(WoodMac, 9.Apr.2020) — Since OPEC+’s failure to agree on production restraint on 5-6 March, the implications of the Covid-19 pandemic have become far clearer, sparking a crisis in the oil market as prices fell and supply ramped up. The problem for these producers is the scale of the fall in […]
Category: North America
North America energy
WoodMac On OPEC+ Production Plan
(WoodMac, 9.Apr.2020) — As OPEC+ agreed at cut of 10 million b/d, WoodMac’s Ann-Louise Hittle said: “A 10 million b/d cut would be very supportive of price over the second quarter. “Even a 5 million b/d reduction would see oil prices in the low $30s. It would ease pressure on […]
Brief Intro Remarks By OPEC Secretary General
(OPEC, 9.Apr.2020) — Delivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the 9th (Extraordinary) OPEC and non-OPEC Ministerial Meeting, 9 April 2020, via webinar. Excellencies, Over the course of the last few months, COVID-19 has pervaded almost every aspect of life. We see it in the lockdowns initiated […]
Brazil’s State Oil Giant Petrobras Cancels Dividend
(Petrobras, 8.Apr.2020) — Petrobras informs, in addition to the press release disclosed on 7 April 2020 about cancellation of the Annual General Meeting (AGM), that all the dates related to the payment of dividends based on the 2019 annual result are being cancelled, in the amount of R$ 1.7 billion […]
Equinor Reports GOM Oil Discovery
(Equinor, 6.Apr.2020) — Equinor and co-venturers Progress Resources USA Ltd and Repsol E&P USA Inc. have encountered oil in the Monument exploration well in the US Gulf of Mexico. The Monument exploration well found approximately 200 feet (c. 60 metres) of net oil pay with good reservoir characteristics in Paleogene […]
IEnova To Report 1Q:20 Earnings April 22
(Sempra, 4.Apr.2020) — Sempra Energy’s Mexican subsidiary, Infraestructura EnergĂ©tica Nova, S.A.B. de C.V. (IEnova), plans to release its first-quarter 2020 earnings by 6 p.m. ET, 22 April 2020, in advance of a conference call with IEnova executives at 11 a.m. ET, April 23. Briefing materials also will be posted by […]
Angel Olmeta To Retire From Citgo Petroleum BODs
(Citgo, 2.Apr.2020) — The Citgo Petroleum Corporation Board of Directors and the Citgo President and Chief Executive Officer Carlos Jordá, announced today that Angel Olmeta is retiring from the Board, effective Thursday, April 2, 2020. Angel had a long and successful career in the Venezuelan and international oil industry, occupying […]
US$210bn Of New Spend In Firing Line
(WoodMac, 2.Apr.2020) — The oil price crash has hit the upstream sector hard. Deep cuts are being made across the board, but it will have a dramatic impact on the industry’s project pipeline. Global natural resources consultancy Wood Mackenzie believes almost all pre-FID projects will be deferred. Of the 50+ […]
Triple Whammy: Oil Crash, Covid-19, LNG Oversupply
(WoodMac, 1.Apr.2020) — In its latest short-term gas and LNG outlook report, Wood Mackenzie weighs the risks coronavirus, sustained low oil prices and LNG oversupply pose to the sector this year. Wood Mackenzie research director Robert Sims said: “While the collapse of LNG prices towards US production break-evens was foreseeable, […]
Falling LatAam Fuel Demand Leaves Hurt US Refiners
(Reuters, 27.Mar.2020) — Demand for refined products in Latin America is quickly drying up as the coronavirus pandemic worsens, leaving U.S. refiners without their primary export destination as the virus spreads. The crisis has nearly shut down worldwide air travel and is destroying fuel demand, which could fall by 15% […]
Citgo Foundation To Support Covid-19 Efforts In Venezuela
(Citgo, 26.Mar.2020) — The SimĂłn BolĂvar Foundation Inc. (SBF), the non-profit, private foundation of Citgo Petroleum Corporation, is launching a special round of its small grants program to help alleviate the damaging effects of the Covid-19 crisis in Venezuela. Non-profit organizations working in Venezuela are critical right now, given the […]
Touchstone Updates On Trinidad Operations
(Touchstone, 26.Mar.2020) — Touchstone Exploration Inc. reports its operating and financial results for the three months and year ended December 31, 2019. Selected information is outlined below and should be read in conjunction with Touchstone’s December 31, 2019 audited consolidated financial statements, the related Management’s discussion and analysis and Annual […]
Canadian Solar Reports Financial Results
(Canadian Solar, 26.Mar.2020) — Canadian Solar Inc. announced its financial results for the fourth quarter and full year ended December 31, 2019. Fourth Quarter 2019 Highlights — Total module shipments were 2.5 GW, compared to 2.4 GW in the third quarter of 2019 and fourth quarter 2019 guidance of 2.3 […]
Sempra’s Virtual Investor Day Focuses On Resilience
(Sempra, 24.Mar.2020) — Sempra Energy’s senior management team is providing an update on the company’s business strategy on an Investor Day conference call, including details on the company’s five-year capital plan, projected rate base growth, segment-level earnings guidance and planned improvements to balance sheet strength. “In the midst of a […]
Talos Energy Reports Budget Reductions
(Talos, 23.Mar.2020) — Talos Energy Inc. announced updated full year 2020 financial guidance, inclusive of $170 million of reductions in capital, operating and G&A expenses. The Company will continue to evaluate additional opportunities to further reduce 2020 costs. Those reductions would be incremental to the $170.0 million already identified. Talos […]
US Calls For Humanitarian Release Of Citgo 6
(Energy Analytics Institute, Piero Stewart, 19.Mar.2020) — The US calls for humanitarian release of wrongfully detained Americans in Venezuela. © Energy Analytics Institute (EAI). All Rights Reserved. ***
Industry Slashes Spending As Price Rout Deepens
(WoodMac, 19.Mar.2020) — Survival mode has returned to the oil and gas sector as the oil price rout deepens. Corporate financials are in better shape than during the 2014/2015 crash, but room for manoeuvre is limited. Can companies cope with prices this low? This crisis is very different from those […]
Sempra Energy To Webcast Investor Day
(Sempra, 17.Mar.2020) — Sempra Energy‘s senior management team will provide an update on the company’s business strategy and financial goals on an Investor Day conference call at 4 p.m. ET, 24 March 2020. Investors, analysts, media and the public may listen to a live webcast of the conference call on […]
EOG Resources Updates 2020 Capital Plan
(EOG, 16.Mar.2020) — EOG Resources, Inc. updated its full-year 2020 capital plan as a result of the significant decline and increased volatility of commodity prices. Exploration and development expenditures for 2020 are now expected to range from $4.3 billion to $4.7 billion, including facilities and gathering, processing and other expenditures, […]
OTC 2020 Houston Postponed
(OTC, 13.Mar.2020) — The Offshore Technology Conference (OTC) recognizes the unprecedented global challenge associated with the current COVID-19 pandemic. The health and safety of our partners, attendees, exhibitors, staff, and community are of the utmost importance, and our hearts go out to all who have been affected. Considering the rapidly […]
Talos Energy To Postpone Analyst And Investor Event
(Talos, 9.Mar.2020) — Talos Energy Inc. announced that it is cancelling its Analyst and Investor Event previously scheduled for March 12, 2020 in New York City due to health and safety concerns for the potential spread of COVID-19 and the associated state of emergency declaration in New York. The company […]
Oil Price Rout May Trigger Major Shake-up: Woodmac
(WoodMac, 9.Mar.2020) — As global markets reel in the wake of the oil price crash, Wood Mackenzie’s Tom Ellacott said: “The price collapse could be the trigger for a new phase of deep industry restructuring – one that rivals the changes seen in the late-1990s. Ellacott, senior vice president, corporate […]
Mariela Poleo To Head SimĂłn BolĂvar Foundation
(Citgo, 8.Mar.2020) — Citgo Petroleum Corporation announced the appointment of Mariela Poleo as President of the SimĂłn BolĂvar Foundation (SBF), the company’s non-profit, private foundation dedicated to catalyzing organizations and resources to meet the humanitarian needs of Venezuelans and Venezuelan refugees. As president, she will oversee all facets of SBF, […]
US Eying Not Renewing Chevron’s Venezuela Waiver
(Reuters, 6.Mar.2020) — The U.S. government is preparing to impose new measures as soon as next week to stifle Venezuela’s oil exports, including a move not to renew Chevron Corp’s license to do business with state-run company PDVSA, sources familiar with the matter said. The United States imposed harsh sanctions […]
Frontera Announces Quarterly Dividend
(Frontera, 5.Mar.2020) — Frontera Energy Corporation announced that its Board of Directors has declared a dividend of C$0.205 per common share, which will be paid on or about April 16, 2020 to shareholders of record at the close of business on April 2, 2020. This dividend represents a 2.7% yield […]
Frontera Reports 4Q:19 And Year End 2019 Results
(Frontera, 5.Mar.2020) — Frontera Energy Corporation released its Consolidated Financial Statements, Management Discussion and Analysis (“MD&A“), Annual Information Form (“AIF“) and Form 51-101 F1 – Statement of Reserves Data and Other Oil and Gas Information for the Company (the “F1 Report“) for the year ended December 31, 2019. These documents, […]
Cryopeak LNG Completes Largest Ever Delivery of LNG
(Cryopeak LNG Solutions Corporation, 3.Mar.2020) — Cryopeak LNG Solutions Corporation, based in Richmond BC, has completed  the largest ever North American delivery of liquefied natural gas (LNG) by truck, with the shipment going to power the Silvertip mine on the Yukon/BC border owned by Coeur Silvertip Holdings Ltd., a subsidiary of Coeur […]
Atlas And DNB Issue Solar PV Bond In Latin America
(Atlas, 3.Mar.2020) — Atlas Renewable Energy, and DNB Markets announced the issuance of a $253 million US private placement (“USPP”) in Green Bond format. The notes were rated investment grade (BBB-) by Fitch Rating (including the construction period of one of the projects) and were issued by subsidiaries of Atlas […]
Parker Drilling To Host Conference Call
(Parker, 3.Mar.2020) — Parker Drilling Company has scheduled a conference call for 10:00 a.m. Central Time (11:00 a.m. Eastern Time) on Wednesday, March 4, 2020, to review reported results. The call will be available by telephone by dialing (+1) (412) 902-0003 and asking for the Parker Drilling Fourth Quarter Conference […]
Citgo Says Gerd Knutsen Released From Seizure
(Citgo, 28.Feb.2020) — Citgo Petroleum Corporation confirms that the Gerd Knutsen and its crew have safely reached international waters, and that the Company intends to pursue the Maduro regime, and any entities that may have assisted it, for unlawful seizure of its cargo. BACKGROUND ON CITGO GERD KNUTSEN SEIZURE Citgo […]
Sempra Energy Reports Strong 2019 Results
(Sempra, 27.Feb.2020) — Sempra Energy reported full-year 2019 earnings of $2.1 billion, or $7.29 per diluted share, up from $924 million, or $3.42 per diluted share, in 2018. On an adjusted basis, the company’s full-year 2019 earnings were $1.9 billion, or $6.78 per diluted share, compared to $1.5 billion, or […]
Make The Future Returns For Shell Eco-Marathon
(Shell, 27.Feb.2020) — Shell Oil Company, in conjunction with Sonoma Raceway and Speedway Motorsports, announced Make the Future Live California featuring Shell Eco-marathon Americas will return to Sonoma Raceway as the 2020 competition venue from April 1-4, 2020. Shell Eco-marathon is a global academic program – with regional events in […]
Sempra Energy Declares Dividends
(Sempra, 25.Feb.2020) — Sempra Energy’s board of directors has declared a $1.045 per share quarterly dividend on the company’s common stock, which is payable April 15, 2020, to common stock shareholders of record as of March 20, 2020. The declared quarterly dividend represents an 8% increase to the company’s common […]
Venture Global And EDF Ink LNG PSA For 1 MTPA
(Venture Global, 25.Feb.2020)— Venture Global LNG, Inc. announces that Venture Global Plaquemines LNG, LLC and ÉlectricitĂ© de France, S.A. (EDF) have entered into a 20-year Sales and Purchase Agreement (SPA) for the supply of one million tonnes per annum (MTPA) from the Plaquemines LNG export facility in Plaquemines Parish, Louisiana. […]
Braskem First To Use RESIN8™ Materials
(Braskem, 24.Feb.2020) — Braskem, the largest polyolefins producer in the Americas and leading producer of biopolymers in the world, announces the use of construction blocks containing the Center for Regenerative Design & Collaboration’s (CRDC) RESIN8™ post-consumer plastic waste technology in the expansion of Braskem’s world-class Innovation and Technology (I&T) Center […]
Talos To Host 4Q:19 And YE:19 Earnings Call
(Talos 23.Feb.2020) — Talos Energy Inc. will release fourth quarter and full-year 2019 results for the period ended December 31, 2019 on Wednesday, March 11, 2020 after the U.S. financial market closes. The Company will host an earnings conference call, which will be broadcast live over the internet, on Thursday, […]
Latest Rosneft Sanctions Raise Risks For Others
(Reuters, 19.Feb.2020) — Washington’s move this week to sanction a trading unit of Russian oil giant Rosneft for its ties with Venezuela’s state-run PDVSA escalated threats facing non-U.S. firms and will likely spur “overcompliance” by companies, analysts and industry sources said. The U.S. government on Tuesday blacklisted Rosneft Trading, SA, […]
Maduro Accused Of “Disappearing” US Oilmen
(AP, 19.Feb.2020) — Family members of six American oil executives jailed in Venezuela are accusing Nicolas Maduro’s government of “forced disappearance” after the men were inexplicably missing for the scheduled start of their trial on Wednesday. Veronica Vadell said that lawyers for her father, Tomeu Vadell, and the five other […]
US Blacklists Rosneft Unit
(Reuters, 18.Feb.2020) — The United States on Tuesday tightened financial restrictions on Venezuela, blacklisting a subsidiary of Russian state oil major Rosneft that President Donald Trump’s administration has said provides a lifeline to President Nicolas Maduro’s government. The sanctions announced by the U.S. Treasury Department increase the pressure on Russia, […]
Ending Putin’s Support Of Venezuela Not Easy For US
(AP, 18.Feb.2020) — In October 2016, the head of Russia’s largest oil company traveled to the birthplace of Hugo Chávez, in the empty, sweltering plains of Venezuela, to unveil a giant bronze statue of the late socialist leader that he and his longtime friend, Russian President Vladimir Putin, commissioned from […]
Venezuela, Rosneft and US Sanctions Complications
(S&P Global Platts, 18.Feb.2020) — US efforts to starve Venezuela’s Maduro regime of oil revenues have substantially increased the role of Russian energy in the US Gulf Coast, an outcome the Trump administration likely never anticipated when it put sanctions in place over a year ago. The situation has created […]
Talos Energy Announces 2020 Operating Guidance
(Talos 18.Feb.2020) — Talos Energy Inc. announced full year 2020 operating and financial guidance. The Company also announced that it expects to close the previously announced acquisition of affiliates of ILX Holdings, among other entities (the “Acquired Assets”, the “Acquisition”, or the “Transaction”), on February 28, 2020. The Company expects […]
Geronimo And Basin Electric Power Announce Deal
(Geronimo 18.Feb.2020) — Geronimo Energy, a National Grid company, and Basin Electric Power Cooperative (Basin Electric) announced execution of a Power Purchase Agreement (PPA) for the Wild Springs Solar Project (Wild Springs). Wild Springs is a 128 megawatt (MW) clean solar energy project located in Pennington County, South Dakota, approximately […]
Citgo Names Jack Lynch As Chief Compliance Officer
(Citgo, 11.Feb.2020) — Citgo Petroleum Corporation announced the appointment of Jack Lynch as the company’s new Chief Compliance & Ethics Officer. Lynch will continue to serve as the Vice President of Legal & Government Affairs, a role he has held since October 2019. As Citgo’s new Chief Compliance & Ethics […]
PPGPL Acquires Twin Eagle’s Marketing Assets
(PPGPL, 7.Feb.2020) — Phoenix Park Gas Processors Limited announced its acquisition of a US entity. Effective February 1, 2020, PPGPL through its wholly owned US subsidiary, Phoenix Park Energy Marketing LLC, acquired the NGL marketing assets of Twin Eagle Liquids Marketing LLC. According to President Dominic Rampersad, “Through this acquisition, […]
Guaido Rubbing Elbows In Surprise Foreign Trip
(Argus, 20.Jan.2020) — The US government is hoping a high-profile international tour by Venezuelan opposition leader Juan Guaido will re-inject momentum into its protracted campaign to unseat President Nicolas Maduro. Guaido turned up in Colombia today in the initial leg of his first journey outside Venezuela since an ill-fated February […]
SunCoke Energy Announces 4Q:19 Earnings Date
(SunCoke, 16.Jan.2020) — SunCoke Energy, Inc. plans to release its fourth quarter 2019 financial results and 2020 guidance on Wednesday, January 29, 2020, before trading opens on the New York Stock Exchange. SXC will host its quarterly earnings call at 10:00 am ET on January 29, 2020. The conference call […]
Chevron Gets 4th Reprieve From Venezuela Sanctions
(Argus, 17.Jan.2020) — Washington will allow Chevron and four US oil field service providers to continue operating in Venezuela until 22 April by granting a fourth waiver late yesterday from US sanctions imposed almost a year ago on the Opec country. The US Treasury Department sanctions enforcement arm, the Office […]
After $1bn Venezuela Deal, US Oilfield Firm Shuts Doors
(Reuters, 12.Jan.2020) — An Oklahoma oilfield company that played a central role in Venezuela’s high profile attempt to convince the world it could halt production declines at its dilapidated oilfields has shut its doors, according to three people familiar with the matter. In 2016, Horizontal Well Drillers, a closely held […]
Citgo Announces Small Grants Program Winners
(Citgo, 24.Jan.2020) — The SimĂłn BolĂvar Foundation Inc. (SBF), a non-profit, private foundation of CITGO Petroleum Corporation, awarded seven grants totaling $100,000 to nonprofits that expand access to medicine, health care services, and health education to vulnerable individuals in and from Venezuela. The grant winners were recognized at an SBF […]