Crude

Steady Selling Deals Futures Second-Straight Losing Session

Pressured lower by weaker crude oil futures along with a saggingphysical market, natural gas at the New York Mercantile Exchangewas softer Thursday with buyers on the sidelines, unwilling to addto their already hefty longs. After chopping lower for most of thesession the October contract received a late boost on renewedhurricane fears. However those late gains were more than offset byearly losses and that left the prompt month in negative territory,off 3.1 cents at $5.287 at the close yesterday.

September 22, 2000

Quicksilver Closes CMS Michigan E&P Deal

Quicksilver Resources Inc. completed its acquisition of CMSEnergy Corp.’s gas and crude oil exploration and productionproperties in Michigan, including the stock of Terra Energy Ltd.,as well as other smaller interests in Ohio, Kentucky, and Indiana.The deal was announced in January (see Daily GPI Jan. 20).

April 4, 2000

Futures Sell-Off Does Little to Stem Bullish Sentiment

Despite constructive gains in both the cash market and crude oilfutures market and following a string of gains in seven of the lasteight trading sessions, natural gas futures gave back a nickelyesterday as traders weighed in on the extremely technicaloverbought condition that existed in the market. And althoughTuesday’s modest retreat did little to satisfy those overboughtconditions, analysts question how much further the market will fallbefore buyers step back in.

March 8, 2000

CA AG Vows Closer Scrutiny of Mergers

Improving crude oil market conditions usually are accompanied byincreasing political scrutiny into rising prices. A good example ofthat is occurring in California where Attorney General Bill Lockyerhas vowed to probe deeply into the mergers of major oil and gasproducers following a report that shows consolidation is one of thereasons California has experienced some of the highest gasolineprice spikes in the nation.

November 23, 1999

BP Amoco Exits Oil Production to Focus on Gas

In less than two months, BP Amoco Canada succeeded in unloadingall of its crude oil producing properties in Canada in an effort tolower costs and focus on natural gas, gas liquids andpetrochemicals. The company said last week it signed agreements tosell its heavy oil operations to Canadian Natural Resources andPenn West Petroleum for C$1.6 billion.

August 9, 1999

BP Amoco Exits Oil Production to Focus on Gas

In less than two months, BP Amoco Canada has succeeded inunloading all of its crude oil producing properties in Canada in aneffort to lower costs and focus on natural gas, gas liquids andpetrochemicals. The company sold the high-cost heavy oil operationsto Canadian Natural Resources and Penn West Petroleum for C$1.6billion. The assets include five major fields, which currentlyproduce a total of 54,300 b/d of oil and liquids and 75 MMcf/d ofgas. About 250 employees will be affected by the sale, but many areexpected to sign on with the two buyers, said Dan Kane, spokesmanfor BP Amoco Canada.

August 6, 1999

Renaissance Puts up C$1 Billion for Pinnacle Resources

The depressed crude oil market continued to fuel an acquisitionfrenzy north of the border yesterday with Canadian producerRenaissance Energy mounting a friendly takeover of fellow CanadianPinnacle Resources Ltd. Renaissance CEO Clayton Woitas said theC$1.06 billion deal is designed to improve “operatingefficiencies,” build a stronger presence at a “fair price andcreate “long-term value” for shareholders.

June 9, 1998

Syntroleum, SLH Merging for Capital

Syntroleum Corp., the developer and owner of a proprietaryprocess for converting natural gas into synthetic crude oil, andSLH Corp., which owns about 31% of Syntroleum, agreed to merge in astock-for-stock deal, which has been approved by the boards of bothcompanies.

April 1, 1998

Unocal Cuts Spending by $250 Million

Although it is widely believed the collapse of crude oil pricescould force many producers to cut back drilling plans this year,Unocal Corp. was the first company to formally confirm ityesterday. Unocal said it will prune its capital spending by about$250 million to $1.3 billion. According to CEO Roger C. Beach thecapital expenditure reductions will come in three areas: near-termproduction projects that are most heavily affected by lower currentcommodity prices, investments in non-oil and gas businesses, andlonger term exploration projects that could benefit from more dataevaluation. The move probably will not have a significant impact onUnocal’s natural gas production, a spokesman said, adding however,some associated gas production could become a casualty in thecutbacks. No specifics were available.

March 20, 1998

Analyst: Eight Reasons to be Bullish

Despite current crude oil and natural gas price weakness,PaineWebber believes its 1998 wellhead gas price forecast of$2.15/MMBtu is “conservative.” And PaineWebber raised its 1999 spotwellhead price forecast to $2.35 from $2.20. Although the firmacknowledges first quarter producer earnings probably will suffer asetback, over the long term “we’re very very bullish” for eightreasons, said analyst Ronald J. Barone. First of all, despite ElNino’s impact of a 10% warmer than normal winter, spot gas priceshave averaged a solid $2.04/MMBtu so far this year. If temperatureshad been normal, prices would have averaged $2.50, PaineWebbersaid. Secondly, nine of the last 11 summers that followed an ElNino winter have been warmer than normal. Normal to warmer thannormal temperatures next summer would contrast sharply with the 7%cooler than normal temperatures last summer. And warmertemperatures would have an even greater impact on prices if coupledwith near normal hydroelectric power supply – which PaineWebberalso is expecting – rather than the 150% above normal hydro supplyseen in 1997.

March 18, 1998
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