There have been few surprises in domestic producers’ earnings reports for the fourth quarter and all of 2001. Despite record production in the first half– pushed during a high commodity price cycle — U.S. companies saw their fortunes fall along with commodity prices in the last half of the year, and they paid dearly for it in the fourth quarter. Apache Corp. reported Thursday that its fourth quarter earnings fell 70% compared to 2000, and leading independent Anadarko Petroleum Corp., which already had to restate its third quarter earnings to include a $1.1 billion charge, said Thursday its final quarter also saw a sharp earnings decline.
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Union Gas said the Dawn gas market hub in Ontario set newrecords in 2000 for the volume and number of title transfers. Thehub recorded over 2.7 Tcf of title transfers last year, more thandouble the 1999 total of 1.3 Tcf. On average about 7.6 Bcf/d of gaschanged hands up from 3.7 Bcf in 1999.
Unocal Corp.’s Spirit Energy 76 unit recorded a 64% success ratein its core Gulf of Mexico shelf exploration program during 1998,including four new discoveries during December. For the full-year,Spirit Energy had 21 discoveries on the shelf. Preliminaryinformation indicates the company replaced about 100% of its 1998production with new reserves (excluding sales), increasedproduction from year-ago levels, and continued to developadditional attractive exploration prospects.
It didn’t take long to eclipse what had been the lowest-everprices for a December date recorded by Daily GPI, and the new lowmarks weren’t even close to the ones seen earlier in the week.Continuing record warmth in the eastern two-thirds of the nationyielded record low gas prices for this time of year. Gulf Coastnumbers were almost a dollar under December indexes only three daysinto the month.