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 Fri, Oct 23 1992 Date: Fri, 23 Oct 92 04:43:42 EDT Message-ID: 10-23 0000 DECISIONLINE: Energy USA TODAY Update Oct. 23-25, 1992 Source: USA TODAY:Gannett National Information Network CRUDE TAKES A DIVE: The December contract price for crude oil dropped 26 cents to close at $21.35 a barrel on the New York Merchantile Exchange Thursday on speculation that a United Nations meeting with Iraq might lead to an agreement allowing Iraq to resume oil exports. High inventories and slack demand for crude oil is haunting traders who see lower prices through the month unless demand picks up. HEATING OIL SLIDES: Heating oil futures dropped for the fourth day in a row as abundant supplies of gasoil in Europe and mild weather in the Northeast U.S. continues to discourage buying. November heating oil dropped 0.73 cent to 61.92 cents. November unleaded gasoline fell 0.10 of a cent to 58.62 cents a gallon on the New York Mercantile Exchange Thursday. November natural gas was $2.404, down 8.4 cents. CHEVRON PAYS LOUISIANA $20M: Chevron Thursday paid the state of Louisiana $20 million to settle a lawsuit filed by the administration of former Gov. Buddy Roemer. Gov. Edwin Edwards said the suit settles what he called highly technical differences over royalties owed the state. The suit has nothing to do with allegations of fraud. The Roemer administration has estimated Chevron owed as much as $80 million. SUBSIDIARY SIGNS SURVEY DEAL: Occidental Petroleum Corp. Thursday announced that its wholly owned subsidiary, Occidental Philippines Inc., has signed a contract for a geophysical survey on the 410,000-acre West Culion block offshore northwest Palawan Island, the southwestern most of the major Philippine Islands. The block adjoins Block SC-38, in which Shell and Occidental made a major discovery earlier. RATE PLAN APPROVED IN OHIO: Centerior Energy Inc. Thursday said the Ohio Public Utilities Commission has approved a rate plan to allow the company to maintain its dividend through the deferral and recovery of $500 million in costs, according to Bloomberg Business News. The plan allows Centerior to defer and then recover up to $495 million. TEXAS OIL LIMIT LOWERED: Regulators Wednesday lowered Texas' limit on oil production 3% for November and dropped the cap on gas production 6.5% from a year ago. The Texas Railroad Commission set maximum oil output for November at 1.72 million barrels per day. That's down from 1.77 million barrels for November 1991. Maximum gas output of 233.7 billion cubic feet is down from 274.7 billion cubic feet in 1991. ENRON TO SPIN OFF UNIT: Enron Corp. Wednesday said it will spin off its oil trading and transportation unit to common shareholders. The move will cut the parent company's revenue at least 50%, but won't have much of an impact on its earnings, according to the Houston-based natural gas company. The spinoff will create a new, separately traded company independent of the parent company. COLD-WEATHER RULES KICK IN: Cold-weather rules will take effect in Kansas Nov. 1. The rules mean that electricity or gas service that hasn't been paid for cannot be disconnected if the temperature is forecast to be less than 35 degrees. Also, payment plans have to be available for customers who can't pay their bills. U.S. COMPANY MAKES DEAL: Stoneham Oil Co. of Colombia and Tripetrol SA, a Colombia company, Thursday announced an agreement with American International Petroleum Corp. of New York to acquire a 50% working interest in American International's Viani Contract Area in Colombia. American International will still operate the block. Stoneham will participate in seismic operations and drilling. NEAR MISS IN VALDEZ: The tanker Kenai, carrying 25 million gallons of crude oil en route to Ferndale, Wash., barely missed a rock outcropping near the Valdez Narrows in Alaska, according to officials. The ship lost control of its steering and veered near the formation. OIL SPILL COVERUP PROBED: The state of Delaware is probing accusations that the city of Dover has concealed an oil spill at the McKee Run power plant. State Sen. John Still III says workers approached him with their concerns. CO-OP TO FEED EAGLES: The Falls River Rural Electric Cooperative in Island Park, Idaho, will spend $63,000 this winter to feed two bald eagles that nest along the site of its Island Park Dam. The firm will provide 1,000 pounds of non-game fish and 9,000 pounds of fish bought from a commercial vendor. It's part of the company's commitment to limit environmental impact from its hydroelectric project. OCCIDENTAL REPORTS INCOME: Occidental Petroleum Thursday reported net income of $61 million for the third quarter compared with net income of $171 million for the third quarter of 1991. The results for 1992 included an extraordinary loss of $8 million. The 1991 results included an extraordinary gain of $75 million, the results of an extraordinary gain of $182 million and extraordinary loss of $107 million. Energy Editor: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution purposes violates federal law. 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