Petroleum

Chevron, Amoco Production, CanWest Gas Supply, Aera Energy andRME Petroleum have called on FERC to stop Kern River GasTransmission from overselling delivery point rights at WheelerRidge into the Southern California Gas Co. distribution system. TheFirm Shippers said in comments filed this week that, in a situationstrangely similar to the recent El Paso capacity reallocation case,Kern River has oversold capacity at Wheeler Ridge, and its proposedexpansion project will only exacerbate the situation (DocketCP01-31).

An antitrust suit against Anadarko Petroleum Corp. and itsacquired subsidiary Union Pacific Resources (UPR) came to a closewithout a verdict less than one week after it had begun. Anadarkosettled out of court with American Central Gas Technologies Co.’s,a spokeswoman for Anadarko said. Terms of the agreement were notdisclosed.

BP Exploration (Alaska) Inc. has joined the partnership of Anadarko Petroleum Corp. and Alberta Energy Company Ltd. in an exploration venture on more than three million acres of the foothills region. The three have already begun work in the first North Slope exploration plan focused on natural gas recovery, an area with reserves of 35 Tcf.

Phillips Petroleum Co. reported last week that it replaced1,128% of its 2000 worldwide oil and natural gas production at anaverage preliminary finding-and-development (FD) cost of $2.39/Boe.Subtracting acquisitions and sales, the company still replaced 515%of its 2000 worldwide production.

Phillips Petroleum Co. reported yesterday that it replaced1,128% of its 2000 worldwide oil and natural gas production at anaverage preliminary finding-and-development (FD) cost of $2.39/Boe.Subtracting acquisitions and sales, the company still replaced 515%of its 2000 worldwide production.

BP Exploration (Alaska) Inc. has joined the partnership ofAnadarko Petroleum Corp. and Alberta Energy Company Ltd. in anexploration venture on more than three million acres of thefoothills region. The three have already begun work in the firstNorth Slope exploration plan focused on natural gas recovery, anarea with reserves of 35 Tcf.

Anadarko Petroleum Corp., which last week set in motion anaggressive Rocky Mountain strategy, said Friday it would investC$380 million ($260 million) in its Calgary-based Canadiansubsidiary to drill 600 wells throughout western Canada in a pushto bring production there to 74,000 net boe/d in 2001.

After a positive surprise with its fourth quarter earningsperformance, Phillips Petroleum continued to astonish observerslast week, buying Tosco Corp. in a $7 billion stock transactionthat will make Phillips the second-largest refining company in theUnited States with a capacity of 1.7 MMbbl/d.

After a positive surprise with its fourth quarter earningsperformance, Phillips Petroleum continued to astonish observersover the weekend, buying Tosco Corp. in a $7 billion stocktransaction that will make Phillips the second-largest refiningcompany in the United States with a capacity of 1.7 MMbbl/d.