Petroleum
Magnum Hunter Resources, Inc., a rapidly growing independent exploration and development company, has entered into a definitive agreement with the principal shareholders of Swanson Consulting Services, Inc. to form a strategic alliance. The primary objectives of this collaboration are to leverage Swanson's geological, geophysical, and engineering expertise alongside
Petroleum
Gothic Energy Corporation today announced its fourth quarter and year-end 1997 financial results, showcasing significant growth in natural gas and oil sales, production volumes, and earnings before interest, taxes, depreciation and amortization (EBITDA). The company's financial performance reflects a robust expansion in its oil and gas operations, with
Petroleum
Bullish inventory reports and supportive comments from Venezuela ignited a surge in the petroleum futures market on Wednesday, with April crude gaining more than $1/bbl to close above $14/bbl. The news that six OPEC oil ministers would attend the OPEC meeting on March 30 and Venezuela's
Petroleum
Crude oil prices plummeted to a nine-year low after the OPEC meeting, leading to a technical free fall in the petroleum complex. The April Nymex light, sweet crude futures hit an intraday low of $13.26/bbl, with a loss of 78 cents to settle at $13.28/bbl. This
Petroleum
Oil futures in New York experienced a brief rally Wednesday due to bullish inventory numbers from the American Petroleum Institute (API), but momentum was lost as the day progressed and pressure from the heating oil contract weighed on the market. The API's positive crude and gasoline figures were
Petroleum
Futures prices for petroleum crashed in New York on Friday, driven by financial funds liquidating gasoline positions and technical selling that dragged crude oil below $15/bbl. A substantial amount of trading volume on the New York Mercantile Exchange (Nymex) confirmed a resumption of a broader downtrend for petroleum futures,
Petroleum
Crude oil futures took a hit in February, largely due to speculation about an OPEC meeting to address production issues. Despite brief periods of bullish news, prices were ultimately weighed down by bearish sentiment. February saw crude futures fall by 80 cents per barrel, with the front-month contract closing at
Petroleum
The recent surge in crude oil trading on the spot market has led to a significant downward pressure on spot prices, fueled by a glut of Gulf Coast crude. As a result, March and April barrels of Light Louisiana Sweet (LLS) crude prices have fallen by 30 cents/bbl compared
Petroleum
Alaska-based Unocal Corp. is making a significant move to tap into the state's natural gas reserves by seeking permission to search for gas in the coal beds of the Matanuska Valley, an area located 40 miles north of Anchorage. The proposed Pioneer Unit project aims to identify more
Petroleum
Phillips Petroleum Company, an integrated petroleum company, has announced the results of a successful appraisal well at the Tyonek Deep oil play in Alaska's Cook Inlet. The company drilled the Tyonek B-2 well to a measured depth of 14,537 feet in 100 feet of water and tested
Petroleum
Sunoco MidAmerica, a Philadelphia-based energy company, has shut down one of its two crude units at its Toledo, Ohio refinery for repairs following a fire on February 15. The refinery, which has a production capacity of 140,000 barrels per day, will continue to operate the second unit. The fire
Petroleum
Despite the challenges posed by the low oil price, British Petroleum (BP) recorded a record annual profit in 1997, marking the third consecutive year the company has achieved a new high. The company's profit after exceptional items surged by more than $600 million to nearly $2.8 billion,
