Hess Announces Results of Africa Exploration Drilling

Hess Corporation announced the outcome of its recent exploratory drilling program in Africa. In Libya, well A1-54/01 in the Arous Al-Bahar prospect was drilled to a depth of 11,077 feet in 2,807 feet of water. The well encountered a gross hydrocarbon section of approximately 500 feet at various intervals. Hess holds a 100 percent working interest in Area 54, which is located 38 miles offshore in the... 

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Plains All American Pipeline, L.P. Announces $525 Million Committed Inventory Credit Facility

Plains All American Pipeline, L.P. announced that it has entered into a new $525 million committed hedged inventory credit facility, maturing in November 2009. Borrowings under the facility will be primarily used to finance the purchase of hedged crude oil inventory for storage activities when market conditions warrant as well as foreign import activities. The new committed facility replaces a $1.2... 

Thomas W. Hofmann to Retire from Sunoco, Inc.

Sunoco, Inc. announced that Senior Vice President and Chief Financial Officer Thomas W. Hofmann will retire effective December 1, 2008. Hofmann, 57, began his career at Coopers & Lybrand (now PricewaterhouseCoopers) and worked in increasingly responsible positions during his 32 years of service at Sunoco, culminating in his being named Chief Financial Officer in 1998. “Over his career Tom has... 

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Hess Announces Nimblefoot-1 Natural Gas Discovery in Australia

Hess Corporation announced that the Nimblefoot-1 exploration well on Australia’s Northwest Shelf discovered natural gas. The well encountered 93 feet (28 meters) of net gas pay. Nimblefoot-1 is the third of four initial exploration wells being drilled on the WA-390-P Permit by Hess in 2008. The previous wells, Glencoe-1 and Briseis-1, were announced as discoveries on June 10, 2008 and July 20,... 

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LDH Energy Purchases West Virginia Coal Dock

Louis Dreyfus Highbridge Energy LLC (LDH Energy), announced today that one of its operating subsidiaries, LDH Energy Cyrus River Terminal LLC, has purchased the Big Sandy River Dock – a coal facility in Kenova, West Virginia – from Kanawha River Terminals LLC. “This facility will provide LDH Energy with a merchant platform to connect coal consumers with coal producers throughout the Midwest... 

TransMontaigne Partners L.P. Announces Appointment to the Board of Directors of Its General Partner

TransMontaigne Partners L.P. announced that effective July 8, 2008, Charles L. Dunlap has been appointed to serve as a member of the Board of Directors and will also serve as a member of the Conflicts Committee of TransMontaigne GP L.L.C., the General Partner of the Partnership. The General Partner is responsible for managing the operations and activities of the Partnership since the Partnership does... 

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ConocoPhillips Production Falls

ConocoPhillips says its global production fell as expected in the second quarter because of planned maintenance, but it benefited from higher oil and natural gas prices. In an overview of market conditions for the April-June period, ConocoPhillips also said its worldwide refining margins in the second quarter probably improved from the first quarter. But the company said the improvement was offset... 

OXY To Acquire 10% Interest in the General Partner of Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. (NYSE:PAA) announced that a wholly owned subsidiary of Occidental Petroleum Corporation (“OXY”), has entered into definitive agreements to acquire an aggregate 10% equity interest in the general partner of PAA directly from the existing owners. Closing is expected to occur within the next 30 to 45 days and is subject to certain customary closing conditions. The... 

Refiners Hammered by Oil Price Surge

Shares of petroleum refiners hit new 52-week lows as the price of crude oil surged. Valero Energy Corp., Tesoro Corp., Sunoco Inc., Holly Corp. and Frontier Oil Corp. all hit new lows in morning trading before regaining some ground. Refiners’ margins have been squeezed by rising crude prices and falling demand for refined products such as gasoline and diesel. In afternoon trading Valero shares... 

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Iraq Taking Bids for Refined Products

The Iraqi Oil Ministry invited local and international companies to submit offers to supply the country with about two million tons of refined petroleum products in the second half of the year. Iraq has the world’s third-largest known crude oil reserves with an estimated 115 billion barrels but suffers acute shortages of refined products such as gasoline and kerosene. Most of the country’s...