Petroleum
Oil majors' first-quarter earnings are expected to surge to levels 60% to 1,300% above their year-ago levels due to exorbitant crude oil prices and resurgent refining margins. As global crude oil prices and global refining and petrochemical margins have improved significantly since the first quarter of 1999, when
Petroleum
The recently suspended legal battle between BP Amoco and the US antitrust Federal Trade Commission (FTC) over the takeover of Arco has marked a significant turning point for the US West Coast oil market. To address FTC concerns about competition in the region, BP Amoco agreed to sell all of
Petroleum
Following months of uncertainty and intense scrutiny, the federal government and three West Coast states have agreed to suspend their lawsuit against BP Amoco's $30 billion acquisition of ARCO. In a significant breakthrough, the parties involved have reached substantial progress in their talks, with the Federal Trade Commission
Petroleum
Burmah Castrol, a UK-based lubricants and chemicals company, has seen its shares surge by almost 30% after the company confirmed it is in talks with oil giant BP Amoco that could lead to a takeover. The talks, which were first revealed by the company yesterday, have sparked speculation that BP
Petroleum
Kinder Morgan Energy Partners (KMEP) has acquired a 78% limited partner interest and 2% general partner interest in Shell CO2 from Shell Exploration & Production for $185.8 million. This transaction includes stakes in carbon dioxide (CO2) pipeline systems and CO2 source fields primarily serving the Permian Basin. The sale
Petroleum
Sen. Frank Murkowski has introduced a bill to allow oil and gas exploration and development in the Arctic National Wildlife Refuge (ANWR), citing rising oil prices and the country's dependence on imported oil as reasons for relief. The legislation aims to mitigate concerns about environmental impact by limiting
Petroleum
Indonesian President Abdurrahman Wahid has replaced key executives at the country's state-owned petroleum company, Pertamina, to address corruption and mismanagement that have led to billions of dollars in lost revenue. The move is aimed at increasing government revenue from the country's oil and natural gas fields,
Petroleum
Human rights and religious groups have launched a campaign against US investment funds over their holdings in Talisman Energy and PetroChina, citing concerns about the use of revenues from a major oil project in Sudan to fund conflict. The campaign aims to persuade funds to sell their stakes in the
Petroleum
Investor Broadcast Network (IBN), founded as Vcall in 1997, is expanding its webcasting services to broadcast live investor communication conference calls for six publicly traded companies. The events will provide investors with direct access to corporate earnings calls, enabling them to stay informed about company performance and growth strategies. This
Petroleum
Western banks are increasingly willing to lend to Russian oil companies, encouraged by rising oil prices and a stable political outlook ahead of the presidential elections on March 26. Despite limited deals, a notable exception is a $40 million loan to Tyumen Oil Co (TNK) in January by South Africa&
Petroleum
The Algerian government is reportedly considering a partial privatization of the state-owned oil and gas company Sonatrach, with the goal of generating revenue and attracting foreign investment. This move comes as part of the government's efforts to diversify the country's economy and reduce its heavy foreign
Petroleum
As the Organization for Economic Cooperation and Development (OECD) nations accelerated their draw on commercial stocks to 2.7 million barrels per day in December, the International Energy Agency (IEA) warns that price volatility is likely to intensify in the absence of an early easing of OPEC output constraints. The
