Shell, Exxon, Unocal, Chevron production in decline

"Shell's oil and gas production, including oil sands, averaged 3.53 million barrels of oil equivalent a day in the second quarter, a 1 percent decline from 3.58 million barrels a day a year earlier ..." [bloomberg.com]

"Exxon Mobil Corp., the world's largest publicly traded oil company, on Thursday said its profits surged 32 percent in the second quarter as it reaped the benefits of soaring oil and natural gas prices ... [however,] on an oil-equivalent basis, energy production dropped 4.3 percent from last year's quarter, reflecting both lower liquids and natural gas volumes, Exxon said." [biz.yahoo.com]

"Unocal lowered its production forecast for the year, citing the planned sale of its Canadian assets. It now expects output of more than 430,000 barrels of oil equivalent per day, down from a previous estimate of 440,000 ... Unocal's preferred suitor, Chevron also reported better-then-expected quarterly earnings on Friday, but its profit fell, hurt by refinery outages and lower oil and gas production ..." [reuters.com]

(2005-08-01 23:07:13 SGT) [Energy] Permalink

Saudi King Fahd Dies

peakoil.com -> ap.org :

Saudi Arabia's ruler, King Fahd, died early Monday in Riyadh, three officials told The Associated Press. "The king died early this morning," said an official at the King Faisal Specialized Hospital in the Saudi capital who declined to be identified because the death of Fahd, who was believed to be 82, had not been officially announced.

Saudi Arabia's royal court says King Fahd's brother, Crown Prince Abdullah, has been appointed the country's new monarch.

- Either the transition will be orderly - or it could turn out to be disorderly. You could say there are "no two ways about it". This will be watched closely by observers, for the simple reason that Saudi Arabia is home to the world's largest oil field, Ghawar, and the largest conventional oil reserves.

(2005-08-01 23:00:58 SGT) [Energy] Permalink

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