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Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: 7bit X-From: enerfax1 <enerfax@msn.com< X-To: EnerfaxGOLD@yahoogroups.com X-cc: X-bcc: X-Folder: \Kim_Watson_Mar2002\Watson, Kimberly\E-mail Bin X-Origin: Watson-K X-FileName: kwatson (Non-Privileged).pst Enerfax GOLD NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES INFORMATION SOURCE Friday, February 8 2002? No. 479 Visit our website at: http://www.enerfaxgold.com PETROLEUM PRICES ??? | Bonny Light | $19.43 | Brent | $19.33 | Butane | $ 0.40 | Fuel Oil #2 | $ 0.52 | Louisiana | $20.10 | Medit. | $17.78 | Propane Non-tet | $ 0.31 | Propane Wet-tet | $ 0.31 | W. Tx Int Cush | $19.63 | W. Tx Sour | $18.40 | Euro in US equiv | 0.8709 ------------------------------------------------------------- Todays Petro Bulletins * Frontier Oil Posts 4th Quarter Loss Vs Year Ago Profit * Chairman Says He's Glad Shell Is Different from Enron * S&P Affirms Husky Terra Nova Finance `BBB' Rating * Phillips Calls Shareholder Meeting March 12th to Approve Merger with Conoco * W-H Energy Slated to Present at UBS Warburg 2002 Energy and Utilities Conference February 12th in New York City * New York City Mayor and New York Governor Thank ExxonMobil for Company's 9/11 Disaster Relief Giving * Wyoming Oil & Mineral Completes Acquisition of New Frontier Energy; Appoints New Management Team * OPEC May Not Cut Output in March ------------------------------------------------------------- OPEN SEASON SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR Holdings, L.L.C., is conducting an open season for firm storage services at its new high-deliverability, salt cavern, natural gas storage facility, known as the Southern Pines Energy Center. The open season will begin at 9:00 a.m. CDT on February 4, 2002, and will continue until 5:00 p.m. CDT on March 4, 2002. The project is located at the border of Mississippi and Alabama with access to the major pipelines serving the Mid-Atlantic and the Southeastern United States. The facility is ideally located to serve as a transportation and storage hub for shippers on any one of nine major pipelines that will be interconnected directly or indirectly to the project. Information on the facility and the Open Season is available on our web site at http://www.sgr-holdings.com or contact us at 713-914-8188 -------------------------------------------------------------- NYMEX - NY Harbor Heating Oil? ? ? ? ? ? Month ??High ??Low? ? Last ? Change Mar 02 0.5230 0.5100 0.5194 -0.0085 Apr 02 0.5260 0.5140 0.5244 -0.0069 May 02 0.5280 0.5210 0.5274 -0.0054 Jun 02 0.5325 0.5240 0.5324 -0.0034 Jul 02 0.5400 0.5345 0.5379 -0.0029 Aug 02 0.5480 0.5410 0.5464 -0.0024 Sep 02 0.5570 0.5500 0.5554 -0.0024 Oct 02 0.5660 0.5610 0.5649 -0.0019 Nov 02 0.5740 0.5690 0.5734 -0.0014 Dec 02 0.5820 0.5740 0.5814 -0.0009 ------------------------------------------------------------- NYMEX Crude Oil Futures ($ / Barrel) Month ?Open ?High ??Low ?Last Change Mar 02 19.51 19.68 19.27 19.64 -0.14 Apr 02 19.85 20.05 19.65 20.02 -0.12 May 02 19.05 20.20 19.85 20.20 -0.09 Jun 02 20.15 20.31 20.00 20.31 -0.07 Jul 02 20.20 20.35 20.15 20.35 -0.05 Aug 02 20.23 20.37 20.23 20.37 -0.04 Sep 02 20.20 20.45 20.20 20.39 -0.03 Oct 02 20.25 20.41 20.25 20.41 -0.02 Nov 02 20.76 20.76 20.43 20.43 -0.01 Dec 02 20.30 20.45 20.30 20.45 +0.00 ------------------------------------------------------------- Crude Oil Futures Drift Downward Crude oil futures for March delivery on the NYMEX slipped $0.14 to $19.64 per barrel yesterday after traders had time to digest the latest weekly inventory statistics. API and EIA figures raised concerns about tepid demand and overshadowed reports that OPEC is moving closer to compliance with its output reductions effective on January 1st. The latest data from the API says that crude inventories grew by 978,000 barrels while the EIA reported a much larger 2.4 million barrel increase. Although distillate and gasoline inventories decreased from the previous week, they remain substantially larger than year ago levels as do crude supplies. News that more European gasoline cargoes are bound for the US kept the lid on buying, traders said. According to the EIA demand for refined petroleum products in the US was 3.5% lower than a year ago. Also pressuring prices was word from Kuwait that its 280,000 bpd refinery which caught fire last week is now back on line and no further interruptions in production are expected. Signs of increased OPEC compliance came from reports that exports for last month were 22.74 million bpd, down 1.06 million bpd from 23.8 million the previous month. Heating oil futures for March delivery on the NYMEX lost $0.0085 to $0.5194 per gallon. March gasoline futures on the NYMEX fell $0.0013 to $0.5697 per gallon. In London, Brent crude oil futures for March delivery on the IPE were down $0.10 to $19.21 per barrel. ------------------------------------------------------------- ???????????????????? NYMEX Henry Hub Natural Gas Futures 12 Month Strip ?2.5414 +0.0471 ? ? ? 18 Month Strip ?2.6402 +0.0433 ? ? | Month | High | Low | Close | Change | | MAR | 2.155 | 2.085 | 2.150 | +0.049 | | APR | 2.225 | 2.160 | 2.222 | +0.054 | | MAY | 2.292 | 2.240 | 2.292 | +0.054 | | JUN | 2.360 | 2.305 | 2.360 | +0.052 | | JUL | 2.420 | 2.375 | 2.420 | +0.050 | | AUG | 2.473 | 2.425 | 2.473 | +0.049 | | SEP | 2.476 | 2.428 | 2.476 | +0.048 | | OCT | 2.502 | 2.455 | 2.502 | +0.047 | | NOV | 2.717 | 2.675 | 2.717 | +0.042 | | DEC | 2.920 | 2.870 | 2.920 | +0.042 | | JAN | 3.010 | 2.970 | 3.010 | +0.042 | | FEB | 2.960 | 2.915 | 2.955 | +0.037 | ------------------------------------------------------------- Conoco Replaces 432% of Production in 2001 Conoco added more than 1.2 billion barrels of oil equivalent, including syncrude, to its proved global reserves in 2001, replacing 432% of the oil and natural gas the company produced during the year. Conocos 2001 proved reserves were 3.58 billion BOE, including syncrude, up 35% from 2000. International proved reserves, which accounts for about 83% of Conoco's global reserves, were up 45% to 2.98 billion BOE. Conoco's 2001 reserve additions mainly came from its purchase of Gulf Canada. Significant reserves also came from the UK, US, Vietnam and Indonesia. Conoco replaced 113% of production, excluding the Gulf Canada reserves and other acquisitions throughout the year. Conoco says that between 1997 and 2001, it replaced an average of 246% of production, among the best in the industry. Conoco's 2001 production of 281 million BOE reflects a 17% increase over 2000. Natural gas production was up 19% to 741 Bcf. Natural gas production rose from 35% of total production in 1997 to 44% in 2001. Conoco says that 7 out of 19 exploratory wells drilled during 2001 resulted in discoveries, with a potential of about 100 million BOE from the Sutu Vang field in Vietnam. Conoco sanctioned 2 fields last year, the Gulf of Mexicos Magnolia field and the Sutu Den field offshore Vietnam. In the North Sea, Conoco made 5 discoveries close to existing processing and transportation facilities and is also drilling at sites in the UK, Norway, the Netherlands, Western Canada, San Juan Basin and Indonesia that are close to processing facilities and pipelines. Conoco has more than 40 wells planned for exploration and appraisal in 2002 at an estimated cost of $500 million. ------------------------------------------------------------- ??GET REAL about energy risk management with KWI In today's fast moving energy markets you need to be able to manage risk in real time. That means knowing before you hit a risk problem, not afterwards when it may be too late to prevent big losses spreading right through your enterprise. With kW3000(tm), our multi-commodity, integrated front to back office software, you can monitor your Profit At Risk(tm), counterparty risk and mark-to-market all in real time. Keep alert to risk. Do it in real time. Call KWI -http://www.kwi.com/ Americas: +1-281-681-3301 / Europe: +44 (0) 20-7386-2700 / Asia Pacific: +61(0) 2-9976-6111 ????? ------------------------------------------------------------- Shells Earnings Tumble 47% in 4th Quarter Royal Dutch/Shell Group says 4th quarter profits tumbled by 47% from $3.58 billion a year ago to $1.91 billion, excluding special charges. Analysts had expected earnings in the $2 ? $2.4 billion range. Shell is still sticking by its annual growth target of 3%, which was lowered from 5% last year. Shell's target growth rate for oil and natural gas production is comparable to Exxon Mobil's, but much lower than TotalFinaElf's 6% projection. Over the past 3 years, Shell has cut costs by $5.1 billion. In the last quarter, oil production dropped by 1%, while natural gas climbed 6%, yielding an overall output rise of 2%. Exploration and production earnings fell by 52% in the 4th quarter from $2.58 billion a year ago to $1.24 billion, excluding special items. However, Shell is still cash rich with $7 billion on hand, and has a debt to equity ratio of 10%, below target of 20% - 30%. Shell is looking to use the money to increase its natural gas holdings. It plans to complete acquisition of refineries from ChevronTexaco in the coming weeks and expects to eliminate 10% - 15% of jobs to cut costs. Chemical earnings nose- dived 69% to $33 million, excluding one-time charges and fuel sales profits fell 38% to $585 million. Earnings from the natural gas and power unit climbed by 10% in the last quarter to $172 million from $157 million. Shell may spend up to $5 billion to repurchase shares for cancellation this year, after spending $4 billion last year. ------------------------------------------------------------- IPE-Brent Crude futures (US $/barrel) Month ?First ?High ?Low ??Sett ?Chg MAR 02 19.12 19.27 18.85 19.21 -0.10 APR 02 19.33 19.58 19.16 19.52 -0.10 MAY 02 19.53 19.75 19.38 19.72 -0.06 JUN 02 19.43 19.60 19.26 19.58 -0.05 JUL 02 19.43 19.58 19.33 19.58 -0.04 AUG 02 19.48 19.62 19.40 19.62 -0.02 SEP 02 19.53 19.67 19.46 19.67 +0.00 OCT 02 19.57 19.70 19.57 19.70 +0.01 NOV 02 19.73 19.73 19.73 19.73 +0.03 DEC 02 19.64 19.75 19.48 19.75 +0.02 ------------------------------------------------------------- NYMEX-Mont Belvieu Propane Gas Futures($ / Gallon) Month ? ?High ??Low ??Last ? Change Mar 02 0.3065 0.3025 0.3050 -0.0010 Apr 02 0.3075 0.3075 0.3075 -0.0010 May 02 0.3075 0.2900 0.3075 -0.0010 Jun 02 0.3100 0.3025 0.3100 -0.0010 Jul 02 0.3100 0.3000 0.3100 -0.0010 Aug 02 0.3125 0.3100 0.3125 -0.0010 Sep 02 0.3275 0.3125 0.3275 -0.0010 Oct 02 0.3275 0.3150 0.3275 -0.0010 Nov 02 0.3300 0.3175 0.3300 -0.0010 Dec 02 0.3375 0.3250 0.3375 -0.0010 ------------------------------------------------------------- Shell to Rename Texaco Stations Royal Dutch/Shell Group plans to spend hundreds of millions of dollars to put its name on thousands of Texaco stations it is receiving getting from ChevronTexaco as part of a $3.86 billion purchase. About 13,000 Texaco stations in US will be renamed, The company will also give its Shell stations a new look. Shell and Saudi Refining also bought ChevronTexaco stakes in two refining ventures. ChevronTexaco got the assets when Chevron purchased Texaco last October for $45.8 billion. The renaming is part of a larger plan to reinvigorate the Shell brand in the US and improve financial performance. ------------------------------------------------------------- IPE - ARA Gas Oil Futures $ / Tonne Month ??High ??Low ???Sett ?Change MAR 02 163.50 158.75 160.00 - 6.00 APR 02 165.00 160.75 162.00 - 6.00 MAY 02 166.25 163.25 164.00 - 5.25 JUN 02 167.25 164.50 166.00 - 5.00 JUL 02 168.00 168.00 168.00 - 4.75 AUG 02 170.00 170.00 170.00 - 4.50 SEP 02 172.00 172.00 172.00 - 4.25 OCT 02 176.00 173.75 174.00 - 4.00 NOV 02 175.00 175.00 175.00 - 4.25 DEC 02 177.50 175.00 175.75 - 4.00 ------------------------------------------------------------- NY HARBOR UNLEADED GAS FUTURES Month? ?High ? Low ???Last ??Change Mar 02 0.5715 0.5570 0.5697 -0.0013 Apr 02 0.6440 0.6280 0.6428 +0.0019 May 02 0.6508 0.6370 0.6508 +0.0026 Jun 02 0.6538 0.6400 0.6538 +0.0036 Jul 02 0.6502 0.6330 0.6502 +0.0041 Aug 02 0.6402 0.6315 0.6402 +0.0041 Sep 02 0.6232 0.6135 0.6232 +0.0041 Oct 02 0.5977 0.5815 0.5977 +0.0041 Nov 02 0.5892 0.5810 0.5892 +0.0041 Dec 02 0.5877 0.5860 0.5877 +0.0041 ------------------------------------------------------------- Valero on Lookout for New Acquisitions After announcing that it would sell its 168,000 bpd Golden Eagle Refinery near San Francisco and 70 retail stations in Northern California to Tesoro for $1.08 billion, Valero now finds itself on the lookout for other properties to acquire with its proceeds. One asset that Valero may be considering is El Paso's 140,000 bpd Eagle Point, NJ refinery. El Paso has said that it will sell $2.5 billion in assets to shore up its balance sheet, with over half of the deals to be completed in the 1st quarter of this year. But Valero may hit a roadblock in gaining regulatory approval to buy the refinery. Pursuant to Valero's recent acquisition of Ultramar Diamond Shamrock, the FTC required it to divest the Golden Eagle refinery. The FTC may balk at allowing Valero to purchase another refinery, even in a different part of the country, since it already has 12 refineries in the US and Canada. Valero estimates its total refinery system throughput at 2 million bpd and it also has a 5,000-store retail network. Alternatively, Valero could spend its proceeds to repurchase $400 million in stock this year and to pay down debt, but has reiterated its interests in adding to its refining capacity. Valero's criteria for possible purchases is a capacity of more than 100,000 bpd, easy access to waterborne transport and the potential for upgrades. ------------------------------------------------------------- ENERGY. @ENERGY(r), FEA's Complete Suite of Energy Products, BUILT FOR THE FUTURE. *Manage all your energy risks. *Build and Price deals. *Value physical assets (generation, storage, etc.) *Report and reduce your energy risks FEA FINANCIAL ENGINEERING ASSOCIATES Inc. http://www.fea.com/?cId=18 Jennifer Cogley Marketing Department Financial Engineering Associates 2201 Dwight Way Berkeley, CA 94704 www.fea.com mailto:jennifer.cogley@fea.com T. +1 510-549-8702x209 F. +1 510-548-0332 ------------------------------------------------------------- PHYSICAL GAS PRICES? ? ? Gulf/Eastern Region | Agua Dulce | 2.05 | | ANR SE | 2.10 | | Carthage TG | 2.10 | | Chicago Citygate | 2.15 | | Columbia Gulf Onshore | 2.14 | | Dominion South Point | 2.35 | | Henry Hub | 2.17 | | Houston Ship Channel | 2.18 | | Katy Hub | 2.12 | | NGPL LA Pool | 2.10 | | NGPL - Midcontinent | 2.03 | | NGPL STX | 2.07 | | NGPL TX/OK | 2.08 | | NNG Demarc. | 2.09 | | Niagara | 2.33 | | Sonat Tier 1 | 2.14 | | TCO IPP Pool | 2.24 | | Tetco ELa | 2.14 | | Tetco M-3 | 2.46 | | Tetco STX | 2.07 | | TGP Zone 0 | 2.07 | | TGP Zone 1 (500 Leg) | 2.13 | | TGT Zone SL | 2.14 | | New York Citygate | 2.51 | | Transco Station 65 | 2.18 | | Transco Zone 6 (NY) | 2.51 | | Trunk ELa | 2.12 | | Western Region | California Border | 2.16 | | El Paso Keystone | 2.03 | | El Paso San Juan-Blanco | 2.04 | | Waha Hub | 2.06 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 2.85 | | Dawn Hub/Union | 2.25 | | Northwest Stanfield | 1.99 | | Wyoming Pool | 1.92 | | Opal | 1.92 | | PGT-Malin | 2.07 | | Sumas | 1.95 | Flow Date 2/8 ------------------------------------------------------------- Nymex Option Volatility Supplied by "The Daily Hedger" http://www.energyinstitution.org WTI Futures Days Left Implied Month Settlement to Exp Volatility Mar $19.64 7 47.4% Apr $20.02 36 46.1% May $20.20 69 45.2% Jun $20.31 98 43.2% Jul $20.35 130 41.7% Aug $20.37 160 41.7% Sep $20.39 189 40.3% Oct $20.41 222 38.3% Nov $20.43 252 37.3% Dec $20.45 281 35.3% HEATING OIL Futures Days left Implied Month Settlement to Exp Volatility Mar $0.5194 18 43.1% Apr $0.5244 47 42.1% May $0.5274 77 38.7% Jun $0.5324 110 39.7% Jul $0.5379 138 38.6% Aug $0.5464 169 39.4% Sep $0.5554 201 36.5% Oct $0.5649 230 35.6% Nov $0.5734 263 34.8% Dec $0.5814 292 33.6% UNLEADED Futures Days left Implied Month Settlement to Exp Volatility Mar $0.5697 18 44.2% Apr $0.6428 46 43.1% May $0.6508 77 41.9% Jun $0.6538 110 40.4% Jul $0.6502 138 38.9% Aug $0.6402 169 37.4% Sep $0.6232 201 36.5% ------------------------------------------------------------- Petrobras 2001 Output Rises Brazil's state oil company, Petrobras, says daily average oil output in 2001 rose to 1.38 million barrels from 1.32 million in 2000 despite the loss of its biggest rig. Natural gas production rose to 41.03 million cubic meters per day from 38.36 million in 2000. The 2001 record crude output exceeded Petrobras' latest production target for the year of 1.34 million bpd even after the sinking of the huge rig in March and a 5-day oil workers strike in October. The P-36, a 180,000 bpd rig sank after a series of explosions that killed 11 crew members. Petrobras last year also delayed introducing another rig by several months due to problems in obtaining an environmental license. In January, it set a new domestic monthly production record of an average of 1.47 million bpd, 1.4% higher than in December. ------------------------------------------------------------- ENERGY MANAGEMENT INSTITUTE Higher Education for refined product professionals NOW ENROLLING RISK MANAGEMENT COURSES: PROFESSIONAL GASOLINE AND DISTILLATE MANAGEMENT, PETROLEUM MARKETER, and ADVANCED GASOLINE AND DISTILLATE MASTER LEVEL. REGISTER NOW, CLASS SIZES ARE LIMITED. SEE COMPLETE DETAILS CLICK HERE: http://www.energyinstitution.org ------------------------------------------------------------- Have your ad seen by over 45,000 energy professionals for $500. Write GOLDADS@enerfax.com for more information or call 800-809-8289 -------------------------------------------------------------- FINANCIAL SUMMARY The TSE 300 dropped 13.63 points to 7483.43 The CRB Index rose 1.00 points to 190.22 The US Dollar decreased 0.48 points to 119.07 The Dow declined 27.95 points to 9625.44 The S&P 500 dropped 3.34 points to 1080.17 The Nasdaq was down 30.60 points to 1782.11 March NYMEX Crude Oil fell 0.14 to 19.64 Canadian-US Exchange lost 0.0052 to 1.5988 ------------------------------------------------------------- For information on advertising on Enerfax GOlD or Enerfax Daily please write advertise@enerfax.com or call 800-809-8289 ------------------------------------------------------------- Past issues available on Divine's Sagewave. Go to http://www.sagewave.com/D2/autolog/common/log.asp?KEY=enerfax for a free membership to view past issues. Past issues are also available on http://www.egroups.com, sign up for a free id with password. Then go to Join a Group and put Enerfax in the search box to view past isues. ------------------------------------------------------------- To subscribe write enerfaxgold-subscribe@egroups.com To unsubscribe write enerfaxgold-unsubscribe@egroups.com For information on advertising, please write advertising@enerfax.com Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
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