Independents

Independent Vintage Petroleum Inc., based in Tulsa, has entered into an agreement to acquire Canadian-based Genesis Exploration Ltd., offering C$18.25 per share in cash. The boards of both companies have unanimously agreed to the offer, which puts total consideration, including assumption of Genesis’ estimated debt, at C$898 million (US$572 million).

Independent Vintage Petroleum Inc., based in Tulsa, has enteredinto an agreement to acquire Canadian-based Genesis ExplorationLtd., offering C$18.25 per share in cash. The boards of bothcompanies have unanimously agreed to the offer, which puts totalconsideration, including assumption of Genesis’ estimated debt, atC$898 million (US$572 million).

Alberta Energy Co. Ltd. , one of North America’s largestindependents, turned in a stellar performance in 2000, doublingcash flow and recording net earnings up five-fold, at the same timeit positioned itself for future gains, adding reserves equal to458% of production.

The CEO of Denver-based Barrett Resources Corp. said last weekthat producers are already worrying about how they will transportfuture supplies of natural gas out of the prolific Rocky Mountainbasin and surrounding areas, and warned that they need to “step upand take some risk” in an effort to move along pipeline proposalsto do more than transport the gas regionally.

The CEO of Denver-based Barrett Resources Corp. said yesterdaythat producers are already worrying about how they will transportfuture supplies of natural gas out of the prolific Rocky Mountainbasin and surrounding areas, and warned that they need to “step upand take some risk” in an effort to move along pipeline proposalsto do more than transport the gas regionally.

Independents Noble Affiliates and Kerr McGee Corp. have sharplyincreased their capital investment budgets this year. Kerr-McGee isbudgeting a record $1.24 billion for capital expenditures in 2001,a 60% increase from the company’s 2000 capital expenditures, andNoble’s spending is being increased 40%, with 60% of the $700million being used for developmental projects.

Independent producers who took advantage of soaring gas and oilprices put in a blockbuster second quarter, according to thenumerous financial reports released yesterday. “Essentiallyeverybody beat my earnings forecasts,” said Irene Haas, E&Panalyst for Sanders Morris Harris in Houston.

Some major U.S. independent producers absorbed major blows tothe bottom line in the first quarter of 1999, but CEOs from thecompanies insist higher profits are right around the corner.

Some major U.S. independent producers absorbed major blows tothe bottom line in the first quarter of 1999, but CEOs from thecompanies insist higher profits are right around the corner.