On the heels of record financial results for the fourth quarter,Anadarko Petroleum Corp. is channeling $2.8 billion more into itscapital budget this year, a 65% increase. More than half of theswollen budget is for ongoing development drilling to increaseproduction from existing fields in Texas, the Gulf of Mexico, theRockies, Western Canada, the North Slope of Alaska and Algeria.
Petroleum
Articles from Petroleum
Phillips’ 4Q Earnings Triple, Chemicals Unit Suffers
Bartlesville, OK-based Phillips Petroleum Co. beat analysts’forecasts and saw its fourth quarter earnings more than triple inthe fourth quarter of 2000 for the same reason its peers had recordresults: strong natural gas and oil prices.
January 26, 2001
PanCanadian Reports Best Year Ever
PanCanadian Petroleum Ltd. announced “its most successful yearever” in 2000, with net income of $1.039 billion, or $4.09 pershare, and cash flow of $2.47 billion, or $9.78 per share. Thenumbers are substantially above 1999 net income of $350 million andcash flow of $1.11 billion (all Canadian dollars).
January 22, 2001
Berkley Rejects Hunt Offer, Breakup Possible
Calgary-based Berkley Petroleum Corp. unanimously rejected the takeover bid last week by a Hunt Oil Co. subsidiary, which offered to purchase all of the common shares of the company for $10 per share. Analysts were meanwhile speculating that without a white knight, Berkley might be worth more if it’s broken up and sold.
January 22, 2001
Analysts Say Berkley Breakup Possible
Calgary-based Berkley Petroleum Corp. might be worth more if it’sbroken up and sold, according to analysts who are tracking the hostiletakeover bid by Hunt Oil Co. (see Daily GPI,Dec. 29, 2000). Dallas-based Hunt offered to buy Berkley in lateDecember for C$1.4 billion, including debt, or about C$10 a share incash for each Berkley share.
January 17, 2001
Anadarko Buys Pinnacle, Boosts Texas Presence
Houston-based Anadarko Petroleum Corp. increased its presence in the East Texas Bossier sand gas play last week, spending $38 million to acquire Pinnacle Gas Treating Inc., which owns and operates a natural gas pipeline and treating plant there. Pinnacle is a subsidiary of Western Gas Resources Inc. based in Denver, and it plans to use the sale to pay down debt.
January 8, 2001
Anadarko Buys Pinnacle, Boosts Texas Presence
Houston-based Anadarko Petroleum Corp. increased its presence inthe East Texas Bossier sand gas play yesterday, spending $38million to acquire Pinnacle Gas Treating Inc., which owns andoperates a natural gas pipeline and treating plant there. Pinnacleis a subsidiary of Western Gas Resources Inc. based in Denver, andit plans to use the sale to pay down debt.
January 5, 2001
Hunt Extends Period for Berkley Offer
Hunt Oil Co.’s unsolicited bid to purchase all of the issued andoutstanding shares of Berkley Petroleum Corp. for C$10 per sharewas received as expected by Berkley shareholders this week, withthe Dallas-based company extending an olive branch by saying itwould lengthen the time period for its offer to be reviewed.
January 4, 2001
Phillips Lowers Debt-to-Cap Ratio With Zama Sale
With the sale of the Zama assets to Apache Corp. coming to a closelast week, Phillips Petroleum announced yesterday that the companyexpects to realize approximately $470 million in after-tax proceedsfrom the $490 million dollar sale (see Daily GPI, Jan. 2, 2000).
January 3, 2001
Newfield Ropes In Gas-Rich Lariat for $333 Million
Houston-based Newfield Exploration Co. entered the new Milleniumwith a bang, agreeing to buy rival Lariat Petroleum Inc. for nearly$333 million in cash, stock and assumed debt, and boosting itsreserves by about 40%. The properties, 90% in the Anadarko Basin ofOklahoma, produce 60 MMcf/d, and include 256 Bcf of reserves.
January 2, 2001
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