Marketing Losses, Warm Temps Trouble Columbia

A strong performance by Columbia Energy Group’s transmission,distribution, and exploration and production operations last yearin spite of 17% warmer than normal weather and lower commodityprices was significantly tainted by several major blunders in itsenergy marketing operations.

February 15, 1999

Conoco, Exxon Swap GOM Assets

Marking the start of a five-year, $400 million Gulf of Mexico(GOM) exploration and production (E&ampP) assault, Conoco announcedthe exchange of interest in several deep-water blocks with Exxonand the debut of the Deepwater Pathfinder, a drillship capable ofreaching 10,000-foot depths. In the exchange, Conoco acquired 50%of 29 Exxon-owned blocks and Exxon acquired 50% of 30 Conoco-ownedblocks. The undeveloped acreage is in Green Canyon, Garden Banks,Walker Ridge and Keathley Canyon. Terms of the transaction were notdisclosed. With this addition, Conoco holds interest in 295 blocksin the GOM, amounting to 1.2 million net acres.

February 1, 1999

Shedding E&P Spares MCN Bigger Loss

MCN Energy Group’s plan to shed exploration and productionoperations drained gallons of red ink from its 1998 bottom line,about $273 million worth. Still the company finished the year witha net loss. MCN reported a net loss of $6.2 million, compared withearnings of $112.2 million in 1997. Including results from theE&P unit – discontinued in anticipation of sale – MCN reporteda net loss for 1998 of $279 million, compared with earnings of$142.3 million in 1997. All figures include special charges.

January 29, 1999

Conoco, Exxon Share Deep-Water Economics, Risks

Marking the start of a five-year, $400 million Gulf of Mexico(GOM) exploration and production (E&P) assault, Conocoannounced Monday the exchange of interest in several deep-waterblocks with Exxon and the debut of the Deepwater Pathfinder, adrillship capable of reaching 10,000-feet depths.

January 26, 1999

Vastar Sets Reserve Record, Steady Budget

Vastar Resources replaced 215% of its 1998 production with newreserves, its highest-ever reserve replacement rate. Provedreserves additions totaled 1,052 Bcfe, or 1,023 Bcfe inclusive ofdivestitures. Year-end total reserves were a record 3,700 Bcfe, up17% over the year-end 1997 base. Average reserve replacement costs,including acquisitions, were $1.11/Mcfe.

January 20, 1999

Chevron, Partners Break Deep-Water Record

Chevron U.S.A. Production and its joint-venture partners – ShellDeepwater Development, EEX Corp. and Enterprise Oil Gulf of Mexico- set a new water-depth world record of 7,718 feet as they begandrilling their initial exploratory test well in the Gulf ofMexico’s Atwater Valley Block 118, about 175 miles southeast of NewOrleans. The Chevron-led team anticipates the well, designatedAtwater Valley 118 #1, will reach target depth of 15,471 feet belowthe seabed in the fourth quarter of this year. The companies areusing the fabled Glomar Explorer drill ship – initially built forU.S. intelligence work – owned by Global Marine to drill the well.Chevron and Texaco plan to alternate into the operator position asthey go forward with plans to drill 20 deepwater wells in the Gulfof Mexico.

August 31, 1998

Amoco Has Cotton Valley Success

Amoco announced a gas discovery in the Cotton Valley Reef Trendnorth of Houston. The company said it expects to bring its No. 1 J.W. Vanderbeek on production this month. Amoco holds a strongposition in the Cotton Valley Reef Trend, with drilling rights inmore than 100,000 acres, primarily in Leon County. Amoco has acontract with Koch Midstream Services to use their pipelines in thearea to gather the gas for treatment and delivery to marketsthroughout the Texas Gulf Coast region.

July 15, 1998

KN Open Season Starts Today

KN Energy is holding an open season for expansion of its systemfrom production fields in Wyoming to the Rockport Hub in northcentral Colorado.

April 6, 1998
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