Apache Corp. this year will pull back on its drilling program in Alberta because of anticipated royalty regime changes, but don’t expect the Houston-based explorer to slow down much anywhere else. With record profits and record production in 2007, Apache said it is set to take on just about anything that comes its way.
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Futures Traders Hold Monday’s Gains, Eye October Expiration
Winding down the final days of the October 2007 contract’s trading, natural gas futures traders were hesitant to pick a direction on Tuesday. With storm concerns in the Gulf of Mexico (GOM) and the Atlantic, natural gas futures held on to most of Monday’s gains to close a penny lower at $6.360, despite watching crude futures drop $1.42 to $79.53/bbl.
Waiting on Storage and Storms: Futures Chop Sideways Tuesday
Natural gas futures continued to chop sideways Tuesday as traders appeared hesitant to bet too heavily one way or the other while a major hurricane spins in the Eastern Atlantic and fresh storage data is scheduled for release Thursday. The futures market rebounded modestly as weak shorts covered their Monday afternoon sales. The October contract closed at $4.73, recouping 6.9 cents of the 11 cents it lost in trading on Monday.
Alaska Urges FTC to OK BP Amoco-Arco Deal
Alaska Gov. Tony Knowles last week called on a hesitant FederalTrade Commission (FTC) to swiftly approve BP Amoco’s proposedacquisition of Atlantic Richfield Co. (Arco), which has beenstalled at the agency due to antitrust concerns.
Alaska Urges FTC to OK BP Amoco-Arco Deal
Alaska Gov. Tony Knowles last week called on a hesitant FederalTrade Commission (FTC) to swiftly approve BP Amoco’s proposedacquisition of Atlantic Richfield Co. (Arco), which has beenstalled at the agency due to antitrust concerns.