Sustainable

The domestic petroleum industry is in a sustainable recovery, but it remains challenged in regenerating its workforce at all levels and reestablishing itself as a world leader in research and development (R&D), the Interstate Oil and Gas Compact Commission (IOGCC) reported Monday.

Despite adverse weather conditions during the fourth quarter and full year and lower throughput on its gas pipelines, NiSource beat analysts’ earnings estimates and posted higher net income. Income from continuing operations for 2004 was $1.63/share compared to analysts’ estimates of $1.60/share, while quarterly income from continuing operations was 2 cents more than estimates at 59 cents/share.

Despite adverse weather conditions during the fourth quarter and full year and lower throughput on its gas pipelines, NiSource beat analysts’ earnings estimates and posted higher net income. Income from continuing operations for 2004 was $1.63/share compared to analysts’ estimates of $1.60/share, while quarterly income from continuing operations was 2 cents more than estimates at 59 cents/share.

A consortium of major Canadian-based oil and gas companies have selected Calgary-based CGI Group Inc. to build and maintain a sustainable production accounting method that could be used by the companies over the next two decades. Devon Energy-Canada, EnCana Corp., Husky Energy and Talisman Energy signed a co-venture contract for an undisclosed amount whereby CGI will build, maintain and enhance a single accounting method to be used by the energy companies. CGI said the method would be designed to increase efficiency, improve the quality of information by providing end users more time for data analysis and ultimately result in the ability to make better business decisions. The new system will be available to other oil and gas companies that operate in Canada. Terry Johnson, senior vice-president of CGI’s western Canada operations, said the CGI expects other oil and gas companies ” to embrace and implement this leading edge solution.” CGI is one of the largest information technology services firms in North America, and it currently serves more than 700 petroleum companies and natural resource trust management organizations worldwide.

Marathon Oil Co. is making good on its two-year-old sustainable value growth plan, which is giving the integrated major new avenues to pump up its reserves and its options by moving its focus to worldwide partnerships and technological innovation, according to CEO Clarence P. Cazalot.

Marathon Oil Co. is making good on its two-year-old sustainable value growth plan, which is giving the integrated major new avenues to pump up its reserves and its options by moving its focus to worldwide partnerships and technological innovation, according to CEO Clarence P. Cazalot.

The tightness of supply and demand has set the stage for “sustainable” $3.50-$4.00/Mcf natural gas prices throughout 2003, but a lack of economically drillable prospects may lead to more mergers as producers look for production and reserve growth, according to a 2003 oil and gas industry forecast.

The tightness of supply and demand has set the stage for “sustainable” $3.50-$4.00/Mcf natural gas prices throughout 2003, but a lack of economically drillable prospects may lead to more mergers as producers look for production and reserve growth, according to a 2003 oil and gas industry forecast.

Although natural gas spot prices rallied to above the $3 mark in late October and early this month, the Energy Information Administration (EIA) said last week the “fundamentals are simply not there for a significant sustained rebound in prices” to occur this year and next.