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Thursday, July 06, 2006

News From the Energy Patch

Stocks: (CVX)(COP)

By William Trent of Stock Market Beat

Indonesia sees crude output rising to 80,000 barrels a day by 2008 - MarketWatch
Indonesia’s crude oil output will rise by 80,000 barrels a day by the end of 2008, Kardaya Warnika, chairman of upstream oil and gas regulatory agency BP Migas, said Friday. That increase will include 50,000 b/d from Chevron Corp.’s (CVX) North Duri field in South Sumatra province and an additional 20,000 b/d from the Conocophillips (COP)-operated offshore Bukit Tua field in Madura province, Warnika told reporters.

An additional 10,000 b/d of new production in 2008 will come from Madura’s Ujung Pangkah field, he said, without elaborating.

Indonesia current total crude oil output currently averages 950,000 b/d. Indonesia, Southeast Asia’s sole member of the Organization of Petroleum Exporting Countries, was a net oil importer in 2005 due to faltering investment in oil exploration and development.

ConocoPhillips raises production target and guidance:
U.S. oil major ConocoPhillips on Thursday said it expects production in the second quarter to be about 30 percent higher than the previous quarter, reflecting its acquisition of gas producer Burlington Resources Inc. and increased volume from Libya.
The company said it was able to charge higher prices for crude oil in the period, but had lower prices for U.S. natural gas.

ConocoPhillips expects significantly higher worldwide refining margins in the quarter. It said its refining capacity utilization rate rose to the low 90-percent range as most of its domestic refineries returned to normal operations.

The Houston-based company also said it expects its midstream business to report similar results to the first quarter. It expects lower earnings from its chemicals and emerging businesses segments.

It also said it expects to record a second-quarter earnings benefit of around 25 cents per share from tax rate reductions recently enacted in Canada and Texas.

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