(Energy Analytics Institute, 13.Oct.2020) — Panhandle Oil and Gas Inc. officially changed its name to PHX Minerals Inc. with an effective date of 8 October 2020. Additionally, and in conjunction with its name change, the company has also announced the unveiling of a new logo. The company’s ticker will remain […]
Category: USA
San Diego County Energy Developer Gets Funds
(Indian Energy, 12.Oct.2020) — Long-duration, non-lithium ion energy storage is the final key to unlocking renewables and permanently evading the blackouts and brownouts that California is currently facing due to fires, a changing energy mix and climate change. Without storage, 100% renewables penetration is not possible. To address this, the […]
BHP Buys Additional 28% Interest In Shenzi From Hess
(BHP, 6.Oct.2020) — BHP signed a Membership Interest Purchase and Sale Agreement with Hess Corporation (Hess) to acquire an additional 28% working interest in Shenzi, a six-lease development in the deepwater Gulf of Mexico. Shenzi is structured as a joint ownership: BHP (Operator, 44% interest); Hess (28% interest) and Repsol […]
Chevron Closes Acquisition Of Noble Energy
(Energy Analytics Institute, 5.Oct.2020) — San Ramon-California based Chevron Corporation reported its acquisition of Noble Energy, Inc. has been completed following approval by Noble Energy shareholders. “We are pleased to welcome Noble Energy’s employees and shareholders to Chevron. Noble’s high-quality assets complement Chevron’s advantaged upstream portfolio, and the combination is […]
Marathon Reinstates Base Dividend And Reduces Debt
(Marathon, 1.Oct.2020) — Marathon Oil Corporation reported an update highlighting the reinstatement of a base dividend, recent debt reduction initiatives, and a transparent framework for future capital allocation and uses of free cash flow intended to maximize long-term shareholder value. Highlights — Reinstated quarterly base dividend at 3 cents per […]
Oxy Sales Colombian Onshore Assets to The Carlyle Group
(Piero Stewart, Energy Analytics Institute, 1.Oct.2020) — Houston-based Occidental Petroleum inked an agreement to divest its onshore assets in Colombia to The Carlyle Group for total consideration of $825mn. Per the deal, $700mn is due up front and the remainder payable subject to certain production and commodity price targets, Carlyle […]
Golar LNG Class Action And Lead Plaintiff Deadline
Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Golar LNG Ltd and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Golar securities between 30 Apr. and 24 Sep. 2020.
Citgo Board Chairwoman Luisa Palacios To Step Down
(Citgo, 29.Sep.2020) — Citgo Petroleum chairwoman Luisa Palacios says she’ll step down from her position next month. Her letter follows: Dear CITGO community, When I agreed to assume the role of Chairwoman of CITGO in early 2019, the situation required us to focus our attention on three critical goals: to […]
US Pressed For Firm Stance In Venezuelan Bond Case
(Law360, 25.Sep.2020) — A New York federal judge on Friday grilled a lawyer representing the U.S. government on whether she should defer to Venezuelan’s denunciation of the some $1.68 billion in bonds, even as she acknowledged later that it would be a “very harsh result” to deny the bondholders what […]
US Treasury Updates Venezuela, Iran Designations
(Energy Analytics Institute, 22.Sep.2020) — The US Department of Treasury released details regarding Venezuela-related designations as well as providing a designation update. Treasury also provided an Iran-related designation update. The following individuals have been added to OFAC’s SDN List: BENAVIDES RONDON, Williams Jose, Venezuela; DOB 04 Apr 1981; POB Guanipa, […]
Shell And Microsoft Join Up On Carbon Emissions
(Shell, 22.Sep.2020) — Shell International Petroleum Company Limited and Microsoft Corporation, building on a history of three decades of working together, are embarking on a new strategic alliance to support progress towards a world with net-zero emissions. This builds on the strong foundation of decades of technology collaboration between the […]
Enel X Enters US Public Transit Market
(Enel X, 18.Sep.2020) — Enel X, the Enel Group’s advanced energy services business line, announced it has been awarded two grants by the Accelerating Clean Transportation Now (ACTNow) program through the Massachusetts Clean Energy Center (MassCEC). The grants will support the development of public transportation electrification in the Commonwealth and […]
Ecopetrol Aims To Drill 100 Permian Wells By YE:21
(Reuters, 14.Sep.2020) — Colombian oil company Ecopetrol SA aims to drill a total 100 wells by end-2021 in the Permian Basin of West Texas as global oil prices recover, Chief Executive Felipe Bayon said on Monday. Global oil prices plunged to decade lows, with U.S. West Texas Intermediate (WTI) dropping […]
Maersk Chips In With Hurricane Laura Relief
(Maersk, 10.Sep.2020) — APM Terminals Mobile, the Alabama State Port Authority, Maersk Special Project Logistics and Team Rubicon worked together this past week to collect over 36,000 pounds of bottled water, non-perishable food and other emergency supplies for distribution to those affected by Hurricane Laura in communities surrounding Lake Charles, […]
Pelican Energy Partners To Buy Baker Hughes Unit
(Pelican Energy, 10.Sep.2020) — Pelican Energy Partners LP announced an agreement to purchase the assets of the Surface Pressure Control Flow (“SPC Flow”) business unit of the Oilfield Equipment segment of Baker Hughes. Pelican is working in cooperation with the management team of SPC Flow to carve-out the business unit […]
Seized Gasoline Tanker Arrives Off Freeport, Texas
(Reuters, 9.Sep.2020) — A tanker containing a cargo of Iranian gasoline confiscated by the United States arrived on Wednesday at a Texas port where it was preparing to discharge, according to a pilots group spokesperson. The Euroforce arrived off of Freeport, Texas, on Wednesday and had retained Texas Marine Agency, […]
Talos Not Impacted By Expanded Moratorium
(Talos 9.Sep.2020) — Talos Energy Inc. issued a statement clarifying the company’s business will not be impacted by the recently announced Presidential Order extending the current moratorium on oil and gas development in the Eastern Gulf of Mexico (offshore Florida) and imposing new restrictions on oil and gas development in […]
PdV Ad Hoc Chairman Joins Opposition Flight
(Argus, 9.Sep.2020) — The chairman of the Venezuelan opposition’s “ad hoc” board of national oil company PdV has joined a flight of exiled technocrats from the ranks of a struggling US-backed parallel administration led by Juan Guaido. Luis Pacheco, who was named in April 2019, has focused his board efforts […]
Exxon Downsizes As Wall Street Worries About Dividend
(Reuters, 7.Sep.2020) — Ill-timed bets on rising demand have Exxon Mobil Corp facing a shortfall of about $48 billion through 2021, according to a Reuters tally and Wall Street estimates, a situation that will require the top U.S. oil company to make deep cuts to its staff and projects. Wall […]
Hess To Participate In Barclays CEO Conference
(Hess Corp., 4.Sep.2020 — Hess announced that John Hess, Chief Executive Officer, will present at the Barclays CEO Energy-Power Conference in New York on 9 September 2020 at 8:25 a.m. ET. A live audio webcast and a replay of the presentation will be accessible via Hess Corporation’s website. Hess Corporation […]
Houston American Energy Completes Permian Well
(Houston American, 3.Sep.2020) — Houston American Energy Corp. provided an update on recent activities on its U.S. Permian Basin acreage. In Yoakum County, TX, the Frost #2-H frac has been completed and the well is expected to go on production within a week. Houston American Energy holds an 18.6% working […]
Manuela Molina Named Sempra’s IR Vice President
(Sempra, 2.Sep.2020) — Sempra Energy announced that Manuela “Nelly” Molina, currently chief financial officer for Sempra Energy’s Mexico subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), has been named vice president of investor relations for Sempra Energy. “Over the past 10 years, Nelly has built a tremendous career at IEnova […]
Citgo-6 Surpasses 1,000 Days Of Wrongful Detention
(Energy Analytics Institute, 1.Sep.2020) — More than 1,000 days have passed since Tomeu Vadell, José Luis Zambrano, Alirio Zambrano, Jorge Toledo, Gustavo Cardenas and José Pereira — known as the Citgo-6 — were lured to Caracas for business meetings and then detained by masked security agents and thrown into one […]
Sempra Declares Common, Preferred Dividends
(Sempra, 31.Aug.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 15 Oct. 2020, to common stock shareholders of record at the close of business on 25 Sept. Sempra Energy’s board of directors declared a quarterly dividend […]
US’ Abrams Eyes Tighter Sanctions On Venezuela
(Reuters, 31.Aug.2020) — The Trump administration is looking to tighten oil sanctions on Venezuela in the near future, top U.S. envoy for the country told Reuters on Monday, by potentially removing exemptions that allow some oil companies to receive crude oil from the OPEC member. U.S. President Donald Trump has […]
Citgo Updates On Lake Charles Refinery After Laura
(Energy Analytics Institute, 28.Aug.2020) — Houston-based refiner Citgo Petroleum released initial details regarding its Lake Charles Refinery and the impact on its operations after the passing of Hurricane Laura. __________ By Jared Yamin. © Energy Analytics Institute (EAI). All Rights Reserved.
Panhandle Announces 5mn Common Stock Offering
(Panhandle Oil and Gas Inc., 28.Aug.2020) — Panhandle Oil and Gas Inc. priced its previously announced underwritten public offering of 5,000,000 shares of common stock at a price to the public of $1.63/share. In addition, the company has also granted the underwriters a 30-day option to purchase up to 750,000 […]
Venture Global LNG Reports Impacts Of Hurricane Laura
(Venture, 27.Aug.2020) — Venture Global LNG, Inc. announced its Calcasieu Pass LNG facility under construction in Cameron, LA has sustained minimal impacts from Hurricane Laura, which made landfall in Louisiana early this morning and passed directly over the project site. A walk-through inspection of most areas of the site following […]
SunPower and Maxeon Solar Close Spin-Off Deal
(SunPower, 27.Aug.2020) — SunPower and Maxeon Solar Technologies completed the strategic transaction announced last November, separating into two independent public companies. Each will now focus on their critical success factors for their respective business models. “Now is the right time for this strategic spin-off, allowing both SunPower and Maxeon to […]
Panhandle Acquires Assets From Red Stone Resources
(Panhandle Oil and Gas Inc., 27.Aug.2020) — Panhandle Oil and Gas Inc. agreed to acquire two packages of mineral and royalty assets totaling approximately 795 net royalty acres in the SCOOP and Haynesville plays from Red Stone Resources, LLC for $6.9mn in cash and stock, subject to customary closing adjustments. […]
Harvest Drops Suit Against Ex Venezuela Oil Czar
(AP, 26.Aug.2020) — A Houston energy firm has dropped a lawsuit against Venezuela’s former oil czar, who it had accused of orchestrating demands for a $10 million bribe to approve an asset sale in the South American country. The dismissal came in a filing in Houston federal court Wednesday by […]
Trump Seeks To Slap More Sanctions On Venezuela
(Oilprice.com, 19.Aug.2020) — The U.S. federal government is considering more sanctions to add to a list aimed at severing the lifeline between the Venezuelan government and oil revenues that, according to Washington, are the only thing keeping Nicolas Maduro in power. Bloomberg reports, citing unnamed sources familiar with the situation, […]
US Eyes October To End Exemptions On Venezuela
(Reuters, 19.Aug.2020) — The United States is considering an October deadline for ending exemptions to Venezuelan sanctions that allow some companies and refiners to still receive the South American producer’s oil, two sources said, as Washington seeks to raise the heat on President Nicolas Maduro. U.S. President Donald Trump has […]
Oil Industry Frets Recruiting Next Generation Of Workers
(WSJ, 18.Aug.2020) — A growing distaste for the oil business among potential young employees, combined with the economic crisis of the pandemic, could make it harder to tackle competition from renewable energy and electric vehicles. Two years out of college, Leah Sanders was making as much as $19,000 a month […]
Houston Refiner Citgo Reports 2Q:20 Results
(Citgo, 17.Aug.2020) — Citgo Petroleum Corporation reported a net loss of $5 million for the second quarter of 2020, which includes the benefit from the reversal of a previously recorded lower of cost or market (LCM) inventory adjustment discussed further below. During the same period, Citgo reported EBITDA of $203 […]
US Seizes 4 Iranian Tankers Destined For Venezuela
(US Dept. of Justice, 14.Aug.2020) — The Justice Department today announced the successful disruption of a multimillion dollar fuel shipment by the Islamic Revolutionary Guard Corps (IRGC), a designated foreign terrorist organization, that was bound for Venezuela. These actions represent the government’s largest-ever seizure of fuel shipments from Iran. On […]
US Seizes Iranian Vessels Heading For Venezuela
(Aljazeera, 14.Aug.2020) — American officials tell AP Trump administration seized cargo of four tankers transporting Iranian fuel to Venezuela. The United States seized the cargo of four tankers for transporting Iranian fuel to Venezuela as it steps up its campaign of maximum pressure against the two heavily sanctioned allies, news […]
Officials: US Seizes Iranian Oil Heading For Venezuela
(AP, 13.Aug.2020) — The Trump administration has seized the cargo of four tankers it was targeting for transporting Iranian fuel to Venezuela, U.S. officials said Thursday, as it steps up its campaign of maximum pressure against the two heavily sanctioned allies. Last month, federal prosecutors in Washington filed a civil […]
AES Gener To Speed Up Payments For Two PPAs
(AES Corp., 10.Aug.2020) — AES Corporation’s subsidiary, AES Gener, reached an agreement for the early termination of two tolling agreements (Power Purchase Agreements, PPAs) with the 558 MW Angamos coal-fired plant in Chile. Per this agreement, the PPAs will cease in August 2021. This year, Angamos will receive a payment […]
Cameron LNG Reaches Full Commercial Operations
(Sempra LNG, 10.Aug.2020) — Sempra LNG, a subsidiary of Sempra Energy, announced the Cameron LNG export facility in Hackberry, Louisiana, has begun full commercial operations under Cameron LNG’s tolling agreements. “At Sempra LNG, we set a goal of building the leading LNG export business in North America. With Cameron LNG […]
Trump Hits Wall With Bid To Place Ally At LatAm Bank
(Bloomberg, 7.Aug.2020) — Mexico called for delaying the election of a new chief for a key Latin American development bank amid controversy caused by U.S. President Donald Trump’s push to have a close ally at the helm of the institution. Mexico’s finance ministry announced Friday its support for a postponement […]
AES Corp. Reports 2Q:20 Financial Results
(AES, 6.Aug.2020) — The AES Corporation reported financial results for the quarter ended 30 June 2020. Strategic Accomplishments — During the second quarter, agreed to sell 2.0 GW of capacity, reducing generation from coal by 11 percentage points to 34% of total generation and expect to be below 30% by […]
US Charges Ex-Citgo Exec In Bribery Probe
(Reuters, 6.Aug.2020) — U.S. prosecutors charged a former Citgo Petroleum manager with accepting $2.5 million as part of a scheme to bribe officials with the U.S. refiner and its Venezuelan parent to win business contracts. Jose Luis De Jongh Atencio, 48, was indicted by a federal grand jury last month […]
AES Corporation’s 2Q:20 Conference Call
(AES, 6.Aug.2020) — The AES Corporation will host a conference call on Thursday, 6 August 2020 at 9 a.m. Eastern Daylight Time (EDT). Interested parties may listen to the teleconference by dialing 1-888-317-6003 at least ten minutes before the start of the call. International callers should dial +1-412-317-6061. The Conference […]
Weatherford 2Q:20 Conference Call Details
(Weatherford, 5.Aug.2020) — Weatherford International plc will host a conference call on Wednesday, 5 August 2020, to discuss the results for the second quarter ending 30 June. The conference call is scheduled to begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). Listeners can access the conference call online […]
FMC Ups FY:20 Guidance After Solid 2Q Result
(FMC, 4.Aug.2020) — FMC Corporation reported second quarter 2020 revenue of approximately $1.16 billion, a decrease of 4 percent versus second quarter 2019. Excluding the impact of foreign currencies, organic sales grew 3 percent year over year. On a GAAP basis, the company reported earnings of $1.41 per diluted share […]
Kosmos Energy Announces 2Q 2020 Results
(Kosmos, 3.Aug.2020) — Kosmos Energy Ltd. announced today the financial and operating results for the second quarter of 2020. For the quarter, the Company generated a net loss of $199 million, or $0.49 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated […]
CSI Compressco Reports 2Q Operational Results
(CSI Compressco, 3.Aug.2020) — CSI Compressco LP announced second quarter 2020 results. Net loss for the second quarter ended 30 June 2020 was $24.6 million, inclusive of $15.8 million of non-recurring charges. This compares to a net loss of $13.6 million, in the first quarter of 2020, which included $6.0 […]
Two US Execs Go From Prison To House Arrest
(CNN, 31.Jul.2020) — Two American oil executives held in an overcrowded Venezuelan prison for almost three years have been placed in house arrest, a sign that the embattled government of Nicolas Maduro may be easing its stance toward the detainees. Gustavo Cárdenas and Jorge Toledo were released to house arrest […]
ExxonMobil 2Q:20 Earnings Call Transcript
(The Motley Fool, 31.Jul.2020) — ExxonMobil earnings call for the period ending 30 June 2020. Contents: — Prepared Remarks — Questions and Answers — Call Participants Prepared Remarks: Operator Good day, everyone. Welcome to this ExxonMobil Corporation second-quarter 2020 earnings call. Today’s conference is being recorded. At this time, I’d […]