History

Despite strong drilling activity, record natural gas and oil prices and the largest cash flow in industry history, employment by the largest U.S.-based producers declined 4.1% in 2004, the 20th annual decline in the past 23 years, according to consultant John S. Herold Inc.

ExxonMobil Corp. hiked CEO Lee Raymond’s income by 37% to $38.1 million in 2004 after the oil major’s net income was the second highest in U.S. history.

ExxonMobil Corp. hiked CEO Lee Raymond’s income by 37% to $38.1 million in 2004 after the oil major’s net income was the second highest in U.S. history.

With a recent history as a lawyer and energy consultant before California regulators, Dian Grueneich, the newest member of the California Public Utilities Commission, recused herself from all energy matters during her first business meeting Thursday. She is still in the process of determining on which specific cases she can cast votes. Steve Poizner, a second new member on the five-member panel, is still awaiting formal swearing into office by the governor.

Fort Worth-based independent XTO Energy Inc. marked the largest acquisition in its history on Monday with the purchase of 150 onshore producing assets for $1.1 billion from ChevronTexaco Corp. The company will add about 88 MMcf/d of natural gas and 14,000 bbl of oil from properties in seven states — more than 90% in Texas and New Mexico.

With their 30-year boundary dispute now history, Nova Scotia and Newfoundland officials have promised to work together to ramp up exploration and production (E&P) opportunities in the offshore Laurentian Basin and nearby fields, which could yield 600-700 million bbl of oil and 8-9 Tcf of natural gas.

With their 30-year boundary dispute now history, Nova Scotia and Newfoundland officials have promised to work together to ramp up exploration and production (E&P) opportunities in the offshore Laurentian Basin and nearby fields, which could yield 600-700 million bbl of oil and 8-9 Tcf of natural gas.

On the eve of what some observers predict could be one of the largest reported storage withdrawals in history, the natural gas futures market appeared content to trade flat for the session Wednesday.

The energy history books will record 2003 as the year that some big energy companies — Williams Cos., El Paso Corp. and Dynegy Inc. — avoided the clutches of bankruptcy, said a leading energy analyst.