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Petroleum

Tesoro Selling Domestic E&P to EEX

Tesoro Petroleum Corp. of San Antonio, TX, agreed to sell all ofits domestic exploration and production business to EEX Corp. ofHouston for $216 million.

October 11, 1999

Speculation Mounts on Elk Hill Production

Occidental Petroleum, the unpredictable mid-size producer, holdssome wild cards in California’s unfolding natural gasrestructuring, and it’s so far playing them close to the vest.Independents in the south San Joaquin Valley oil patch think Oxy is”up to something,” perhaps a merger with another Californiaproducer, while others are watching the company put increasinglymore gas supplies on the market since buying Elk Hills reservesfrom the federal government two years ago.

October 4, 1999

Industry Briefs

Anadarko Petroleum Corp. announced yesterday it had retainedMadison Energy Advisors to market a package of its oil and gas assetsin Texas. The properties, located in the Hemphill Field area ofHemphill County, TX, include 83 completions from 70 wells with workinginterests ranging from 5% to 100%. Current gross daily production fromthese properties is approximately 82 BOPD and 8.1 MMcf/d. Anadarko isalso looking to sell the surrounding midstream assets including theHemphill Gathering System, which gathers low-pressure wellhead gas anddelivers it to Williams’ Hobart Ranch Plant. This four to eight inchdiameter pipeline is approximately 50 miles long and currently has 112wells connected. The properties will be sold through a negotiatedsale, with a data room scheduled to open in August. For furtherinformation contact Clint Wetmore at Madison Energy Advisors,281-876-2244 or check Madison’s web page atwww.MadisonEnergy.com.

August 23, 1999

New York Gas Storage Site for Sale

Bath Petroleum Storage, Inc. (BPSI), a company operating in aprime Northeast salt cavern storage location, is up for sale.

August 9, 1999

Prime Gas Storage Site for Sale

Bath Petroleum Storage, Inc. (BPSI), a company operating in aprime Northeast salt cavern storage location, is up for sale.

August 4, 1999

Anadarko in Gulf With Texaco, Has Strong 2Q

Anadarko Petroleum, reporting a strong second quarter andincreased capital spending, also revealed last week it is gainingGulf of Mexico sub-salt exploration rights through an agreementwith Texaco Exploration and Production.

August 2, 1999

Anadarko in Gulf With Texaco, Has Strong 2Q

Anadarko Petroleum Corp. is gaining Gulf of Mexico sub-saltexploration rights through an agreement with Texaco Exploration andProduction Inc. Anadarko also just announced significantly improvedsecond quarter results and a nearly 60% boost to its currentcapital spending program.

July 30, 1999

Avista Targeting Growth Through Technology

Avista Corp. is counting on technology businesses for growth andsees its Internet-based bill consolidation business as the frontdoor to a nationwide marketing presence. During press briefingslast week in Houston and Washington, DC, executives outlinedAvista’s continuing evolution.

May 31, 1999

Industry Briefs

Houston-based Anadarko Petroleum Corp. announced a common stockoffering of 6.25 million shares. Proceeds of about $240.6 millionbefore expenses are to be used for general purposes, including U.S.gas and oil projects. The offering is Anadarko’s first since it wasspun off from Panhandle Eastern Pipe Line in 1986. Moody’sInvestors Service changed its rating outlook for Anadarko’s fixedincome securities to stable from negative based on increasingproduction, reserve replacement at reasonable finding costs, aswell as the common equity issuance. Anadarko has replaced more than200% of production for the past five years and in 1998 replacedmore than 500% of production at finding costs below most of theindustry, Moody’s said. The addition of mainly gas reserves lastyear lowered oil reserves to about 53% of the total.

May 3, 1999

BP Amoco Now Anglicizing Arco in $26.8 B Deal

The British are coming back to the merger table. Still digestingits acquisition of Amoco, British Petroleum last week scrolled onenotch down the alphabetic menu of E&ampP companies to rest itshungry eyes on Atlantic Richfield Co. (Arco).

April 5, 1999