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Texaco Inc News

09 Oct 2001

Coastal Towing Announces New Refinancing

Coastal Towing, Inc., announced today the consummation of a $28 million senior term loan with the CIT Group/ Equipment Financing, Inc., Heller Financial Leasing, Inc. Pursuant to this transaction, the Company refinanced senior term debt under existing agreements with CIT and Wells Fargo Bank, N.A. In addition, the loan will be used to facilitate Coastal?s barge construction program. Dennis D. Buffo has joined Coastal Towing, Inc., as vice president of maintenance effective October 1. With over 29 years in the maintenance area of the marine industry, he will be responsible for all of Coastal's boat and barge maintenance. Buffo holds a B.S. degree in Marine Engineering from the United States Merchant Marine Academy in King's Point, N.Y.

27 Dec 2001

Crowley Announces Management Team for Newly Formed Ship Assist and Escort Services Group

Crowley Maritime Corporation has announced the appointment of Robe Grune to the position of vice president and general manager of Crowley’s newly formed ship Assist and Escort Services based in Seattle. Grune is responsible for profit and loss for the Ships Assist and Escort Services group and reports directly to Tom Crowley, Jr., chairman, president and CEO of Crowley Maritime Corporation. Crowley announced the reorganization of its Crowley Marine Services subsidiary into three distinct operating groups in October, including Energy and Marine Services, Ship Assist and Escort Services and Petroleum Services. With present operations in San Diego…

24 Jan 2002

Grune To Lead Crowley Ship Assist and Escort Services Group

Crowley Maritime Corporation announced the appointment of Robe Grune to the position of Vice President and General Manager of Crowley's newly formed ship Assist and Escort Services based in Seattle. Grune is responsible for profit and loss for the Ships Assist and Escort Services group and reports directly to Tom Crowley, Jr., chairman, president and CEO of Crowley Maritime Corporation. Crowley announced the reorganization of its Crowley Marine Services subsidiary into three distinct operating groups in October, including Energy and Marine Services, Ship Assist and Escort Services and Petroleum Services. With present operations in San Diego…

22 Jun 1999

Texaco Gets Kudos For Turnaround in Racial Policy

Texaco Inc., continuing to recover from a record $175 million racial bias case settlement and the bad publicity surrounding it, was reportedly recognized by an African-American group for strides made in correcting what a company official called a "crisis of enormous proportions".

07 Apr 2000

Offshore Week

PanCanadian Petroleum Ltd., Canada's No. 2 oil company, could soon be on track to develop an East Coast offshore gas project to rival the huge Sable Island project, its chief executive said. PanCanadian, the oil and gas arm of conglomerate Canadian Pacific Ltd., plans to drill two appraisal wells this year near its recent Deep Panuke gas discoveries, made at the site of the exhausted Copan oil project off Nova Scotia. The wells will give the company the geological data it needs to decide whether to pursue more drilling or full development, PanCanadian CEO David Tuer said. Two recent wells drilled into the gas formation beneath the old oil reservoir tested at more than 50 million cubic feet a day each.

10 Oct 2000

Big Oil Profits Expected To Fly High

The near record oil prices have left U.S. oil majors as the envy of industry during the third quarter reporting period, according to many industry analysts. about having disappointing earnings surprises," said one. "The question is not whether they will beat consensus estimates, but by how much they'll beat estimates," said another. Such expectations from analysts and investors come as crude oil prices in the third-quarter hit ten-year highs and averaged $31.63 a barrel, up from $21.72 a barrel during the period last year. U.S. natural gas prices were just as scorching, averaging $4.48 per million British thermal units compared to $2.55 a year ago. Exxon Mobil Corp., for instance, said its second-quarter profits were the highest in U.S. corporate history.

08 Nov 2000

Oil Instability, Consolidation Muddy Offshore E&P Picture

The cyclical nature of the oil business has blossomed into full bloom during the latter part of 2000, as a host of political power plays have sent oil prices on a virtual rollercoaster, albeit mostly up, helping to send it soaring as high as $37/barrel at the time of this writing. The business of accurately predicting the direction in which oil pricing will go has seemingly become less of a science and more of a speculative game. While it was the Asian financial crisis which led prices to the cellar in 1997, it is another crisis — the potential advancement of hostilities in the Middle East — which have helped to send the price back up to near decade (read: Gulf War) heights.

24 Oct 2000

Chevron Announces Strong 3Q Results

Chevron Corp. said third-quarter profit surpassed expectations, with earnings more than doubling on the back of surging oil and natural gas prices. The oil company, which earlier this month unveiled a takeover bid for rival Texaco Inc., said third-quarter earnings excluding special items rose to $1.65 billion, or $2.53 a diluted share. In the corresponding period a year ago, it earned $702 million, or $1.07 per diluted share. Revenues rose to $13.6 billion from $10.2 billion in a quarter in which the company posted sharply higher results than analysts had expected. On average analysts had forecast earnings of $1.99 a share for the company, according to First Call/Thomson Financial, which tracks estimates.

16 Oct 2000

Chevron To Buy Texaco In $35B Deal

Chevron Corp., the second-largest U.S. oil company, has agreed to buy third-ranked Texaco Inc. in a $35 billion stock deal that will form an energy powerhouse, sources familiar with the situation said. If approved by regulators, the deal will be the latest in a wave of transactions that reshaped the industry by creating behemoths such as Exxon Mobil and BP Amoco. Chevron and Texaco rank as the world's fifth- and seventh-largest oil companies and long have been viewed as ripe to participate in the consolidation sweeping the industry. The new company, to be called Chevron Texaco Corp., will also go head-to-head against other industry leaders like Royal Dutch/Shell and TotalFina Elf.

17 Aug 1999

Texaco's Profits Drop; ARCO's Surge

Texaco Inc., the nation's fourth largest oil company, reported that second quarter income dropped 13 percent as low refinery profits abroad were only partially offset by stronger crude oil prices. Texaco, which broke off merger discussions with Chevron Corp., slipped past analysts' expectations with second quarter income of $286 million before special items. In the same period last year, Texaco reported income before special items of $335 million. But Texaco's results were overshadowed by a strong showing from nation's fifth largest oil company, Atlantic Richfield Co. (ARCO), which is being acquired by oil giant BP Amoco Plc. Benefiting from a combination of stronger crude oil and California gasoline prices, ARCO said its second quarter income rose 37 percent from a year ago.

23 Sep 1999

Texaco Announces $600 Million Reduction in Plan

Texaco Inc. announced a revised 1999 capital and exploratory (capex) plan of $3.7 billion, including subsidiaries and affiliates, down $600 million from its original $4.3 billion plan. Texaco will also accelerate its $650 million cost and expense reduction program announced in December 1998. Commenting on the revised capex plan, Texaco Chairman and CEO Peter I. Bijur stated, "Given this period of low energy prices, our revised spending plan together with our cost and expense reduction program are appropriate actions. We are strategically focusing capital on the key projects that represent optimum long-term growth opportunities, and at the same time continuing our effort to drive down costs. These measures will assist Texaco in weathering this extended period of low prices."

01 Oct 1999

Chevron To Buy Argentinean Oil Exporter

Chevron Corp. has announced its intention to buy the second largest oil exporter in Argentina to boost its exploration and production overseas. The companies did not disclose financial details of the deal, but industry sources had valued the privately-held Petrolera Argentina San Jorge at some $1 billion. "This transaction will have an immediate positive impact on earnings and cash flow," Dick Matzke, president of Chevron Overseas Petroleum Inc., said. The venture is Chevron's first exploration and production deal in Argentina. Privately held San Jorge produces about 78,000 bpd of oil and 40 million cubic feet of natural gas, Chevron officials said.

15 Oct 1999

WAPET Makes Gas Discovery

Western Australian Mines Minister Norman Moore announced last week that West Australian Petroleum Pty Ltd (WAPET) had made a significant gas discovery in its deepwater exploration area off the state's northwest coast. Moore said the Geryon 1 well was drilled in exploration area WA 267-P, operated by WAPET. "Preliminary estimates suggest that the field contains a world-class gas resource," he said. A WAPET spokesman said the well was the second in a seven well drilling program in the permit area. The first well was Euryale and drilling of the third well was underway. Other stakeholders in WA-267-P are local units of Texaco Inc and Mobil Corp. that each have 25 percent. Units of BP Amoco and Royal Dutch/Shell each have 12.5 percent.

20 Dec 1999

Offshore E&P Spending To Rise 15% in N. America

Offshore oilfield service stocks, to put it mildly, have endured a wild ride for much of 1999. The once high-flying sector actually hit the skids in concert with the late 1997 Asian financial crisis, and resultant plummet in oil prices. Despite a raging rally in oil pricing for much of the year, investors have cautiously approached the stocks. One reason for the caution is purely psychological, as too many investors have been burned too many times on the cyclical stocks. Another is political, as OPEC’s current production restraints are eyed warily. Nevertheless, last Wednesday proved a boon to these companies collectively, as a bullish market for crude oil and refined oil products fueled strong gains for U.S. oilfield service and drilling stocks.

17 Dec 1999

Offshore Oilfield Stocks Rally

Offshore oilfield service stocks, to put it mildly, have endured a wild ride for much of 1999. The once high-flying sector actually hit the skids in concert with the late 1997 Asian financial crisis, and resultant plummet in oil prices. Despite a raging rally in oil pricing for much of the year, investors have cautiously approached the stocks. One reason for the caution is purely psychological, as too many investors have been burned too many times on the cyclical stocks. Another is political, as OPEC's current production restraints are eyed warily. Nevertheless, last Wednesday proved a boon to these companies collectively, as a bullish market for crude oil and refined oil products fueled strong gains for U.S. oilfield service and drilling stocks.

20 Jan 2000

Oil Giants To Offer Marine Fuels Site

BP Amoco Plc., Royal Dutch/Shell, Texaco Inc., and Chevron Corp. are developing an Internet site allowing energy companies to buy and sell fuel for ships. The companies said the site (www.OceanConnect.com) would be up and running by the second quarter of this year, marking the latest in a series of projects by energy companies aiming to jump into e-commerce.In the past week Shell, Chevron, and Norway's state-run Statoil have all unveiled separate Internet ventures in an effort to save costs. OceanConnect.com will provide users with up-to-the-minute market and weather information and feature an auction site and e-mail-enabled transactions for purchase and sale of marine fuels and services, the company said.

10 Mar 2000

Global Marine Q1 Earnings Hit By Rig Downtime

Global Marine Inc.'s first quarter earnings before taxes have been cut about $5.2 million by rig downtime, company officials reported. They added that it will take a first quarter charge of about $5 million before taxes to cover the costs related to undisclosed staff cuts and office consolidations. These changes are expected to result in annual pretax savings of about $6 million, with about $4 million in savings expected to be realized this year, the company said in a statement. The company said the rig downtime, which will reduce net income about $3.6 million, was primarily related to repairs to the blowout preventer on the drillship Glomar Explorer, operating in West Africa waters for Texaco Inc.

16 Mar 2000

Milford Haven Port Wins Sea Empress Fine Challenge

Britain's record fine for pollution, imposed on a port authority after a crude tanker ran aground in 1996, was slashed by the Court of Appeal. After a one-day hearing of the case the court cut the fine on Milford Haven Port Authority to 750,000 pounds ($1.18 million) from the original four million pounds. The Port Authority had appealed against the size of the fine -- imposed because of the way it handled the Sea Empress tanker disaster. The vessel ran aground in the approaches to Milford Haven in February 1996, while carrying a cargo of 130,000 tons of crude oil to a Texaco Inc refinery.

21 Mar 2000

Global Marine Q1 Earnings Hit by Rig Downtime

Global Marine Inc.'s first quarter earnings before taxes were cut about $5.2 million by rig downtime, company officials said. Officials also said it will take a first quarter charge of about $5 million before taxes to cover the costs related to undisclosed staff cuts and office consolidations. These changes are expected to result in annual pretax savings of about $6 million, with about $4 million in savings expected to be realized this year, the company said in a statement. Since the beginning of 2000, Global Marine said, "the U.S. Gulf of Mexico rig market has remained strong and the West Africa market has continued to improve. It said the rig downtime…