Drilling and oilfield services firm Nabors Industries Ltd. said the continuing depressed drilling market and low margins in part led to a 75% drop in its net income in the third quarter to $26.9 million, or 18 cents/diluted share, from $108.2 million or 68 cents/diluted share in 3Q2001.
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Nabors’ Income Tumbles 75%, But Higher Gas Prices Improve Outlook
Drilling and oilfield services firm Nabors Industries Ltd. said the continuing depressed drilling market and low margins in part led to a 75% drop in its net income in the third quarter to $26.9 million, or 18 cents/diluted share, from $108.2 million or 68 cents/diluted share in 3Q2001.
Westar Notifies Oneok of Intent to Sell 45% Stake
Two months after it first gave notice that it was reviewing alternatives, Westar Industries Inc., a subsidiary of Topeka-based Western Resources Inc. gave Oneok Inc. notice late last week it will sell all of its interests — common and preferred stock — in the Tulsa-based gas distributor.
Industry Briefs
Topeka, KS-based Western Resources Inc. said it is planning to sell its $960 million stake in Tulsa-based Oneok. Western subsidiary Westar Industries has engaged JP Morgan to advise it in the sale of 4.7 million shares of Oneok common stock and preferred stock that is convertible into 39.9 million additional shares of Oneok common stock, representing about 44.5% of total Oneok shares. Oneok is a midstream gas transporter in the Midcontinent region and the largest natural gas distributor in Kansas and Oklahoma, operating as Kansas Gas Service and Oklahoma Natural Gas, which serve 1.4 million customers. Western Resources has total assets of $6.6 billion, including security company Protection One and electric utility Westar Energy, which serves 640,000 customers in Kansas.
Brownell: Products Needed on Retail Level to Smooth Volatility
The gas and power industries are going to have to develop products on the retail level to shield consumers from the volatility of the wholesale market, FERC Commissioner Nora Meade Brownell told an Energy Bar Association audience last week.
NOIA: Expanded Eastern GOM Leasing Key to Energy Security
The National Ocean Industries Association (NOIA) has called on the Interior Department to expand producer access to offshore acreage in the eastern Gulf of Mexico under its Outer Continental Shelf 2002-2007 leasing program in the wake of the terrorist strikes.
Proposed Rule Extends Standards of Conduct to All Affiliates
Acknowledging the converging and consolidating natural gas and power industries, Federal Energy Regulatory Commissioners last week issued a notice of proposed rulemaking (RM01-10) combining the standards of conduct for natural gas pipelines and electric transmission providers and broadening their application to require separation of the regulated monopolies from all other company affiliates.
Nabors to Issue Bid for Command Drilling
An affiliate of Houston-based Nabors Industries Inc. said it intends to make a cash offer to acquire all of the common shares of Command Drilling Corp. for C$3.30 per share. 19552 Yukon Inc. said the bid represents a 20% premium over the closing price of the Command shares on Sept. 14, 2001.
ICE Plans Clearing Services for OTC Market, Inks Deal with LCH
The IntercontinentalExchange (ICE), a large electronic trading system for the energy and metals industries, signed an agreement with the London Clearing House (LCH) to offer optional clearing services to its over-the-counter (OTC) market participants. Clearing services are expected to be available as early as the fourth quarter.
ICE Plans Clearing Services for OTC Market, Inks Deal with LCH
The IntercontinentalExchange (ICE), a large electronic trading system for the energy and metals industries, signed an agreement with the London Clearing House (LCH) to offer optional clearing services to its over-the-counter (OTC) market participants. Clearing services are expected to be available as early as the fourth quarter.