Synergy

Synergy Resources Corp. is adding 33,100 net acres in the heart of the natural gas-rich Wattenberg field of Colorado in separate transactions with Noble Energy Inc. worth $505 million.

Synergy Resources Corp. bumped up its budget for capital expenditures (capex) in 2016 and plans to deploy a second drilling rig in the Greater Wattenberg Field, while also reporting a 16% increase in its proved reserves.

Synergy Resources Corp. bumped up its budget for capital expenditures (capex) in 2016 and plans to deploy a second drilling rig in the Greater Wattenberg Field, while also reporting a 16% increase in its proved reserves.

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.

Xcel Energy reported yesterday that it is expecting sizeable earnings growth through the next two years while realizing increased savings from the merger that formed the company in August 2000, when Minneapolis-based Northern States Power and Denver-based New Century Energies merged (see Daily GPI, Aug. 18, 2000). Xcel Energy CEO Wayne Brunetti reiterated previous statements that the company is growing rapidly due in part to the independent electricity generating company, NRG Energy, in which Xcel holds nearly a 75% stake.