Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.energy,americast.usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Thu, Sep 3 1992 Date: Thu, 3 Sep 92 04:19:20 EDT Message-ID: 09-03 0000 DECISIONLINE: Energy USA TODAY Update Sept. 3, 1992 Source: USA TODAY:Gannett National Information Network CRUDE OIL FINISHES UP: Crude oil futures rose slightly on the New York Mercantile Exchange Wednesday after the American Petroleum Institute reported a 6.6 million barrel drop in U.S. crude supplies last week. Light sweet crude oil for October delivery rose .05 cent to 21.69 cents a barrel. Inventories of petroleum distillates were higher than expected. October heating oil fell .52 cent to 60.65 cents. PETROLEUM PRODUCTS MIXED: Gasoline futures ended mixed on the New York Mercantile Exchange Wednesday. Unleaded gasoline for delivery in October rose .01 cent to 61.17 cents a gallon. Natural gas for delivery in October fell 3.0 cents to $2.051 per 1,000 cubic feet. ILLINOIS POWER REQUEST DENIED: The Illinois Commerce Commission Wednesday denied a bid by the Illinois Power Co. for a stay of an earlier ruling. Illinois Power also lost a request for a rehearing. A utility spokeswoman said the company will appeal this week or next. The utility had asked the ICC to reconsider a decision keeping it from recouping $230 million in costs from its Clinton nuclear power plant. UTILITY MUST REFUND $9 MILLION: The ruling by the Illinois Commerce Commission means Illinois Power will have to write off $202 million. The utility also must refund about $9 million to customers and cut rates by $23.5 million. Those actions will be delayed while the utility appeals the latest decisions. Standards for a rate increase were applied incorrectly, the court said. HURRICANE DAMAGE NOT YET KNOWN: Production companies and analysts are divided on the effect of Hurricane Andrew on natural gas prices because reports are incomplete. Some say shortages of gas will be short-term and can be alleviated before the peak demand season this winter. But others say damage has been understated and the hurricane will compound an existing supply shortage, raising prices. PHILLIPS SERVICE DISRUPTED: Phillips Petroleum Co. said Wednesday Hurricane Andrew caused minor disruptions to its oil and gas operations in the Gulf of Mexico. All production platforms are back in operation, as are all but one of its oil and gas wells. Since operations were halted Aug. 24, the company has lost daily production of 5,700 barrels of oil and 37 million cubic feet of gas. FP&L PLOWS THROUGH AFTERMATH: Florida Power & Light is working its way through the aftermath of Hurrican Andrew in a fashion that shows why it won Japan's prestigious Deming Prize for quality in 1989. The hurrican knocked out electricity to 1.4 million of FP&L's 3.2 million customers and damaged its FP&L's facilities. FP&L has restored electricity to all customers except those in the hardest-hit areas. AMOCO SELLS ULTRA GAS: Amoco Oil Co. announced Wednesday that it has begun selling a premium gasoline in the Midwest that, with an extra step in the refining process, reduces hydrocarbon emissions 13% and has fewer deposit-forming impurities. Crystal Clear Amoco Ultimate is the only colorless premium gasoline on the market. Amoco said it implemented the extra step at its refinery in Whiting, Ind. ENSERV GETS CHALLENGER ASSETS: EnServ Corp. announced Wednesday it has acquired certain assets of Challenger Drilling through a wholly owned subsidiary for $800,000 cash. EnServ also said it has concluded agreements with Camfrey Resources Ltd. to operate Challenger's three deep diesel electric rights for five years. The assets acquired and managed include 11 operable drilling rigs and other partial rigs. CHINA GETS WORLD BANK LOAN: China received a World Bank loan of $100 million Wednesday to finance work on a hydroelectric plant in the Fujian Province. The plant, called the Shuikou Hydroelectric Scheme, is designed to meet increasing regional demands for energy. The World Bank said demand for electricity there is growing 15% a year. World Bank said the province is "economically dynamic." WALBRO EARNINGS COULD JUMP: Walbro Corp. could almost double its earnings this year, according to one analyst. Walbro makes fuel-system products to help automakers meet emission standards. Gregg Lucas of Interstate:Johnson Lane told Forbes magazine that Walbro could earn $1.11 per share this year, compared with 98 cents per share in 1991. The need for stricter clean-air standards should continue. BJ SERVICES TO SELL SHARES: Pressure-pumping service provider BJ Services Co. said Wednesday it plans to sell common shares to the public to raise $28 million. BJ provides pressure-pumping services to the petroleum industry. The company filed Wednesday with the Securities and Exchange Commission to sell 2 million common shares. First Boston will underwrite the sales. Terms may be subject to change. 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