London-based BP Plc, considered the third largest energy company in the world, joined its peers in reporting a third quarter profit slide, the first in more than two years, with earnings down 20% because of the decline in oil and gas prices. The global giant said it also does not expect to see high returns into the fourth quarter. Earnings were $3.05 billion, or 14 cents a share, down from $3.08 billion, or 17 cents a share for the same period in 2000. BP measures its earnings on a replacement cost basis, which excludes one-time items and goodwill costs.
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Fitch: Prices Stay Low into 2003
Fitch, the investment ratings and analysis firm, has joined the ranks of investment advisors with lowered expectations for the upstream natural gas and oil business, predicting stagnant prices through 2002 and into 2003.
October 15, 2001
Fitch: Prices Stay Low into 2003
Fitch, the investment ratings and analysis firm, has joined the ranks of investment advisors with lowered expectations for the upstream natural gas and oil business, predicting stagnant prices through 2002 and into 2003.
October 10, 2001
Calgary Energy Fund Picks Up Reserves
Calgary-based Advantage Energy Income Fund, which joined the Toronto Stock Exchange May 29, increased its reserve base by 43% this week by acquiring all the shares of an unnamed private oil and gas company for C$57.8 million in cash. The undisclosed acquisition gives gas-heavy Advantage 33% more natural gas reserves, 32% more light oil reserves and 16% more heavy oil reserves.
July 6, 2001
People
Scott N. Smith has joined American Electric Power (AEP) as vice president and chief risk officer. He will be responsible for enterprise-wide risk management, including oversight of commodity, operational, credit, interest rate and currency risk across all business units and functional areas. Smith, 37, previously was vice president of risk management for Global Consumer Bank, a division of Citigroup.
June 8, 2001
People
Prima Energy Corp. reported on Wednesday that Neil L. Stenbuck has joined the company as executive vice president and CFO, effective May 16. Stenbuck will fill a newly created position at Prima, where the company’s president and CEO, Richard H. Lewis, has also served as Prima’s CFO since the company was founded in 1980. Stenbuck held the position of vice president and CFO at Basin Exploration. from 1995 until earlier this year, when that company was merged with Stone Energy Corp.
May 17, 2001
Firms to Research Laser Drilling Technology
The Gas Technology Institute (GTI) and the U.S. Department ofEnergy’s National Energy Technology Laboratory (NETL) announcedthat they have joined together to further investigate whether it iscommercially viable to drill for oil and natural gas usinghigh-powered, military-based lasers.
March 5, 2001
Firms to Research Laser Drilling Technology
The Gas Technology Institute (GTI) and the U.S. Department ofEnergy’s National Energy Technology Laboratory (NETL) announcedthat they have joined together to further investigate whether it iscommercially viable to drill for oil and natural gas usinghigh-powered, military-based lasers.
February 26, 2001
North Slope Exploration Venture Draws BP
BP Exploration (Alaska) Inc. has joined the partnership of Anadarko Petroleum Corp. and Alberta Energy Company Ltd. in an exploration venture on more than three million acres of the foothills region. The three have already begun work in the first North Slope exploration plan focused on natural gas recovery, an area with reserves of 35 Tcf.
February 26, 2001
North Slope Exploration Venture Draws BP
BP Exploration (Alaska) Inc. has joined the partnership ofAnadarko Petroleum Corp. and Alberta Energy Company Ltd. in anexploration venture on more than three million acres of thefoothills region. The three have already begun work in the firstNorth Slope exploration plan focused on natural gas recovery, anarea with reserves of 35 Tcf.
February 21, 2001
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