Petroleum

Duke, Phillips Merge Midstream Gas Assets

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.

April 10, 2000

Anadarko Bolsters North America Production with UPR Buy

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.

April 4, 2000

Abraxas Trims Non-Core Assets

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.

April 3, 2000

IPAA Elects Russell As New President

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

March 13, 2000

IPAA Elects New President

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

March 8, 2000

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