Occidental Petroleum's oil and gas drilling subsidiary laid off
80 employees in Bakersfield, CA, on Wednesday, and will eliminate
another 130 jobs as part of a restructuring triggered by low crude
oil prices and its poor stock price performance. The subsidiary's
work force at its Bakersfield headquarters will be pared down to
135 by eliminating 210 jobs and transferring another 50 employees.
The company's stock price plummeted last month to a new 52-week low
of 17 3/4 from a high of 30 3/4. It's stock closed up 9/16 on
Wednesday following the announcement, but fell 1/8 Thursday to 22
Amoco said it discovered another 750 Bcf and 25 million bbl of
potentially recoverable gas and oil reserves off the east coast of
Trinidad, which is soon to be the home of a major LNG project
designed to serve the U.S. Northeast region. The Amoco well
identified 870 feet of gross oil and gas pay in 11 different
productive zones. Amoco said the 11 zones are the most it has
discovered in any of its exploration projects in Trinidad. The
discovery is the 15th success out of 21 drilled over the last five
years. The combined results have brought the total resources to
date to 13 Tcf of gas and 300 million bbl of oil.
©Copyright 1998 Intelligence Press, Inc. All rights
reserved. The preceding news report may not be republished or
redistributed in whole or in part without prior written consent of
Intelligence Press, Inc.
Natural Gas Intelligence (NGI), is a leading provider of natural gas, shale news and market information for the deregulated North American natural gas industry. Since the first issue of Natural Gas Intelligence was published in 1981, NGI has provided key pricing and data relied upon daily by thousands of industry participants in the U.S, Canada and Mexico as well as Central and South America, Europe and Asia.