Worldwide

Fitch: Gas E&P Boom to Last Another 18-24 Months

Due to the strong upcycle in worldwide natural gas exploration and production, drilling contractors and oil field service companies are reaping the benefits and padding their 2001 earnings significantly. Even though every surge has its limit, the recovery of the industry and the “corresponding financial improvements” when compared to late 1998 and 1999 will be sustainable for “at least the next 18-24 months,” according to Fitch IBCA, Duff & Phelps.

July 2, 2001

Hanover Buys Schlumberger’s Gas Compression Assets

Hanover Compressor Co., which rents, repairs and services natural gas compressors worldwide, broadened its customer base last Thursday, agreeing to acquire several compression and gas handling joint venture projects of Schlumberger for $761 million. Hanover will pay Schlumberger $270 million in cash, $150 million in a long-term loan and issue shares worth $283 million, effectively giving Schlumberger a 10% stake in the company.

July 2, 2001

Fitch: Gas E&P Boom to Last Another 18-24 Months

Due to the strong upcycle in worldwide natural gas exploration and production, drilling contractors and oil field service companies are reaping the benefits and padding their 2001 earnings significantly. Even though every surge has its limit, the recovery of the industry and the “corresponding financial improvements” when compared to late 1998 and 1999 will be sustainable for “at least the next 18-24 months,” according to Fitch IBCA, Duff & Phelps.

July 2, 2001

Hanover Buys Schlumberger’s Gas Compression Assets

Hanover Compressor Co., which rents, repairs and services natural gas compressors worldwide, broadened its customer base Thursday, agreeing to acquire several compression and gas handling joint venture projects of Schlumberger for $761 million. Hanover will pay Schlumberger $270 million in cash, $150 million in a long-term loan and issue shares worth $283 million, effectively giving Schlumberger a 10% stake in the company.

June 29, 2001

Gas Draws Largest Numbers on EnronOnline

Out of the multiple commodities now trading on EnronOnlineworldwide, including gas, power, oil, coal, pulp and paper, cleanair credits, bandwidth, weather and credit derivatives,petrochemicals and plastics, North American natural gas still topsthe list of most actively traded. The rapidly growing e-commercesite, which Enron claims is the world’s largest with more than $50billion in transactions so far this year, now consumes much morethan 50% of Enron’s wholesale commodity transactions, includingmore than 10 Bcf/d of in the first quarter.

June 2, 2000

Exxon Reserve Growth Surpasses Production

Exxon worldwide additions to proved oil and gas reserves totaled1.1 billion oil-equivalent barrels in 1998, replacing 106% ofproduction. “This year’s strong performance is the fifth year in arow that we’ve exceeded 100% replacement,” said Chairman LeeRaymond. “Over the last 10 years, we’ve added nearly 11 billionoil-equivalent barrels to proved reserves, more than replacingreserves produced. Long-term reserves portfolio management anddevelopment is a key area of emphasis in our business.”

February 24, 1999

Parker Drilling, Superior Energy Services Merge

Tulsa-based Parker Drilling Company with worldwide drillingoperations, and Superior Energy Services, which provides servicesin the Gulf of Mexico, have announced a definitive agreement tomerge in a transaction valued at approximately $168 million.

October 30, 1998
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