Lower Natural Gas Prices News

Crowley Marine Services' Energy and Marine Services business unit has successfully moved the 312-ft. square concrete island drilling structure Orlan from Prudhoe Bay, Alaska, to Sovietskaya Gavan in the Russian Far East for Sakhalin I Project operator, Exxon Neftegas Limited (ENL), a subsidiary of Exxon Mobil Corporation. The Orlan (ex Glomar Beaufort Sea I) Concrete Island Drilling System (CIDS) was purchased from Global Marine Drilling Company and will be used for oil production as part of the Sakhalin 1 project, offshore Russia. It was moved from its stack site near Northstar Island, off Prudhoe Bay using two Crowley Sea Victory Class 7,200 bhp twin screw oceangoing tugs with more than 110 tons bollard pull each.

Husky Energy Inc. reported net earnings of $126 million ($0.29 per share) in the first quarter of 2002, compared with $192 million ($0.42 per share) in the same quarter of 2001. Cash flow from operations in the same period was $373 million ($0.87 per share), down from $620 million ($1.46 per share) in the first quarter of 2001. Results for 2001 have been restated to reflect the adoption of the recommendations of the Canadian Institute of Chartered Accountants on foreign currency translation. lower natural gas prices in the quarter. heavy/light crude oil differentials and a lower income tax provision. “The first quarter of 2002 was significant for Husky. announced in March,” said John C.S. Lau, President & Chief Executive Officer.

U.S. The import and use of Liquefied natural gas (LNG) in the U.S. has been staging a comeback.. The country's two active import terminals are handling a rising number of tanker cargoes, with imports up 90 percent last year, and there are plans to re-launch two dormant terminals during the next two years. U.S. demand for natural gas is projected to rise strongly over the next decade, with most new power generation plants opting for gas because of economic and environmental benefits. The four U.S. import terminals were built during the 1970s and reflected the energy conservation concerns of that era. Rising domestic supplies and deregulation, however, soon led to much lower natural gas prices and the U.S. market for imported LNG went the way of the lava lamp and bell-bottom pants.

U.S. The import and use of Liquefied natural gas (LNG) in the U.S. has been staging a comeback. The country's two active import terminals are handling a rising number of tanker cargoes, with imports up 90 percent last year, and there are plans to re-launch two dormant terminals during the next two years. U.S. demand for natural gas is projected to rise strongly over the next decade, with most new power generation plants opting for gas because of economic and environmental benefits. The four U.S. import terminals were built during the 1970s and reflected the energy conservation concerns of that era. Rising domestic supplies and deregulation, however, soon led to much lower natural gas prices and the U.S. market for imported LNG went the way of the lava lamp and bell-bottom pants.

Many oil companies reported a decrease in net income for the second quarter, compared to the previous year's results, although - in most cases - the second quarter still outperformed the first. While the decreases ranged in percentage, only a few companies' results were virtually unchanged from the previous year's performance. However, higher crude oil prices resulted in many companies' exploration and production net income actually increasing over the previous year. "I am encouraged second-quarter operating earnings, although down from year-ago levels, were more than six times higher than in the first quarter, reflecting the impact of higher crude oil and natural gas prices…

Many oil companies reported a decrease in net income for the second quarter, compared to the previous year's results, although - in most cases - the second quarter still outperformed the first. While the decreases ranged in percentage, only a few companies' results were virtually unchanged from the previous year's performance. However, higher crude oil prices resulted in many companies' exploration and production net income actually increasing over the previous year. "I am encouraged second-quarter operating earnings, although down from year-ago levels, were more than six times higher than in the first quarter, reflecting the impact of higher crude oil and natural gas prices…

Seabulk International, Inc. has reported a net loss of $6.3 million for the quarter ended December 31, 2001. Included in the loss for the quarter is a writedown of $1.4 million or $0.13 per diluted share on the planned disposal of the company's inland barge and shipyard operation, part of an ongoing program to refocus the company on its core business. $9.6 million or $0.96 per diluted share. current quarter were up 5% from $80.0 million a year ago. from $8.1 million in the year-earlier period. of $7.9 million on revenues of $346.7 million. "The fourth quarter saw a falloff from our strong second and third quarter results as drilling activity in the Gulf of Mexico -- and hence the demand for vessels -- fell sharply on the heels of lower natural gas prices and reduced energy demand…