I bytes Energy

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I-Bytes
Energy
May Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Rewards and Recognition Updates..................................................................................................................32
3. Customer Success Updates................................................................................................................................34
4. Partnership Ecosystem Updates.......................................................................................................................35

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Financial, M & A
Updates Energy Industry

Financial, M&A Updates
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Occidental (USA) Announces 1st Quarter 2020 Results
Highlights
• Net loss attributable to common stockholders for the first quarter of 2020 of $2.2 billion, or $2.49 per diluted
share
• adjusted loss attributable to common stockholders of $467 million, or $0.52 per diluted share.
• First quarter pre-tax items affecting comparability included approximately $1.4 billion of goodwill
impairment charges and equity investment losses mainly related to an equity investment in Western Midstream
Partners, LP, $670 million mark-to-market loss on interest rate swaps, $580 million of impairment
• Domestic and international oil and gas properties and $150 million of Anadarko acquisition-related
transaction costs, partially offset by $1.0 billion of mark-to-market gains on crude oil hedges.
• Oil and gas pre-tax income for the first quarter was $179 million, compared to $921 million for the fourth
quarter of 2019.
• The first quarter results included approximately $1.0 billion of mark-to-market gains on crude oil hedges,
partially offset by $580 million of impairment and related charges mainly related to prove and unproved
properties in the U.S. and in Oman.
• Total average daily production volume of 1,416 thousand of barrels of oil equivalent per day for the first
quarter
• Chemical pre-tax income for the first quarter of $186 million exceeded guidance by $36 million. Compared to
prior quarter income of $119 million,
Executive Commentary
“As the world battles this pandemic, we are focused on preserving the health and safety of our employees
and contractors while taking aggressive action to ensure our long-term financial stability. We have identified
an additional $1.2 billion in operating and corporate cost savings and reduced our full-year capital budget to
between $2.4 billion to $2.6 billion, while protecting the integrity of our assets,” said President and Chief
Executive Office. Our leadership as a low-cost operator, track record of operational excellence and portfolio
of world-class assets are competitive advantages that position us for success when market conditions
eventually improve.”
1
Key Financial Highlights

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Marathon Petroleum Corp. (USA) Reports First-Quarter 2020 Results
Highlights
• Net loss of $9.2 billion, or $(14.25) per diluted share, for the first quarter of 2020,
compared to a loss of $7 million, or $(0.01) per diluted share, for the first quarter of 2019.
• First-quarter 2020 results include pre-tax charges of $12.4 billion primarily related to
non-cash impairments.
• Adjusted net loss was $106 million, or $(0.16) per diluted share, for the first quarter of
2020, compared to an adjusted net loss of $59 million, or $(0.09) per diluted share, for the
first quarter of 2019.
• Cash used in operations of $768 million; cash provided by operations of $1.3 billion,
excluding working capital changes
• Consolidated capital spending reductions of $1.4 billion, or approximately 30%, which
takes expected spending levels down to $3.0 billion for 2020. The reductions are planned
across all segments of the business, including: $250 million in refining; $770 million in
midstream
• Enhanced liquidity by $3.5 billion through senior notes issuance and additional revolver
"Recent global events, including the COVID-19 pandemic and oil price tensions, have
been disruptive to the personal and professional lives of many and significantly
impacted demand for the transportation fuels we manufacture, said President and Chief
Executive Officer. In addressing these challenges, first and foremost, we are focused on
the health and safety of our employees, our customers, and the communities where we
operate. We are grateful for everyone working on the front lines of this pandemic and are
proud to do our part by contributing supplies to those affected by this crisis. These are
unprecedented times, leading us to make prudent tactical changes for 2020. We believe
these proactive steps will help maintain our financial strength, support our
investment-grade credit rating, and enhance the through-cycle resiliency of our
business."
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Apache Corporation (USA) Announces First-Quarter 2020 Financial
and Operational Results
• Apache reported a loss of $4.5 billion or $11.86 per diluted common share during the
first-quarter 2020. Apache reported a first-quarter loss of $51 million, or $0.13 per share.
• Net cash provided by operating activities in the first quarter was $502 million, and adjusted
EBITDAX was $764 million.
• First-quarter reported production was 468,000 BOE per day; adjusted production, which
excludes Egypt noncontrolling interest and tax barrels, was 423,000 BOE per day.
• During the first quarter, Apache operated an average of 21 rigs and drilled and completed
44 gross-operated wells worldwide.
• Apache has a strong liquidity position, supported by a $4.0 billion revolving credit facility
that matures in March of 2024. The facility has commitments from 18 banks, 17 of which are
rated A or better, is not subject to borrowing base redeterminations, has no covenants that are
triggered by credit ratings, and includes a $2 billion committed sublimit for letters of credit.
• Apache posted letters of credit under the LC sublimit aggregating approximately $800
million related to asset retirement obligations in the U.K. North Sea. These postings utilize
a portion of that facility.
“The global economy and the energy industry have been deeply impacted by the
COVID-19 pandemic. As we navigate this crisis, Apache’s priorities are protecting the
health and safety of our employees and the communities in which we operate and
preserving the inherent value and optionality of our diverse asset base for the long-term,
said Apache’s chief executive officer and president. We have taken several decisive
actions to preserve Apache’s financial and operational strength during this difficult time,
including reducing our planned 2020 capital program, reducing our dividend, initiating
a hedge position to protect from further near-term downside oil price exposure and
increasing the cost-saving measures of the organizational redesign that we began last
year. We also conducted a thorough economic and operational evaluation of all
producing wells across the company to inform the methodical and targeted approach we
are taking to production curtailments and shut-ins in this price environment. I am
confident these comprehensive steps will enable us to minimize the cash flow impacts
of this distressed and volatile price environment.
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BP (UK) First quarter 2020 results
First quarter 2020 results
• Underlying replacement cost profit for the first quarter was $0.8 billion, compared with $2.4 billion for the same period a year earlier.
• Replacement cost loss for the first quarter was $0.6 billion, compared with a profit of $2.1 billion for the same period a year earlier, including a $1.4 billion net
adverse impact of non-operating items and fair value accounting effects.
• Inventory holding losses of $3.7 billion, as a result of the dramatic drop in oil prices at the quarter end, were the main driver of the reported historical cost loss
of $4.4 billion.
• Operating cash flow for the first quarter, excluding Gulf of Mexico oil spill payments, was $1.2 billion, including a $3.7 billion working capital build driven
by higher Downstream product balances and trading mark-to-market receivable balances at the end of the quarter.
• Receipts from divestments and other proceeds were $0.7 billion in the first quarter.
• Net debt at the end of the quarter was $51.4 billion, $6.0 billion higher than a quarter earlier. Also reflecting lower equity including FX impacts, gearing at
quarter end was 36.2%.
• At the end of the quarter BP had around $32 billion of liquidity available.
• A dividend of 10.5 cents per share was announced for the quarter.
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Chaparral Energy (USA) Announces First Quarter 2020 Financial and
Operational Results
Highlights
• Chaparral reported net income of $4.9 million, or $0.11 per share, during the first quarter of 2020.
• The Company’s adjusted net income for the quarter was $10.8 million or $0.23 per diluted share. The quarterly net income
included a $71.4 million non-cash ceiling test impairment charge primarily due to a decrease in the prices used to estimate its
reserves as well as a $69.2 million non-cash gain in the fair value of hedge derivative instruments.
• Chaparral’s adjusted EBITDA for the first quarter was $40.7 million, a decrease of 13% compared to the previous quarter.
• Total gross commodity sales for the first quarter of 2020 were $55.4 million, which included $37.0 million from oil, $9.7
million from NGLs and $8.7 million from natural gas.
• Chaparral’s average realized price for crude oil, excluding derivative settlements, decreased to $44.08 per barrel in the first
quarter of 2020, down 21% from the fourth quarter of 2019.
• Chaparral’s realized NGL price during the first quarter of 2020 was $11.03 per barrel, which represents a 29%
quarter-over-quarter decrease.
• The Company’s realized natural gas price during the first quarter of 2020 was $1.34 per thousand cubic feet (Mcf), which
represents a decrease of 19% compared to the fourth quarter of 2019.
• Chaparral’s LOE for the first quarter of 2020 was $10.1 million, which was $1.5 million lower compared to the fourth quarter
of 2019.
• During the first quarter of 2020, Chaparral’s net G&A expense was $8.1 million, or $2.89 per Boe, which was a decrease of
25% compared to the $10.8 million in fourth quarter of 2019
• As part of a continual effort to better align Chaparral’s G&A and overhead expenses with current industry conditions, the
Company has further reduced its corporate and field workforce since the beginning of the year by a total of 18 employees, or
approximately 15%.
“The global COVID-19 pandemic and the separate actions taken earlier in the year by Saudi Arabia and Russia have
created an unprecedented environment causing significant uncertainty across the oil sector, said Chief Executive Officer.
During these turbulent conditions, we continue to execute operationally at a very high level and we have managed
through the pricing and logistical challenges that we have faced in this current environment.This can be seen in our strong
first quarter results where we performed well on the factors within our control. Production increased and was above the
high end of guidance due to strong well results and operational performance.In addition, we continue to capture savings
in both LOE and G&A which were lower as compared to the fourth quarter, all while putting the health and safety of our
workers and contractors first. The solid operational performance, coupled with our hedge position, resulted in strong first
quarter Adjusted EBITDA generation of nearly $41 million. Despite these successes, the near-term environment is,
obviously, extraordinarily challenging.”
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Cheniere (USA) Reports First Quarter 2020 Results and Reconfirms Full
Year 2020 Guidance
Highlights
• Net income1 of $375 million, or $1.48 per share—basic and $1.43 per share—diluted for the
three months ended March 31, 2020, compared to $141 million, or $0.55 per share—basic and
$0.54 per share—diluted, for the comparable 2019 period.
• Net income increased during the three months ended March 31, 2020 as compared to the
comparable 2019 period primarily due to increased total margins3, partially offset by (i)
increased operating costs and expenses primarily as a result of additional Trains in operation, (ii)
increased net loss related to interest rate derivatives, (iii) increased interest expense, and (iv)
increased income tax expense.
• Consolidated Adjusted EBITDA was $1.04 billion for the three months ended March 31, 2020,
compared to $0.65 billion for the comparable 2019 period.
• During the three months ended March 31, 2020, 128 LNG cargoes were exported from our
liquefaction projects, none of which were commissioning cargoes. Eight cargoes exported from
our liquefaction projects and sold on a delivered basis were in transit as of March 31, 2020.
• In March 2020, Sabine Pass Liquefaction, LLC entered into a $1.2 billion Working Capital
Revolving Credit and Letter of Credit Reimbursement Agreement, which refinanced its previous
working capital facility, reduced the interest rate, and extended the maturity date to March 2025.
• Distributable Cash Flow2 of approximately $250 million.
“The first quarter of 2020 was defined by unprecedented circumstances, and our focus at
Cheniere has been to protect the health and safety of our workforce, ensure continuity of
construction and operations to deliver on our obligations to our customers, and to support the
communities where we live and work with assistance needed to provide critical services,
said Cheniere’s President and Chief Executive Officer. I am immensely proud of the
Cheniere team for their united response to these challenges. Those efforts contributed to our
ability to deliver strong financial results for the first quarter. We have built a strong and
resilient business, one capable of withstanding volatility in both energy and financial
markets, and that enables us today to reconfirm our full year 2020 guidance of Consolidated
Adjusted EBITDA of $3.8 to $4.1 billion, and Distributable Cash Flow of $1.0 to $1.3
billion.”
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Chevron (USA) Announces First Quarter 2020 Results
Highlights
• Sales and other operating revenues in first quarter 2020 were $30 billion,
compared to $34 billion in the year-ago period.
• First quarter earnings of $3.6 billion
• Foreign currency effects increased earnings in the first quarter 2020 by $514
million.
• Cash flow from operations of $4.7 billion
• Taking actions to protect the dividend, sustain long-term value and preserve
cash
• Further reducing 2020 capital expenditure guidance to as low as $14 billion
• Completed asset sales in the Philippines and Azerbaijan
“First quarter earnings were up from a year ago, said Chevron’s chairman
of the board and chief executive officer, “driven by downstream margins
and increased Permian production. However, commodity prices fell
significantly in March and the weakness continued into the second quarter,
primarily due to reduced demand resulting from the COVID-19
pandemic.” Financial results in future periods are expected to be depressed
as long as current market conditions persist. Chevron is responding to
these unprecedented challenges by making changes to what we control,
and with a commitment to protect the long-term health and value of the
company. Our company entered this crisis well positioned with a strong
balance sheet, flexiblecapital program and low breakeven price. These
advantages will be important as we respond tochallenging market
conditions.”
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Cimarex (USA) Reports First Quarter 2020 Results
Highlights
• Net loss of $774.3 million, or $7.77 per share, compared to net income of $26.3 million, or $0.26 per share, in the same period
a year ago.
• First quarter adjusted net income (non-GAAP) was $59.7 million, or $0.58 per share, compared to first quarter 2019 adjusted
net income (non-GAAP) of $117.3 million, or $1.20 per share.
• Net cash provided by operating activities was $308.8 million in the first quarter of 2020 compared to $250. million in the same
period a year ago.
• Adjusted cash flow from operations (non-GAAP) was $306.4 million in the first quarter of 2020 compared to $351.1 million
in the first quarter a year ago.
• Oil production averaged 89.8 thousand barrels per day, up 13 percent from the same period a year ago and down two percent
sequentially.
• Total company production volumes for the quarter averaged 276.6 thousand barrels of oil equivalent per day.
• Realized product prices were down in the first quarter compared to the same quarter a year ago. Realized oil prices averaged
$44.18 per barrel, down 10 percent from the $48.87 per barrel received in the first quarter of 2019.
• Realized natural gas prices averaged $0.55 per thousand cubic feet, down 71 percent from the first quarter 2019 average of
$1.91 per Mcf.
• NGL prices averaged $9.84 per barrel, down 40 percent from the $16.44 per barrel received in the first quarter of 2019.
• Natural gas prices were negatively impacted by local price differentials. Cimarex's average differential to Henry Hub on its
Permian natural gas production was $1.85 per Mcf in the first quarter of 2020 compared to $1.91 per Mcf in the first quarter of
2019 and $1.67 in the fourth quarter of 2019.
• Cimarex invested a total of $274 million during the first quarter, of which $214 million was attributable to drilling and
completion activities, $18 million to saltwater disposal assets, and $9 million to midstream assets.
Cimarex Chairman and CEO, said, "Investors expect us to be good stewards of capital. As stated in our April 15th press
release, Cimarex's current outlook for capital investment in 2020 is down 55-60% from original plans and expected to be
$500 - 600 million. The low end of our investment range assumes deferring well completions for the remainder of the year
and limited drilling activity. Under this scenario, we estimate Cimarex will have 47 net wells in progress as we enter 2021.
Should conditions warrant, we are prepared to complete additional wells in 2020. Our top priorities continue to be the
health and safety of our employees, commitment to our balance sheet, and returning capital to shareholders through our
dividend. At current prices, with the benefit of our hedge position, Cimarex will generate free cash in 2020. Our
immediate actions were and will continue to be focused on the things we can control to protect our company during these
unprecedented times. In addition to deferring completions and the slowdown in drilling activity, and with final
nominations in, we have curtailed approximately 20 percent of our May oil production. Curtailments will continue
should commodity prices remain depressed."
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Concho Resources (USA) Inc. Reports First-Quarter 2020 Results;
Updates 2020 Outlook
First-Quarter 2020 Highlights
• Delivered oil production volumes of 209 MBopd, exceeding the high end of the Company’s guidance range.
• Generated cash flow from operating activities of $836 million. Operating cash flow before working capital changes
(non-GAAP) was $744 million, exceeding capital expenditures of $556 million and resulting in $188 million of free
cash flow.
• Included in the Company’s first-quarter 2020 results are $12.6 billion in impairment charges related to the substantial
weakness in commodity prices. As such, the Company reported a net loss of $9.3 billion, or $47.49 per share.
• Adjusted net income (non-GAAP) totaled $142 million, or $0.72 per share.
• Generated $784 million of adjusted EBITDAX (non-GAAP).
• Returned capital to shareholders through the Company’s common dividend of $0.20 per share, up 60% year over year,
and $100 million of share repurchases.
2020 Outlook Update
• Further reducing planned capital expenditures to $1.6 billion, representing a 40% decrease from the Company’s initial
capital spending expectations for the year.
• Targeting $100 million in operating and G&A cost reductions.
• The Company expects production to remain relatively consistent with 2019 divestiture-adjusted production volumes.
The Company’s production outlook includes current voluntary curtailments, but does not include any potential future
curtailments.
• See “Supplemental Non-GAAP Financial Measures” below for descriptions of the above non-GAAP measures as well
as a reconciliation of these measures to the associated GAAP measures.
Chairman and Chief Executive Officer, commented, “This is an extremely challenging environment, but our first
priority is the safety and well-being of our employees, business partners and communities. Due to the hard work
and dedication of our team, we delivered strong operational and financial results for the first quarter. The operating
environment has changed considerably since our last update, and we expect a sustained period of low commodity
prices. We are managing through the volatility and uncertainty from a position of strength, which we are focused
on maintaining by aligning our operations with current market realities. We are further reducing capital spending
in 2020 and targeting $100 million in operating cost reductions. We expect these actions will improve our capital
efficiency and better position Concho to deliver value over the long term.”
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ConocoPhillips (USA) Reports First-Quarter 2020 Results
First-Quarter Highlights
• Cash provided by operating activities was $2.1 billion. Excluding working capital, cash from operations was $1.6 billion.
• Ended the quarter with cash, cash equivalents and restricted cash totaling $4.2 billion and short-term investments of $3.9 billion, equaling more than $8.0 billion in ending cash
and short-term investments.
• Ended the quarter with approximately $14 billion of liquidity, including $6 billion of available revolving credit facility.
• Repurchased $0.7 billion of shares and paid $0.5 billion in dividends.
• Achieved first-quarter production, excluding Libya, of 1,278 MBOED.
• Produced 399 MBOED from the Lower 48 Big 3 unconventional.
• Started up first Montney pad and infrastructure.
• Generated $0.5 billion in disposition proceeds from Lower 48 non-core asset sales.
• The company also generated $0.5 billion in disposition proceeds from the sale of the Lower 48 Niobrara and Waddell assets.
• In addition, the company funded $1.6 billion of capital expenditures and investments, repurchased $0.7 billion of shares, and paid $0.5 billion in dividends.
• Capital expenditures and investments included approximately $0.1 billion for payments toward the 2019 Argentina acreage acquisition, as well as bolt-on acquisitions in Lower
48. The company also purchased $0.9 billion of short-term and long-term financial instruments.
10

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Continental Resources (USA) Announces First Quarter 2020 Results
Highlights
• Net loss of $185.7 million, or $0.51 per diluted share, for the quarter ended March 31, 2020.
• In first quarter 2020, typically excluded items in aggregate represented $158.1 million, or $0.43 per
diluted share, of Continental's reported net loss.
• Adjusted net loss for first quarter 2020 was $27.6 million, or $0.08 per diluted share (non-GAAP).
• Net cash provided by operating activities for first quarter 2020 was $663.8 million and EBITDAX
was $594.2 million (non-GAAP).
• Adjusted net loss, adjusted net loss per share, EBITDAX, net debt, net sales prices and cash general
and administrative expenses per barrel of oil equivalent presented herein are non-GAAP financial
measures.
• The Company is currently tracking 3% to 5% below its previously revised $1.2 billion Capex
budget.
• The Company also expects to reduce 2020 G&A by approximately $55 million through its ongoing
cost savings evaluation.
• The Company has 70% of operated oil production voluntarily curtailed in May, or 60% of total
operated production on a Boe basis.
• $3.61 Production Expense per Boe and $1.31 Total G&A per Boe in 1Q20
"This has been an unprecedented global market environment, which has seen crude oil demand
fall by approximately 30% due to the COVID-19 pandemic. Continental is committed to
preserving value over volumes. Our assets are secure and we are confident that this deferred
production will bring more value to our shareholders in the months to come, said Chief Executive
Officer. Our first quarter results underscore the capital efficient and low-cost nature of our assets.
Continental is financially strong with ample liquidity and no imminent debt maturities. We
remain keenly focused on preserving both our assets and shareholder value for better commodity
prices in the future. I want to thank our teams for their safe, efficient and best-in-class operations
during this time. We look towards a bright future for both Continental and the U.S. oil and natural
gas industry."
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Diamondback Energy, Inc. (USA) Announces First Quarter 2020
Financial
First Quarter 2020 Highlights
• Q1 2020 average production of 201.4 MBO/d, with average oil production up
3% over Q4 2019 and up 12% over Q1 2019
• Q1 2020 net loss of $272 million; adjusted net income of $230 million, or $1.45
per diluted share
• Q1 2020 Consolidated Adjusted EBITDA of $713 million; adjusted EBITDA
net of non-controlling interest of $670 million
• Q1 2020 capital expenditures of $790 million; turned 80 gross operated
horizontal wells to production
• Declared Q1 2020 cash dividend of $0.375 per share payable on May 21, 2020;
implies a 3.7% annualized yield based on the May 1, 2020 share closing price of
$40.28
• Standalone liquidity of $1.9 billion as of March 31, 2020
• Q1 2020 cash operating costs of $8.52 per BOE; including cash general and
administrative expenses of $0.51 per BOE
“First of all, and most importantly, our thoughts and prayers go out to all of
those affected by the COVID-19 pandemic. The challenges presented so far
in 2020 are unprecedented, but we have taken quick and decisive action to
preserve our strength through this cycle, stated Chief Executive Officer of
Diamondback. When commodity prices fell in March, Diamondback
responded by ceasing all completion activity and immediately restructured
our hedge book to maximize downside protection through 2020 and a portion
of 2021. We then worked to reduce our forward capital budget and cost
structure while high-grading our operating plan to acreage with the highest
returns where we own mineral and royalty interests and have little required
midstream or infrastructure spend. By the end of the second quarter, our rig
count will be cut in half from the beginning of the year, and we will have a
high-quality DUC backlog for our future return to completion activity.”
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Enbridge (Canada) Reports Strong First Quarter 2020 Results
First Quarter 2020 Highlights
• First quarter GAAP loss of $1,429 million or $0.71 loss per common share, compared to GAAP earnings of
$1,891 million or $0.94 per common share in 2019
• Adjusted earnings were $1,668 million or $0.83 per common share for the first quarter of 2020, compared with
$1,640 million or $0.81 per common share in 2019
• Adjusted earnings before interest, income tax and depreciation and amortization (EBITDA) was $3,763 million,
compared with $3,769 million in 2019
• Cash Provided by Operating Activities was $2,809 million, compared with $2,176 million in 2019
• Distributable Cash Flow was $2,706 million, compared with $2,758 million in 2019
• Reaffirmed financial guidance range for 2020 Distributable Cash Flow per Share of $4.50 to $4.80/share
• Issued $4 billion of term debt at attractive rates, and added $3 billion of new committed credit facilities,
increasing available liquidity to $14 billion
• Texas Eastern Transmission, LP received approval from the Federal Energy Regulatory Commission of its
uncontested rate case settlement with customers
• Reducing operating costs by $300M, including reductions to senior management and Board of Directors'
compensation to further bolster our business resiliency
• Deferral of approximately $1 billion of planned 2020 secured growth capital spending to reflect refined
execution schedules in light of COVID-19
• Announced $0.3 billion of additional asset divestitures, including the Montana Alberta Tie Line power
transmission business and the Ozark gas pipeline assets
President and Chief Executive Officer, “Our responsibility to deliver energy safely and reliably is even more
critical in these challenging times. Our pipeline networks assure energy security for North America and the
vital fuel supplies that keep our economy and supply chains moving and support the production of
equipment and delivery of services needed to fight COVID-19. Our teams responded to this unprecedented
challenge, quickly and effectively. In January we initiated comprehensive business continuity measures to
protect the health of our employees, contractors and the communities we operate in. Our people have once
again shown their professionalism and dedication to their work in keeping our critical functions operating
safely and reliably in this difficult time. While the full economic impact of COVID-19 and pace of global
recovery is still uncertain, we're confident that Enbridge will persevere through the difficult conditions
being faced by all of us.”
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EOG (USA) Resources Reports First Quarter 2020 Results
Highlights
• Net income of $10 million, or $0.02 per share, compared with first quarter 2019 net income of
$635 million, or $1.10 per share.
• Adjusted non-GAAP net income for the first quarter 2020 was $318 million, or $0.55 per share,
compared with adjusted non-GAAP net income of $689 million, or $1.19 per share, for the same
prior year period.
• Cash operating expenses declined by eight percent on a per-unit basis during the first quarter
2020 compared with the same prior year period. Lower per-unit lease and well and general and
administrative costs contributed to the overall cost reduction.
• Net cash provided by operating activities for the first quarter 2020 was $2.6 billion. EOG
generated $1.7 billion of discretionary cash flow in the first quarter 2020.
• The company incurred total expenditures of $1.8 billion, including $1.7 billion of capital
expenditures before acquisitions, non‐cash transactions and asset retirement costs.
• Exploration and development expenditures for 2020 are now expected to range from $3.3
billion to $3.7 billion, including facilities and gathering, processing and other expenditures, and
excluding acquisitions, non‐cash transactions and asset retirement costs.
"EOG is a resilient company. During the first quarter the company adjusted operations
quickly to manage extreme commodity price volatility and the challenges from the
COVID-19 pandemic, said Chairman and Chief Executive Officer. These unprecedented
market conditions have super-charged our unique culture to vigorously lower costs and
generate innovative productivity gains that will make EOG a much better company as we
emerge from this downturn. Our years of continuous improvement, disciplined high-return
investments, free cash flow generation and focus on strengthening our balance sheet have
positioned the company for sustainable success through commodity price cycles."
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ExxonMobil (USA) reports results for first quarter 2020
Highlights
• Loss of $610 million, or $0.14 per share assuming dilution, compared with earnings
of $2.4 billion a year earlier.
• Results included a $2.9 billion charge from identified items, or $0.67 per share
assuming dilution, reflecting noncash inventory valuation impacts from lower
commodity prices and asset impairments.
• Cash flow from operating activities was $6.3 billion.
• Capital and exploration expenditures were $7.1 billion.
• In response to market conditions, ExxonMobil announced that it is reducing 2020
capital spending by 30 percent and cash operating expenses by 15 percent. Capex is
now expected to be approximately $23 billion for the year, down from the previously
announced guidance of $33 billion.
• During the first quarter of 2020, Exxon Mobil Corporation purchased 6 million
shares of its common stock for the treasury at a gross cost of $305 million.
“COVID-19 has significantly impacted near-term demand, resulting in
oversupplied markets and unprecedented pressure on commodity prices and
margins, said Chairman and chief executive officer. While we manage through
these challenging times, we are not losing sight of the long-term fundamentals
that drive our business. Economic activity will return, and populations and
standards of living will increase, which will in turn drive demand for our
products and a recovery of the industry.”
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Husky Energy (Canada) Reports First Quarter 2020 Results
First Quarter Summary
• Funds from operations were $25 million; reflecting the steep drop in crude oil and refined product
prices and the impact of unfavorable inventory valuation adjustments, including a FIFO loss of $397
million.
• Cash flow from operating activities was $355 million, including changes in non-cash working
capital.
• Net earnings were a loss of $1.7 billion; including impairments of $1.1 billion primarily related to
lower crude oil price assumptions, as well as an inventory realizable value write-down of $274
million primarily in the U.S. Refining, Lloydminster Heavy Oil Value Chain, Oil Sands and Atlantic
segments.
• Capital spending was $612 million, including $43 million in Superior Refinery rebuild capital;
primarily directed towards construction of two 10,000 barrel-per-day Spruce Lake thermal bitumen
projects in Saskatchewan
• At the end of the quarter, net debt was $4.6 billion and total liquidity was $4.7 billion, comprised of
$1.3 billion in cash and $3.4 billion in available credit facilities. Since the end of the first quarter,
Husky has increased its liquidity with the addition of a $500 million term loan.
• Overall upstream production in the Integrated Corridor business averaged 235,000 barrels of oil
equivalent per day. Since the end of Q1, more than 80,000 barrels per day of Integrated Corridor
production has been shut in.
“Severe pricing headwinds, amplified by geopolitical events, COVID-19 and the associated
collapse of global oil and refined product demand, impacted our first quarter results,” said CEO
of Husky. The Company’s structure also provides insulation from the impacts of oil price and
differential volatility. This includes the deep physical integration of its upstream, midstream and
downstream assets in the Integrated Corridor business, and long-term contracts in Asia. We have
acted quickly to cut our planned capital spending by half, safely shut in production and reduce
refinery throughput to avoid cash-negative margins, with a view that global oil and refined
product prices could remain under pressure for a while,” added Peabody. These capital reductions
and additional cost efficiencies are providing further resilience as we manage the business
through this unprecedented market cycle.”
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Noble Energy (USA) Announces First Quarter Results
First Quarter 2020 Results
• Net loss attributable to Noble Energy of $4.0 billion, or $8.27 per diluted share.
• Adjusted EBITDA was $715 million, and cash provided by operating activities was $482 million. Prior to working capital
changes, operating cash flow was $636 million for the quarter.
• First quarter capital expenditures funded by Noble Energy were $399 million, more than $75 million below the low end of
guidance due to lower U.S. Onshore well costs and the deferral of offshore spend.
• Organic capital expenditures attributable to Noble Energy included $332 million related to U.S. onshore activities, $34
million of which was line-fill for the EPIC Crude Oil Pipeline which recently commenced full service.
• Noble Energy also invested $31 million in the Eastern Mediterranean, primarily for Leviathan infrastructure, and $19 million
in West Africa for the Alen Gas Monetization project.
• Oil, gas and natural gas liquid revenues for the quarter benefited from strong production performance. Sales volumes for the
quarter averaged 390 thousand barrels of oil equivalent per day, with the U.S. onshore assets averaging 269 MBoe/d, West
Africa sales of 55 MBoe/d and Israel averaging 393 million cubic feet equivalent per day
• Marketing and other, including sales and costs of purchased oil and gas, netted to $23 million of expense for the quarter,
primarily reflecting mitigation of firm transportation costs.
• Depreciation, depletion and amortization was $13.87 per BOE and general and administrative expenses totaled $85 million
for the quarter, reflecting continued focus on reducing the Company's corporate cost structure.
• Losses from equity method investments totaled $24 million for the first quarter, primarily impacted by the acceleration of
turnaround maintenance expenditures into the first quarter at the AMPCO Methanol Plant in Equatorial Guinea, along with
weakness in global commodity pricing.
• The Company’s effective tax rate on adjusted earnings was approximately 20%. On this basis, current tax expense was $35
million, resulting from the income generated in West Africa and Israel.
“Our first quarter results highlight the Company’s ability to execute, evidenced by strong operational and financial
outcomes. However, the momentum we have built in our business has been overshadowed by the external events of early
2020. As we navigate through this uncertain time, our first priority is the health and safety of our employees, support staff,
and the communities we touch, stated Noble Energy’s Chairman and CEO. The current macroeconomic and commodity
environment require rapid and significant adjustments to industry activity levels. In response to the global COVID-19
pandemic and the oversupplied crude oil market, Noble Energy is prioritizing strong financial liquidity and resilience
over development at less than acceptable returns. Looking forward, our unique asset portfolio and financial strength
position the Company well for substantial value creation as we come through this current down-cycle to the other side.”
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Pembina Pipeline Corporation (Canada) Reports First Quarter Results
Financial & Operational Highlights
• First quarter earnings of $314 million are in line with the same period in the prior year. Earnings in the first quarter were positively impacted by higher gross profit in both Pipelines and Facilities
from additional assets following the acquisition of Kinder Morgan Canada and the U.S. portion of the Cochin Pipeline, combined with consistent performance from Pembina's other assets.
• Record first quarter adjusted EBITDA of $830 million represents a seven percent increase over the same period in the prior year.
• Cash flow from operating activities of $410 million for the first quarter was a decrease of 33 percent over the same period in the prior year. The decrease was primarily driven by an increase in
taxes paid as the final payment of 2019 taxes was made, the change in non-cash working capital and a decrease in distributions from equity accounted investees, partially offset by an increase in
operating results after adjusting for non-cash items.
• Adjusted cash flow from operating activities of $576 million in the first quarter was consistent with the same period in the prior year.
• Total volumes of 3,508 mboe/d for the first quarter represented a three percent increase over the same period in the prior year.
• Pipelines reported adjusted EBITDA for the first quarter of $550 million, which represents a 20 percent increase compared to the same period in the prior year.
• Pipelines volumes of 2,629 mboe/d in the first quarter represents a five percent increase compared to the same period in the prior year.
• Pipeline revenue, and consequently revenue volumes, in the first quarter of both 2020 and 2019 reflected the deferral of certain take-or-pay revenue under IFRS 15. In the first quarter of 2020, $14
million of revenue in excess of the amount recognized was deferred.
• Declared and paid dividends of $0.21 per common share in January, February and March 2020 for the applicable record dates.
• The capital budget is $200 million and the project has an expected in-service date in the fourth quarter 2020.
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PBF Energy (USA) Completes Sale of Five Operating Hydrogen Plants for $530
Million to Air Products
PBF Energy Inc. announced it has completed, and received the $530
million consideration for, the sale of five steam methane reformer
hydrogen production plants to Air Products. PBF Energy has entered
into long-term supply agreements with Air Products at the Martinez,
Torrance and Delaware City refineries. Air Products is known as a leader
in the supply of hydrogen to refineries in order to make cleaner burning
transportation fuels. Hydrogen is widely used in petroleum refining
processes to remove impurities found in crude oil such as Sulphur,
olefins and aromatics to meet product fuels specifications. Removing
these components allows gasoline and diesel to burn cleaner and thus
makes hydrogen a critical component in the production of cleaner fuels
needed by modern, efficient internal combustion engines.
"PBF Energy is pleased to have worked cooperatively with Air
Products, a global leader in the supply of hydrogen to refineries, to
complete this transaction and expand the long-term relationship
between our two companies”, said PBF's Chairman and Chief
Executive Officer.
Description
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Phillips 66 (USA) Reports First-Quarter 2020 Financial Results
Highlights
• Reported a first-quarter loss of $2.5 billion or $(5.66) per share; adjusted
earnings of $450 million or $1.02 per share
• Generated strong underlying results in Midstream and Marketing
businesses
• Received industry recognition for exemplary 2019 safety performance at
five refineries
• Secured $3 billion in additional liquidity through term loan and senior
notes
• Announced 2020 capital spending and operating cost reductions
• Returned $839 million to shareholders in the quarter; suspended share
repurchases in March
• Recently started full operations on the Gray Oak Pipeline
• Contributed $3 million to COVID-19 relief efforts
“Phillips 66 employees have stepped up to the unprecedented
challenges of the current environment to maintain safe operations,
ensure business continuity and execute our strategy, said Chairman and
CEO of Phillips 66. “Our top priorities are protecting the health and
safety of our employees, supporting their families and our communities,
and ensuring the financial and operating strength of the company. We
remain focused on providing the critical energy products and services
that are essential to the global economy.”
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Pioneer Natural Resources Company (USA) Reports First Quarter 2020
Financial Highlights
• Pioneer maintains a strong balance sheet, with unrestricted cash on hand at the end of the first
quarter of $784 million and net debt of $1.9 billion.
• The Company had $2.4 billion of liquidity as of March 31, 2020, comprised of $784 million of
unrestricted cash, $700 million available on its unsecured credit facility and a $905 million
364-day credit facility.
• During the first quarter, the Company’s drilling, completion and facilities capital expenditures
totalled $591 million.
• The Company’s total capital expenditures2, including water infrastructure, totaled $620
million.
• Cash flow from operating activities during the first quarter was $825 million, leading to free
cash flow1 of $100 million for the quarter.
• the Board of Directors authorized a $2 billion common stock repurchase program. During the
first quarter, the Company repurchased $110 million of common stock under this program.
• The Company has repurchased a total of 6.4 million shares for $859 million under this
authorization.
President and CEO said, "Through these challenging times, Pioneer's primary focus will
continue to be the health and safety of our employees and the communities within which we
operate. Despite the macroeconomic headwinds during the first quarter, the team executed at
a very high level, generating $100 million of free cash flow. Drilling and completions
efficiencies continued to improve, exceeding full-year 2020 targets in the first three months
of the year, resulting in well cost reductions and greater capital efficiency than expected.
This led to materially underspending our first quarter capital budget and underpins our
revised full-year program that maintains similar production to 2019 levels while achieving a
55% reduction3 to our original capital budget.”
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PKN ORLEN (Poland) has completed the acquisition of the ENERGA
Group
PKN ORLEN acquired 80 per cent. shares of the ENERGA Group, which
constitute approx. 85 percent the total number of votes at the company's general
meeting. This means that the group has formally become the owner of the Gdańsk
company. This is the largest transaction of this type on the Polish fuel and energy
market. The purchase process was completed in just 4 months. During this time,
PKN ORLEN met all conditions precedent necessary to carry out the acquisition
of the ENERGA Group, including reaching the 66% threshold. shares covered by
the call. Finally, their price was set at PLN 8.35 per share.PKN ORLEN
announced a tender offer for 100% shares of the ENERGA Group on December
5, 2019. Initially, it was to last until April 9 this year. Due to the situation caused
by the coronavirus epidemic, March 26 this year. the deadline for accepting
subscriptions for shares of the Pomeranian Group was extended to 22 April 2020.
The unconditional approval of the European Commission for the transaction was
received by the Group on March 31 this year.
“Our priority is now to successfully integrate both entities. We have before us
an intensive time to analyse projects implemented by the Gdańsk company
and to design activities in line with the strategy of both companies and their
corporate governance. The formal takeover of the ENERGA Group is an
important step on the way to building a strong, multi-energy group that will
strengthen the competitive and financial position of merged companies, the
country's energy security, and above all the Polish economy”, says President
of the Management Board of PKN ORLEN.
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Shell (Japan) invests in new Nigeria LNG processing unit
Shell Gas B.V., a subsidiary of Royal Dutch Shell plc, announced that all conditions for its
Final Investment Decision on a new LNG processing unit at Nigeria LNG have now been
met. These conditions included formal commitment from the organisations
providingfinancing for the project. Subsequent to the FID, NLNG has announced awards of
engineering, procurement and construction (EPC) contracts.Once operational, the new unit,
known as Train 7, will add around 8 million tonnes per annum of capacity to the Bonny
Island facility, taking the total to around 30 mtpa.Currently operating six processing units, or
trains, the decision to build a seventh will bolster NLNG’s contribution to the development
of the country through generating revenues for the Nigerian government and delivering key
natural gas products for domestic use.NLNG is a joint venture owned by the Nigerian
National Petroleum Corporation (NNPC – 49%), Shell (25.6%), Total (15%) and ENI
(10.4%). All shareholders have supported the EPC awards and construction schedules will
be finalised once the situation with COVID-19 has stabilised.
“While remaining mindful of prevailing macro-economic challenges, Shell continues to
see NLNG as a great resource that can deliver value to the people of Nigeria and
investors alike. This decision is consistent with our long-term strategy and our
disciplined approach to capital investment, said Shell’s Integrated Gas and New
Energies Director. Natural gas is a core component of our strategy to provide more and
cleaner energy solutions. With global LNG demand expected to double by 2040, the
expansion of the NLNG Bonny Island facility is crucial in helping Shell meet the
world’s growing energy needs.”
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Shell (Japan) sells U.S. Appalachia assets to National Fuel
Royal Dutch Shell plc, through its affiliate SWEPI LP, has reached an agreement with
publicly listed U.S. energy company National Fuel Gas Company, and its subsidiaries,
Seneca Resources Company, LLC, National Fuel Gas Midstream Company, LLC, and NFG
Midstream Covington, LLC, to sell its Appalachia shale gas position for $541 million,
subject to closing adjustments. The transaction has an effective date of January 1, 2020.The
consideration is intended to be paid in cash, but National Fuel has the option to provide up
to $150 million of NFG common stock as consideration. The transaction is part of divesting
non-core assets and in line with Shell’s Shales strategy which focusses on development of
higher margin, light tight oil assets.The transaction includes the transfer of ~450,000 net
leasehold acres across Pennsylvania, with approximately 350 producing Marcellus and
Utica wells in Tioga County and associated facilities. The current net production is ~250
million standard cubic feet per day. The transaction also includes the transfer of the Shell
owned and operated midstream infrastructure.
“Divesting our Appalachia position is consistent with our desire to focus our Shales
portfolio, saidUpstream Director at Shell. While we maximize cash in the current
environment, our drive for a competitive position in Shales continues. It is a core part of
our Upstream portfolio along with the Deep Water and Conventional oil and gas
businesses.”
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Shell (Japan) invests in Arrow Energy’s Surat Gas Project
Shell Australia has taken a final investment decision to develop the first
phase of Arrow Energy’s Surat Gas Project in Queensland,
Australia.This decision will bring up to 90 billion cubic feet per year of
new gas to market at peak production, which will flow to Shell-operated
QGC to be sold locally and exported through its plant on Curtis Island.
“The utilisation of QGC’s existing upstream pipelines and treatment
facilities enables Arrow to significantly reduce development costs,
making the project competitive and economically attractive,
saidIntegrated Gas and New Energies Director at Shell. The Arrow
joint venture partners’ decision not to build another two trains on
Curtis Island provided the opportunity to create this alternative
pathway to market for the resource. The approach we have taken to
this investment is aligned with Shell’s focus on actively managing all
operational and financial levers to deliver sustainable cash flow
generation. It reflects our disciplined approach to capital spend,
which takes a long-term view of the fundamentals of supply and
demand.”
Description
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Schlumberger (USA) Announces First-Quarter 2020 Results
Highlights
• Worldwide revenue of $7.5 billion decreased 9% sequentially and 5%
year-on-year
• International revenue of $5.1 billion decreased 10% sequentially, but
increased 2% year-on-year
• North America revenue of $2.3 billion decreased 7% sequentially and
17% year-on-year
• GAAP loss per share, including charges of $5.57 per share, was $5.32
• EPS, excluding charges, was $0.25
• Cash flow from operations was $784 million and free cash flow was $179
million
• Board approved quarterly cash dividend of $0.125 per share
Schlumberger CEO commented, “First-quarter revenue of $7.5 billion
declined 9% sequentially and 5% year-on-year as the unprecedented
global health and economic crisis sparked by the COVID-19 pandemic
increasingly impacted industry activity during the quarter. The effect of
this was amplified late in the quarter by a new battle for market share
between the world’s largest oil producers. This double black swan event
created simultaneous shocks in oil supply and demand resulting in the
most challenging environment for the industry in many decades.”
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Suncor Energy (Canada) reports first quarter 2020 results
Highlights
• Funds from operations were $1.001 billion ($0.66 per common share) in the first quarter of 2020, and
were impacted by a net first‑in, first‑out inventory valuation loss of $446 million after‑tax on the declining
value of refinery feedstock costs, compared to $2.585 billion in the prior year quarter.
• Cash flow provided by operating activities, which includes changes in non‑cash working capital, was
$1.384 billion in the first quarter of 2020, compared to $1.548 billion in the prior year quarter.
• The company had an operating loss of $309 million ($0.20 per common share) in the first quarter of 2020,
compared to operating earnings of $1.209 billion in the prior year quarter, with the first quarter of 2020
impacted by a net FIFO inventory valuation loss of $446 million after‑tax on the declining value of refinery
feedstock costs.
• The company had a net loss of $3.525 billion ($2.31 per common share) in the first quarter of 2020,
compared to net earnings of $1.470 billion in the prior year quarter.
• The net loss for the first quarter of 2020 included $1.798 billion of non‑cash after‑tax asset impairment
charges, a $1.021 billion unrealized after‑tax foreign exchange loss on the revaluation of U.S. dollar
denominated debt and a $397 million after‑tax hydrocarbon inventory writes‑down to net realizable value.
• While the company’s physically integrated model naturally mitigates a portion of price volatility, the
company also generated a marketing and logistics value add of $225 million after‑tax.
“The COVID‑19 pandemic has led to an unprecedented decline in demand for transportation fuels and
a significant oversupply of crude oil resulting in a substantial decline in crude oil prices, said President
and chief executive officer. Our integrated model and balance sheet strength are distinct advantages
coming into this environment;however, we have still needed to take significant action to keep the
company strong. The focus of the company through this pandemic is to care for employees,
contractors, customers and communities by keeping them safe and healthy, and protecting the
financial health of the company while keeping an eye to our future. We are confident that with our
unique business model, focused actions and dedicated team we will remain strong and continue to
provide trusted energy for decades to come.”
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Total (France) Acquires Tullow Entire Interests in The Uganda Lake Albert Proj-
ect
Total and Tullow have entered into an Agreement, through which Total shall acquire
Tullow’s entire interests in Uganda Lake Albert development project including the East
African Crude Oil Pipeline.The overall consideration paid by Total to Tullow will be
$575M, with an initial payment of $500M at closing and $75M when the partners take
the Final Investment Decision to launch the project. In addition, conditional payments
will be made to Tullow linked to production and oil price, which will be triggered when
Brent prices are above $62/bbl. The terms of the transaction have been discussed with the
relevant Ugandan Government and Tax Authorities and agreement in principle has been
reached on the tax treatment of the transaction.Under the terms of the deal, Total will
acquire all of Tullow’s existing 33.3334% stake in each of the Lake Albert project
licenses EA1, EA1A, EA2 and EA3A and the proposed East African Crude Oil Pipeline
System. The transaction is subject to the approval of Tullow’s shareholders, to customary
regulatory and government approvals and to CNOOC’s right to exercise pre-emption on
50% of the transaction.
“We are pleased to announce that a new agreement has been reached with Tullow to
acquire their entire interests in the Lake Albert development project for less than
2$/bbl in line with our strategy of acquiring long-term resources at low cost, and that
we have an agreement with the Uganda government on the fiscal framework, said
Total Chairman and CEO. This acquisition will enable us, together with our partner
CNOOC, to now move the project forward toward FID, driving costs down to deliver
a robust long-term project.”
Description
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TC Energy (Canada) reports strong first quarter financial results
Highlights
• Net income attributable to common shares increased by $144 million or $0.13 per common share to $1.15
billion or $1.22 per share for the three months ended March 31, 2020 compared to the same period last year. Per
share results reflect the dilutive impact of common shares issued under our Dividend Reinvestment and Share
Purchase
• Comparable earnings of $1.1 billion or $1.18 per common share
• Comparable EBITDA of $2.5 billion
• Net cash provided by operations of $1.7 billion
• Comparable funds generated from operations of $2.1 billion
• Plan in 2019. First quarter 2020 results included an income tax valuation allowance release of $281 million
following our reassessment of deferred tax assets that are deemed more likely than not to be realized as a result
of our decision to proceed with the Keystone XL project, and an incremental after-tax loss of $77 million related
to the Ontario natural gas-fired power plant assets held for sale.
• First quarter 2019 results included an after-tax loss of $12 million related to the U.S. Northeast power marketing
contracts which were sold in May 2019. These specific items, as well as unrealized gains and losses from changes
in risk management activities, are excluded from comparable earnings as we do not consider these transactions
or adjustments to be a part of our underlying operations.
• Comparable EBITDA increased by $152 million for the three months ended March 31, 2020 compared to the
same period in 2019
“We are living in unprecedented times with the COVID-19 pandemic having a significant impact on
millions of people around the world, said TC Energy’s President and Chief Executive Officer. On behalf of
everyone at TC Energy, I’d like to express my appreciation to all the front-line health care and other
essential service workers who are risking their personal well-being to ensure that testing, treatment and care
is provided to those directly impacted by COVID-19. We also offer our equally sincere gratitude to those
ensuring that critical delivery systems and supply chains continue to operate. Your selfless acts to keep
people safe, fed and comfortable during this difficult time are truly courageous.
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TC Energy (Canada) completes the sale of Ontario natural gas-fired power plants
for proceeds of $2.8 billion
TC Energy Corporation announced that it has completed the sale of its interests in
three Ontario natural gas-fired power plants to a subsidiary of Ontario Power
Generation Inc. for net proceeds of approximately $2.8 billion prior to
post-closing adjustments. The facilities include the 683-megawatt Halton Hills
power plant, the 900-megawatt Napanee generating station and TC Energy’s 50
per cent interest in the 550-megawatt Portlands Energy Centre.TC Energy’s
portfolio of high-quality, long-life energy infrastructure assets now includes
investments in six low-emission natural gas-fired power plants and the Bruce
Power nuclear facility, resulting in a combined generating capacity of
approximately 4,200 megawatts. Bruce Power, which provides Ontario with over
30 per cent of its electricity, is undertaking a life-extension program that will see
TC Energy invest approximately $2.4 billion by 2023 with the potential for
another $5.8 billion thereafter under a long-term agreement with the Ontario
Independent Electricity System Operator.
“Completing this transaction further strengthens our financial position, helps
fund our industry-leading secured capital program and maximizes value for
our shareholders, saidTC Energy President and Chief Executive Officer.
When combined with the sales of Coolidge, an interest in Northern Courier
and certain U.S. Midstream assets in 2019, TC Energy has realized
approximately $6.2 billion from portfolio management activities over the last
year.”
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Valero Energy (USA) Reports First Quarter 2020 Results
Highlights
• Reported net loss attributable to Valero stockholders of $1.9 billion, or $4.54 per share.
• Reported adjusted net income attributable to Valero stockholders of $140 million, or
$0.34 per share.
• Returned $548 million in cash to stockholders through dividends and stock buybacks
during the quarter and declared a quarterly common stock dividend of $0.98 per share on
April 24.
• Deferred approximately $100 million in tax payments due in the first quarter of 2020
and deferring approximately $400 million in capital projects for 2020.
• Entered into a new 364-day $875 million revolving credit facility, which remains
undrawn, and issued $850 million of 2.70% and $650 million of 2.85%
• First quarter 2020 adjusted results exclude an after-tax lower of cost or market, or
LCM, inventory valuation adjustment of approximately $2.0 billion.
• The refining segment reported a $2.1 billion operating loss for the first quarter of 2020
compared to $479 million of operating income for the first quarter of 2019.
“It’s been a very challenging start to the year with significant impacts to families,
communities and businesses world-wide brought on by the COVID-19 pandemic,
said Valero Chairman and Chief Executive Officer. Valero entered this economic
downturn in a position of strength, and our team has been thorough, decisive and
swift in our operational, financial and community support response.”
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Rewards & Recognition

R & R Updates
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Petrobras (Brazil) is recognized by the NY Stock Exchange for safe
performance during a pandemic
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Petrobras was recognized by the NYSE, the New York Stock Exchange, as one of the 40 companies in the world that are operating safely
during the crisis of the new coronavirus. At the opening ceremony of the American market, traditionally marked by the bell of the stock
exchange, the company was represented by the projection on the screen of the photo of one of its employees, on board the P-67 platform,
in a pre-salt field. The photo symbolizes all the company's employees, who are working to maintain the production and supply of oil and
fuels to the market in this very challenging time. Petrobras is responsible for providing essential services, such as the supply of fuel and
energy that supply ambulances, hospitals and cargo and transportation vehicles. For this reason, it has been adopting measures to protect
the health of its employees, mitigate the spread of the virus in the company and ensure the continuity, in a safe manner, of essential
activities for all Brazilian society.
R&R Description

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Ultra-Group(Brazil) composes portfolio in the new CDP Brasil Index of
Climate Resilience
33
the Ultra Group receives a B score and joins companies on the organization's list with an emphasis on environmental management, during
the launch of the CDP Brasil Index of Climate Resilience, which took place this month in the city of São Paulo. Paulo. The new portfolio
will come into force. With a focus on the transition to a low carbon economy, the CDP represents the largest initiative to disseminate
sustainability practices in the world, covering various topics, such as: climate change, water and forests. Disclosure of climate risk is
becoming common practice. This is mainly because the financial sector began to view climate change as a material risk, and began to
recommend its pricing.CDP's network of investors and buyers represents more than US $ 100 trillion in assets, and they are looking for
data and information on these topics and their consequences for their businesses to make more assertive decisions. For the entity, the first
major challenge is the need to change mentality, an attitude that makes it possible to see a series of financial opportunities for companies,
cities and governments - something that is already underway in several places in Brazil and the world.
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Customer Success

Customer Success Updates
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Total (France) Wins Over 135 Mw of Projects in The Latest National Solar
Tender
34
Total, through Total Quadran, a wholly-owned affiliate dedicated to developing and producing renewable energy in France, was awarded
with 131 megawatt-peak of solar projects – or 20% of the total up for the seventh round of the CRE 4 tender for ground-mounted solar
parks, as well as 5.6 MWp of solar in the French Overseas departments and collectivities.
More than half the capacities awarded fall under Total’s program to solarize its industrial facilities and reuse of industrial brownfield sites,
including:
• Total’s future largest ground-mounted solar plant in France: the 50 MWp solar plant in Valenciennes is the largest project awarded in
the call for tenders and Total Quadran’s biggest solar plant to date. It will be installed on Total’s former refinery site that has been
redeveloped by RETIA2. The solar plant will supply green electricity to nearly 32,000 people when it comes on stream in 2022.
• the largest photovoltaic power plant of the Greater Paris Region: located near the Grandpuits refinery, the 25 MWp solar plant will be
the largest in the Greater Paris Region. It will generate enough renewable electricity to cover the needs of nearly 17,000 people. The plant
is scheduled to come on stream by 2022.
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Partner Ecosystem

Partner Ecosystem Updates
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ECOPETROL (Colombia) join with Arturo Calle and Bio Bolsa to protect health
personnel
35
ECOPETROL join with Arturo Calle and Bio Bolsa to protect health personnel. In a strategic alliance to deal with covid-19 in Colombia, the
Ecopetrol Group, with its subsidiary Esenttia, Bio Bolsa and the Arturo Calle Business Group will deliver 147 thousand kits of medical clothing
for the protection of the personnel of the health that attends the health emergency in the country. The kits, made up of gowns and caps, will be
delivered to the Red Cross, as well as to local authorities to ensure their distribution to hospitals and health providers in various cities in the
country. The input for the medical endowment, as well as the production costs, were donated by Esenttia, a petrochemical company from the
Ecopetrol Group dedicated to the production of polypropylene, which has its main plant in the city of Cartagena. The 31 tons of this raw material
were delivered to Bio Bolsa, a company that mainly produces reusable bags in Bogotá, which transformed them into 330,000 meters of non-woven
fabric, which significantly reduces the possibility of contagion from doctors and other health personnel. The special fabric for the medical
endowment was delivered to the Arturo Calle Group to make the garments in its three manufacturing plants located in Bogotá and Pereira, whose
production capacity has been arranged to meet the sanitary emergency under the strictest cleaning and prevention.
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Lukoil (Russia) Signed Memorandum on Production of Sulzer Oilfield Service
Equipment In KOGALYM
36
LUKOIL has signed a trilateral memorandum with Sulzer Ltd. and Kogalym Oilfield Equipment Service LLC,
which involves establishing a service company to maintain, repair and upgrade LUKOIL's rotating equipment
including compressors, pumps, etc. in the West Siberian region. The memorandum envisages the localization of
spare parts production for energy-efficient pumping equipment in Kogalym. The parties agreed on a preliminary
road map for the period up to 2022 and started preparing the main agreement.
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ØRSTED (Denmark) and Nestlé sign 15-year offshore wind power purchase
agreement
37
Nestlé UK has signed a 15-year corporate power purchase agreement to buy the output of 31MW from Ørsted's
Race Bank Offshore Wind Farm. The UK subsidiary of the world's largest food and beverage company, Nestlé, has
signed a 15-year indexed fixed price agreement with Ørsted, the world leader in offshore wind, to buy green power
from the Race Bank Offshore Wind Farm. Nestlé UK will buy the output of 31MW of the offshore wind farm's
573MW total capacity, making it Ørsted's largest fixed-price corporate power purchase agreement in the UK. Race
Bank Offshore Wind Farm is one of the newest operational wind farms in the UK and was commissioned in 2018.
It is capable of generating up to 573MW of green electricity from its 91 Siemens Gamesa 6MW wind turbines.
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ØRSTED (Denmark) signs long-term vessel contract for Greater Changhua offshore
wind farms, enabling construction of first Taiwan-flagged service operation vessel
38
Global offshore wind leader Ørsted announces the signing of a 15-year contract with Ta San Shang Marine Co. Ltd., a joint venture of Taiwan's Ta Tong
Marine Group and Japan's Mitsui O.S.K. Lines, chartering the shipping company to build the world's first-ever Taiwan-flagged service operation vessel
for the operation and maintenance of Ørsted's Greater Changhua offshore wind farms. This charter contract represents the first-ever bespoke SOV in
Taiwan and in Asia Pacific. It signifies that Ørsted continues to invest significantly in the Taiwan market, both financially and by transferring its
world-leading O&M expertise. Scheduled for delivery in early 2022, the SOV will use the Port of Taichung as its base port, where Ørsted's future O&M
facilities will be located, due to its proximity to the sites, water depths for accommodating deep draft vessels, and navigational access. The SOV will
be utilized to provide top-quality O&M services for the Greater Changhua offshore wind farms, which will be located 35 to 60 kilometers off the
Changhua coastline. The SOV is the first to be built to fit the complicated and harsh environment in the Taiwan Strait. It will house up to 60 technicians
plus the crew and will only need to return to shore once a month. The smaller crew transfer vessels, also used to facilitate O&M activities, can only
carry a maximum of 24 people and have to return to shore on a daily basis.
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Petrobras (Brazil) and Firjan SENAI join forces to expand the capacity to carry out
Covid-19 tests
39
Petrobras and Firjan SENAI have joined efforts to expand the capacity to carry out Covid-19 diagnostic tests in Brazil. The partnership foresees
research for the development of a new testing methodology, called “multiplex pooling”, with the potential to increase the analysis capacity by
approximately 10 times and reduce the costs of tests by up to 85%. To give a dimension, the RT-PCR type test, of high accuracy and considered
gold standard, costs on average R $ 90, whereas, with the new approach, the value can reach up to R $ 13.To give you an idea, an RT-PCR testing
machine can do 1,500 tests per day, while the new approach will allow up to 15,000 tests to be performed daily.With the new methodology, the
intention is to make mass testing viable in the country.The intention is to make the new methodology accessible to all laboratories, as a counterpart
to cooperation with society, so that they can freely use the optimized protocol in the country and in the world.This partnership is another initiative
of the company's scientific front to fight coronavirus.To give you an idea, an RT-PCR testing machine can do 1,500 tests per day, while the new
approach will allow up to 15,000 tests to be performed daily.
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S-OIL (South Korea) joins hands with S/Ss to support neighbours in need
40
S-OIL joins hands with S/Ss to support neighbours in need. OIL donated 280 million Won to Korea National Council for Social Welfare for ‘S/S
Sharing N Campaign’ aimed at launching CSR activities with S/Ss. S/S Sharing N Campaign’ is a community-based CSR program that shares
warmth with needy neighbours in welfare facilities close to S/Ss, which have good knowledge of communities around them. Around 250 S-OIL
S/Ss and marketing employers jointly engage themselves to pass donation to local welfare facilities for children the disabled and seniors in which
they regularly clean up facilities, distribute food and join cultural activities together. To this end, S-OIL launched ‘S-OIL S/S Service Corp’ for
each sales office across the nation in order to regularly commit to volunteer activities with S/Ss.S-OIL launched ‘S/S Sharing N Campaign’ with
Ministry of Health & Welfare and KNCSW in 2011 in order to implement community-based CSR programs with local S/Ss. The refiner donated
a total of 3.5 billion Won over the past nine years matching 2580 S/Ss and welfare facilities across the nation.
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