Horizon Offshore Names John T. Mills as Director
Horizon Offshore, Inc. announced the election of John T. Mills to its board of directors. John T. Mills is senior vice president and chief financial officer of Marathon Oil Corporation. Mills joined Marathon Oil Company in 1976 as a tax specialist. He became chief tax counsel in 1984. In 1986, he became director of taxes and energy for USX Corporation. He was appointed vice president of taxes for USX in 1987. In September 1998, Mr. Mills was appointed senior vice president of finance and administration at Marathon Oil Company. Prior to joining Marathon, Mr. Mills was employed by Coopers and Lybrand for three years. Mr. Mills earned a bachelor's degree in economics from Ohio University in 1969 and a law degree from Ohio State University in 1973.
Oil Majors Celebrate Higher 1Q Earnings
Not only did most oil producing companies post increased income and revenues in the first quarter 2000, compared to 1999, but in some cases, the increases were record-setting. In fact, Conoco's first quarter was the best quarter in the company's 125-year history. Here is a capsulated report of several companies' earnings. USX-Marathon Group's net income adjusted for special items was $199 million in first quarter 2000, compared with a net loss adjusted for special items of $11 million in first quarter 1999. The Marathon Group recorded first quarter 2000 net income of $254 million, which included a $55 million favorable aftertax gain on the sale of its 33.34 percent interest in the Angus/Stellaria development in the Gulf of Mexico. Net income in first quarter 1999 was $119 million.
Quarter and Year-End Earnings
Once again, quarter and year-end earnings reported in the offshore market reflected a familiar trend: oil majors saw gains - sometimes significant; while oilfield service companies continued to struggle, compared to the year-earlier marks. Unocal Corporation reported fourth quarter 1999 preliminary unaudited net earnings of $97 million and adjusted net earnings (excluding special items) of $77 million. The fourth quarter results compare with a reported loss of $29 million for the same period a year ago. Adjusted net earnings for the fourth quarter 1998 were $28 million. The fourth quarter earnings reflect higher oil and gas prices, offset partially by lower net oil and gas sales volumes and a higher international tax rate.
