Increase

Texaco Employment Falling On Low Oil Prices

Low oil prices prompted Texaco to cut about 1,000 out of 8,000upstream employee and contractor jobs worldwide as part of areorganization designed to increase emphasis on long-termproduction and reserve growth and streamline costs and improvecompetitiveness. Cost savings are projected to be $200 million peryear, and the reorganization is expected to be completed by the endof the first quarter of next year.

November 16, 1998

PG&E GT-NW Authorized to Eliminate Stanfield Bottleneck

FERC has approved a $6 million expansion of Pacific GasTransmission Northwest’s (PG&E GT-NW) system that will increasecapacity between Kingsgate, BC, and Stanfield, OR, by 56,000 Dth/dand provide additional systemwide winter capacity of 20,000 Dth/d.

September 4, 1998

FERC Approves Bondad Expansion, Rejects Allocation Plan

FERC’s approval of El Paso’s $3.6 million Bondad Line expansion,which would increase capacity by 117 MMcf/d in October, likely willprovide some relief to Bondad shippers, who have struggled throughmany days of constraints and allocations on the San Juan Basinsystem.

September 3, 1998

Amoco Expands Trinidad Deliveries

Amoco Energy Co. of Trinidad and Tobago completed an 18-monthproject to increase its gas capacity by 40% to support growingdomestic industrial demand at Point Lisas and Point Fortin. Amocoincreased its ability to provide gas locally to about 700 MMcf/d,primarily due to two successful new wells at the company’s existingFlamboyant structure off the southeast coast of Trinidad.

August 7, 1998

Questar Buys HS Resources E&P Unit for $157.5 M

Questar Corp. subsidiary Universal Resources will increase itsdaily gas and oil production 20% and reserves 31% with a $157.5million acquisition of HSRTW Inc., a Midcontinent regionexploration and production subsidiary of HS Resources of SanFrancisco. In the cash transaction, Universal will receive 150 Bcfeof proved oil and gas reserves (80% gas) primarily in Oklahoma, aswell as Texas, Arkansas and Louisiana. It also receives another 50Bcfe of reserves considered probable and possible. The propertiesinclude 1,000 wells in the Anadarko and Arkoma basins.

July 29, 1998

Low Crude Prices Hamper OXY Earnings

Occidental Petroleum Corp. reported a $28 million increase innet income for the second quarter compared with 2Q97. Resultsreflected a $290 million pretax gain from the sale of certain oiland gas assets. Earnings before special items were $47 million forthe second quarter of 1998, compared with $138 million for the sameperiod in 1997, reflecting lower crude oil prices.

July 21, 1998

KCBT to Add 18 Contract Months

The Commodity Futures Trading Commission has approved a proposalby the Kansas City Board of trade to increase the number ofconsecutive Western Natural Gas contract months listed on theexchange to 36 from 18. The additional months will be listed fortrade beginning today.

June 10, 1998

PacifiCorp Drops Bid for Energy Group

PacifiCorp is throwing in the towel in its pursuit of Britain’sThe Energy Group (TEG) with the announcement it will not increaseits revised offer for the company. Energy Group Thursday recommended shareholders accept the 4.45 billion pounds ($7.4billion), 840 pence/share, cash offer made by Texas Utilities forthe company. “The Texas Utilities Offer represents excellent valuefor our shareholders and we recommend that they accept,” said DerekBonham, Energy Group chairman.

May 1, 1998

PNGTS, Maritimes Break Ground for New England Pipes

Marking the start of construction related to projects thatultimately will increase pipeline capacity into New England by morethan 20%, Portland Natural Gas Transmission System (PNGTS) andMaritimes & Northeast Pipeline began a crossing of thePiscataqua River between Newington, NH, and Eliot, ME. The crossingis the first stage in the construction of the PNGTS/Maritimes JointFacilities Project, which represents the southernmost portion ofeach pipeline.

March 4, 1998
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