Petroleum
A BP Amoco subsidiary has pleaded guilty to a felony charge related to illegal hazardous waste dumping by a drilling subcontractor in Alaska. As part of a plea bargain deal, the company has agreed to install a first-of-its-kind environmental management system at all its production sites in the United States
Petroleum
As the Year 2000 computer problem approaches, a Senate committee has warned that while the domestic oil and gas sector, along with utilities, appears to be in good shape to combat any year 2000-related computer problems, smaller U.S. oil companies and foreign suppliers are still a concern. The report
Petroleum
DaimlerChrysler and Ford, two of the world's largest automotive groups, are engaged in talks with oil giants British Petroleum, Texaco, and Exxon to establish a filling-station infrastructure for fuel cell vehicles. The two manufacturers, working in tandem on fuel cell technology, are urging the oil groups to install
Petroleum
Crude oil prices swung wildly in New York on Wednesday, dropping to a low of $23.38/bbl before rebounding to close at $24.13/bbl, up 27 cents. The price instability was sparked by a surprise announcement from Venezuelan President Hugo Chavez, who stated that the price of crude
Petroleum
The high-profile merger between oil giants Elf and TotalFina has shed light on the unexpected involvement of bankers, telecommunications executives, and other business leaders in the negotiations. Despite the focus on the oil industry, key roles were played by prominent figures from outside the sector, including Michel Pebereau, head of
Petroleum
Devon Energy Corporation and KN Energy, Inc., partners in Thunder Creek Gas Services, LLC, have completed the 126-mile Thunder Creek natural gas pipeline in northeast Wyoming. The pipeline, which extends between Gillette and Glenrock, Wyoming, has a design capacity of approximately 450 million cubic feet of gas per day. This
Petroleum
Energy commodity markets worldwide could be severely impacted if Y2K-related problems occur, as companies would likely draw down natural gas and oil stocks during the winter months, exacerbating any potential disruptions. The American Petroleum Institute (API) and the White House Council on Year 2000 Conversion have expressed concerns about end-of-year
Petroleum
A surge in gasoline prices led by refinery outages and strong demand in the market helped send crude prices past $22/bbl in New York for the first time in 22 months. As a result, the September Nymex contract settled at 68.82 cents/gallon, its highest price in two
Petroleum
Crude oil prices on the New York Mercantile Exchange (Nymex) experienced a notable surge on Friday, with October light, sweet crude oil settling 32 cents higher at $21.27/bbl despite a bearish downturn in the market. The increase was largely attributed to short-covering by traders, who began their buying
Petroleum
CNG Producing Company has emerged as the apparent high bidder on five tracts at the Western Gulf of Mexico Lease Sale 174 held in New Orleans. The company's share of the bids totals $5.7 million, with a 50 percent interest in high bids for three tracts in
Petroleum
Calpine Corporation has reached an agreement to acquire Houston-based Sheridan Energy Inc. in a $121 million deal, marking a strategic move to secure low-cost natural gas supplies for its growing fleet of power plants. The offer, valued at $121 million, includes the assumption of $80 million in Sheridan debt and
Petroleum
President Clinton is poised to sign a $500 million loan bill that will provide much-needed financial resources to the struggling U.S. oil patch, which was severely impacted by low oil prices last year. The bill, H.R.1664, was sent to Clinton's desk last week and would
