(Energy Analytics Institute, 29.Nov.2022) — Energy briefs as well as others related to finance and politics during November 2022 including US Secretary of State Antony Blinken welcoming resumption of Venezuelan-led negotiations in Mexico City between the ruling party and opposition factions; Chevron confirming receipt of General License No. 41 as published by the Office of Foreign Assets Control (OFAC) and “which authorizes the production and lifting of petroleum or petroleum products produced by the Chevron Joint Ventures (JVs), and to conduct related maintenance, repair, or servicing of the Chevron JVs;” Occidental declaring a quarterly dividend; Ecopetrol reporting strong third quarter of 2022 operational and financial results; Freeport LNG regarding the restart rumors around its liquefaction facility; and more.
— QatarEnergy and ConocoPhillips inked two long-term supply deals to send LNG to Germany at the German LNG Terminal at Brunsbüttel. “Big picture, no change to our view on COP remaining a core holding for investors long-term given market cap, asset quality, balance sheet strength, and consistency in delivering robust returns,” Tudor, Pickering, Holt & Co. Securities, LLC wrote 29 Nov. 2022 in a research report to clients.
— A summary video presented during the Decarbonization Day events in at COP 27 in Sharm El Sheikh, Egypt.
— As a result of Yamana Gold entering into an arrangement agreement w/ Pan American Silver and Agnico Eagle Mines and announcing a change in recommendation, Gold Fields has terminated the arrangement agreement in respect of the transaction, the co. announced 8 Nov. 2022 in an official stmt. In accordance w/ the terms of the Arrangement Agreement, Yamana is required to pay Gold Fields a termination fee in the amount of $300mn within 2 business days from the date hereof.
— The Gold Fields BODs has convened to consider the joint offer of Pan American Silver and Agnico Eagle Mines to acquire all of the issued and outstanding common shares of Yamana Gold Inc., based on the info. included in the joint press release issued by Pan American and Agnico on 4 Nov. 2022, and the press release issued by Yamana the same day, the co. revealed 7 Nov. 2022 in an official stmt.
LATIN AMERICA AND THE CARIBBEAN
— The shareholders of Banco BBVA Argentina S.A. informed that in accordance w/ the decision taken by the Ordinary and Extraordinary General Meeting held on 29 Apr. 2022, and the Meeting of the BODs held on 16 Jun. 2022, in relation to installment 12, from 6 Dec. 2022, a dividend in the amount of AR$ 1,097,100,750 (AR$ 1.7905707570/shr representing 179.0570757038 % of the capital stock of AR$ 612.710.079), corresponding to installment N° 12, shall be made available to the shareholders registered in the stock register of the bank on 5 Dec. 2022, the Argentine bank reveled 18 Nov. 2022 in an official stmt.
— New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP), together w/ its local Bolivian partner, rpt add’l assay results from the 2022 drill program at its Carangas Silver-Gold Project, Oruro Department, Bolivia. Six new deep drill holes were completed to define the extent of the gold mineralization beneath a shallow silver mineralization zone, which, to date, measures approximately 1,000m long, 800m wide, and up to 200m thick
— Mantaro Precious Metals Corp. (TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) announced the co.’s best diamond drill hole result to date with the intersection of multiple high-grade gold zones in diamond drill hole GH0005 at the Golden Hill Property, Bolivia. To date, the co. has reported high-grade gold results across numerous structures from diamond drill holes GH0001, GH0002, GH0003, GH0004, GH0005, GH0006 and GH0007, the co. announced 9 Nov. 2022 in an official stmt.
— Fitch Ratings maintains Ecopetrol S.A.‘s rating at BB+, w/ a stable outlook, the state oil giant announced 18 Nov. 2022 in an official stmt.
— Ecopetrol Group reported solid operating and financial results for 3Q:22, w/ EBITDA and net income of COP 21.1tn and COP 9.5tn, respectively. The results were driven by i) a favorable pricing environment; ii) increased production in both Permian and domestic Ecopetrol ops; iii) record throughputs at the refineries; iv) higher sales levels; and v) strong results at ISA, the state oil giant announced 8 Nov. 2022 in an official stmt. The foregoing made it possible to offset: i) the effects of inflation and exchange on the co.’s operating costs and expenses and ii) the effects of the forex due to the increase in the avg. forex of the Colombian peso to the US dollar. Importantly, in 3Q:22, the payment of the outstanding FEPC balance as of the 1Q:022, for a total of COP 6.5tn, benefitted Ecopetrol’s cash position.
— GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) announced drilling results from the Main Deposit within Los Ricos South as well as additional results from the newly acquired Eagle concession, which contains the northern strike extension of the Main Deposit on the Los Ricos South property. Highlights of the Main Deposit drilling include hole LRGG-22-209, which intercepted 11,103 g/t silver equivalent (“AgEq”) over 1.0m, contained within 3.0m of 4,852 g/t AgEq within a wider intercept of 33.2m of 513 g/t AgEq, the co. announced 16 Nov. 2022 in an official stmt.
— Staatsolie launched its latest bid round covering the Demerara Plateau area, offshore Suriname and is inviting int’l and national oil cos. w/ proven E&P experience and resources to participate. Envoi has been commissioned by Staatsolie as official advisor to mkt and assist in the mgmt of the Demerara Bid Round (DBR) which officially opened on 8 Nov. 2022. The bid round comprises 6 blks covering an area of 43,956 km2 over the sparsely explored Demerara acreage located some 200km off the coast of Suriname. New G&G studies have been carried out which define large new undrilled prospectivity in both proven and newly defined stacked play potential.
— The Special General Meeting of Shareholders approved the total intermediary gross dividend of EUR 0.95 (EUR 0.665 net/shr), as proposed by the BODs, Exmar revealed 2 Nov. 2022 in an official stmt. The net dividend will be payable on 9 Nov. 2022 to the holders of registered shares and to the holders of dematerialized shrs through their financial institution. (ex-date: 7 Nov. 2022 – record-date: 8 Nov. 2022). The paying agent is Euroclear.
— Eni and PASQAL established a collaboration to develop next-generation HPC solutions for the energy sector through quantum computing, the Italian co. announced 17 Nov. 2022 in an official stmt.
— Between 7-11 Nov. 2022, Eni acquired n. 13,829,184 shrs, at a weighted avg price/shr equal to 14.1638 euro, for a total consideration of 195,874,355.52 euro within the authorization to purchase treasury shares approved at Eni’s Shareholders’ Meeting on 11 May 2022, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999, the Italian oil giant announced 16 Nov. 2022 in an official stmt.
“We welcome the resumption of Venezuelan-led negotiations in Mexico as an important step toward restoring democracy to Venezuelans. We will look to the parties to achieve lasting agreements that set the course for free and fair presidential elections in 2024,” US Secretary of State Antony Blinken wrote 26 Nov. 2022 on Twitter.
— “Chevron confirms the receipt of General License No. 41 as published by the Office of Foreign Assets Control (OFAC) and which authorizes the production and lifting of petroleum or petroleum products produced by the Chevron Joint Ventures (JVs), and to conduct related maintenance, repair, or servicing of the Chevron JVs,” the US oil giant said in an emailed stmt to the media including Energy Analytics Institute (EAI). “We reiterate our commitment to conducting our business in compliance with the framework provided. OFAC’s decision brings added transparency to the Venezuelan oil sector. The issuance of General License No. 41 means Chevron can now commercialize the oil that is currently being produced from the company’s Joint Venture assets. We are determined to remain a constructive presence in the country and to continue supporting social investment programs aimed at providing humanitarian relief.”
— Simón Bolívar Foundation Inc., the 501(c)(3) nonprofit private foundation of Citgo Petroleum Corp., is awarding up to $1.68mn in grant funding to seven qualified charitable organizations as part of its Colombia-Ecuador-Peru Humanitarian Health Grants program, the foundation announced 17 Nov. 2022 in an official stmt.
— Sempra’s NYSE: SRE) (BMV: SRE) BODs has declared a $1.145/shr qrtly dividend on the co.’s common stock, which is payable 15 Jan. 2023, to common stock shareholders of record at the close of business on 22 Dec. 2022, the co. announced 15 Nov. 2022 in an official stmt.
— Norfolk Southern Corp. (NYSE: NSC) announced that EVP & COO Cindy Sanborn will step down at the end of 2022 after a groundbreaking 35yr career in the railroad industry. Paul Duncan, currently SVP Transportation & Network Operations, will succeed Sanborn effective 1 Jan. 2023, the co. announced 14 Nov. 2022 in an official stmt.
— SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) appointed William (Bill) MacNevin as EVP, Operations and Sustainability, effective 1 Jan. 2023. MacNevin has over 35yrs of int’l experience in the mining industry, having held senior operational roles across Placer Dome, Newmont and most recently Barrick Gold, the co. announced 11 Nov. 2022 in an official stmt.
— In response to false info. circulated 11 Nov. 2022 about the restart of Freeport LNG‘s liquefaction facility, the co. provided the following stmt: “Freeport LNG has not made an any public statements today regarding the restart of our liquefaction facility. Any Tweets and/or posts on Freeport LNG branded letterhead that may have been obtained or published, are reporting false information and are not legitimate, official public information from Freeport LNG.”
— Permian Resources Corp. (NYSE: PR) BODs declared a quarterly cash dividend of $0.05/shr of Class A common stock, or $0.20/shr on an annualized basis. The dividend is payable on 29 Nov. 2022 to shareholders of record as of 21 Nov. 2022, the co. announced 22 Nov. 2022 in an official stmt.
— Occidental’s (NYSE: OXY) BODs declared a regular quarterly dividend of $0.13/shr on common stock payable on 17 Jan. 2023, to stockholders of record as of 12 Dec. 2022, the co. announced 2 Nov. 2022 in an official stmt.
— SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) appointed William (Bill) MacNevin as EVP, Operations and Sustainability, effective 1 Jan. 2023, the co. announced 11 Nov. 2022 in an official stmt. MacNevin has over 35yrs of int’l experience in the mining industry, having held senior operational roles across Placer Dome, Newmont and most recently Barrick Gold.
— CNOOC Limited announced that the Jinzhou 31-1 natgas field development project has commenced production, the co. revealed 17 Nov. 2022 in an official stmt.
By Ian Silverman, Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.