Petroleum
The crude oil market saw a surprising rebound on Friday as traders responded to increased tensions between Russia and NATO, combined with mildly supportive comments from the International Energy Agency. Despite a three-day slide, May light, sweet crude futures on the New York Mercantile Exchange (Nymex) surged to as high
Petroleum
Australian coal miners, battered by depressed demand and low prices, are expected to pull through the current period and emerge as leaner and more internationally competitive, industry officials and analysts said. Despite the current difficulties, the sector is poised to capitalize on the lower Australian dollar and cost-cutting measures implemented
Petroleum
Chase Manhattan has recently concluded two notable credit deals, providing a significant financial boost to Ocean Energy Inc. and Alaska Communications. The credit facilities, which consist of a combination of revolving and term loans, aim to support the restructuring efforts of both companies. In a separate development, Ocean Energy is
Petroleum
The £17bn agreed deal between BP Amoco and Arco is shaping up to be more of a takeover than a merger. Following a dismal 1998 with profits slumping 65% to £370m, California-based Arco asked BP to take over the company just days after BP's £67bn link with Amoco.
Petroleum
The past six months have witnessed eight major mergers in the oil and gas industry, as companies like BP Amoco and Atlantic Richfield Co. engage in negotiations. BP Amoco may pay up to $25 billion in stock for Atlantic Richfield, while Computer Associates acquires Platinum Technology International in a $3.
Petroleum
PennzEnergy Co. and Sonat Exploration Co. have formed a joint venture to develop coal-bed methane on the 700,000-acre Vermejo Park Ranch near Raton, New Mexico. Under the agreement, Sonat Exploration will pay up to $10 million and underwrite the development for a 36-year lease on PennzEnergy's mineral
Petroleum
Double Eagle Petroleum & Mining Co. (DBLE) has made significant announcements regarding its royalty interests and drilling unit approval in the Sweetwater County and Fremont County areas of Wyoming. The company possesses a 1.25% overriding royalty interest in the Rock Island #4-H Unit Well, operated by Union Pacific Resources
Petroleum
The Australian share market closed at a record high on Tuesday, with the all ordinaries index reaching 2,992.2, a new closing high. However, weakness in the resources sector, particularly in key stocks like Commonwealth Bank of Australia, prevented the market from surpassing the 3000-point barrier. The market peaked
Petroleum
Asia's business landscape is abuzz with joint ventures and strategic partnerships as companies seek to tap into the region's vast market opportunities. In this latest update, we explore several significant developments in the Asia-Pacific region, underscoring the growing trend of partnerships and collaborations. Key Takeaways: * Movenpick,
Petroleum
Despite plunging into losses, Enterprise Oil managed to increase its share price by 6% on the day it announced it would forego its dividend, coinciding with a general rally in the oil price. The price of oil rose to a four-month high of over $13 a barrel after Opec and
Petroleum
The replacement of German Finance Minister Mr Oskar Lafontaine with Mr Hans Eichel sparked a mixed reaction in the stock market, with the Frankfurt stock market experiencing a five percent jump, while London's FTSE-100 Index reversed most of its gains. The replacement led to a profit-taking frenzy, with
Petroleum
Thunder Creek Gas Services, a joint venture between Devon Energy Corporation and KN Energy, Inc., has initiated construction on a 126-mile natural gas gathering system in the Powder River Basin of northeast Wyoming. The system, expected to be operational by fall 1999, will consist of a 126-mile trunkline, low-pressure field
