The Interior Department’s Minerals Management Service (MMS) hasannounced that the OCS Lease Sale 178 planned for the central Gulfof Mexico will offer producers a mix of incentives to encourageultra-deep-water exploration and development for both natural gasand crude oil.
Spur
Articles from Spur
MMS Offers Incentives to Spur Offshore Production
The Interior Department’s Minerals Management Service (MMS) hasannounced that the OCS Lease Sale 178 planned for the central Gulfof Mexico will offer producers a mix of incentives to encourageultra-deep-water exploration and development for both natural gasand crude oil.
High Commodity Prices Spur Record Profits
The five largest U.S. energy companies reported blockbuster fourth quarter and year-end profits last week, charmed by soaring commodity prices in the oil and gas marketplace. ExxonMobil Corp. was the leader of the pack, stunning Wall Street with the highest ever annual profit report for a listed company with net earnings that were twice those reported by Microsoft in the fourth quarter of 2000.
High Commodity Prices Spur Record Profits
Four of the five largest U.S. energy companies reportedblockbuster fourth quarter and year-end profits yesterday, charmedby soaring commodity prices in the oil and gas marketplace.ExxonMobil Corp. was the leader of the pack, stunning Wall Streetwith the highest ever annual profit report for a listed companywith net earnings that were twice those reported by Microsoft inthe fourth quarter of 2000.
Record Prices Spur E&P Spending Frenzy
There has been a huge increase in exploration and production”overspending” in the U.S. and Canada this year because of enormousgas price increases, and that probably will continue into 2001,said Salomon Smith Barney (SSB) E&P analysts in their 19thannual worldwide E&P spending survey.
Record Prices Spur E&P Spending Frenzy
There has been a huge increase in exploration and production”overspending” in the U.S. and Canada this year because of enormousgas price increases, and that probably will continue into 2001,said Salomon Smith Barney (SSB) E&P analysts in their 19thannual worldwide E&P spending survey.
Cold, Screen Spur Prices to Resume Uphill Climb
Apparently the cash market was just taking a price-consolidationbreather for the weekend because it returned to a steep upwardtrack Monday. Only Florida citygates failed to rise by more than 30cents, and the highly volatile California and Pacific Northwestmarkets led the price charge with gains of 60 cents or more.
Long Term Contract Losses Spur Beau Canada Merger with Murphy
Weighed down by misplaced hedges and long term fixed pricecontracts, Beau Canada Exploration Ltd. has sold out to Murphy OilCorp., one of its partners in the development of the hot Ladyfernprospect in northern Alberta and British Columbia, for a totalprice of US$255 million.
BP Amoco To Spur 10% Growth With Capital Spending
Admitting that the company’s “investment phase” has slowedearnings growth for the past 18 months, BP Amoco Plc’s CEO Sir JohnBrowne yesterday predicted investors will see a 10%/year return oninvestment for the next three years, fueled by a 13% increase incapital spending, slashed costs and increased productivity.
Screen, Weather Forecasts Spur Swing Price Gains
A Calgary source had the appropriate assessment of Wednesday’sfirming swing market: “There’s not enough snow to ski yet, but theway these gas prices are moving you’d think we were in the middleof a blizzard.” Overall prices were moving higher for the firstsignificant gains of this week. Most increases Wednesday werebetween a nickel and a dime, but Northeast citygates led the pricepack by rising a dime or more. A jump of just over 8 cents by theNovember futures contract on its date of expiry along with theapproach of colder weather, especially in the eastern two-thirds ofthe nation, were cited as reasons for the upticks.