Petroleum

Anadarko Petroleum Corp. laid the foundation to more than doubleits reserves and production with its purchase of independentproducer Union Pacific Resources (UPR) last week. While marketreaction to the deal was mixed initially, most analysts agreed thatonce complete the move will give Anadarko a major presence invirtually every producing territory in North America.

Within days of the Federal Trade Commission (FTC) accepting aconsent order, Duke Energy Corp. and Phillips Petroleum last weekclosed the transaction combining their natural gas gathering andprocessing businesses under one roof. The agency conditioned itsacceptance on Duke agreeing to sell off nearly 3,000 miles of gasgathering lines in the Midcontinent region.

Anadarko Petroleum Corp., one of the producing industry’s heavyhitters, added more pop to its bat on Opening Day yesterday withthe announced purchase of independent producer Union PacificResources (UPR). Anadarko said the purchase will vault the companyinto the top six companies in terms of both North Americanproduction and reserves.

Abraxas Petroleum Corp. said last week it has sold $34 millionin Wyoming gas assets to Samson Resources Co., a private Tulsa,OK-based oil and gas firm. The assets were held by Abraxas’subsidiary, Abraxas Wamsutter L.P.

The Independent Petroleum Association of America elected BarryRussell as its new president last week, replacing Gil Thurm. Thechange was immediately effective.

The Independent Petroleum Association of America elected BarryRussell as its new president yesterday, replacing Gil Thurm. Thechange was immediately effective.

Phillips Petroleum Co. replaced 114% of its 1999 worldwideproduction at an average finding-and-development cost of $4.81/Boe.Excluding acquisitions and sales, Phillips replaced 103% of lastyear’s production.

Occidental Petroleum Corp. said it replaced 100% of 1999worldwide oil and gas production on an equivalent barrel basis.Over the past five years, Occidental has replaced an average 171%of production. Occidental also said it lowered its finding anddevelopment costs by 65% since 1997, to $3.03 per barrel in 1999.

The Independent Petroleum Association of America came outstrongly against a tax proposal presented earlier this week byDemocratic presidential candidate Bill Bradley that would do awaywith several loopholes currently benefiting oil and gas producers.