Category: USA

Chevron’s 2Q:20 Results, Venezuela Impairment

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(Chevron, 31.Jul.2020) — Chevron Corporation reported a loss of $8.3 billion ($(4.44) per share – diluted) for second quarter 2020, compared with earnings of $4.3 billion ($2.27 per share – diluted) in second quarter 2019. Included in the current quarter were impairments and other net charges of $1.8 billion primarily […]

Blackstone To Raise Stake In GOM Drilling Project To 47%

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(Reuters, 28.Jul.2020) — Israel’s Navitas Petroleum said on Tuesday the Blackstone Group signed a preliminary deal to raise its stake in a drilling project in the Gulf of Mexico to 47% from 16%. Navitas had partnered with U.S. oil firm LLOG and Blackstone’s portfolio company Beacon Offshore Energy in drilling […]

Pioneer Energy Services CEO Stacy Locke Steps Down

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(Pioneer, 22.Jul.2020) — Pioneer Energy Service Corp. announced that Wm. Stacy Locke has decided to step down as President, Chief Executive Officer, and as a director of the Company effective 17 July 2020. Mr. Locke has been President and Chief Executive Officer of the Company since December 2003 and has […]

PDV Holdings Releases First-Ever Annual Report

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(Citgo, 22.Jul.2020) — PDV Holding, Inc., the indirect sole stockholder of Citgo Petroleum Corporation, issued its first-ever annual report detailing financial and operational performance in calendar year 2019. Report highlights included successful debt refinancing, credit ratings upgrades, increased refining capacity and strengthened corporate governance measures. The report was released in […]

Houston American Energy’s 1-for-12.5 Reverse Stock Split

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(Houston American Energy, 21.Jul.2020) — Houston American Energy Corp. announced the company will effect a 1-for-12.5 reverse stock split of its common stock on 31 July 2020. The company’s common stock is expected to begin trading on a split-adjusted basis on the NYSE American exchange at the market open on […]

Chevron Announces Deal To Acquire Noble Energy

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(Chevron Corp. 20.Jul.2020) — Chevron Corporation entered into a definitive agreement with Noble Energy, Inc. to acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at $5 billion, or $10.38 per share. Based on Chevron’s closing price on 17 July 2020 and under the terms […]

Chevron’s Noble Deal: First Major One Of The Downturn

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(WoodMac, 20.Jul.2020) — Speaking this morning after Chevron announced plans to buy Noble Energy in a US$13 billion all-stock transaction, including US$5 billion in equity, Tom Ellacott, senior vice president, corporate analysis, at Wood Mackenzie, said: “This is the first large-scale corporate acquisition of this downturn. “Chevron was our top […]

Chevron Says To Acquire Noble Energy

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(Chevron, 20.Jul.2020) — Chevron Corporation has entered into a definitive agreement with Noble Energy, Inc. to acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at $5 billion, or $10.38 per share. Based on Chevron’s closing price on July 17, 2020 and under the terms […]

bpWE To Buy Full Ownership Of Fowler Ridge 1 Wind Asset

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(bpWE, 16.Jul.2020) — bp Wind Energy (bpWE) agreed to acquire the remaining 50% interest in the bp operated, Fowler Ridge 1 wind asset from its current partner, Dominion Fowler Ridge Wind, LLC, a Dominion Energy subsidiary. Located in central Indiana, the asset includes 162 wind turbines with a generating capacity […]

OGCI Sets Carbon Intensity Target

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(OGCI, 16.Jul.2020) — The Oil and Gas Climate Initiative (OGCI) announced a target to reduce the collective average carbon intensity of member companies’ aggregated upstream oil and gas operations to between 20 kg and 21 kg CO2e/boe by 2025, from a collective baseline of 23 kg CO2e/boe in 2017. — […]

Barreiro, Laprea-Bigott, JordĂĄ Named To Citgo Board

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(Citgo, 15.Jul.2020) — Citgo Petroleum Corporation Board of Directors announced today that Pablo PĂ©rez Barreiro, Marcelo Laprea-Bigott and Carlos JordĂĄ have been named to the Board of Directors. “Pablo PĂ©rez Barreiro brings decades of experience in organizational management and Marcelo Laprea-Bigott comes to the Board with deep technical expertise in […]

Investors In Russian Pipeline At Risk Of US Sanctions

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(Reuters, 15.Jul.2020) — U.S. Secretary of State Mike Pompeo on Wednesday warned investors in two Russian natural gas pipeline projects that they could face sanctions as the Trump administration seeks to curb the Kremlin’s economic leverage over Europe and Turkey. Pompeo told a news conference that European investors in the […]

Thermal Recovery: Technical Papers (FREE Downloads)

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(Energy Analytics Institute, 15.Jul.2020) — Technical papers from Nakasawa Resources on thermal recovery technologies; EOR projects: when how and why?; and heavy oil exploitation: unavoidable future. Nakasawa Resources Technical Papers __________ By Jared Yamin. © Energy Analytics Institute (EAI). All Rights Reserved.

Weatherford Signs Four-Year Contract with Eni S.p.A

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(Weatherford, 8.Jul.2020) — Weatherford International plc has been awarded an exclusive four-year contract with Eni S.p.A. The contract will provide a minimum of 30 Non-Umbilical Downhole Deployment Valves (NU-DDVℱ) that will be deployed in Eni’s critical wells, improving their operational safety and reservoir performance. “This award is the result of two […]

SolTrans Turns to AMPLY Power For Bus Charging

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(Amply, 7.Jul.2020) — Bringing California closer to its goal to transition all public transit agencies to 100 percent zero-emission bus fleets by 2040, AMPLY Power is managing the charging of electric buses for SolTrans, a public transportation provider for south Solano County, California. Unique to this application, AMPLY is operating […]

Talos To Announce 2Q:20 Results, Host Conference Call

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(Talos, 7.Jul.2020) — Talos Energy Inc. will release second quarter 2020 results for the period ended June 30, 2020 on Wednesday, August 5, 2020 after the U.S. financial market closes. In addition to this release, Talos Energy will host a conference call, which will be broadcast live over the internet, […]

Duke Energy Renewables’ Texas Solar Project Online

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(Duke Energy, 7.Jul.2020) — Duke Energy Renewables, a subsidiary of Duke Energy, announced that its 200-megawatt alternating current (MWac) Holstein Solar project in Nolan County, Texas, has begun commercial operation. It is the largest solar project in Duke Energy Renewables’ fleet. “Texas is one of the fastest growing solar energy […]

Duke Reaffirms CAPEX In Renewables, Grid Projects

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(Duke Energy, 5.Jul.2020) — Duke Energy will continue advancing its ambitious clean energy goals without the Atlantic Coast Pipeline (ACP) by investing in renewables, battery storage, energy efficiency programs and grid projects. Duke Energy’s $56 billion capital investment plan will deliver significant customer benefits and create jobs at a time […]

Court To Auction Gasoline Destined For Venezuela

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(Reuters, 1.Jul.2020) — A federal court in Houston on Wednesday was expected to auction 100,000 barrels of gasoline that a shipping company suspected a Venezuelan shipping magnate close to the socialist government in Caracas planned to send to the country. The company, Marshall Islands-based Brujo Finance Company, feared the deal […]

Chevron Completes Purchase Of Puma Energy (Australia)

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(Chevron, 30.Jun.2020) — Chevron Australia Downstream Pty Ltd., a wholly-owned subsidiary of Chevron Corporation, today announced that it has completed the acquisition from Puma Energy Asia Pacific B.V. of all shares and equity interests of Puma Energy (Australia) Holdings Pty Ltd for the amount of AU$425 million. The acquisition adds […]

Chesapeake Energy Files For Chapter 11

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(WoodMac, 28.Jun.2020) — Speaking after Chesapeake Energy filed for Chapter 11 bankruptcy protection today, Alex Beeker, principal analyst on Wood Mackenzie’s corporate upstream team, said: “It’s difficult to point to another company that made more of a widespread impact on the US shale sector than Chesapeake. “The tech sector dubs […]

How Price Crash Changed The Upstream Sector?

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(WoodMac, 24.Jun.2020) — According to Wood Mackenzie’s analysis, the oil price crash wiped US$1.6 trillion off the valuation of the global upstream industry. Andrew Pearson, vice president, upstream, said: “This figure captures the impact of Wood Mackenzie’s downgraded long-term Brent price assumption – now US$50/bbl (2020 terms), rather than the […]

US Sanctions On Iranian Tanker Captains

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(Energy Analytics Institute, 24.Jun.2020) — The US, under Executive Order 13599, today said it is sanctioning five Iranian ship captains, who delivered approximately 1.5 million barrels of Iranian gasoline and related components to Venezuela in support of the illegitimate Maduro regime. These individuals who headed five Iranian-flagged tankers – Clavel, […]

Braskem Completes Facility In La Porte, Texas

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(Braskem, 24.Jun.2020) — Braskem, the largest polyolefins producer in the Americas and leading producer of biopolymers in the world, today announces the construction completion of its newest, world-class polypropylene production facility located in La Porte, Texas. Braskem’s new facility has a designed production capacity of over 450 kilotons (kt) or […]

Opposition Asks Court To Recognize Citgo Changes

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(Argus, 18.Jun.2020) — Venezuelan ownership of the country’s most valuable overseas asset may rest on opposition leadership convincing a US court that it restored refiner Citgo’s independence and remains a US foreign policy priority. Attorneys for Venezuela’s US-recognized opposition government argued yesterday that National Assembly leader Juan Guaido halted actions […]

Treasury Targets Sanctions Evasion Network Supporting Corrupt Venezuelan Actors

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(US Department of Treasury, 18.Jun.2020) — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three individuals and eight foreign entities, and identified two vessels as blocked property for their activities in or associated with a network attempting to evade United States sanctions on Venezuela’s […]

Shipping Magnate Faces US Sanctions Probe

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(Reuters, 12.Jun.2020) — The United States is investigating a Venezuelan shipping magnate for possibly violating U.S. sanctions by bringing fuel to gasoline-short Venezuela, according to two senior Trump administration officials. President Donald Trump’s envoy on Venezuela, Elliott Abrams, said the Treasury Department, which oversees sanctions policy, would determine the course […]

Citgo Reports First Quarter 2020 Results

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(Citgo, 12.Jun.2020) — Citgo Petroleum Corporation reported its first quarter 2020 performance results, including a net loss of $159 million and an adjusted EBITDA1 of $38 million excluding the effect of special items. The onset of the Covid-19 pandemic combined with crude oil demand destruction were drivers behind the company’s […]

Sempra Declares Common, Preferred Dividends

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(Energy Analytics Institute, 11.Jun.2020) — Sempra Energy’s board of directors declared a $1.045 per share quarterly dividend on the company’s common stock, which is payable 15 July 2020, to common stock shareholders of record at the close of business on 26 June 2020. San Diego-based Sempra, with more than $60bn […]

BJ Services’ Milestone With Fracturing Technology

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(BJ Services, 4.Jun.2020) — At the end of April 2020, BJ Services completed a 1,000-hour field trial of its next-generation direct-drive turbine fracturing pump, TITANℱ. This rigorous trial, in actual field conditions, allowed BJ to validate the performance of the TITANℱ pump alongside conventional equipment in one of the most […]

JinkoSolar On Non-Infringement In US

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(JinkoSolar, 4.Jun.2020) — JinkoSolar Holding Co., Ltd., one of the largest and most innovative solar module manufacturers in the world, today announced that the United States International Trade Commission (ITC) issued a favorable final determination concluding JinkoSolar’s products do not infringe a patent asserted by Hanwha Q CELLS. In March […]

After The Crash: Five Key Changes In The US GOM

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(WoodMac, 4.Jun.2020) — The oil price crash has come at a time when the US Gulf of Mexico (GoM) is leaner and nimbler. It is better prepared to weather the storm compared to the last downturn. Mfon Usoro, from Wood Mackenzie’s Gulf of Mexico upstream research team, takes a look […]

Mexico Probes Libre Abordo Pact With Venezuela

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(Reuters, 2.Jun.2020) — The Mexican government’s financial crime department is investigating Libre Abordo, a Mexico-based firm that received millions of barrels of Venezuelan crude under an oil-for-food pact, in a probe coordinated with U.S. agencies, the department’s chief, Santiago Nieto, told Reuters. The Mexican Financial Intelligence Unit is also separately […]

Greenbrier Marine Announces Vessel Delivery

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(Greenbrier, 2.Jun.2020) — Greenbrier Marine, a division of The Greenbrier Companies, Inc., announced it has delivered the OSG 204, a 204,000 barrel capacity oil and chemical tank barge for dual-mode ITB service pursuant to U.S. Coast Guard NVIC 2-81, Change 1. The barge has been built in compliance with MARPOL […]

Bristow Group Announces Stock Repurchases

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(Bristow Group, 1.Jun.2020) — Bristow Group Inc. entered into privately negotiated stock repurchase agreements to repurchase 142,721 shares of its common stock and 98,784 shares of its preferred stock at an aggregate purchase price of approximately $4.8 million (collectively, the “Repurchases”). The closing of the Repurchases is subject to a […]