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 Tue, Sep 22 1992 Date: Tue, 22 Sep 92 04:55:02 EDT Message-ID: 09-22 0000 DECISIONLINE: Energy USA TODAY Update Sept. 22, 1992 Source: USA TODAY:Gannett National Information Network CRUDE OIL INCHES DOWNWARD: Crude oil futures edged lower and refined products ended mixed on the New York Mercantile Exchange Monday as traders continued to assess last week's OPEC decision to keep crude production steady. Light sweet crude oil for October delivery fell 6 cents to $21.92 a barrel. OPEC has announced fourth-quarter production of 24.2 million barrels per day. NATURAL GAS SURGES: Natural gas futures surged Monday amid continuing worries about reduced production from the Gulf Coast, where gas facilities were damaged by Hurricane Andrew. October unleaded gasoline fell .81 cent to 58.31 cents a gallon on the New York Mercantile Exchange; October heating oil rose .34 cent to 62.17 cents a gallon; October natural gas rose 12.4 cents to $2.452 per 1,000 cubic feet. PARTNERS, ENDOWMENT MAKE A DEAL: Partners Oil Co. announced Monday that it has completed negotiations and entered into an amended financing agreement with Endowment Energy Partners LP. Endowment is Partners' primary lender in the acquisition and development of oil and gas properties in offshore Texas. The agreement provides for Partners to obtain up to $1.2 million to cover costs of drilling on North padre Island. OPEC NEWS SENDS FUTURES DOWN: Brokers said Monday that oil products futures on the International Petroleum Exhange continued to fall as traders reacted to the fourth-quarter production communique from the Organization of Petroleum Exporting Countries. Opec announced production of 24.2 million barrels per day, but Kuwait may produce more if it wants. October gasoil closed at $186.75, down 50 cents. BJ SERVICES ACQUIRES SALVESEN: BJ Services Co. announced Monday that it has acquired Salvesen Oilfield Technology Limited from Christian Salvesen PLC for $52 million. Operations of SOT include casing and tubing services and coiled tubing services provided to the oil and gas exploration production industry and commissioning and leak detection services provided to offshore platforms, pipelines and refineries. UNOCAL WORKERS TAKE RETIREMENT: Unocal Corp. Monday said that 1,145 employees have accepted its voluntary separation and early-retirement packages. The packages were part of a company-wide restructuring announced in April. The results of the programs and reorganization will let the company reduce its total workforce by 1,100 employees. Unocal also has implemented operating improvements to increase cash flow, it said. AZTEC TO BUY OIL PROPERTIES: American International Petroleum Corp. Monday said it has reached an agreement with Aztec Energy Corp. to sell its oil and gas properties and pipeline in Louisiana and Kentucky for $5 million. The money will be paid in Aztec's 6% Series E convertible preferred stock. The preferred stock can be converted into 1.4 million shares of common stock. LIBERTY WANTS TO BUILD PIPELINE: The Liberty Pipeline Company, a partnership of energy companies, filed Monday for Federal Energy Regulatory Commission approval to construct and operate a natural gas pipeline. The pipeline would provide up to 500 million cubic feet per day of firm transportation service to meet increased demand for natural gas in the greater New York area. CON ED PLANT TO REOPEN: Consolidated Edison's Indian Point 2 nuclear power plant is expected to reopen this week, according to company officials. The plant in Buchanan, N.Y., was shut down over the weekend for repairs to a non-nuclear condenser. The leak released no radioactivity and didn't pose any danger, the firm says. WHOLESALERS CAN APPEAL: Three gasoline wholesalers in Puerto Rico have three days to file objections to an order of the Department of Consumer Affairs. The department says the wholesalers overcharged customers from 1986 to 1989 and has ordered the wholesales to pay a $247 million fine. It's the second such order following a federal appeals court ruling that the department has the power to impose price controls. ROBERTS TO BECOME EXXON V.P.: Exxon Corp. Monday announced the anticipated election of C. K. Roberts as vice president and general counsel effective in January, 1993. He will replace R. S. Lombard who will retire after more than 37 years of service. Roberts is general counsel of Exxon Company USA and will transfer to Exxon Corporation's law department in Irving, Texas, Oct. 1. NOBLE'S CHAIRMAN DIES: Noble Affiliates Inc., an independent energy company, said Monday that chairman of the board Sam Noble has died. Memorial services are to be held Wednesday afternoon in Ardmore, Okla. Noble has exploration and production operations throughout major basins in the United States, as well as operations overseas, mostly in Canada, Tunisia, Indonesia and Equatorial Guinea. AMOCO FILES TO SELL SECURITIES: Amoco Canada Petroleum Ltd. filed Monday with the Securities and Exchange Commission to sell as much as $800 million of debt securities. The oil and gas exploration company may issue the securities periodically on terms to be released at the time of sale, it said in the S-3 filing. Underwriters include Goldman, Sachs & Co. Energy Editor: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution purposes 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