Petroleum

IPE Holdings, operator of the London-based International Petroleum Exchange (IPE), announced Monday that it has agreed to a recommended all-share takeover offer by U.S.-based IntercontinentalExchange (ICE), an electronic trading platform for energy and metals commodities.

Carrying through on an earlier commitment to ramp up its Deep Panuke operations, PanCanadian Petroleum Ltd. has formed a partnership with Norwegian-based Ocean Rig ASA, which is expected to bring its deep-water drilling expertise to the Canadian East Coast. PanCanadian estimates that 1 Tcf of recoverable natural gas may be stored there at depths of more than 5,000 feet offshore Nova Scotia.

Carrying through on an earlier commitment to ramp up its Deep Panuke operations, PanCanadian Petroleum Ltd. has formed a partnership with Norwegian-based Ocean Rig ASA, which is expected to bring its deep-water drilling expertise to the Canadian East Coast. PanCanadian estimates that 1 Tcf of recoverable natural gas may be stored there at depths of more than 5,000 feet offshore Nova Scotia.

Phillips Petroleum shareholders approved the proposed acquisition of Tosco Corp. during a special meeting yesterday. The acquisition is expected to close by the end of the third quarter, pending additional regulatory reviews and other customary closing conditions. Phillips shareholders also approved amending Phillips’ charter to increase the number of authorized shares of common stock from 500 million to 1 billion. “This paves the way for Phillips to become a premier competitor in the domestic refining, marketing and transportation business, and to realize the competitive advantages of being fully integrated,” said CEO Jim Mulva, who also updated shareholders on the company’s earnings expectations. “We expect first-quarter net operating income to be up 75-85% from the same period last year. The expected increase is due primarily to increased production as a result of the company’s second-quarter 2000 Alaskan acquisition. For the year 2001, we expect to meet or exceed analysts’ consensus earnings estimates.” The company expects total worldwide production to be in the range of 820,000 barrels of oil equivalent (BOE) per day for the quarter, versus 489,000 BOE per day for the first quarter of 2000.

Phillips Petroleum reported on Tuesday that it is making numerous management changes and creating a new worldwide gas division to better focus on the company’s worldwide gas strategy. Laura Sugg, previously the new business ventures manager for the corporation, has been elected to the position of vice president of worldwide gas, effective April 1. Joseph High will make the move from his current position as vice president of human resources for the components and packaged applications group of Rockwell Automation to the post of vice president of human resources for the corporation, effective April 15. Don Duncan, manager of federal relations since 1993, has been elected vice president of government relations, effective April 1. Former assistant treasurer Jeff Sheets, effective April 1, took his newly elected position of vice president and treasurer. Fran Vallejo, currently strategic transactions and planning manager in the company’s corporate strategy and development group, has been elected assistant treasurer, effective May 1. Edd Grigsby, vice president of investor and public relations, has announced that he will retire after 39 years of service on July 1. Effective May 1, Grigsby will continue to be responsible for public relations, but he will also be on special assignment to Jim Mulva, chairman and CEO. Clayton Reasor, currently commercial services resource area manager for Phillips’ Norway division, has been named manager of investor relations beginning on May 1.

In a race to produce increasing amounts of natural gas to keep up with the nation’s growing demand, Anadarko Petroleum Corp. reported last Tuesday that it is continuing its work to find and produce new gas reserves from oil fields. The company announced its Fife Unit #2 well in Central Texas, which just came online, is producing natural gas at a rate of 51 MMcf/d.

In a race to produce increasing amounts of natural gas to keep up with the nation’s growing demand, Anadarko Petroleum Corp. reported Tuesday that it is continuing its work to find and produce new gas reserves from oil fields. The company announced its Fife Unit #2 well in Central Texas, which just came online, is producing natural gas at a rate of 51 MMcf/d.

Independent Vintage Petroleum Inc., based in Tulsa, has entered into an agreement to acquire Canadian-based Genesis Exploration Ltd., offering C$18.25 per share in cash. The boards of both companies have unanimously agreed to the offer, which puts total consideration, including assumption of Genesis’ estimated debt, at C$898 million (US$572 million).

Independent Vintage Petroleum Inc., based in Tulsa, has enteredinto an agreement to acquire Canadian-based Genesis ExplorationLtd., offering C$18.25 per share in cash. The boards of bothcompanies have unanimously agreed to the offer, which puts totalconsideration, including assumption of Genesis’ estimated debt, atC$898 million (US$572 million).