BP’s oil and natural gas reserves in Alaska approach 7 billion boe — the largest single item within its global portfolio — and with those types of numbers, the company will remain a major North Slope player for at least 40 years, and probably longer than that, an executive affirmed last week.
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BP Assures Alaska of Commitment, But Can’t Afford to ‘Chase New Barrels’
With its known Alaska oil and natural gas reserves approaching 7 billion boe — its largest single source in its global portfolio, BP plc will be a major player on the North Slope for at least 40 years and most likely, longer, the company’s Alaska chief affirmed this week.
ChevronTexaco Takes $631M Writedown on Dynegy, Confirms Commitment
Ignoring protests from some shareholders who want a complete separation from Dynegy Inc., ChevronTexaco Corp. Tuesday offered its strongest public endorsement to date, writing down a total of $631 million in second-quarter earnings related to its stake in the marketer, and reiterating that all of its U.S. natural gas agreements remain in place and will remain in place for at least the near term. ChevronTexaco’s profits were down 78% compared to the second quarter a year ago, and part of the loss related to a $531 million special-item charge for the company’s investment in Dynegy’s common and preferred stock to its estimated fair value as of June 30, 2002, and $100 million related to its share of Dynegy’s own writedown.
ChevronTexaco Takes $631M Writedown on Dynegy, Confirms Commitment
Ignoring protests from some shareholders who want a complete separation from Dynegy Inc., ChevronTexaco Corp. Tuesday offered its strongest public endorsement to date, writing down a total of $631 million in second-quarter earnings related to its stake in the marketer, and reiterating that all of its U.S. natural gas agreements remain in place and will remain in place for at least the near term. ChevronTexaco’s profits were down 78% compared to the second quarter a year ago, and part of the loss related to a $531 million special-item charge for the company’s investment in Dynegy’s common and preferred stock to its estimated fair value as of June 30, 2002, and $100 million related to its share of Dynegy’s own writedown.
Wood Says His Commitment to Voluntary RTOs Becoming Tenuous
FERC Chairman Pat Wood last Wednesday said that it is getting tougher for him to remain committed to the voluntary nature of the Commission’s landmark Order 2000, which spelled out the agency’s expectations that transmission owners will join regional transmission organizations (RTOs), against the backdrop of several RTO membership rosters remaining in a state of flux several years after that decision was issued.
Duke Stands By California Market
In the midst of much uncertainty surrounding California’s powersituation, Duke Energy North America Monday reiterated itscommitment to the state’s struggling wholesale electricity market,announcing new bilateral power deals with Pacific Gas and ElectricCo. and progress with redevelopment plans at three coastal powerplant sites it is operating.
Dynegy Commits $$$ to Broadband
Dynegy Inc. has signaled its commitment to addtelecommunications to its natural gas and power interests with aninvestment of more than half a billion dollars, including the $152million purchase of a Colorado-based communications solutions andnetwork company.
Dynegy Commits Large $$$ to Broadband
Dynegy Inc. has signaled its commitment to addtelecommunications to its natural gas and power interests with aninvestment of more than half a billion dollars, including the $152million purchase of a Colorado-based communications solutions andnetwork company.
Apache Pays $300 M for Properties in Texas
Living up to a commitment to make 2000 the “year of the drillbit,” Apache Corp. said last week it will acquire long-livedproducing properties in the Permian Basin and South Texas for morethan $300 million in a definitive agreement with Collins & WareInc., based in Midland, TX.
Apache Pays $300 M for Properties in Texas
Living up to a commitment to make 2000 the “year of the drillbit,” Apache Corp. said yesterday it will acquire long-livedproducing properties in the Permian Basin and South Texas for morethan $300 million in a definitive agreement with Collins & WareInc., based in Midland, TX.