(Energy Analytics Institute, 31.Aug.2024) — Energy briefs as well as others related to finance and projects during Aug. 2024 including Petrobras achieving its main target at the Uchuva-2 well offshore Colombia; Golar LNG and bp entering into commercial reset arrangements for FLNG Gimi; and more.
LATIN AMERICA AND THE CARIBBEAN
Argentina
— Argentina Lithium & Energy Corp. announced appointment of Pompeyo Gallardo as VP Corporate Development, the co. said 9 Aug. 2024 in an official stmt.
— Blue Sky Uranium Corp. announced appointment of Pompeyo Gallardo as VP Corporate Development, the co. said 9 Aug. 2024 in an official stmt.
— Golden Arrow Resources Corporation announced appointment of Pompeyo Gallardo as VP, the co. said 9 Aug. 2024 in an official stmt.
Brazil
— SLB announced a major contract award by Petrobras, following a competitive tender, to its OneSubsea™ JV for their standardized, pre-salt subsea production systems and related services. The scope covers the further development of two oil fields in the strategically important Santos Basin, SLB said 2 Aug. 2024 in an official stmt.
Colombia
— Petrobras has achieved the main target of the Uchuva-2 well, confirming the extent of the gas discovery made in 2022 with the drilling of the Uchuva-1 well. This well adds relevant info. for the development of a new frontier of exploration and production in Colombia, reinforcing the volumetric potential for gas in the region, Petrobras said 5 Aug. 2024 in an official stmt.
AFRICA
Senegal
— Golar LNG Ltd., and bp, as operator of the Greater Tortue-Ahmeyim LNG Project, have executed agreements to implement a commercial reset for FLNG Gimi. The commercial reset agreement simplifies contractual cash flows and settles previous disputes related to payment mechanisms for pre-commercial operations date contractual cash flows, Golar LNG said 5 Aug. 2024 in an official stmt.
NORTH AMERICA
Canada
— Luca Mining Corp. has granted an aggregate of 4,508,833 incentive stock options and 800,000 restricted share units (RSUs) to certain officers and directors in accordance w/ Luca’s omnibus equity incentive plan. The options are exercisable at a price of $0.55 and will expire five yrs from the date of their issuance. The options will vest as follows: (i) 33% on 15 Aug. 2024 ; (ii) 33% 15 Feb. 2025 ; and (iii) the balance on 15 Aug. 2025 . The RSUs will vest on 15 Aug. 2025. The grant of the options and RSUs are subject to approval by the TSX Venture Exchange, Luca said 15 Aug. 2024 in an official stmt.
US
— SSR Mining Inc. announces that operations at Seabee have been temporarily suspended due to forest fires in the vicinity of the mine. As per the co.’s protocols, staff are being evacuated from the site. There have been no injuries or damage to equipment or infrastructure at this time, SSR said 21 Aug. 2024 in an official stmt.
— Oxy achieved $3bn in principal debt reduction in the 3Q:24, the co. said 19 Aug. 2024 in an official stmt. Add’l, public offering of a portion of Oxy’s common units of Western Midstream Partners, LP, raised $700mn, bringing total 2024 YTD closed or announced divestments to approximately $1.7bn. Following close of the previously announced Delaware Basin Barilla Draw divestiture, which is expected late in the 3Q:24, Oxy expects a total YTD reduction of over $3.8bn in principal debt.
— Permianville Royalty Trust announced a cash distribution to the holders of its units of beneficial interest of $0.035000/unit, payable on 16 Sep. 2024 to unitholders of record on 30 Aug. The net profits interest calculation represents reported oil production for the mth of May 2024 and reported gas production during Apr. 2024. The calculation includes accrued costs incurred in Jun. 2024, Permianville said 16 Aug. in an official stmt.
— Steel Dynamics, Inc. said 16 Aug. 2024 in an official stmt. that the co.’s BODs declared a 3rd qter cash dividend of $0.46/common shr. The dividend is payable to shareholders of record at the close of business on 30 Sep. and is payable on or about 11 Oct.
— Western Midstream Partners, LP said 15 Aug. 2024 in an official stmt. that its subsidiary, Western Midstream Operating, LP, has priced an offering of $800mn in aggregate principal amount of 5.45% senior notes due 2034 at a price to the public of 99.743% of their face value. The offering of the senior notes is expected to close on 20 Aug. subject to the satisfaction of customary closing conditions. Net proceeds from the offering are expected to be used to repay a portion of WES Operating’s maturing 3.100% Senior Notes due 2025 and 3.950% Senior Notes due 2025, and for general partnership purposes, including the funding of capital expenditures.
— New State Capital Partners and Jones Industrial Holdings (JIH) announced on 14 Aug. 2024 in official stmts the separation and New State’s subsequent acquisition of Universal Plant Services’ rotating equipment segment. Financial terms of the transaction were not disclosed.
— On 16 July 2024, Sunoco LP announced the formation of a JV w/ Energy Transfer LP combining their respective oil and produced water gathering assets in the Permian Basin, Sunoco said 7 Aug. 2024 in an official stmt. The formation of the JV has an effective date of 1 July.
— Norfolk Southern is elevating the power of technology and innovation to drive its transformative, balanced strategy as it brings onboard Anil Bhatt, a technology leader recognized for pioneering cutting-edge solutions to advance and shape the direction of enterprises. Bhatt will serve as executive vice president and chief information and digital officer, reporting to President and CEO Alan Shaw, Norfolk said 6 Aug. 2024 in an official stmt.
ASIA
China
— JinkoSolar Holding Co., Ltd. announced that its BODs declared a cash dividend of US$0.375 per ordinary share of US$0.00002 each of the co. (the “Ordinary Shares”), or US$1.50 per American Depositary Share (the “ADS”). Holders of the Ordinary Shares or ADSs at the close of trading on 15 Aug. 2024 (U.S. Eastern Time) will be entitled to receive the cash dividend. Dividend to be paid to the co.’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. The dividend is expected to be paid on or around 30 Aug. 2024. The total amount of cash to be distributed for the dividend is expected to be approximately $79mn, JinkoSolar said 5 Aug. 2024 in an official stmt.
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By Ian Silverman, Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.
