2004.07.30
WSJ (subscription):
Crude-Oil Prices Reach New High on Supply Fears.
"Heightened uncertainty over the future of leading Russian oil producer Yukos OAO helped lift crude-oil futures by more than $1 to a new all-time high of $43.85 a barrel in New York Friday."
Houston Chronicle:
Globe's growing thirst poses challenge to big oil. Search is on for access to locations never before tapped.
"Despite Shell's quarterly profits of $4 billion -- up 54 percent year-over-year -- the company pumped 5 percent less oil and gas than it did at this time last year. ConocoPhillips' 75 percent profit jump didn't keep its production from falling 5 percent, as well."
NYT:
Oil, Venezuela's Lifeblood, Is Now Its Social Currency, Too.
"Seventeen months after an antigovernment strike crippled production, Venezuela's state oil company, Petróleos de Venezuela, has made what analysts call a Herculean return." ...
"For now, Pdvsa is awash in cash. Its oil revenue in 2004 will top $7 billion, according to an estimate by LatinSource, a network of economists based in New York."
2004.07.29
PR Newswire:
I/O Reports Second Quarter Results.
"Based on our current pipeline of business, the expected impact of our
new product introductions, and the acquisitions of GX Technology and Concept
Systems, we now expect 2004 revenues to range between $255 and $270 million.
Much of our projected top line growth is expected to come from continued
market penetration of our acquisition systems, an overall growth trend evident
in the seismic market, both land and marine, and continued growth of GX
Technology's Integrated Seismic Solutions offering."
PR Newswire:
Core Laboratories posts record second quarter revenues.
"During the quarter, Core also received $18,400,000 from
the sale of certain specialized geophysical and seismic-related assets which
had been held in discontinued operations."
> The Paradigm purchase.
PR Newswire:
Dawson Geophysical Reports Profitable Third Quarter.
"Funding of approximately $10,000,000 during fiscal 2004 for
the deployment of two recording crews, energy sources, additional recording
channels for all eight crews, vehicles, and maintenance investment has been
from operating cash flow and existing cash reserves. These expansions have
elevated the Company to the position of number one provider of onshore seismic
services in the U.S. lower 48 states in terms of active crew count...."
Honolulu Advertiser:
Lost baby whale may have starved.
"But the links between undersea noise and changes in whale behavior have been raising increased concern, including two new reports in the past week."
> Every time a dead whale washes ashore ...
2004.07.27
Houston Business Journal:
Input/Output ordered to pay $2 million in damages.
"Following a dispute involving manufacturing defects, I/O filed an initial lawsuit in Fort Bend against Paulsson in October 2002. Paulsson responded with a countersuit against I/O including the fraud, breach of contract and breach of warranties."
United Press International:
Sonic tests aimed at protecting whales.
"Scientists at Columbia University's Lamont-Doherty Earth Observatory said they are investigating [seismic airguns], which are used by some 100 vessels worldwide to penetrate into the seabed for oil exploration and geophysical research, with an estimated 15 to 20 active on any given day."
I haven't been following the Yukos story here, but it's quite interesting. It seems like there's a new angle every day --
Bloomberg News:
Murder spills over into Yukos mess.
"Shares in Yukos, Russia's biggest oil exporter, plunged 21% after the government charged the company's second-largest owner, Leonid Nevzlin, with murder and put him on a most-wanted list."
2004.07.23
Reuters:
Schlumberger profit jumps, outlook favorable.
"Schlumberger Ltd. today said quarterly profit tripled as the No. 1 oil field services company benefited from a rise in drilling activity in both North America and overseas that is expected to continue at least through the end of the year." ...
"The company's WesternGeco seismic exploration joint venture with Baker Hughes Inc. posted operating income of $15 million compared with a year-earlier loss, helped by lower amortization costs, improvements in Europe, and savings related to restructuring steps it took last year."
Investors Business Daily:
Oil service companies dominate news.
"However, [Schlumberger] earnings-per-share missed the Street view by a penny and results from WesternGeco, the company's seismic joint venture with Baker Hughes (BHI), were disappointing." ...
"From operations, Halliburton beat analyst estimates, but posted a net loss as charges hurt second-quarter results. See full story. Halliburton shares lost 34 cents to $30.70."
2004.07.22
Business Week:
Oil Prices: Ready to Sputter?
"[Jack] Adkins predicts that oil, which now trades just shy of $41 a barrel, will rise a bit further, perhaps as high as $43, topping its all-time high of $42.45 set on June 2, only to then collapse. This time he thinks it will drop back as low as $28. He thinks the answer lies in the pattern shown on the charts and other tools, especially an analytical technique known as the Bollinger Bands."
2004.07.20
I bet you guys have been wondering why I haven't had a whale link in so long. Well, I would hate to disappoint you --
Reuters:
Whaling talks attack oil and gas firms.
"On the second day of talks on Tuesday marked by sharp divisions between pro- and anti-hunting nations, the 57-country body passed a motion saying energy exploration could kill off the 100 remaining grey whales near Russia's Pacific coast and asked for some surveys to stop."
CBS Marketwatch:
Benthos scores on strong Q3 results.
"Shares of Benthos Inc. soared Tuesday after the maker of oceanographic products rode 30 percent growth in third-quarter sales to a robust profit upturn." ...
"In particular, Benthos benefited from higher orders for seismic hydrophones, used in offshore oil and gas exploration, and for glass instrument housings designed for underwater electronics [for an astronomical observatory being constructed in the ice below the South Pole], said Ronald Marsiglio, president and CEO, in a statement."
2004.07.18
Reuters:
U.S. Addiction to Foreign Oil Deepens.
"‘Why on earth would you drill here when we've been drilling here for 120 years and when there's vast untapped regions across the globe?’ said Kyle Cooper, analyst at Citigroup Global Markets in Houston."
Petroleum News:
Kerr-McGee plans to drill up to six North Slope wells.
"Kerr-McGee drilled two wells in what is now the Nikaitchuq unit last winter, and the company said in April that the Nikaitchuq No. 1 production tested more than 960 barrels per day of 38 degree API oil from the Sag River formation."
2004.07.16
O&GJ:
Experts debate government role in averting US oil worker shortages.
"‘The average age of a geoscientist in the oil industry today is 49 years old. He is a grandfather with two children. He will retire in 10-15 years, taking his expertise and knowledge into retirement with him, with few successors coming behind to maintain our leadership position,’ [said Jim Wicklund, managing director, energy and research, Banc of America Securities LLC]."
Houston Business Journal:
OYO to buy printhead business from Graphtec.
"OYO Geospace is a Houston-based designer, maker and distributor of instruments and equipment used primarily in the acquisition and processing of seismic data for the oil and gas industry."
