Petroleum
Oil prices surged on Wednesday due to bullish inventory statistics, with the December crude contract on the New York Mercantile Exchange (Nymex) settling up 11 cents at $17.93/bbl ahead of its expiration. However, technical resistance and caution from traders limited the gains. Crude stocks last week were 36.
Petroleum
The recent calls to drastically reduce oil use in the United States are based on flawed assumptions and a lack of understanding of the true facts about energy and the environment. A new book published by the American Petroleum Institute, "Reinventing Energy," provides a comprehensive and timely analysis
Petroleum
Castle Harlan, a New York merchant bank, has announced the sale of its shares in INDSPEC Chemical Corporation to Occidental Petroleum Corp. in a transaction valued at $300 million. This deal marks the firm's sixth major sale this year, bringing the total value of companies sold to $1.
Petroleum
Occidental Petroleum Corporation has announced the acquisition of a 65 percent equity interest in INDSPEC Chemical Corporation for $85 million. Under the terms of the agreement, INDSPEC's management and employees will retain voting control of the company. The transaction, expected to close in early 1996, will use common
Petroleum
U.S. oil markets remained steady on Wednesday, with buyers unphased by low inventories as prices for crude, gasoline, and heating oil moved modestly upward. The American Petroleum Institute's report of a 1.7 million barrel decrease in national inventories failed to spark significant price changes, with light,
Petroleum
Largely technical trading kept crude prices relatively stable, while gasoline prices gained ground due to active trading in gasoline crack and calendar spreads. The December crude contract on the New York Mercantile Exchange (Nymex) traded in a narrow 17-cent range, settling up 8 cents at $17.62/bbl. Meanwhile, gasoline
Petroleum
Giant Industries, a refiner and marketer of petroleum products, has reported improved earnings in the third quarter of 1995, with net earnings for the period reaching $2.0 million, compared to a net loss of $2.3 million in the same quarter of 1994. The company's Chairman and
Petroleum
Conoco, the developer of the Heidrun Tension Leg Platform (TLP), has announced the first oil production from the Norwegian Sea facility, marking a significant milestone in the project's development. The company has transferred its operatorship to Statoil, Norway's state oil company, and expects the platform to
Petroleum
Constantine S. Nicandros, the departing head of Conoco, reflects on his nearly 39-year tenure with the company, expressing regret over the collapse of a deal to develop oil fields in Iran and his inability to accurately predict oil prices. Despite these setbacks, Nicandros is proud of Conoco's success
Petroleum
Enron Oil & Gas Company (EOG) reported net income of $33.0 million, or $.21 per share, for the third quarter of 1995, compared to net income of $41.0 million, or $.26 per share, for the same period a year ago. Despite the worst gas prices seen in years,
Petroleum
Tuboscope Vetco International Inc., a leading supplier of coating and inspection services to the petroleum industry, has announced a significant three-year contract with British Petroleum Exploration Company (Colombia) Ltd. Under the terms of the contract, worth $11 million, Tuboscope Vetco International will provide tubular inspection, third-party inspection, and thread inspection
Petroleum
Hurricane Opal, a powerful storm in the Gulf of Mexico, threatens to disrupt oil and gas production, but its impact on prices has been largely discounted by the market. Despite reports of potential refinery closures and a significant reduction in crude production, gasoline and crude prices fell on the New
