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The Wall Street Journal: Oil News Roundup: October 27, 2006 4:11 p.m.

THE WALL STREET JOURNAL ONLINE
October 27, 2006 4:11 p.m.

Crude-oil futures rose, after reports of a terror alert in the Gulf region. Crude ended the day up 39 cents to $60.75 a barrel on the New York Mercantile Exchange. Here’s Friday’s roundup of oil and energy news:

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CHEVRON’S $5 BILLION: Chevron Corp.’s third-quarter profit soared to $5.02 billion to easily surpass analysts’ estimates, continuing prosperous times in the oil industry. The results marked the first time the San Ramon, Calif., company’s quarterly earnings have surpassed $5 billion in its 127-year history. It is also the third time in the past year that Chevron’s quarterly profit has hit a new high.

•Constellation Energy Profit Rises: Power company Constellation Energy Group, which called off its $12.5 billion merger with FPL Group Inc. earlier this week, posted higher third-quarter earnings on the strength of its merchant energy business.

•Prudhoe Bay Oil Transit Line Appears OK: Initial test results on a segment of pipeline in the Prudhoe Bay oil field indicate that the line is serviceable, a BP spokesman said Thursday. The five-mile segment of 34-inch line that was “smart pigged” earlier this month shows no significant problems, said Alaska BP spokesman Daren Beaudo.

•Japan Seeks Oil Security in Iraq, Indonesia After Iran Setback: Japan, dependent on imports for 99% of its oil and gas, may turn to Iraq and Indonesia after it lost control of Iran’s biggest untapped field. The country is competing for reserves with China and India as they try to meet soaring energy demand, bidding up the cost of assets.

•Rigs on the Skyline and Gas Far Below: Under golf courses, schools, parks, libraries, airports and dozens of neighborhoods, some of the nation’s leading independent energy companies are scouring Fort Worth, Texas in search of the best locations to recover one of the largest concentrations of natural gas in the United States.

•Cambodia Braces for Oil Boom, China May Profit: Sitting on billions of dollars worth of black gold, Cambodia is on the way to lifting itself from abject poverty, but getting the money into the bank seems fraught with difficulty.

•Biocrude? Algae-to-Oil Project Aims to Deliver: A California company and a Department of Energy research lab have announced that they’re teaming up to make oil out of algae — a potential fuel source that would be low on greenhouse-gas emissions tied to global warming.

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