Group Incorporated (PSEG) announced that it will pursue the divestiture of its non-regulated oil and gas exploration and development business, Energy Development Corporation (EDC). EDC, based in Houston, has approximately 230 employees and operates in 13 states, offshore in the Gulf of Mexico, and internationally in the
Gas industry
CMS Energy Corporation's Board of Directors has made significant personnel changes, elevating Victor J. Fryling to the position of Chief Operating Officer and appointing Michael G. Morris as Executive Vice President. Fryling will oversee all operating subsidiaries, while Morris remains President and Chief Executive Officer of Consumers Power
Gas industry
The Clinton administration stepped in to rescue Enron Corp's planned development of Mozambique's Pande natural gas field from cancellation after the country's Energy Minister, John Kachamila, abrogated a memorandum of understanding on the project. In response to Kachamila's letter, National Security Adviser
Petroleum
Sonat Inc.'s Board of Directors has adopted a new Shareholder Rights Plan to replace the existing plan that will expire on February 3, 1996. The new plan is designed to ensure that all stockholders receive fair and equal treatment in the event of a proposed takeover and to
Petroleum
Oceaneering International, Inc., a leading provider of engineered services and hardware to customers operating in marine, space, and other harsh environments, has been awarded a contract by Mobil Equatorial Guinea Inc. to provide a floating production, storage, and offloading (FPSO) system. The contract, with an initial term of three years,
Gas industry
Geokinetics Inc., a Gulf Coast oil and gas exploration and production company, has signed a letter of intent to acquire Green Mountain Geophysics, Inc., a leading provider of 3-D seismic acquisition design software to the petroleum industry. The acquisition, subject to satisfaction of certain conditions, is expected to close on
Natural gas
Tesoro Petroleum Corporation, a natural resource company engaged in petroleum refining and marketing, has announced the execution of an agreement to acquire Coastwide Energy Services, Inc., a provider of marine services to the oil and gas industry. The $21 million acquisition is structured as a statutory merger, with the non-cash
Natural gas
The Phoenix Resource Companies, Inc. and its partners have announced the discovery of a third oil field, the Sakr field, located on the Qarun Concession in Egypt. The Sakr-1X well has produced an average of 405 barrels of oil per day using artificial lift methods. The well is situated in
Natural gas
WRT Energy Corp., a Texas-based oil and gas company, has announced significant leadership changes and a corporate restructuring plan. Effective immediately, Raymond P. Landry has been appointed chairman and chief executive officer, replacing Steven S. McGuire, who has resigned as chairman and CEO. McGuire, however, will continue to provide consulting
