HOUSTON, TEXAS (Energy Analytics Institute, 28.Feb.2025) — Energy briefs as well as others related to finance and projects during Feb. 2025 including Petrobras on record gas discoveries in Colombia; Talos Energy‘s appointing Paul Goodfellow as president and CEO; Pemex looking to reach a production level of 285,000 b/d at Deer Park, Texas; Sempra Infrastructure forecasting Capex of $56bn between 2025-29, which represents a 16% increase from its prior plan; Summit Materials, Inc. closing a deal to be acquired by Quikrete Holdings, Inc. for a total enterprise value of $11.5bn; and more.
UK
London
— bp is carrying out a strategic review of its Castrol business w/ intention of accelerating Castrol’s next phase of value delivery. Castrol is a leading and trusted global lubricants brand, marketing premium products in 150+ countries and serving customers and consumers in the automotive, marine, industrial and energy sectors. Castrol has “significant growth ambitions, including growing its core mobility businesses, expanding participation in industrial lubricants, enhancing its mobility services and diversifying into data centre fluids,” bp said 26 Feb. 2025 in an official stmt. Strategic review of Castrol will consider all options w/ a focus on value creation. Proceeds from any potential transaction that may arise as a result of the review will be allocated to strengthening bp’s balance sheet.
— Baker Hughes announced that Ahmed Moghal, who currently serves as CFO of the co.’s industrial & energy technology (IET) business, has been appointed CFO of the co., effective immediately. Prior to IET, Moghal held senior positions in various business and corporate roles. In this role, he succeeds Nancy Buese, who, by mutual agreement w/ the co., ceased to serve as CFO effective tday, Baker Hughes said on 24 Feb. 2025 in an official stmt.
LATIN AMERICA AND THE CARIBBEAN
Argentina
— On 11 Feb. 2025, First Quantum Mineral reported that key ESIA milestones were met during the 4Q:24, including an independent evaluation by SEGEMAR (Argentinian Geological and Mining Service). The ESIA continues to be reviewed by the Secretariat of Mining of Salta Province. First Quantum is preparing an update of the Taca Taca’s NI 43-101 technical rpt, and plans to submit an application for the RIGI regime, a new incentive regime for large investments, Metalla Royalty & Streaming Ltd. said 20 Feb. 2025 in an official stmt. Metalla holds a 0.42% NSR royalty on First Quantum’s Taca Taca project in Salta, Argentina.
— Glencore plc continues to advance a $400mn work program at its Argentine assets. Sandstorm Gold Ltd. expects Glencore to complete an updated technical study for the MARA project by mid-2025. The project continues to benefit from its brownfield nature and an attractive promotional RIGI in Argentina, Sandstorm said 18 Feb. 2025 in an official stmt.
— In Nov. 2024, the operator of the Gualcamayo mine in Argentina submitted the first mining proposal under Argentina’s RIGI. The $1bn investment plan includes development of the Gualcamayo Deep Carbonates Project (DCP). Under Sandstorm’s royalty agreements, the co. is entitled to rec. a $30min pmt upon commercial production at the Gualcamayo DCP and expects its 2.5% net smelter returns royalties to generate annual gold equivalent production of 3,000 ounces based on the operator’s guided production volumes, Sandstorm announced 18 Feb. 2025 in an official stmt. In addition, the operator continues to enhance oxide leach recoveries to improve Gualcamayo’s current production volumes. The co. expects its oxide royalty rate at Gualcamayo to increase from 1.0% to 3.0% in the 1H:25, generating an incremental 1,000 gold equivalent ounces to the portfolio on an annualized basis.
— Nabors Industries Ltd. rec’d awards for 3 rigs in Argentina, 2 of which will be transferred from the US on 5yr contracts. The third rig is currently working in country and is scheduled to start its new contract before YE:25, Nabors said 12 Feb. 2025 in an official stmt.
— Golden Arrow Resources Corporation and Mogotes Metals Inc. will amend the previously announced option on the Mogote copper-gold project, in San Juan Province, Argentina. The amending agreement grants Mogotes an option to acquire a 100% interest in the project in exchange for CAD$1mn in a combination of cash and a private placement into the co., plus a substantial equity interest in Mogotes and a 1.5% net smelter returns royalty on the project. To date, under the previous option, Mogotes has completed the minimum exploration expenditures at the project, Golden Arrow announced 11 Feb. 2025 in an official stmt.
Chile
— Power Nickel Inc. and Chilean Metals Inc. completed the previously announced strategic reorganization of their business pursuant to which the Golden Ivan Property and certain Chilean assets and liabilities have been spun out to Power Nickel shareholders through Chilean Metals, the cos. said 3 Feb. 2025 in an official stmt.
Colombia
— Nabors Industries Ltd. rec’d an award for an idle rig in Colombia, Nabors said 12 Feb. 2025 in an official stmt, w/o providing further details.
— That short-lived Oxy–Ecopetrol fracking love affair, call it the Rodeo JV, is all but a done deal as Colombian president Gustavo Petro ordered the state-owned co. to divest its holding in Texas. This, just days after Oxy-Ecopetrol extended development of their Permian basin JV.
— “We would like to highlight the confirmation of a record volume of gas discoveries in Colombia, expanding important horizons for the company’s future,” Petrobras chief exploration and production officer Sylvia dos Anjos Chief Exploration and Production Officer said 3 Feb. 2024 in the co.’s Production & Sales Report 4Q:24.
Mexico
— “We don’t have plans for any fracking project in the country,” Mexico’s president Claudia Sheinbaum Pardo said on 21 Feb. 2025 during her mañanera or daily briefing w/ the media.
— State-owned Pemex said the fractionating tower that will be part of the coking plant in the Salina Cruz Refinery has been mounted. The procedure was witnessed by Pemex authorities and the municipal president of Salina Cruz as well as exes. w/ Ica Fluor, Pemex announced 20 Feb. 2025 in a post on social media.
— Vizsla Silver Corp. filed an independent technical rpt containing an updated mineral resource estimate on the co.’s Panuco silver-gold project located in Sinaloa, Mexico. The rpt has an effective date of 9 Sep. 2024, and was prepared in accordance w/ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) by Allan Armitage, Ph. D., P. Geo., Ben Eggers, MAIG, P.Geo., and Henri Gouin, P.Eng. of SGS Geological Services and Peter Mehrfert, P.Eng., James Millard, P.Geo., Scott Elfen, P.E., and Jonathan Cooper, P.Eng. of Ausenco Engineering Canada ULC, Vizsla announced on 20 Feb. 2025 in an official stmt.
— Netflix plans investments of $1bn between 2025-28 to produce series and films in Mexico, exes. w/ the co. announced 20 Feb. 2025 during the mañanera of Mexico’s president Claudia Sheinbaum Pardo.
— Borr Drilling Limited expects the 1Q:25 to be negatively impacted by the suspension of the 3 rigs in Mexico, in addition to idle time on “Arabia I” and “Vali” ahead of their respective contract commencements. The co. expects to rec. $44mn in mobilization pmts once these contracts begin. Additionally, liquidity in the 1Q:25 will be further strengthened by the previously announced $125mn payment in Mexico, the co. said 19 Feb. 2025 in an official stmt.
— Luca Mining Corp. has been included in the 2025 TSX Venture 50 list of top performing cos. TSX Venture 50 is an annual ranking of the top performing cos. over the last yr on the TSX Venture Exchange. The cos. are ranked based on 3 equally weighted criteria of 1yr shr price appreciation, mkt capitalization increase, and Canadian consolidated trading value, Luca announced 19 Feb. 2025 in an official stmt.
— “Any deterioration of social, political, labor or economic conditions, including the increasing threat of terrorist organizations and drug cartels in Mexico, or affecting a customer with whom we do business, as well as difficulties in staffing, obtaining necessary equipment and supplies and managing foreign operations, may adversely affect our operations or financial results,” Sunoco LP said 14 Feb. 2025 in its 2024 Form 10-K.
— Pemex still intends to reach a production level of 285,000 b/d at Deer Park, Texas, execs. w/ the state-owned co. said 12 Feb. 2025 during a briefing w/ the media in Mexico City, Mexico.
Peru
— OceanaGold Corporation, a growing intermediate gold and copper producer, named Ms Stefanie Loader as non-executive director to the BODs, effective immediately, the co. announced 20 Feb. 2025 in an official stmt.
— Compañía de Minas Buenaventura S.A.A. announced 4 Feb. 2025 in an official stmt. settlement of the cash tender offer for any and all of its outstanding 5.500% senior notes due 2026, on the terms and subject to the conditions set forth in Buenaventura’s offer to purchase dated 23 Jan. 2025 and the related notice of guaranteed delivery.
Panama
The Panama Canal and Banco Latinoamericano de Comercio Exterior (Bladex) inked a collaboration agreement that seeks to join forces to promote sustainable development in the Panama Canal watershed. The agreement encompasses the joint implementation of projects focused on integral wellbeing, education, environmental protection, and community development, including the coordination of corporate volunteering programs, where employees from both institutions will contribute their time and effort to carry out initiatives with the communities, Bladex announced 24 Feb. 2025 in an official stmt.
EUROPE
Italy
— Eni CEO Claudio Descalzi met in Accra to bring to the attention of Ghana president John Dramani Mahama some new short- and medium-term exploration and development opportunities in the African country. The meeting also served as an opportunity to discuss Eni’s plans for economic diversification in Ghana, Eni said 7 Feb. 2025 in an official stmt.
Portugal
— Lithium Africa Resources Corp. engaged 3L Capital Inc. to act as the lead agent and sole bookrunner on behalf of a syndicate of agents in connection w/ a best efforts private placement offering of units of the co. for aggregate gross proceeds of up to $6mn. Concurrently w/ the brokered offering, the co. will be completing a non-brokered private placement (NBPP) of units on the same terms as the brokered offering, Lithium Africa announced 10 Feb. 2025 in an official stmt. The co. anticipates its largest shareholder, GFL International Co. Ltd (a subsidiary of Ganfeng Lithium) will subscribe for units in the NBPP to maintain its 19% shareholding in the co.
NORTH AMERICA
Canada
— The Toronto Stock Exchange (TSX) accepted a notice filed by Suncor Energy to renew its normal course issuer bid (NCIB) to acquire the co.’s common shrs through the facilities of the TSX, NYSE and/or alternative trading systems in Canada and the US. The notice provides that, starting 3 Mar. 2025, and ending 2 Mar. 2026, Suncor may acquire for cancellation up to 123,800,000 common shrs, which is equal to 10% of Suncor’s public float of 1,238,099,685 common shrs as of 18 Feb. 2025. On 18 Feb. 2025, Suncor had 1,238,456,851 common shrs issued and outstanding, the co. announced 26 Feb. 2025 in an official stmt.
— The BODs of Hydro One Limited declared a qtrly cash dividend to common shareholders of $0.3142/shr to be paid on 31 Mar. 2025 to shareholders of record on 12 Mar. 2025, the co. announced 20 Feb. 2025 in an official stmt.
— IsoEnergy Ltd. and Future Fuels Inc. completed the previously announced transaction whereby Future Fuels acquired a 100% interest in IsoEnergy’s Mountain Lake Project, comprised of mineral claims covering 5,625 hectares in the Hornby Bay Basin, Nunavut, Canada in exchange for common shrs of Future Fuels and the grant of the Net Smelter Royalties to IsoEnergy. The transaction was completed in accordance w/ an asset purchase agreement dated 13 Nov. 2024 between IsoEnergy and Future Fuels. The acquisition of the Mountain Lake Property adds key claims to Future Fuels’ portfolio of holdings in the Hornby Bay Basin in Nunavut, increasing its total holdings to over 342,064 hectares, the co. said 18 Feb. 2025 in an official stmt.
— Blue Sky Uranium Corp. appointed Martin Burian to its BODs. Burian has a 30yr career in investment banking to the mining sector, is currently managing director at RCI Capital Group. Burian held similar senior positions at Haywood Securities, Bolder Investment Partners and Canaccord Capital, Blue Sky announced 12 Feb. 2025 in an official stmt.
— Canada Nickel Company Inc. extended the closing date of the $20mn convertible note w/ Taykwa Tagamou Nation, announced on 16 Dec. 2024. Completion of the transaction is expected to occur by 14 Feb. 2025 and is subject to certain conditions, including the approval of the TSX Venture Exchange, and the receipt of all other required third party consents, Canada Nickel said 3 Feb. 2025 in an official stmt.
US
— As of 28 Feb. 2025, Flex LNG Ltd. had 3 vessels on time charters expiring within 1 yr, 4 vessels on time charters expiring within 2 yrs, 3 vessels on time charters expiring from 2-5 yrs and 3 vessels on time charters expiring after 5 yrs, excluding any option periods. In terms of charter coverage as of 28 Feb. 2025, Flex LNG had 89.3% of the available calendar days fixed under period charters for remainder of 2025, the co. said 28 Feb. 2025 in its 2024 annual rpt.
— In the US, large producers or integrated oil cos. are unlikely to target smaller midstream operators, according to details revealed on 26 Feb. 2025 by East Daley. In the Permian, acquisitions would likely focus on the “Big Six”: Targa, Enterprise, ET, MPLX, Oneok, or Phillips 66, the consultancy said. In the gas space, major targets incl. Williams, Kinder Morgan, TC Energy, and Enbridge.
— Sempra Infrastructure is forecasting Capex of $56bn between 2025-29, which represents a 16% increase from its prior plan, w/ over 90% of projected Capex focused on regulated utility investments in Texas and California, the co. said 25 Feb. 2025 in an official stmt.
— TXNM Energy rolled fwd its 5 yr capital investment plan to encompass 2025-29 and incorporate add’l investments, including Texas transmission projects resulting from the ERCOT Permian Basin Reliability Study. As a result, TXNM’s capital investment plan rose to $7.8bn, up 26% v the prior 5yr plan. Regulated rate base grows 12% under the plan v 2025 levels, and earnings per share over this period are targeted to grow between 7% and 9%, TXNM said 21 Feb. 2025 in an official stmt.
— In Feb. 2025, the 1st cargo of LNG was produced from the CCL Stage 3 Project, Cheniere Energy, Inc. announced 20 Feb. 2025.
— The shares in Flex LNG Ltd. (Ticker: FLNG) traded on Oslo Stock Exchange (OSE) and registered w/ Euronext Securities Oslo will trade ex-dividend of $0.75/shr as of 19 Feb. 2025. The dividend will be paid to shareholders on OSE on or about 10 Mar. 2025, Flex LNG said in an official stmt. Shrs traded on the New York Stock Exchange (NYSE) will be traded ex-dividend of $0.75/shr on 20 Feb. 2025. The dividend will be paid to shareholders on NYSE on or about 5 Mar. 2025.
— The BODs of Nucor Corporation declared the regular qtrly cash dividend of $0.55/shr on Nucor’s common stock. This cash dividend is payable on 12 May 2025 to stockholders of record on 31 Mar. 2025 and is Nucor’s 208th consecutive qtrly cash dividend, the co. said 18 Feb. 2025 in an official stmt.
— In 2025, Occidental intends to complete the full integration of CrownRock assets, personnel and systems, as well as make progress towards the completion of asset divestitures announced in conjunction w/ the CrownRock acquisition, Oxy said 18 Feb. 2025 in its Form 10-K filing w/ the US Securities and Exchange Commission (SEC). Oxy’s principal debt outstanding was $24.4bn on 31 Dec. 2024 v $18.5bn on 31 Dec. 2023. That increase was mainly due to its $12.4bn acquisition of CrownRock less other asset divestments.
— Sunoco LP had $7.5bn of debt outstanding as of 31 Dec. 2024, which includes the $2.57bn aggregate principal amount of debt the co. assumed in connection w/ the NuStar acquisition, Sunoco said 14 Feb. 2025 in its 2024 Form 10-K.
— To meet long-term aerogel demand, Aspen Aerogels, Inc. will invest to maximize capacity at its East Providence manufacturing facility and utilize a flexible supply strategy. The co.’s external manufacturing facility, which currently supports its energy industrial segment, can increase its aerogel production capacity, Aspen said 12 Feb. 2025 in an official stmt. Accordingly, Aspen has stopped construction of its planned second aerogel manufacturing facility in Statesboro, Georgia. The co. will be assessing options to derive value from the assets in Statesboro, including relocating some equipment to upgrade and expand its existing plant. This path requires minimal capital, Aspen said.
— In Feb. 2025, construction was approved for an add’l processing plant in the Midland Basin. The Mustang Draw plant will have a 275 MMcf/d capacity and is expected to be in service in the 1H:26, Energy Transfer said 11 Feb. 2025 in an official stmt.
— Summit Materials, Inc. closed its previously announced definitive agreement to be acquired by Quikrete Holdings, Inc. for $52.50/shr in cash, for a total enterprise value of $11.5bn, including debt. Summit’s common stk has ceased trading on the NYSE and will no longer be listed on any public mkt, Summit said 10 Feb. 2025 in an official stmt. Additionally, Summit has become a privately held subsidiary of Quikrete.
— Sempra appointed Anya Weaving and Kevin Sagara to the co.’s BODs effective 1 Mar. 2025. Weaving’s has extensive investment banking experience in M&A and capital markets transactions, while Sagara, w/ over 30 yrs of experience in the energy sector, has leadership and experience in both regulated utility and non-regulated energy infrastructure operations, including safety, regulatory, M&A, and other legal and governance areas, Sempra said 10 Feb. 2025 in an official stmt.
— According to data from S&P Global Commodity Insights, the avg total supply of gas rose by 1.6% (1.8 Bcf/d) for the wk ended 5 Feb. 2025 v the prior wk, the Energy Information Administration (EIA) revealed 6 Feb. 2025 in its wkly gas update. Dry gas production rose by 2.6% (2.6 Bcf/d) to avg. 106.2 Bcf/d, the highest wkly avg. ever recorded. Avg. net imports from Canada feel by 11.7% (0.8 Bcf/d) from last wk, according to the EIA.
— The BODs of Suncor Energy approved a qtrly dividend of $0.57/shr on its common shrs, payable 25 Mar. 2025 to shareholders of record at the close of business on 4 Mar. 2025, the co. announced 5 Feb. 2025 in an official stmt.
— Service Compression, LLC upsized its asset-based loan (ABL) credit facility by 50%, bringing the facility’s total commitment to $300mn. The facility, led by J.P. Morgan, reflects significant mkt demand and growth momentum the co. has experienced across its operations in 2024, Service Compression said 4 Feb. 2025 in an official stmt.
— Diamondback Energy, Inc. CEO and chairman of the BODs Travis Stice said the co. added Darin G. Holderness to the BODs, effective 3 Feb. 2025, Diamondback said on the same date in an official stmt.
— Talos Energy Inc. appointed Paul Goodfellow as president, CEO and a member of the Talos BODs, effective 1 Mar. 2025, the co. announced 3 Feb. 2025 in an official stmt.
— Noble Corporation plc plans to divest the cold stacked drillships Pacific Meltem and Pacific Scirocco in order to eliminate costs related to these units and prioritize resources on the existing marketed fleet. The co. intends to divest these units in a manner which would effectively retire them permanently from drilling operation, including potentially scrapping the units, Noble said 3 Feb. 2025 in an official stmt.
MIDDLE EAST
Qatar
— EnerMech secured a 5yr contract extension to provide North Oil Company (NOC) w/ leak testing and flange mgmt services, building upon a strong relationship that dates back to 2017. The award, in the Al Shaheen Oil Field, Qatar, covers a range of services, including bolt tensioning and torquing, pipe freezing and training, EnerMech said 19 Feb. 2025 in an official stmt.
Saudia Arabia
— Weatherford Corporation said 22 Feb. on social media that is Compact™ Well Shuttle set a new industry record by acquiring wireline openhole data from 28,067 ft Total Depth (MD) w/ a 23,000ft horizontal section in the Middle East.
— In the 4Q:24, SANAD deployed its 9th newbuild rig and is expected to start up 2 more in the 1Q:25. As Saudi Aramco continues to grow its natural gas activity, Nabors Industries Ltd. continues to participate in its customer’s expansion plans w/ commitments to add rigs built in the Kingdom over the coming yrs and its leading portfolio of drilling-related services, Nabors said 12 Feb. 2025 in an official stmt.
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By Editors at Energy Analytics Institute. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
