As Tropical Storm Bret was downgraded from hurricane statusMonday, offshore producers in the western region of the Gulf ofMexico breathed a major sigh of relief. Their personnel andplatform facilities had completely escaped Bret’s wrath over theweekend, with producers reporting no damages and only nominalvolumes of shut-in production.
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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
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