Sweeping

Anadarko Petroleum Corp. on Wednesday unveiled a “refocused” corporate strategy that will raise $2.5 billion by selling 15% of the company’s year-end 2003 proved reserves and 25% of current oil and gas production — nearly all located in North America. The goal is to deliver higher returns and sustainable 5-9% annual production growth.

Anadarko Petroleum Corp. on Wednesday unveiled a “refocused” corporate strategy that will raise $2.5 billion by selling 15% of the company’s year-end 2003 proved reserves and 25% of current oil and gas production — nearly all located in North America. The goal is to deliver higher returns and sustainable 5-9% annual production growth.

ExxonMobil Corp. and Apache Corp. last week announced a joint exploration and production agreement to capitalize on their strengths and assets both onshore and offshore North America. Among other things, Apache will take over ExxonMobil’s 28 producing oil and gas fields in West Texas and New Mexico and begin exploration of 300,000 undeveloped acres in Alberta.

ExxonMobil Corp. and Apache Corp. on Monday announced a joint exploration and production agreement to capitalize on their strengths and assets both onshore and offshore North America. Among other things, Apache will take over ExxonMobil’s 28 producing oil and gas fields in West Texas and New Mexico and begin exploration of 300,000 undeveloped acres in Alberta.

NGPL plans to run a sweeping pig Thursday in the Midcontinent Zone’s Segment 2 from Station 156 (Kiowa County, OK) to Station 801 (Carter County, OK). Eleven meters will be unavailable for scheduling on that gas day.

FERC Chairman Pat Wood last Wednesday was pressed by U.S. lawmakers to explain why FERC’s sweeping standard market design (SMD) proposal for U.S. wholesale power markets is needed given that many of the representatives’ states already have low power rates and reliable sources of electricity.

A group of U.S. senators last week urged FERC Chairman Pat Wood to drop his agency’s plans to implement its sweeping standard market design (SMD) for U.S. wholesale power market, advice that Wood declined to take, Sen. Peter Domenici (R-NM) told a gathering of reporters on Wednesday.

FERC’s sweeping proposed standard market design (SMD) for U.S. wholesale power markets could result in unnecessary rate increases in Virginia and service interruptions that would not otherwise occur under current market conditions in the state, a new report issued by the Virginia State Corporation Commission (SCC) warns.

President Bush’s proposal to eliminate dividend taxation for investors as part of his sweeping economic stimulus package unveiled last Tuesday is expected to have significant benefits for the energy industry, notably natural gas and electric utilities, said energy analysts and industry groups.