Runnersweb.com Posted: April 4, 2003

COLORADO SPRINGS, Colo. (April 2, 2003) - U.S. elite triathlete Joanna Zeiger got her 2003 season off to a strong start with a victory Sunday at the Amatique Bay International Triathlon Union (ITU) International Triathlon in Guatemala.

Zeiger (Baltimore, Md.), who also won this event in 2002, finished the Olympic distance course (1.5k swim, 40k bike, 10k run) in 2 hours, 20 minutes, 20 seconds. Julie Pittsinger, a former U.S. elite who now competes for Canada, was second in 2:22:46 and Yaricel Romero of Cuba was third in 2:28:53.

Allison Hardy (Arden, N.C.) was fourth.

In the men's race, 2002 U.S. elite national champion Seth Wealing (Remington, Ind.) was the top U.S. finisher in fourth. Argentina's Daniel Fontana won the race in 2:01:14. Paulo Miyashir of Brazil was second in 2:02:07 and Giberto Gonzalez of Venezuela was third in 2:03:23.

Wealing was followed by Christoph O'Donnell (Cambridge, Mass.) in fifth and Marcel Vifian (Santa Rosa, Calif.) in sixth.

On Sunday in Mexico, Alexis Waddel (San Ramon, Calif.) placed second at the Valle de Bravo International Triathlon, finishing the Olympic distance race in 2:29:45. Eugenia Barrera of Mexico was first in 2:25:32 and Lauren Groves of Canada was third in 2:31:14.

Kelly Rea of Marietta, Ga. finished fifth.

In the men's race, Chris Valenti (Boulder, Colo.) led the U.S. team by placing fourth in 2:10:05. The winner was Javier Rosas of Mexico in 2:06:59. Bruno Arochi of Mexico was second in 2:08:14 and Carlos Probert of Mexico was third in 2:09:59.

Jeff Sneed (La Canada, Calif.) was sixth and Jim Carothers (Denver, Colo.) was seventh.

Complete results from both events are posted at www.triathlon.org.

The ITU elite triathlon season begins in earnest next Sunday with the first World Cup race of 2003 in Ishigaki, Japan. The U.S. team there will consist of world No. 1 Barb Lindquist (Victor, Idaho), Laura Reback (North Palm Beach, Fla.), Becky Gibbs Lavelle (San Jose, Calif.) and Victor Plata (San Luis Obispo, Calif.).

The following weekend is the first stop in the USA Triathlon Race to Athens elite series. The St. Anthony's ITU World Cup Triathlon on April 26 in St. Petersburg, Fla., will feature all the top U.S. triathletes including Barb Lindquist, Sheila Taormina (Livonia, Mich.), Laura Reback, Joanna Zeiger, Susan Williams (Denver, Colo.), Hunter Kemper (Longwood, Fla.), Joe Umphenour (Bellevue, Wash.), Brian Fleischmann (Jacksonville, Fla.), Victor Plata and Mark Fretta (Portland, Ore.).

Complete start lists are posted at www.triathlon.org.

The 2002 Monster Challenge ITU International Triathlon will be shown on the Outdoor Life Network at noon on Friday, April 4. The race was the U.S. qualifier for the world championships and featured many top U.S. elites.

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Thursday, April 03, 2003 By: VenAmCham

VenAmCham's Jose Gregorio Pineda (chief economist) and Jose Gabriel Angarita (economist) write: Officers of the Venezuelan Federation of Workers (CTV) have demanded that the government urgently raise the minimum wage to counteract the economic destabilization's effects on workers' real salaries.

The arguments in favor of such a measure put forward by the union leaders are, first, the 3 million barrels of oil per day the government claims to have achieved, which permits no evasion of the union demand by the national government, and second, the claim that higher salaries would stimulate aggregate demand and produce a tonic effect on economic activity.

• The CTV calls for a minimum wage hike of at least 30%, just to achieve a partial compensation for the real salary's loss of purchasing power due to last year's inflation, but without any compensation for the 9.4% inflation rate in the first quarter of this year.

The CTV's demand was to be expected, since the government has repeatedly expressed its intention to create a parallel labor organization. The CTV's logical reaction to that threat to its primacy was to take anticipatory action demonstrating the strength of its defense of workers' interests. This move makes all the more sense considering that the members of that pro-government parallel union organization have announced similar demands. It should come as no surprise, then, that the CTV is doing the same, because it is under pressure from competition in the labor movement.

The private sector has reacted negatively, which was also to be expected.

Businessmen say this would be highly irresponsible under current economic conditions, when about 15% of all companies shut down for good in the first quarter of 2003, no foreign exchange is available, and a large number of workers have lost their jobs.

The private sector made it clear that it is much wiser to maintain employment and avoid hurting the workers who still have steady jobs. Workers need a salary adjustment sooner rather than later, in view of the drastic reduction of real incomes to a point where many of them cannot even acquire the complete basic consumption basket. But the business sector's ability to absorb the necessary wage increases under prevailing economic conditions is in serious doubt.

Hence, if the minimum wage is raised, unemployment could become even worse in the short term.

The presumed umpire, the national government, finds itself in the strange position of being an employer on the one hand (so a salary hike would inflate its expenses) and having bad relations with the country's business and labor organizations, on the other.

Workers and businessmen, each group playing their own roles, have posed a debate that had to take place sooner or later. We should not view as surprising an annual controversy to which we had accustomed ourselves, especially because it is now easier than ever to resolve it amicably.

Time will tell.

Full Article in Spanish.

¿Será posible llegar a un acuerdo en materia salarial?

José Gregorio Pineda, Economista Jefe. José Gabriel Angarita, Economista.

Dirigentes de la Confederación de Trabajadores de Venezuela (CTV) exigen al Gobierno que aumente el salario mínimo con carácter de urgencia para contrarrestar los efectos que la desestabilización económica tiene en el salario real de los trabajadores.

Los argumentos que manejan los dirigentes sindicales para estimular la medida son en primer lugar, la producción petrolera de 3 millones de barriles diarios que dice el gobierno tener, con lo que no se justifica la evasión de la solicitud por parte del Ejecutivo Nacional; y en segundo lugar, mayores salarios estimularían la demanda agregada interna con su efecto en la producción de la economía.

Se plantea incrementar por lo menos en un 30% el salario mínimo, para simplemente recuperar, aunque sea parcialmente, el salario real ajustándolo a la inflación del año pasado, sin contar con el 9.4% de inflación acumulada en el primer trimestre de este año 2003.

La petición por parte de la CTV era de esperarse, ya que insistentemente se han dado anuncios por parte del gobierno de crear una central obrera paralela. Ante tal posibilidad la reacción lógica de la CTV era anticiparse a este movimiento y mostrar públicamente su defensa de los intereses de los trabajadores. Esto tiene mucho más sentido si se toma en cuenta el hecho que los propios miembros de esa posible central obrera paralela anunciaron peticiones similares, por lo tanto no debe sorprendernos la petición de la CTV dadas las presiones a que está sujeta por la competencia en el espacio sindical.

Las reacciones en el sector privado han sido adversas, lo que también era de esperarse. Los empresarios expresan que la medida sería un acto de total irresponsabilidad bajo la coyuntura actual del sector, donde en el primer trimestre del año 2003 se han cerrado aproximadamente 15% de las empresas, existe una paralización en la asignación de divisas y se han generado un gran número de desempleados. El sector dejó claro que es mucho más sensato mantener el empleo y evitar perjudicar a aquellos que aún disponen de un empleo permanente.

Los trabajadores necesitan un ajuste en sus salarios más temprano que tarde, dada la profunda disminución del ingreso real que en muchos casos les impide acceder a los bienes de la cesta básica. Pero está en duda la capacidad del sector empresarial de absorber este aumento en la situación económica actual, que de concretarse, llevaría a un desempleo aún mayor en el corto plazo.

Aquí el supuesto gran arbitro, el Gobierno Nacional, se encuentra en la extraña posición de ser patrono por un lado (afectado en sus gastos por el incremento salarial) y por el otro no tener buenas relaciones con las máximas agrupaciones tanto del sector empresarial como laboral.

Trabajadores y empresarios, cada uno cumpliendo con su rol, han puesto en el tapete una discusión que tenía que llegar tarde o temprano. No debemos ver como algo insólito esta controversia que antes nos había resultado normal, sobre todo porque hoy más que nunca puede ser resuelta amistosamente. El tiempo dirá.

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Thursday, April 03, 2003 By: Juan Francisco Salas Romero

Date: Thu, 3 Apr 2003 15:34:38 +0200 From: Juan Francisco Salas Romero jsalasr@telefonica.net To: Editor@VHeadline.com Subject: Re: Flota tanquera de PDVSA

Dear Editor: I regret that VHeadline.com has not answered PDVSA-MARINE Captain Thomas Allsap regarding the current situation of PDVSA and PDVSA-MARINE vessels.  He explain the situation under a partial, personal and original point of view. So, per example, he said that the M/T "MORUY" has the starboard side boiler out of order ... but under this conditions the vessel is operative.

I would ask the Captain if it is possible with only one boiler to supply steam to the deck, heating cargo system, fuel tankers in the engine room,  accommodation (if neccesary)/

I would like to have a summary of consumption (Kcal/h) of each piece of equipment and the total capacity (Kcal/h) of steam of the one boiler.

Also, what is the net future of the PDVSA-MARINE fleet under new European Union norms?

The current situation of this fleet is precarious and the final target is the privatization of PDVSA ... there is no program of preventive maintenance.

There is not nothing!

Eng. Juan Francisco Salas Romero jsalasr@telefonica.net

<a href=www.businesswire.com>Business Wire

    HOUSTON--(BUSINESS WIRE)--April 3, 2003--This update is intended to give an overview of market and operating conditions experienced by ConocoPhillips during the first quarter of 2003. The market indicators and company estimates may differ considerably from the company's actual results.

    Highlights - First Quarter 2003 vs. Fourth Quarter 2002 -- Exploration and Production -- Higher prices for crude oil. -- Improved natural gas prices. -- Daily production to exceed previous estimate of 1.55 million barrels of oil equivalent (BOE). -- Refining and Marketing -- Improved benchmark refining margins. -- Realized refining margins negatively impacted by co-product margins. -- Higher energy costs. -- Capacity utilization rate in the low 90 percent range. -- Widening light-heavy crude differentials. -- Midstream/Chemicals/Emerging Businesses -- Midstream margins improved versus previous quarter. -- Chemicals segment loss expected due to higher feedstock and energy costs. -- Emerging Businesses' results expected to be similar to fourth quarter 2002. -- Corporate -- Debt balance reduced by approximately $1.5 billion in first quarter. -- Corporate affected by merger-related items, a loss on early debt redemption, reduced capitalized interest, and insurance demutualization proceeds.

    Exploration and Production

    The table below (click here for graphs www.conocophillips.com) reflects market indicators for crude oil and natural gas. The company's actual crude oil and natural gas price realizations may vary from the market indicators due to quality and location differentials, as well as the effect of pricing lags.

    Market Indicators 1Q 2003 4Q 2002 1Q 2002

Dated Brent ($/bbl) $31.51 26.78 21.14

WTI ($/bbl) 34.06 28.20 21.56

ANS USWC ($/bbl) 33.23 26.75 19.90

Henry Hub first of month ($/mcf) 6.58 3.97 2.34

                                                   Source: Platt's

    The increases in U.S. crude oil and natural gas realizations are expected to be less than the increase in market indicators due to quality and location differentials, as well as the effect of pricing lags.     Upstream crude oil, natural gas and natural gas liquids (NGL) production for the quarter is expected to be higher than the previous estimate of 1.55 million BOE per day. Venezuelan operations resumed full production in early March, reaching approximately 80,000 barrels per day net to ConocoPhillips. Earnings from Venezuela in March will partially offset losses resulting from downtime in January and February.

    Refining and Marketing

    The table below (click here for graphs www.conocophillips.com) provides market indicators for regions where the company has significant refining operations. The Weighted U.S. 3:2:1 margin is based on the geographical location of ConocoPhillips' U.S. refineries.

    Market Indicators 1Q 2003 4Q 2002 1Q 2002

Refining Margins ($/bbl)

East Coast WTI 3:2:1                        $6.35     4.64   2.82

Gulf Coast WTI 3:2:1                         5.83     3.79   2.70

Mid-Continent WTI 3:2:1                      6.31     5.75   3.80

West Coast ANS 3:2:1                        12.79     8.40   9.67

Weighted U.S. 3:2:1                          7.15     5.29   4.15

NW Europe Dated Brent                        5.68     2.72    .74

WTI/Maya differential (trading month $/bbl) 7.65 6.04 5.42

                                                  Source: Platt's

    Realized refining margins may differ due to the company's specific locations, configurations, crude oil slates or operating conditions. As shown above, the weighted U.S. refining margin for the first quarter is expected to be higher than that of the fourth quarter. The improvement in the company's realized crack spreads were negatively affected by the impact of higher crude oil prices on co-product margins, as co-product prices do not fluctuate directly with the price of crude oil. Refinery co-product volumes, primarily petroleum coke and asphalt, represent about 10 percent of the company's product output. Further impacting realized crack spreads was the lack of crude oil availability from Venezuela during the first quarter, which led to a less-than-optimum crude slate in certain locations. Finally, the increase in crack spreads is expected to be offset in part by higher energy costs.     The company's average crude oil capacity utilization rate for the first quarter is expected to be in the low 90 percent range. The capacity utilization rate benefited from a full quarter of operations at the Humber refinery in the United Kingdom. This benefit was partially offset by crude sourcing issues created by a lack of Venezuelan crude at the company's U.S. refineries, as well as planned downtime at the Ferndale, Wash., Wood River, Ill., and Sweeny, Texas, refineries. Turnaround costs are expected to be in line with previously stated targets.     First quarter marketing margins and sales volumes are expected to be similar to those of the fourth quarter of 2002. However, as previously reported, 2003 net income will be negatively impacted by additional lease loss provisions stemming from the planned sale of a major portion of the company's retail sites. For the first quarter, these after-tax provisions are expected to be approximately $25 million related to continuing operations and $25 million related to discontinued operations.

    Midstream/Chemicals/Emerging Businesses Segments

    For the Midstream segment, first quarter results are expected to exceed the previous quarter as NGL sales prices increased more than raw gas feedstock costs. This segment reflects ConocoPhillips' 30.3 percent interest in Duke Energy Field Services, as well as consolidated midstream operations.     In the Chemicals business, poor market conditions deteriorated further in the first quarter, as this segment was negatively impacted by higher fuel and feedstock costs. Losses in this segment are expected to completely offset Midstream earnings.     Emerging Businesses' performance includes gas-to-liquids, carbon fibers, fuels technology, power generation, and emerging technology. Losses are expected to be similar to those of the fourth quarter of 2002.

    Corporate

    Corporate charges from continuing operations are estimated to be approximately $240 million. Corporate charges were impacted by reduced capitalized interest, the inclusion of merger-related expenses and a loss on early debt redemption, partially offset by insurance demutualization proceeds.     The effective tax rate for the first quarter is expected to be higher than that of the fourth quarter of 2002, primarily due to the absence of certain deferred state income tax benefits resulting from the fourth quarter retail asset impairment, and the expiration of Section 29 credits.     The company's debt balance at the end of the first quarter is expected to be approximately $18.3 billion, reflecting strong cash flow from operations, including working capital changes, and disciplined capital spending.     Effective Jan. 1, 2003, the company adopted Statement of Financial Accounting Standards No. 143 "Accounting for Asset Retirement Obligations." In the first quarter of 2003, the company is expected to report an after-tax benefit of approximately $137 million for the cumulative effect of this change in accounting principle.     The company anticipates that its synergy run rate will reach $1.25 billion per year by the end of 2003. Benchmarks used to measure progress on synergy capture, as well as the sources of the cost reductions achieved, will be discussed in the company's first quarter 2003 earnings release and conference call, expected on April 30, 2003.

    CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

    This update contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are about ConocoPhillips' business segments: exploration and production; refining and marketing; natural gas gathering, processing and marketing; chemicals and plastics manufacturing; and emerging businesses. There are also forward-looking statements about ConocoPhillips' expected sales prices for crude oil, natural gas and natural gas liquids; crude oil production; refining crack spreads; marketing margins; refinery utilization rates; sales volumes; corporate charges from continuing operations; effective tax rates; the company's debt balance; and synergy run rates. These statements are based on activity from operations for the first two months of the first quarter of 2003 and include estimated results for March, and as such are preliminary and are estimates. All of the forward-looking data is therefore subject to change. Actual results, expected to be reported in the company's earnings release for the first quarter of 2003 on April 30, 2003, may differ materially from the estimates given in this update.     Where in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters that could cause the stated expectation or belief to differ materially from that stated in this update.

--30--EB/ho*

CONTACT: ConocoPhillips, Houston
         Kristi DesJarlais, 281/293-4595

KEYWORD: TEXAS
INDUSTRY KEYWORD: ENERGY OIL/GAS
SOURCE: ConocoPhillips

Reuters, 04.02.03, 3:25 PM ET

CARACAS, Venezuela, April 2 (Reuters) - Venezuela's National Assembly finance committee on Wednesday approved terms for up to $1.25 billion in domestic and external public bonds as the government sought to tap fresh capital after a two-month opposition strike drained oil revenues. About half of the total public credit involved of two trillion bolivars would be used to cover external and internal debt payments and the rest would go to cover the state's fiscal requirements for 2003, according to assembly legislators. Leftist President Hugo Chavez, whose government is facing a financial crunch after the December-January strike cut into its vital oil income, last week said that external debt payments would weigh heavily on this year's national budget. Government officials are working on a program to ease payments on the nation's $22.3 billion foreign debt through voluntary swaps, direct bank credits and external financing for specific projects. To manage its $9.04 billion domestic debt, the government has already started a restructuring program through voluntary exchanges to extend maturities. It has completed six swaps from November for about $2.76 billion in its maturing domestic National Public Debt (DPN) bonds. The issue approved on Wednesday carries six options, including DPN notes in the domestic market or Euro bonds, or bonds and global notes in dollars. The government already won approval in January to issue up to another two trillion bolivars under similar terms. The Finance Ministry proposed six different instruments depending on the conditions of the market at the time of issue and risk. Proposed terms included: *Eurobonds in euros with total payment on maturity, offering two options, one at 18 months with a yield of up to 10.7 percent and the another at up to seven to ten years with a yield of up to 12 percent. *In dollars. Bonds or global notes with a total payment on maturity and options of 18 months and 10 years and yields ranging from 14.8 percent and 17.65 percent. *In dollars. Bonds privately placed in the external market with a maturity of three years and a total payment on maturity. Priced at par. *In dollars. No precise instrument but the issue would have a maturity of up to 180 days with a yield of 14.74 percent. *In Yen. Bonds with a total payment on a four-and-a-half year maturity with a six-month Yen Libor rate plus a margin of no more than 525 basis points per year. Priced at par. *In bolivars. National Public Debt bonds through direct placement, swaps operations or the reopening of existing debt. ($1 = 1,600 bolivars)