Announces

As the deeply split state regulatory commission was holding its last acrimonious meeting Thursday, California Gov. Arnold Schwarzenegger announced his choices for two seats on the five-member California Public Utilities Commission that become vacant the end of this month. The governor has chosen an energy efficiency advocate and a Silicon Valley-based entrepreneur-turned-philanthropist.

As the deeply split state regulatory commission was holding its last acrimonious meeting Thursday, California Gov. Arnold Schwarzenegger announced his choices for two seats on the five-member California Public Utilities Commission that become vacant the end of this month. The governor has chosen an energy efficiency advocate and a Silicon Valley-based telecommunications/information technology entrepreneur-turned-philanthropist.

Energy Partners Ltd. announced Thursday it has entered into an agreement with a private company to acquire oil and natural gas properties in South Louisiana for $150 million in cash. The transaction includes a two-year exploration partnership covering more than one million acres, an inventory of 22 drillable prospects with a net unrisked potential of 29.5 Bcfe (15.3 Bcfe net risked), proved reserves of 54.2 Bcfe, and low risk probable reserves of 9.1 Bcfe.

The board of directors of ConocoPhillips said Friday that they have approved the company’s 2005 cash capital expenditures budget of approximately $6.9 billion, a majority of which is earmarked for the company’s Exploration and Production (E&P) and Midstream segments.

The board of directors of ConocoPhillips said Friday that they have approved the company’s 2005 cash capital expenditures budget of approximately $6.9 billion, a majority of which is earmarked for the company’s Exploration and Production (E&P) and Midstream segments.

The board of directors of ConocoPhillips said Friday that they have approved the company’s 2005 cash capital expenditures budget of approximately $6.9 billion, a majority of which is earmarked for the company’s Exploration and Production (E&P) and Midstream segments.

The Sacramento Valley in California was touted Wednesday as an E&P hot spot by a Tucson, AZ-based Fidelis Energy Inc., which announced that its first exploration well tested at 12 MMcf/d from a 1,000-acre tract on the North Franklin Project. It taps the so-called Winters Formation, a new discovery on a ranch about 25 miles south of the state capital in Sacramento County.

With its current top executive slated to retire in a little more than 18 months, San Diego-based Sempra Energy announced plans last week for successors to Steve Baum, who holds the three-part job of chairman-CEO-president. The titles will be split among two current senior executives, both of whom also will join the Sempra board of directors.

Under pressure to rebuild investor confidence in the wake of this year’s oil and gas reserves accounting scandal, Royal Dutch/Shell Group on Thursday announced a $2 billion share buyback. The major also reported strong quarterly operating earnings despite a 16% decline in net income.