Petroleum

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.

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.

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.