Petroleum

PanCanadian Petroleum Ltd. has completed its C$65 million (US$43 million) acquisition of Causeway Energy Corp., which has now become a subsidiary of the Calgary-based producer. The acquisition, which includes the assumption of C$4 million of Causeway debt, includes properties in northern Montana and southern Saskatchewan, including 210,000 net acres of undeveloped land. The deal was first announced in June (see Daily GPI, June 18).

Anadarko Petroleum Corp. confirmed this week that it has shut down two exploration and production projects in the Halfway River First Nation territory in northeastern British Columbia after its employees were asked by the Indian tribe to leave. The shutdown by the world’s largest independent added to growing concern throughout Canada’s oil and gas industry, which could lead to projects being canceled during the upcoming winter season.

Anadarko Petroleum Corp. has completed the acquisition of 100% of the common shares of Canadian-based Gulfstream Resources Canada Ltd., an international oil and gas company with assets in Qatar and Oman. The acquisition ups Anadarko’s proved reserves by 70 MMboe.

Finishing right on schedule, Anadarko Petroleum Corp. has completed the acquisition of 100% of the common shares of Canadian-based Gulfstream Resources Canada Ltd., an international oil and gas company whose assets are centered in Qatar and Oman. The acquisition ups Anadarko’s proved reserves by 70 MMboe.

Anadarko Petroleum Corp. late last week announced several senior management changes that reflect the company’s growth and continued emphasis on its core business of exploration and production. The company appointed Bill Sullivan to executive vice president, exploration and production. He will assume responsibility for the company’s exploration, development and production operations worldwide, including the operating subsidiaries for Canada and Algeria, the company said. Rex Alman, currently vice president, domestic operations, was promoted to senior vice president, domestic operations. He will continue to oversee Anadarko’s U.S. operations and will assume responsibility for offshore Gulf of Mexico as well. Jim Emme, currently vice president, Canada, has been named vice president, exploration and will assume responsibility for the company’s worldwide exploration efforts. Current manager for onshore exploration, Bob Daniels was promoted to vice president, Canada. Anadarko said that Alman, Emme and Daniels will report to Sullivan, as will Tony Meyer, vice president of Algeria, and Mark Pease, vice president of technology and engineering. “We’re focusing our best people and talent on what we do best – finding and producing oil and natural gas – and preparing for our future growth,” said Anadarko CEO Robert J. Allison, Jr. Other appointments included: Bruce Stover to senior vice president, worldwide business development; Michael D. Cochran, Ph.D., to senior vice president, strategy and planning; and Richard J. Sharples to senior vice president, marketing and minerals. Sharples will maintain responsibility for marketing the company’s natural gas and crude oil operations.

Phillips Petroleum’s Americas Division, which last year sold off some of its Gulf of Mexico offshore assets to buy property in the Rocky Mountain region, has a long-range strategy that is putting the energy giant on a path to grow its Lower 48 coalbed methane (CBM) production to 48% of its total production in the continental United States by the end of the decade.

Phillips Petroleum Co., which holds down fifth place on the list of oil and gas companies worldwide, said its second quarter profits were up more than expected, jumping 37% on crude oil, natural gas and gasoline commodity pricing. Phillips, in the process of acquiring Tosco Corp., said income excluding special items was up to $601 million, or $2.33 a share, compared with $439 million, or $1.72 a share for the second quarter of 2000. However, revenues were lower, falling to $5 billion from $5.4 billion a year ago.

Occidental Petroleum earnings of $466 million ($1.25 per share) beat Wall Street estimates by more than 20 cents/share. The company posted a 34% gain in net income before special items from the same period a year ago mainly on higher western gas prices and improved chemicals operations.

PanCanadian Petroleum Ltd. and MGV Energy Inc., the Canadian subsidiary of Quicksilver Resources Inc., are formalizing their coalbed methane (CBM) joint venture by drilling their first pilot wells beginning this fall in the largest Canadian CBM project to date. So far, the companies have drilled 21 exploration wells and plan to drill another 29 more in a region of southern Alberta, focusing initially on a million-acre tract in the Palliser block.