Petroleum
ARCO, a leading energy company, announced in February 1998 that it replaced 164% of its 1997 worldwide oil and gas production with new reserves, adding 600 million barrels of oil equivalent at an average cost of $4.45 per barrel. This impressive reserve replacement is a testament to the company&
Petroleum
Cornerstone Ventures L.P.'s Quarterly Reserve Report revealed a significant jump in domestic oil and gas reserves in the fourth quarter of 1997, with values climbing to their highest level since 1991. However, despite the increase, transaction activity remained lethargic, with only 45 deals closed in the fourth
Petroleum
Wisconsin politicians are engaged in a heated exchange over campaign finance reform and a proposed mine sale. U.S. Rep. Mark Neumann challenged U.S. Sen. Russ Feingold to limit campaign spending to $1 per eligible voter in Wisconsin, claiming that Feingold's support for campaign finance reform should
Petroleum
Exxon, despite selling its half interest in the proposed Crandon mine to Rio Algom, will retain a 2.5 percent royalty interest in future mine profits. This deal, finalized last week, involves Exxon receiving $17.5 million upfront, an additional $5 million if the mine begins operation, and the royalty
Petroleum
The Amoco Corporation announced its fourth-quarter earnings, reporting a profit of $789 million or $1.63 per share. This compares to record earnings of $871 million or $1.74 per share for the same period in 1996. Chairman and CEO H. Laurance Fuller noted that the recent drop in crude
Petroleum
Exxon Corporation, the leading international oil and gas company, reported a record net income of $8,460 million in 1997, representing a 13% increase from the previous year's net income of $7,510 million. This achievement marks the third consecutive year of record earnings for the company. On
Petroleum
Oil prices slid on Thursday, driven by a combination of bearish sentiment, increased Iraqi oil exports, and weak gasoline demand. Although rumors of an emergency OPEC meeting initially sparked a rally, the prospect of such a gathering was later dismissed by Venezuelan Energy and Mines Minister Erwin Arrieta. Meanwhile, the
Petroleum
Mobil Exploration & Producing U.S. Inc. (MEPUS), an affiliate of Mobil Oil Corporation, has entered into a strategic exploitation and development drilling alliance with J.M. Huber Corporation and Quisto Ventures, L.C. The alliance aims to drill high-quality prospects in the Upper Wilcox Trend in western Duval County,
Petroleum
In a carefully calibrated diplomatic move, U.S. Undersecretary of State for Political Affairs Thomas Pickering is understood to have briefed French officials that the Clinton administration is likely to impose sanctions on Total S.A., a French energy company, over its involvement in the development of Iran's
Petroleum
Ross Systems, a leading supplier of business software solutions, announced a new contract with Syncrude Canada, Ltd. in the energy marketplace. Under the agreement, Syncrude licensed Ross Systems' Renaissance CS Human Resource System, valued at $425,000. This deal marks another significant addition to Ross Systems' growing list
Petroleum
Crude oil prices plunged on both sides of the Atlantic on Monday as word spread that Iraqi crude oil exports were likely to resume soon. The drop in prices was triggered by the expected approval of the humanitarian oil sale plan, which would allow Iraqi oil to flow into the
Petroleum
Thousands of employees in the West Coast oil refining and marketing industry are bracing for job uncertainty as several major mergers and acquisitions loom. The largest planned change is the sale of Unocal Corp.'s downstream West Coast assets to Tosco Corp., which is expected to result in job
