Achieve

In an effort to achieve the best shareholder return among oilmajors from 2000 to 2004, Chevron Chairman Ken Derr andChairman-elect Dave O’Reilly told security analysts yesterday thecompany plans to increase worldwide oil and gas production at anannual growth rate of 4 to 4.5%.

October futures managed to achieve a moderately strong recoveryFriday but apparently there was too much negative baggage left overfrom Thursday’s quarter-plus plunge to support cash. Physical gasprices continued their downhill slide, buffeted by the combinationof weak holiday weekend demand and mild weather virtuallyeverywhere. “Cash just didn’t stand a chance today,” a marketersaid.

Rocky Mountain gas producers heard encouraging news on the rolethey could play in helping the industry achieve a 30 Tcf market by2010. Several speakers at the Colorado Oil & Gas Association’sannual conference earlier this month in Denver delivered themessage that it’s largely up to the Rockies to make that kind ofmarket growth a reality.

Due to one of the largest storage systems in the country andgenerally low gas prices, East Ohio Gas said Monday that itscustomers will achieve 16% in gas cost savings over the next threemonths compared to the same time last year. Officials for theutility said that its customers will be charged a rate of $3.28 perMcf for the next three months, compared to $3.89 Mcf over the sameperiod in 1998.