Vancouver gas wars killing profits

Article Abstract:

Gasoline retailers in the Vancouver, Canada, area are seeing their profits cut by ongoing price wars. In parts of the Lower Mainland, prices of gasoline have been changing from as low as 36 cents a liter and as high as 56 cents since Los Angeles, CA-based Atlantic Richfield Co acquired 31 Super Save stations in late Jul 1998. These price wars cost local retailers C$100 million in 1998 alone, including the impact of price competition caused by other Vancouver players.

Strategy & planning, Gasoline Stations

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Sunoma Energy takes writedown on Barrington

Article Abstract:

Declining oil prices has compelled Sunoma Energy to write off $90 million on its subsidiary, Barrington Petroleum Ltd. Estimates of Barrington's probable and proven oil reserves were also reduced by 25%, equivalent to 19.8 million barrels of oil. Sunoma CEO Peter Farkas said in an interview that insinuations that they over paid for its acquisition of Barrington was wrong because other companies which had no acquisitions also made writedowns.

Sales, profits & dividends, Oil and Gas Extraction, Oil & Gas Extraction, Sunoma Energy Corp.

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