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Three of the largest oil and gas companies in the world, Exxon Mobil (XOM), ChevronTexaco and Royal Dutch/Shell Group, posted third quarter earnings Thursday, with both Exxon and Shell reporting encouraging production results. Meanwhile, ChevronTexaco was blasted off its track with more than $2 billion in charges, including a $1.55 billion write-down against Dynegy Inc., in which it is a 26.5% shareholder (see related story). Meanwhile, independents’ quarterly earnings also are coming in, including Anadarko Petroleum Corp., which upped its fourth quarter and year-end earnings on stronger-than-expected results.

Enron Corp., the world’s leading energy trader, reported a large third quarter loss Tuesday, recording non-recurring charges of $1.01 billion against the cost of several failed investments, including segments of its retail energy sales, broadband and water ventures. Before charges, however, profits for the company were up 35%, and Chairman Kenneth Lay attempted to assuage investor worries by assuring analysts that the third quarter charges were part of a plan “to clear away issues that have clouded the performance and earnings potential of our core energy businesses.”

Kerr-McGee Corp. and partner Ocean Energy Inc. have selected Technip Offshore Inc. to construct the world’s first cell spar for the development of the Red Hawk deepwater field in Garden Banks block 877 in the Gulf of Mexico. First production from the natural gas field with estimated proven reserves of more than 250 Bcf is expected in the second quarter of 2004. Located in 5,300 feet of water, Red Hawk will be Kerr-McGee’s deepest development to date. Kerr-McGee Oil & Gas Corp., a subsidiary of the Oklahoma City-based company, operates Red Hawk with 50% interest, and Ocean Energy holds the remaining 50%. Luke R. Corbett, Kerr-McGee CEO, said, “This new cell spar technology will allow us to capitalize on our deepwater prospects by reducing the reserve threshold needed for an economical platform development in deep waters.” The innovative cell spar, which is the third generation of spar technology, will have an initial daily production capacity of 120 MMcf, with ultimate capacity of 300 MMcf. It will measure 64 feet in diameter and 480 feet in length. The design includes seven tubes, each 20 feet in diameter, with a center tube surrounded by the other six tubes, all connected by structural steel. The deck will be 110 feet by 132 feet. Construction is expected to begin in the fourth quarter of 2002.

Even though it says “accurate and precise prediction of commodity prices is futile,” Simmons & Co. International nevertheless makes a stab at it, increasing its natural gas price forecast for 2002 from $2.25/Mcf to $2.90/Mcf, in line with a rise in the forecast for crude oil from $21 a barrel to just over $24 a barrel.

After suffering through the World Trade Center tragedy, electronic energy marketplace TradeSpark LP managed a significant rebound, producing transaction, volume and revenue growth. The trading system, which was formed by eSpeed, Inc., Cantor Fitzgerald and five of the largest U.S. energy producers/distributors, traded more than $40.2 billion (notional value) in energy products in the fourth quarter and more than $150 billion since its inception in October 2000, the company said on Tuesday.

After suffering through the World Trade Center tragedy, electronic energy marketplace TradeSpark LP managed a significant rebound, producing transaction, volume and revenue growth. The trading system, which was formed by eSpeed, Inc., Cantor Fitzgerald and five of the largest U.S. energy producers/distributors, traded more than $40.2 billion (notional value) in energy products in the fourth quarter and more than $150 billion since its inception in October 2000, the company said on Tuesday.

Exxon Mobil Corp. and Chevron Corp., the number one and two energy companies in the world, both posted record profits in their second quarter earnings, but analysts warned that going forward, it will be difficult for the energy companies to continue soaring if oil and natural gas prices remain depressed. Exxon, the largest publicly traded company, saw earnings up 5.5% in both natural gas and refining operations, while Chevron’s jumped 21%.

The gas-thirsty U.S. market is drawing comers from around the world, with another consortium at work to export Bolivian liquefied natural gas (LNG) to the U.S. West Coast. France’s TotalFina Elf, Spain’s Repsol YP, Britain’s BP and British Gas, and Bolivia’s Yacimientos Petroli feros Fiscales Bolivianos are considering plans to export some of the country’s 6,000 Bcf in proven gas reserves to California markets.

The gas-thirsty U.S. market is drawing comers from around the world, with another consortium at work to export Bolivian liquefied natural gas (LNG) to the U.S. West Coast. France’s TotalFina Elf, Spain’s Repsol YP, Britain’s BP and British Gas, and Bolivia’s Yacimientos Petroli feros Fiscales Bolivianos are considering plans to export some of the country’s 6,000 Bcf in proven gas reserves to California markets.