Amoco’s $1.9 Billion North American exploration and productiondivestment to focus on top producing areas is nearly complete.”These divestments allow us to focus our resources on the mostpromising producing areas in our exploration and productionportfolio, which has given us a higher quality asset position inNorth America,” said L. Richard Flury, executive vice president forexploration and production. “We believe this rationalized assetposition is a step toward reaching our corporate goal of 15% returnon capital employed by 2001.”
Report
Articles from Report
Enron Reports 1Q Earnings Growth
Enron Corp. announced first quarter earnings and reportedincreased operating results in each of its core business groups.The company also reported another loss for Enron Energy Servicesdue to start-up costs.
April 15, 1998
Cash Prices Join Screen in Falling Like a Rock
The futures screen “fell like a rock” Monday and, of course,cash prices then had to do likewise, said a Gulf Coast producer.Some points were essentially flat, such as Northwest (both domesticand Sumas) and NorAm-east. Others dropped 2-9 cents, with declinesof a nickel most common. Activity was fairly light, especiallysince some traders hadn’t returned yet from the holiday weekend, amarketer noted. But what prices lacked in volume they made up involatility as a number of points saw double-digit ranges. Onesource said his Chicago deals went from $2.64 early on to $2.49 atthe end.
April 14, 1998
Legislation Would Alter Eminent Domain
Sen. Fred Thompson (R-TN) has introduced legislation that wouldrequire pipelines seeking to seize private property for projects topersonally notify affected landowners by certified mail of theirintention at the outset of FERC proceedings, giving them theopportunity to “participate meaningfully” in the process.
April 14, 1998
EOG 1Q Up Despite Low Prices
Enron Oil & Gas reported first quarter net income of $27.0million, 17 cents/share, compared to $23.1 million, 15 cents/share,for first quarter of 1997. Discretionary cash flow increased to$124.0 million in the first quarter of 1998 compared to $110.1million for the comparable quarter in 1997. Net operating revenuesincreased to $199.8 million in the first quarter of 1998 comparedto $180.7 million a year ago.
April 14, 1998
Peace at Last in Canada’s Gas Industry
Peace broke out in the Canadian natural gas community. A newpact on competition in the industry virtually assures constructionof the Alliance Pipeline Project, approval of the merger betweenTransCanada PipeLines and Nova Corp., and a settlement on a newtolling regime on Nova’s Alberta gathering grid.
April 9, 1998
AGL Picks Marketing Name
AGL Resources, parent of LDC Atlanta Gas Light, said Atlanta GasLight Services will be the name of its non-regulated marketingaffiliate when competition begins in Georgia. Not everyone is happywith the choice.
April 9, 1998
Municipals, Co-ops Petition for Temporary Merger Ban
In an attempt to put the brakes on the on-going merger mania,two trade groups of consumer-owned electric utilities petitionedFERC Monday to impose a two-year moratorium on marriages betweenand among large power utilities.
April 8, 1998
Pena to Resign from DOE; Moler Eyed as Successor
With his family in tow, Energy Secretary Federico Pena announcedMonday he plans to leave the Department of Energy (DOE) forpersonal and family reasons effective June 30th, the news of whichelicited ho-hum reactions from the natural gas industry and spurredspeculation that Deputy Energy Secretary Elizabeth Moler willsucceed him.
April 7, 1998
New Rates Coming to TransCanada, Nova
Natural-gas shippers have again been promised they will gainfrom the proposed merger of TransCanada PipeLines Ltd. and NovaCorp., but not before a spell of increased tolls.
April 7, 1998
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