Petroleum industry
Amoco Corporation and Shell Oil Company are planning to form a limited partnership to combine their exploration and production assets in the greater Permian Basin area of West Texas and Southeast New Mexico. The partnership, which will be owned 65% by Amoco and 35% by Shell, aims to increase profits
Gas industry
Energy companies in the Gulf of Mexico are closely monitoring the path of Hurricane Opal as it approaches the region, with offshore facilities evacuating and oil and gas production being shut in. Refiners along the Gulf Coast are also preparing for potential disruptions, with some already shutting in production and
Petroleum industry
The U.S. Environmental Protection Agency (EPA) has taken a significant step to address potential environmental hazards at the Port Mobil Terminal site on Staten Island, New York. The agency has ordered Mobil Oil Corporation to undertake a comprehensive investigation of the site after recent sampling revealed evidence of petroleum
Gas industry
Hurricane Opal is prompting worried energy companies to reduce natural gas production in the Gulf of Mexico, which could impact supply and prices this winter. Analysts estimate that about 12% of daily natural gas production in the United States has been cut back. This reduction, totaling around 6.2 billion
Petroleum industry
Homeowners and property owners across the United States may be eligible to receive funds as part of a recently negotiated settlement to replace plastic plumbing and yard service lines. The settlement, reached on July 31 and preliminarily approved by a Tennessee Court, involves Shell Oil Company and Hoechst Celanese Corporation
Petroleum industry
Weatherford International Incorporated is set to acquire Enterra Corp., a company listed in the S&P MidCap 400 Index and S&P SmallCap 600 Index. This will lead to changes in the composition of these indexes. Weatherford Enterra will replace Enterra Corp. in the S&P MidCap
Gas industry
Vice Chairman J. Dennis Bonney, who has spent 35 years at Chevron Corporation, will retire at the end of the year. Bonney's extensive career has seen him hold various leadership positions, including serving as Vice Chairman since 1987. As a key figure in Chevron's global operations,
Gas industry
Solv-Ex Corporation, an Albuquerque-based company, has released a positive audit report on its oil sands production facility in Alberta, Canada. The report, conducted by The Pace Consultants, projects an operating cost of $5.21 per barrel for the first stage oil extraction plant, with a planned capacity of 14,000
Petroleum industry
Exxon Corp., a prominent oil and gas producer, has announced plans to increase its upstream budget to as much as $6 billion annually through 2000, a significant boost from its current investment of $4 billion to $5 billion per year in the 1990s. The company aims to allocate the majority
Gas industry
Struthers Industries, a company based in Tulsa, Oklahoma, has announced that World Interactive Network Inc. (WIN-TV) has secured a letter of intent for a firm commitment public offering of up to $30 million from Commonwealth Associates, an investment banking firm in New York. This move comes after Struthers Industries entered
Gas industry
Exxon Corporation has announced the formation of Exxon China Inc., a new company that will oversee the company's business activities in China. Headquartered in Beijing, Exxon China will focus on strengthening relationships with the Chinese government and external organizations, and capitalizing on the synergy between Exxon's
Petroleum industry
Goodrich Petroleum Corporation announced the completion of the sale of its remaining investment in Penske Corporation for $9.6 million. This transaction will result in no gain or loss to Goodrich due to its fair value recording upon its merger with Patrick Petroleum Company last month. The company plans to
