Forest Oil Corp. said it purchased $102 million of stock in an undisclosed privately owned company with about 102 Bcfe of proved gas and oil reserves located primarily in the Permian Basin and five fields in South Texas.
Spending
Articles from Spending
Profit-Taking Casts Doubt on Monday’s Rally; Bears Await Storage Data
After spending most of the session near Monday’s $4.94 high, the November natural gas futures contract sold off late in the session Tuesday as weak longs took profits ahead of the Thursday release of potentially bearish storage data.
Exxon Mobil to Strengthen E&P Overseas and LNG Focus in U.S.
Exxon Mobil Corp.’s plans to increase its exploration and production (E&P) capital spending 10% this year is part of an aggressive move to grow overseas oil and natural gas projects as its North American production dwindles, the company said Thursday. The major also plans to continue strengthening its liquefied natural gas (LNG) business to give it an edge in U.S., European and Asian markets.
Kinder Morgan Shifts Focus to Dividends
With new tax laws in its favor, Kinder Morgan Inc. (KMI) announced Wednesday it will move away from an earnings per share policy and focus instead on shareholder dividends. As part of its new policy, KMI plans to increase its quarterly dividend to 40 cents a share, or $1.60 annually, up 167% from its current 15 cents (60 cents a year).
Kinder Morgan Shifts Focus to Dividends
With new tax laws in its favor, Kinder Morgan Inc. (KMI) announced Wednesday it will move away from an earnings per share policy and focus instead on shareholder dividends. As part of its new policy, KMI plans to increase its quarterly dividend to 40 cents a share, or $1.60 annually, up 167% from its current 15 cents (60 cents a year).
Sempra Energy Sets Capital Spending, Earnings Targets
Sempra Energy announced Wednesday it plans to spend $1.3 billion a year for the next five years on capital expenditures and it spelled out its earnings’ targets for this year and 2004.
ChevronTexaco Posts 4Q Profit Despite Ailing Downstream Segment
After spending their first complete year as a merged entity, ChevronTexaco Corp. posted full-year 2002 net income of $1.1 billion ($1.07 per share — diluted), compared with $3.3 billion ($3.09 per share — diluted) in 2001. For the fourth quarter, the company — which tied the knot in October of 2001 (see Daily GPI, Sept. 10, 2001) — reported net income of $904 million ($0.85 per share diluted), compared with a net loss of $2.5 billion ($2.38 per share — diluted) in the year-ago quarter.
RBC: E&P Shift to GOM Deepwater Gas Plays in ’03
North American exploration and production spending in 2003 will be more focused, shifting mostly toward Canadian and deep-shelf Gulf of Mexico (GOM) natural gas plays where there are “significant” opportunities to replenish U.S. gas supplies, according to a report by RBC Capital Markets analysts.
Analysts: Gulf of Mexico’s ’03 Deepwater Spending to Surpass Other Regions
Deepwater field development worldwide is forecast to continue its strong growth through 2007, and in 2003, the most — $5.29 billion — will be spent in the U.S. Gulf of Mexico, according to global analysts Douglas-Westwood Ltd. Worldwide, development in the next five years likely will double, provided there are enough trained workers and enough profit for contractors.
Analysts: Gulf of Mexico’s ’03 Deepwater Spending to Surpass Other Regions
Deepwater field development worldwide is forecast to continue its strong growth through 2007, and in 2003, the most — $5.29 billion — will be spent in the U.S. Gulf of Mexico, according to global analysts Douglas-Westwood Ltd. Worldwide, development in the next five years likely will double, provided there are enough trained workers and enough profit for contractors.