(EnerMech, 19.Aug.2024) — EnerMech has been awarded two significant pipeline pre-commissioning contracts in offshore East Malaysia, marking a substantial milestone in the expansion of its critical pipeline and subsea activities within the region in both deep and shallow water environments. These contracts have been secured with two tier-one contractor clients, both […]
Fallen Angels Remain Costly Despite Tightening Spreads
(S&P Global Ratings, 19.Aug.2024) — The absolute cost of falling to speculative-grade (to ‘BB+’ from ‘BBB-‘) for U.S. corporates has shrunk considerably to 24 basis points (bps) as of 31 Jul. 2024, from 54 bps the year prior, S&P Global Ratings said in “The Cost Of A Notch: Fallen Angels […]
US LNG Industry Under Pressure as Challenges and Uncertainty Mount
(FT.com, 17.Aug.2024) — The US liquefied natural gas industry faces mounting challenges as legal clashes with activists and contractors combine with a federal permitting freeze to slow the expansion of the world’s biggest exporter. Two multibillion-dollar terminals under construction on the Texas Gulf Coast backed by supermajors ExxonMobil and TotalEnergies […]
Mexico’s First LNG Cargo Sails, Launching New Business for Pipes
(East Daley, 16.Aug.2024) — New Fortress Energy (NFE) has loaded the first cargo from its floating LNG platform offshore Altamira, Mexico. The start-up of Mexico’s first liquefaction project will contribute new demand at the Agua Dulce hub in South Texas and boost business for two pipelines in particular. In a […]
Silicon Ranch Energizes First Utility-Scale Solar Project in Alberta’s Industrial Heartland
(Silicon Ranch, 15.Aug.2024) — Silicon Ranch, one of the largest independent power producers specializing in solar energy, agrivoltaics, battery storage, and carbon solutions in the U.S., today announced that its Scotford Solar Farm has reached commercial operation near Edmonton, Alberta in Canada. The 58-megawatt (MWAC) facility—the largest behind-the-meter solar project […]
Woodside Signs Sponsorship Deal With Mexican Football Team
(Woodside, 15.Aug.2024) — Woodside Energy will sponsor the Jaiba Brava football team for the next three years. Jaiba Brava plays in the Liga BBVA Expansión MX division within the Mexican Football League, and hosts its home games at the Tamaulipas Stadium, located between the municipalities of Tampico and Ciudad Madero, in Tamaulipas. The […]
IsoEnergy Generates Six New Drill Targets at Larocque East Project
(IsoEnergy, 15.Aug.2024) — IsoEnergy Ltd. provided an update on its summer exploration program at the Larocque East Project (the “Project“), located in the eastern AthabascaBasin (Figure 1, main photo). The Company has successfully completed Ambient Noise Tomography (“ANT“) surveys covering an additional 20 km2constituting the remaining eastern extent of the property not […]
GeoPark Reports Second Quarter 2024 Results
(GeoPark, 14.Aug.2024) — GeoPark Limited reports its consolidated financial results for the three-month period ended 30 June 2024 (“Second Quarter” or “2Q2024”). A conference call to discuss these financial results will be held on 15 Aug. 2024, at 10:00 am (Eastern Daylight Time). SECOND QUARTER 2024 FINANCIAL SUMMARY In 2Q2024, […]
NASA Funds Research Projects Advancing STEM Career Development
(NASA, 14.Aug.2024) — NASA has awarded $6mn to 20 teams from emerging research institutions across the United States supporting projects that offer career development opportunities for science, technology, engineering, and mathematics (STEM) students. This is the third round of seed funding awarded through the agency’s MOSAICS (Mentoring and Opportunities in STEM with Academic Institutions for Community Success) […]
Equinor Gets Offshore Wind Lease in US Central Atlantic Auction
(Equinor, 14.Aug.2024) — Equinor has been announced as a provisional winner in the Bureau of Ocean Energy Management’s (BOEM) offshore wind energy lease auction in the U.S. Central Atlantic region. The ~2 gigawatt (GW) lease will have the capacity to produce enough energy to power approximately 900,000 U.S. homes. With a […]
Shell Invests in Water Injection at US GOM Field
(Shell, 14.Aug.2024) — Shell Offshore Inc., a subsidiary of Shell plc, has taken a Final Investment Decision (FID) on a ‘waterflood’ project at its Vito asset in the US Gulf of Mexico. Water will be injected into the reservoir formation to displace additional oil. The process is due to begin in […]
Ecopetrol Reveals 2Q:24 Results
(Ecopetrol, 12.Aug.2024) — During the Second Quarter of 2024 (2Q24), Ecopetrol Group confronted a challenging environment, which continues to be impacted by several external variables, including the revaluation of the Colombian peso, inflationary pressures, and a decrease in the prices of our refined products. We managed these challenges with resilience, maximizing operational […]
Brazil Turns to LNG as Drought Threatens Hydro Reservoirs
(Bloomberg, 13.Aug.2024) — Brazil has emerged as the latest contender for global liquefied natural gas supplies as dry weather threatens its vast hydropower production. South America’s most populous nation typically depends on hydroelectricity for the majority of its power needs but turns to gas when water levels plunge. An expected […]
Lithium South Updates on Development Work
(Lithium South, 8.Aug.2024) — Lithium South Development Corporation provided an update regarding test work, on site development work, and business developments. Lithium Iron Phosphate Test Work The company reported the laboratory scale production of Lithium Iron Phosphate (LiFePO₄) directly from concentrated brine obtained from its Hombre Muerto North Lithium Project […]
Karpowership Announces $1bn LNG-to-Power Investment in South Africa
(Karpowership, 13.Aug.2024) — Karpowership announced its plans to invest a transformative $1bn of LNG-to-Power infrastructure that will be based in Mozambique and made available to the entire South African Power Pool (SAPP). This ground-breaking project would not only enhance the country’s domestic energy landscape but also that of the wider SAPP by providing reliable […]
Fitch Downgrades NFE’s IDR to ‘B+’
(Fitch, 12.Aug.2024) — Fitch Ratings has downgraded New Fortress Energy Inc.’s (NFE) Long-Term Issuer Default Rating (IDR) to ‘B+’ from ‘BB-‘ and has placed it on Rating Watch Negative. The senior secured debt has been downgraded to ‘B+’/’RR4’ from ‘BB-‘/’RR4’. ‘RR4’ denotes average recovery in the event of default. The […]
Chevron Starts Production at Anchor in US GOM
(Chevron, 12.Aug.2024) — Chevron Corporation started oil and natural gas production from the Anchor project in the deepwater U.S. Gulf of Mexico. Anchor production marks the successful delivery of high-pressure technology that is rated to safely operate at up to 20,000 psi, with reservoir depths reaching 34,000 feet below sea […]
Sheinbaum taps first woman to lead state power firm CFE
(Reuters, 12.Aug.2024) — Mexican President-elect Claudia Sheinbaum on Monday named Emilia Esther Calleja to lead state power firm Comision Federal de Electricidad (CFE), making her the first woman to hold the post. Calleja has held a number of posts at the power company over the past two decades and adds […]
Petrobras Releasing Digital Tool that Stimulates Reduction in CO2 Emissions
(Petrobras, 12.Aug.2024) — The GIS CCUS Brasil platform gathers all public information on carbon capture and storage (CCUS) in Brazil on a single website. It is online and free and provides essential data to set up new projects, such as the amount of CO2 emitted, existing national infrastructure, and potential reservoirs […]
Inauguration of First Soccer Tournament in Ayacucho
(PERU LNG, 12.Aug.2024) — The Impacting Lives Social Program – Soccer inaugurated the first tournament with the support of PERU LNG. More than 320 students from 10 public schools in Vinchos and Huamanga participated, this event marks a milestone in children’s soccer in this area. Torneo Provincial de Fútbol Impactando Vidas con […]
Shell Invests in Phase 2 of Surat Gas Project in Australia
(Shell, 12.Aug.2024) — Arrow Energy, an incorporated joint venture between Shell (50%) and PetroChina (50%), has announced plans to develop Phase 2 of Arrow Energy’s Surat Gas Project in Queensland, Australia. The gas from the project will flow to the Shell-operated QCLNG liquefied natural gas (LNG) facility on Curtis Island, […]
First Oil from the Anchor field in Gulf of Mexico
(TotalEnergies, 12.Aug.2024) — TotalEnergies announces the start of production from the Anchor field, located in the US Gulf of Mexico, in which the company has a 37.14% interest alongside operator Chevron (62.86%). Located 225 km off the Louisiana coast, Anchor, which development was launched in Dec. 2019, consists of a […]
Borr Announces Certain 2Q:24 Preliminary Results
(Borr, 9.Aug.2024) — Borr Drilling Limited announced certain preliminary unaudited results for the quarter ended 30 June 2024. The company expects for the three months ended 30 June 2024: (i) total operating revenues of approximately $272mn, an increase of $38mn or 16% compared to the first quarter of 2024, (ii) operating income of approximately $104mn, an […]
New Fortress Reports on 2Q:24 Results, Fast LNG
(New Fortress, 9.Aug.2024) — New Fortress Energy Inc. reported its financial results for the second quarter of 2024. Summary Highlights — Adjusted EBITDA(1) of $120mn in the second quarter of 2024 — Second quarter results do not include $107mn of contracted LNG sales during the quarter, which will be included in Adjusted EBITDA and earnings […]
GoGold Releases 3Q:24 Results
(GoGold, 8.Aug.2024) — GoGold Resources Inc. announced the financial results for the quarter ending 30 June 2024. The Company generated revenue of $10.4mn (all amounts are in U.S. dollars) from the sale of 365,119 silver equivalent ounces. “During the quarter, we passed 10 years of continuous production at Parral. We constantly make efforts to optimize […]
Petrobras Reports Solid 2Q:24 Cash Generation
(Petrobras, 8.Aug.2024) — Petrobras had solid cash generation in the second quarter of 2024, reporting an Operating Cash Flow (OCF) of BRL47.2bn—higher than in the year’s first quarter. The OCF demonstrates the company’s capacity to generate resources from its regular operations, being a relevant index to assess a company’s performance. […]
Petrobras on Shareholder Remuneration
(Petrobras, 8.Aug.2024) — Petrobras informs that its Board of Directors approved, in a meeting held today, the payment of interim and intermediate dividends, as well as interest on equity (JCP), in the amount of R$13.57bn, equivalents to R$1.05320017 per outstanding common and preferred share. The proposed distribution is in line with […]
Petrobras Revises CAPEX for 2024
(Petrobras, 8.Aug.2024) — Petrobras, pursuant to CVM Resolution No. 44/21, informs that its total CAPEX projection for 2024 has been revised to a range of investments between $13.5bn and $14.5bn, considering mainly a new CAPEX for the E&P segment of $11.1bn to $12.1bn for this year. This level of investment does […]
Rice’s Baker Institute unveils Argentina Energy Sector Initiative
(Baker Institute, 8.Aug.2024) — Rice University’s Baker Institute for Public Policy announces a new initiative focused on the Argentine energy sector that will result in conferences, reports and workshops. Argentina possesses a wide range of energy resources, including the Vaca Muerta shale formation which contains the world’s second largest unconventional […]
Huasun to Showcase Solar Products at Intersolar South America, Mexico
(Huasun, 7.Aug.2024) — Huasun Energy, a manufacturer in n-type silicon-based heterojunction (HJT) solar technology, is set to return to Latin America with a notable presence at both Intersolar South America from 27-29 August 2024 and Intersolar Mexico from 3-5 Sep. 2024. The company will present the latest developments in its technology and product range of […]
Rockefeller Foundation Green Power Gap
(Rockefeller, 7.Aug.2024) — The Rockefeller Foundation released a new report that calculates an 8,700 terawatt-hour (TWh) “Green Power Gap” across 72 countries in Africa, Asia, Latin America and the Caribbean, and the Middle East. Currently home to 3.8 billion people, these countries must deploy 8,700 TWh of clean power by 2050 – approximately twice the United States’ annual generation – […]
Ecopetrol on Partial Redemption of $250mn Notes due 2026
(Ecopetrol, 7.Aug.2024) — Ecopetrol S.A. announces that, as part of its comprehensive debt management strategy, it will redeem U.S.$250mn of its 5.375% Notes due 2026 (the “Notes”) (CUSIP: 279158 AL3 / ISIN: US279158AL39). The outstanding balance of the Notes is U.S.$1.5bn as of the date hereof. The redemption date of the bonds […]
Sempra Reports 2Q:24 Earnings
(Sempra, 6.Aug.2024) — Sempra today reported second-quarter 2024 earnings, prepared in accordance with generally accepted accounting principles (GAAP), of $713mn, or $1.12 per diluted share, compared to second-quarter 2023 GAAP earnings of $603mn, or $0.95 per diluted share. On an adjusted basis, the company’s second-quarter 2024 earnings were $567mn, or $0.89per diluted share, compared to $594mn, or $0.94 per diluted share in […]
Bristow Reports 2Q:24 Results, Raises Outlook
(Bristow, 6.Aug.2024) — Bristow Group Inc. reported net income attributable to the company of $28.2mn, or $0.96 per diluted share, for its quarter ended 30 June 2024 (the “Current Quarter”) on operating revenues of $352.5mn compared to net income attributable to the company of $6.6mn, or $0.23 per diluted share, for the quarter ended 31 March 2024 (the “Preceding […]
Luca Mining Engages Mining Contractor for Campo Morado
(Luca Mining, 6.Aug.2024) — Luca Mining Corp. has engaged Cominvi, S.A. de C.V. to carry out core mining operations at the Company’s 100% owned Campo Morado copper-zinc-gold mine located in the state of Guerrero in southwestern Mexico. Cominvi is one of the largest and most respected mining contractors in Latin America with a particular expertise in […]
Edenor Appoints Daniel Marx as Chairman, CEO
(Edenor, 6.Aug.2024) — Empresa Distribuidora y Comercializadora Norte S.A. (Edenor), the largest electricity distribution company in Argentina, announces to the investor community that the Board of Directors of the company at its meeting held today accepted the resignation of Mr. Neil Bleasdale (for personal matters) as Chairman of the Board of Directors and CEO […]
Diamond Offshore Reports 2Q:24 Results
(Diamond Offshore, 6.Aug.2024) — Diamond Offshore Drilling, Inc. reported the following results for the second quarter of 2024: Bernie Wolford, Jr., President and Chief Executive Officer of Diamond Offshore, stated, “We are pleased with our second quarter results, achieving adjusted EBITDA of $58mn, which is in line with our guided range. […]
Petrobras, Findes, and Govt of Espírito Santo Ink Protocol for CCS
(Petrobras, 6.Aug.2024) — Petrobras signed a protocol of intentions with the State Government and Federação das Indústrias do Espírito Santo (Findes) to study CCUS and low-carbon hydrogen projects. One of the goals is to assess the feasibility of implementing a CCUS HUB and facilities to produce low-carbon hydrogen for decarbonizing the […]
TotalEnergies Divests Shares in Total Parco in Pakistan
(TotalEnergies, 6.Aug.2024) — TotalEnergies signed an agreement to sell its 50% stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group. The transaction reflects the selective strategy of TotalEnergies in Marketing & Services focused on core geographies with growth and transitioning opportunities. TPPL is a 50/50 joint venture between TotalEnergies […]
Kosmos’ 2Q:24 Update on Projects from Mauritania to Senegal
(Kosmos, 5.Aug.2024) — Kosmos Energy Ltd. announced its financial and operating results for the second quarter of 2024. For the quarter, the company generated a net income of $60mn, or $0.12 per diluted share. When adjusted for certain items that impact the comparability of results, the company generated an adjusted net income(1) of $80mn, or $0.17 per […]
Cheniere and Galp Ink Long-Term LNG SPA
(Cheniere, 5.Aug.2024) — Cheniere Energy, Inc. announced that its subsidiary Cheniere Marketing, LLC, entered into a long-term liquefied natural gas (LNG) sale and purchase agreement (SPA) with Galp Trading S.A., a subsidiary of Galp Energia, SGPS, S.A. Under the SPA, Galp has agreed to purchase approximately 0.5 million tonnes per […]
ENAP On Offer Related to its Notes due 2031
(ENAP, 5.Aug.2024) — Empresa Nacional del Petróleo, a state-owned enterprise organized under the laws of the Republic of Chile announced today the pricing and final results of its previously announced offer to purchase for cash its 3.450% Notes due 2031 (the “Maximum Tender Offer Notes”) upon the terms of, and subject […]
Golar and bp Enter Commercial Reset Arrangements for FLNG Gimi
(Golar LNG, 5.Aug.2024) — 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 (“Pre-COD”) contractual cash […]
Petrobras Confirms Gas Find Offshore Colombia at Uchuva-2
(Petrobras, 5.Aug.2024) — Petrobras, following up on the release disclosed on 29 July 2022, 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 information for the development of a new […]
Allison Forms Strategic Partnership to Expand Global Mining Presence
(Allison, 18.Jul.2024) — Allison Transmission has formed a new strategic partnership with Lingong Heavy Machinery Co. Ltd. (LGMG), a prominent Chinese mining equipment manufacturer, to provide industry-leading mining vehicles to customers across the globe. As a next step in the companies’ long-term partnership, LGMG has integrated Allison 6625 Wide Body Dump […]
AES Reports Record Sales with Data Center Hyperscalers
(AES, 1.Aug.2024) — The AES Corporation reported financial results for the quarter ended June 30, 2024. “AES had another strong quarter, extending our leadership in supplying renewable energy solutions to data centers, and we are on track to meet all of our strategic and financial objectives,” said Andrés Gluski, AES President and […]
Ryerson Acquires Production Metals
(Ryerson, 2.Aug.2024) — Ryerson Holding Corporation announced its acquisition of Production Metals, LLC. Based in Monroe, Connecticut, Production Metals serves New England and the surrounding area with bar, tube, sheet, and plate products along with precision sawing, lasering, and water jet cutting. “On behalf of all Ryerson Stakeholders, we could not be […]
SLB OneSubsea Inks Deal with Petrobras Offshore Brazil
(SLB, 2.Aug.2024) — SLB announced a major contract award by Petrobras, following a competitive tender, to its OneSubsea™ joint venture 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. As part of the […]
Exxon Reports 2Q:24 Results
(Exxon, 2.Aug.2024) — Exxon Mobil Corporation announced second-quarter 2024 earnings of $9.2bn, or $2.14 per share assuming dilution. Cash flow from operating activities was $10.6bn and cash flow from operations excluding working capital movements was $15.2bn. Shareholder distributions of $9.5bn included $4.3bn of dividends and $5.2bn of share repurchases, consistent with […]
Universal Logistics Holdings Unveils EVs
(Universal Logistics, 2.Aug.2024) — Universal Logistics Holdings, Inc. announces the integration of the 2025 Peterbilt 579EV into its fleet as a part of our ongoing sustainability initiatives. Universal Intermodal Services, Inc., a subsidiary of Universal Logistics Holdings, Inc., is poised to use these electric vehicles to reduce its carbon footprint throughout Southern […]