Team

Independent producer Canadian Superior Energy Inc. said Wednesday El Paso Corp.’s Canadian production subsidiary has agreed to join in developing and drilling its Mariner natural gas prospect offshore Nova Scotia, which is believed to hold potential reserves of more than 1 Tcf. This marks the second time the two producers have joined forces in the region.

Actual fourth quarter results of the 37 producers covered by the Raymond James energy team indicate that U.S. natural gas production declined by 2.7% sequentially and 6.4% year-over-year, a more aggressive drop than the analysts suspected just weeks ago. “It ain’t pretty,” said analysts in the latest “Stat of the Week.”

Actual fourth quarter results of the 37 producers covered by the Raymond James energy team indicate that U.S. natural gas production declined by 2.7% sequentially and 6.4% year-over-year, a more aggressive drop than the analysts suspected just weeks ago. “It ain’t pretty,” said analysts in the latest “Stat of the Week.”

In another indication that California’s new top regulator wants his own team, the California Public Utilities Commission (CPUC) Thursday replaced its civil service executive director with an outsider who is a long-term consumer/environmental activist, Bill Ahern, a former state government manager who has been a senior policy analyst in the Consumers Union San Francisco office.

Devon Energy and ChevronTexaco have signed a joint participation agreement covering deepwater exploration projects in the Gulf of Mexico. The deal calls for Devon to participate in a four-well drilling program in exchange for a 25% working interest in 71 ChevronTexaco deepwater blocks. To date, 14 exploratory prospects have been identified on the joint-venture acreage.

Devon Energy and ChevronTexaco have signed a joint participation agreement covering deepwater exploration projects in the Gulf of Mexico. The deal calls for Devon to participate in a four-well drilling program in exchange for a 25% working interest in 71 ChevronTexaco deepwater blocks. To date, 14 exploratory prospects have been identified on the joint-venture acreage.

Phillips Petroleum Co. and Conoco have named the initial members of the ConocoPhillips global management team that will take office after the completion of their proposed merger of equals that was announced last November (see Daily GPI, Nov. 20, 2001). As previously reported, James J. Mulva, currently chairman and CEO of Phillips, will become president and CEO of ConocoPhillips. Robert E. McKee III will become executive vice president, exploration and production (E&P). He currently is executive vice president, E&P, for Conoco, a position he has held since 1996. Jim W. Nokes will become executive vice president, refining, marketing, supply and transportation (RMS&T). He currently is executive vice president, RMS&T, for Conoco. John A. Carrig will become executive vice president, finance, and CFO. He currently is senior vice president and CFO for Phillips. John E. Lowe will become executive vice president, planning and strategic transactions. He currently is senior vice president, corporate strategy and development, for Phillips. Rick A. Harrington will become senior vice president, legal, and general counsel. He currently is senior vice president, legal, and general counsel for Conoco. All five will report directly to Mulva. “The selection process was difficult, given the proven leadership of the top executives of both companies,” said Conoco Chairman and CEO Archie W. Dunham, who will serve as chairman of ConocoPhillips. The companies said that special meetings of stockholders of both Phillips and Conoco have been called for March 12, when a final vote on the merger will be tallied. The merger also remains subject to receipt of necessary regulatory approvals and is expected to be completed in the second half of 2002.

In an effort to get a jump on energy choice in Illinois when it begins in May, Peoples Energy Corp. and Dominion have formed an alliance to market retail gas and electricity to the nearly 3,000,000 residential consumers in Chicago and northern Illinois.

In an effort to get a jump on energy choice in Illinois when it begins in May, Peoples Energy Corp. and Dominion have formed an alliance to market retail gas and electricity to the nearly 3,000,000 residential consumers in Chicago and northern Illinois.