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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Jun 07, 2004
Page
11
Baker Hughes reports a total U S rig count down to 1 168 last week with 1 008 rigs drilling for gas, 159 for oil and one miscellaneous. The year earlier count stood at 1 054 as market activity wavers amid shifting energy output.
The Alaska Division of Oil and Gas leased a record 363000 acres in the Cook Inlet Areawide sale on May 19, the most acreage in 17 sales since 1986, with 78 bids on 72 tracts. Marathon Oil and Pioneer Oil led activity as Unocal Alliance Aurora and others bought multiple leases across Kenai and Tyonek areas. The sale raised 2.7 million in bonus bids while MMS canceled a separate offshore sale the day before for lack of bids.
Crude oil futures closed at their lowest in a month on the New York Mercantile Exchange as OPEC quota increases and rising U S inventories temper gains after a record run. July crude settled at 38 49 a barrel down 79 cents with gasoline and heating oil also lower amid tight inventories and rising production expectations.
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