Fifth

FERC has given Dominion Cove Point LNG LP the green light to begin commercial operation of a new fifth storage tank at its liquefied natural gas (LNG) import terminal on the eastern shore of Maryland. With the new tank, the facility’s LNG storage capacity will be expanded to 7.8 Bcf from its current capacity of 5 Bcf. The company plans to add two or three more tanks later to accommodate volumes for Statoil, bringing total storage capacity to 14.6 Bcf. It also plans to expand current vaporization of 1 Bcf/d to 1.8 Bcf/d.

Offshore pioneer Kerr-McGee Corp. will become the fifth largest independent producer following a $3.4 billion merger with Denver-based Westport Resources Corp., which was announced last Wednesday. The transaction substantially expands Kerr-McGee’s land-based prospects, increasing its proved reserves 30% and also boosting its total daily production more than 34%, which will be weighted 54% to natural gas.

Calgary-based Penn West Petroleum Ltd., the fifth largest Canadian explorer and producer, is considering whether to convert to an income trust or put itself up for sale, the CEO said Tuesday.

Calgary-based Penn West Petroleum Ltd., the fifth largest Canadian explorer and producer, is considering whether to convert to an income trust or put itself up for sale, the CEO said Tuesday.

Marking the fifth year in a row that it has met or exceeded its earnings growth commitments to Wall Street, UtiliCorp United reported Thursday full-year 2001 operating earnings of $2.44 per diluted share, a 17% increase over the previous year’s operating earnings per diluted share of $2.08. Earnings before interest and taxes (EBIT) for 2001 were $704.7 million, up 31% from $540 million a year earlier. The company also reported that sales for the year were up 39%, from $29 billion in 2000 to $40.4 billion for 2001.

In joint releases Friday morning, Canadian heavyweights PanCanadian Energy Corp. and Alberta Energy Co.(AEC) — the fourth and fifth largest energy companies in the country — announced they are talking about a possible merger. If completed, the company would become one of the largest natural gas producers in North America. Based on Thursday’s closing on The Toronto Stock Exchange, the companies had a market value of C$19.4 billion ($12.1 billion).

In joint releases Friday morning, Canadian heavyweights PanCanadian Energy Corp. and Alberta Energy Co.(AEC) — the fourth and fifth largest energy companies in the country — announced they are talking about a possible merger. If completed, the company would become one of the largest natural gas producers in North America. Based on Thursday’s closing on the Toronto Stock Exchange, the companies had a market value of C$19.4 billion ($12.1 billion).

Phillips Petroleum Co., which holds down fifth place on the list of oil and gas companies worldwide, said its second quarter profits were up more than expected, jumping 37% on crude oil, natural gas and gasoline commodity pricing. Phillips, in the process of acquiring Tosco Corp., said income excluding special items was up to $601 million, or $2.33 a share, compared with $439 million, or $1.72 a share for the second quarter of 2000. However, revenues were lower, falling to $5 billion from $5.4 billion a year ago.

For the fifth quarter in a row, the Royal Dutch/Shell group announced record earnings 23% higher than those of a year earlier. Outgoing Chairman Mark Moody-Stuart said higher gas prices, better refining margins and increased liquefied natural gas volumes all contributed to the growth. Net income also set a record.