Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Tue, Jul 28 1992 Date: Tue, 28 Jul 92 04:32:03 EDT Message-ID: 07-28 0000 DECISIONLINE: Energy USA TODAY Update July 28, 1992 Source: USA TODAY:Gannett National Information Network U.S. MOVES SEND OIL UP: U.S. moves in the Middle East boosted oil prices Monday on the New York Mercantile Exchange. Light sweet crude oil was .06 cent higher on the Merc. Oil prices rebounded late in the trading session after the Defense Department announced joint military maneuvers with Kuwait. REFINED PRODUCTS MIXED: Refined petroleum products ended the day mixed on the New York Mercantile Exchange Monday. Heating oil for August delivery settled .06 cent higher at 62.41 cents a gallon. Unleaded gasoline for August ended the day down .23 at 61.89 cents a gallon. Natural gas for delivery in August finished 62 cents higher at $1.856 per 1,000 cubic feet. ENVIRX TO ACQUIRE INLAND: ENVIRx Industries Inc. Monday announced that it has signed a letter of intent to acquire Inland Products. Inland, a Kilgore, Texas, waste disposal company, specializes in the recovery and reclamation of usable products from non-hazardous oil field sludge tank bottoms and crude oil pits. The acquisition will principally be through an exchange of stock. DRACO TO BUY OIL, GAS HOLDINGS: Tide West Oil Company Monday announced that Draco Gas Partners LP has agreed to purchase 127 oil and gas properties in Oklahoma and Texas for $23.5 million. Total net proved reserves are estimated by Draco to be approximately 35 billion cubic feet of gas and 800,000 barrels of oil. Tide West is acquiring Draco. Tide West has been engaged primarily in exploration and development drilling. LOUMIC TO RUN CASING IN WELL: Loumic Resources Ltd. Monday said 5 1:2-inch production casing will be run from a depth of 15,700 feet to the surface in the Towsley No. 1 wildcat well drilled on the Pico Anticline, Los Angeles County, Calif. It is anticipated the casing will be run in the well and cemented in place later this week. OVERSEAS OIL CLOSES LOWER: Oil product futures on the International Petroleum Exchange closed lower Monday after tensions eased in the Middle East, brokers said. August futures closed at $188.50 a metric ton, $1.75 less than Friday's settlement. `TENSION REMOVED' IN IRAQ: August gasoline futures closed $2.25 a ton lower at $217.25 Monday on the International Petroleum Exchange. Traders said oil product futures closed lower after Mideast tensions eased. "The Iraqi situation isn't fully resolved, although much of the tension has been removed," said one trader. The U.N. and Iraq have reached a compromise allowing inspection of the Agriculture Ministry. SUN ELECTRIC TO BORROW MONEY: Sun Electric Corp. said Monday that it has signed an agreement with a commercial lender for up to $4 million in additional borrowing capacity for the company's U.S. operations. The 12-month agreement supplements the $10 million provided by the company's commercial bank. The financing is to satisfy near-term working capital requirements of Sun's U.S. operations. NEW EXEC AMONG SEITEL CHANGES: Seitel Inc. reported a drop in second-quarter and six-month earnings Monday. The company, which provides seismic data for the petroleum industry, also named a new chief executive and changed its dividend policies. Houston-based Seitel said the changes are part of plans to grow by acquiring data bases and focusing on three-dimensional technology. SEITEL QUARTERLY EARNINGS LOWER: Seitel Inc. Monday said that second-quarter earnings fell to $480,293, or 9 cents a share, compared to $1.6 million, or 30 cents a share, from the second quarter a year ago. Earnings for the first half of the year slipped to $1.5 million, or 27 cents a share, from $2.9 million, or 54 cents a share, in the same period last year. Spokesman Jay Green said Seitel anticipated "a bigger payoff." CASCADE TO SELL NOTES: Cascade Natural Gas Corp. Monday said it plans to sell $100 million of medium-term notes periodically. Cascade said terms will be established when the bonds are issued. The proceeds will be used to finance construction of utility assets, repay short-term borrowings or for other general corporate purposes, according to the Seattle-based company. CHEVRON EARNINGS DROP 9%: Chevron Corporation Monday reported second quarter earnings of $350 million, a 9% decrease from the $384 million earned in the second quarter of 1991. Because fewer shares were outstanding in 1992, however, earnings per share declined only 5.5%, to $1.03 from $1.09. Earnings were up 15 percent from the $304 million reported for this year's first quarter. Energy Editor: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM