Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...state capitol in Oklahoma City has gone dry. Nicknamed Petunia when drilled in a flower bed in 1942, the well and the derrick atop it became a symbol of Oklahoma's boom times. Drawing from an oil pool directly beneath the capitol, Petunia pumped some 1.5 million bbl. during its 43 years...
...adopted a so-called poison-pill provision to ward off raiders who might be tempted to try a takeover in view of the dip in Texaco stock. And one hour before going to court on Tuesday, Texaco offered to sell Pennzoil at 1984 prices the 1 billion bbl. of oil and gas reserves that it had originally wanted to buy from Getty. Liedtke called the offer "silly...
...declining share of the world oil market. The pronouncement sent petroleum traders into a temporary selling frenzy. On the futures market in New York City, the January-delivery price of West Texas Intermediate, the U.S. benchmark crude, took a record two-day plunge of $3.51, to $25.23 per bbl. Some traders lost millions of dollars overnight. "It was the oil market's 1929. It was catastrophic," said Peter Beutel, a petroleum specialist for Manhattan's Rudolf Wolff Futures...
...with customers focused on a complex "netback price" arrangement, under which sellers effectively charge the market rate for oil rather than the officially posted price. As a rough rule of thumb, the system could net the Saudis $2 to $2.50 less than the established OPEC price of $28 per bbl. While Middle East oilmen could not confirm last week that the Saudis had signed any such agreements, trade sources elsewhere said that the U.S. oil giants Exxon, Mobil and Texaco would buy some crude under the discount system...
...main beneficiary of any Saudi price cuts will be the Riyadh treasury. While lower crude-oil rates will mean fewer dollars per bbl., they could trigger an increase in sales. That would pump badly needed cash into a nation that has seen its foreign currency reserves drop by some $20 billion in the past year, to less than $100 billion...