Newspaper article THE JOURNAL RECORD

Natural Gas Industry Said Financially Strong and Growing

Newspaper article THE JOURNAL RECORD

Natural Gas Industry Said Financially Strong and Growing

Article excerpt

The natural gas industry is financially strong and growing, reports James T. Dolan Jr., immediate past chairman of the American Gas Association.

"Stock price changes for the gas industry groups in 1988 reflected the bullishness of Wall Street with respect to our industry. The stock prices of gas transmission companies increased by almost 24 percent during 1988. Distribution companies were up 13 percent, combination gas and electric companies increased 12.2 percent and diversified gas companies were up 11.2 percent," said Dolan, who is chairman and chief executive officer of New Jersey Resources Corp.

Dolan made the comments to the New York Society of Security Analysts.

The American Gas Association reports natural gas industry stocks continue to perform well on Wall Street, with leading investments issuing optimistic reports.

George H. Lawrence, present president of the American Gas Association, said natural gas consumption in the United States increased 11 percent during the past two years, the largest rise since 1970.

"The nation has a rich abundance of natural gas to tap for future growth of the American economy. Natural gas is fast becoming the new energy cornerstone of the nation," Lawrence told the security analysts.

He said wellhead prices bottomed out in 1988 and are expected to increase about 6 percent in 1989, with the same increase expected in retail prices. . .

- Oil reserves of Noble Affiliates Inc. of Ardmore increased 2.6 percent or 786,000 barrels during 1988. Its total oil reserve stood at 30.9 million barrels at year's end, reported Robert Kelley, Noble's president and chief executive officer.

Gas reserves were increased 1.7 percent or 5.7 billion cubic feet to a total of 337.1 billion cubic feet at the end of 1988. . .

- The promotion of John A. Hogan, executive vice president of LASMO Energy Corp., Tulsa, to head its parent company, London and Scottish Marine Oil PLC's North Sea oil and gas subsidiary LASMO North Sea PLC, in London has been announced.

Hogan joined LASMO in 1981 working initially in North Sea exploration. He was transferred to Tulsa in 1984 to manage the company's U.S. oil and gas exploration, production and acquisition effort. during that time, the wholly owned U. S. subsidiary has become one of the largest contributors to the international LASMO operation. . .

- Bob Davis has been named economic development representative with KAMO Electric Cooperative Inc., Vinita. He formerly was economic director of McAlester Economic Development Service.

He also had served as a project manager for the Missouri Division of Commerce and Industrial Development. He is a graduate of Industrial Development Institute, University of Oklahoma, and the University of Texas, Austin.

Davis formerly was president and general manager of D.O.K. Inc. and vice president of marketing of Barter Systems Inc., both of Oklahoma City. . .

- Metric Corporation of Tulsa has appointed Wayne E. VanBrunt project manager of its new Provers and Systems Division. He will be responsible for customer relations and operations, including manufacturing and quality control for the group.

VanBrunt formerly was senior project manager for Houston-based Daniel Industries working with electronic and mechanical hydrocarbon measurement systems. …

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