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Petroleum

Phillips Replaces All of Production

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.

February 18, 2000

Oxy Replaces All 1999 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.

February 15, 2000

Producers Attack Bradley’s Plan to Cut Tax Breaks

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.

January 10, 2000

Producers Blast Bradley’s Plan to Cut Tax Breaks

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

January 6, 2000

Oxy, EOG Exchange Assets

Occidental Petroleum Corp. and EOG Resources Inc. said theyexchanged certain oil and gas assets to enhance each company’sfocus on exploration and production and achieve cost savingsthrough operational synergies. Occidental received producingproperties and exploration acreage in its expanding Californiaasset base, as well as producing properties in the western Gulf ofMexico near existing operations. The exchange increased EOGResources’ gas production and reserves in East Texas, where italready has a significant presence, and will add to its drillingportfolio in the Oklahoma panhandle.

January 5, 2000

NPC Study Predicts 32% Gas Demand Increase

Members of the National Petroleum Council (NPC) overwhelminglyapproved a report last week by its natural gas committeeforecasting a 32% increase in gas demand over the next decade, andsaying the nation could get that gas for 40 to 50 cents less ifproducers are allowed to access currently restricted areas.

December 20, 1999

NPC Vows to Act on Gas Report Findings

Members of the National Petroleum Council (NPC) overwhelminglyapproved a report yesterday by its natural gas committeeforecasting a 32% increase in gas demand over the next decade.Titled “Meeting the Challenges of the Nation’s Growing Natural GasDemand,” the study will be used as a platform for member companiesto lobby for increased access to protected producing areas, morecomprehensive research and development projects and increasedfunding.

December 16, 1999

Occidental Grows Rights Near Elk Hills

Occidental Petroleum Corp. has purchased from Chevron deepexploration rights on 19,834 acres of land adjacent to its ElkHills holdings. Called the Buena Vista field, the Kern County, CA,property is seen by Oxy and some other producers as having hugepotential oil and gas reserves. Terms of the transaction were notdisclosed.

December 13, 1999

Occidental Grows Rights Near Elk Hills

Occidental Petroleum Corp. has purchased from Chevron deepexploration rights on 19,834 acres of land adjacent to its ElkHills holdings. Called the Buena Vista field, the Kern County, CA,property is seen by Oxy and some other producers as having hugepotential oil and gas reserves. Terms of the transaction were notdisclosed.

December 10, 1999

Jordan to Chair IPAA

Jerry D. Jordan, president of Ohio-based Jordan Energy Inc., waselected chairman of the Independent Petroleum Association ofAmerica (IPAA) during the association’s 70th annual meeting inDallas Nov. 6. He succeeds George Yates, 1997-1999 IPAA chairmanand president, Harvey E. Yates Co., Roswell, NM.

November 29, 1999