IT Shades Energy November 2019 Edition Financial Updates

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Energy
November Edition 2019
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Table of Contents
1. Financial, M & A Updates..................................................................................................................................1
2. Rewards and Recognition Updates..................................................................................................................53
3. Customer Success Updates...............................................................................................................................60
4. Partnership Ecosystem Updates......................................................................................................................64
5. Event Updates...................................................................................................................................................78

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Financial, M & A Updates
Energy Industry

Financial, M&A Updates
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Occidental (USA) Announces 3rd Quarter 2019 Results
• Completed acquisition of Anadarko on August 8
• Completed $3.9 billion sale of Mozambique and divested
Plains interests for $650 million
• Repaid $4.9 billion of debt, including all 2020 debt
maturities
• Returned $600 million to shareholders
• Achieved pre-tax income guidance for both OxyChem and
Marketing and Other Midstream segments
• Achieved production from legacy Occidental operations of
737,000 BOE per day near the high end of guidance, with
Permian Resources exceeding guidance at 300,000 BOE per
day
• Reported third quarter combined production of 1,114,000
BOE per day from continuing operations, exceeding prior
guidance midpoint by 32,000 BOE per day
Executive Commentary
“I’m pleased to report that we are making significant
progress with our integration of Anadarko. Our teams are
working well together, and we continue to deliver
outstanding operational results across our asset portfolio,
positioning our company to fully execute on our
value-capture initiatives,” said President and Chief
Executive. “We remain committed to the strategy we laid
out to our investors, which focuses on deleveraging and
returning excess free cash flow to shareholders, as
evidenced by $4.9 billion of third quarter debt repayments,
including all 2020 debt maturities, and returning $600
million to investors.”
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Marathon Petroleum Corp. (USA) Reports Third-Quarter
Results
• Reported income of $1.1 billion, or $1.66 per diluted
share; adjusted income of $1.1 billion, or $1.63 per diluted
share
• Generated $2.8 billion of operating cash flow
• Returned $848 million to shareholders through dividends
and share repurchases
• Realized synergies of $283 million
• Strong 98% refining utilization, and significant
operational improvements on the West Coast
• Record retail merchandise sales; 33 consecutive quarters
of same-store merchandise growth
• Announces intent to separate Speedway and formation of
Midstream Special Committee
"Our third-quarter results showcased our operational
and commercial excellence," said Chairman and chief
executive officer. "Refining system utilization was 98%
and leveraging our commercial expertise drove strong
capture of 94% vs. market indicators. The retail segment
delivered solid fuel margins and exceptional
merchandise sales growth across our nationwide
footprint, marking the 33rd consecutive quarter of
same-store merchandise sales growth.
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Apache Corporation (USA) Announces Third-Quarter 2019
Financial And Operational Results
• Reported third-quarter production of 451,000 barrels of oil
equivalent (BOE) per day. Adjusted production, which excludes
Egypt noncontrolling interest and tax barrels, was 391,000 BOE
per day, exceeding upper-end guidance of 383,000 BOE per day;
• Achieved U.S. production of 266,000 BOE per day, which
exceeds upper-end guidance of 260,000 BOE per day;
international adjusted production was 125,000 BOE per day,
slightly ahead of guidance;
• Invested $590 million in upstream capital; remain on track for
$2.4 billion for the year;
• Nearing first production from two new high-volume North Sea
wells;
• Drilling first well in Block 58 offshore Suriname; expected to
reach total depth in November; and
• Announced organizational initiatives targeting operational
efficiencies and annual cost savings of at least $150 million.
“During the third quarter, adjusted production exceeded
guidance while capital expenditures remained on pace with
our full-year guidance of $2.4 billion,” said Apache CEO and
President. “In September, we began drilling the first of three
committed wells in Block 58 offshore Suriname. We are also
nearing first production from two wells in the North Sea,
which should establish strong production momentum as we
enter 2020.”
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BP (UK): Third quarter 2019 results
• Underlying replacement cost profit for the third quarter of 2019 was
$2.3 billion, compared to $3.8 billion a year earlier. The result was
impacted by significantly lower Upstream earnings, resulting from
lower prices, maintenance and weather impacts.
• A divestment-related, non-cash, non-operating after-tax charge of $2.6
billion resulted in a reported loss for the quarter of $0.7 billion.
• Operating cash flow, excluding Gulf of Mexico oil spill payments,
was $6.5 billion for the quarter, including a $0.1 billion working capital
release (after adjusting for net inventory holding losses). Gulf of
Mexico oil spill payments were $0.4 billion on a post-tax basis.
• A dividend of 10.25 cents per share was announced for the quarter.
Scrip dividend alternative suspended for the third quarter.
• Upstream operations impacted by maintenance and weather,
Downstream strong
• Reported oil and gas production for the quarter averaged 3.7 million
barrels of oil equivalent a day, compared to 3.6 million barrels of oil
equivalent a day a year earlier.
• Underlying Upstream production, excluding Rosneft, was down 2.5%
from a year earlier, reflecting maintenance across a number of regions
and weather impacts in the US Gulf of Mexico.
“BP delivered strong operating cash flow and underlying earnings in
a quarter that saw lower oil and gas prices and significant hurricane
impacts. Our focus remains firmly on maintaining financial
discipline and delivering safe and reliable operations throughout BP.
We’re also continuing to advance our strategy, making strong
progress with our divestment plans and building exciting new
opportunities in fast-growing downstream markets in Asia.” said
group chief executive
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BP(UK) invests in city mobility start-up MaaS Global
BP Ventures is investing €10 million in MaaS Global, a provider of
digital mobility software designed to make transport easier and
smarter. The company’s innovative Whim app allows customers to
access and connect on a single platform all available transport
options in a city – from taxis, buses, bikes and rental cars, to
ride-hailing services, shared e-scooters and e-bikes. The
investment in the Finnish-based start-up supports BP’s strategy of
developing and providing mobility and transportation options in an
increasingly smarter, digital world. The ‘Mobility-as-a-Service’ (or
MaaS) industry is forecast to grow significantly in revenue by
2030, as the market shifts towards a model of on-demand access to
both public and private transport networks. With over six million
trips made since its launch in Europe in November 2017, MaaS
Global’s Whim app encompasses a city’s entire transport system
and allows users to search, book and pay for all their transport
needs in one place. Customers can access all modes of transport
through either a pay-as-you-go model or a monthly subscription.
Vice president Advanced Mobility at BP said: “Whim is super
convenient. It offers users a single digital key that unlocks the
full spectrum of city transport. It takes the hassle out of
planning travel, taking on board users’ preferences and
connecting and booking their ideal transport choices.
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Cenovus (Canada) continues to deliver strong financial and
operating performance in Q3
• Adjusted funds flow of $916 million; cash from operating
activities of $834 million
• Oil sands operating costs of $6.90 per barrel (bbl), 21%
lower than in the second quarter of 2019 and 24% lower than
in the first quarter
• Net earnings from continuing operations of $187 million
versus a net loss a year prior
• An 11% year-over-year increase in realized crude oil sales
prices to an average of $55.13/bbl driven by higher U.S.
sales and narrower differentials
• A further reduction in net debt to $6.8 billion with net debt
to adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA) decreasing to 1.9 times
• Crude-by-rail volumes of more than 80,000 barrels per day
(bbls/d) in September
“We’re continuing to do everything we said we would
do,” said Cenovus President & Chief Executive Officer.
“Through our focus on safe and reliable operations, cost
leadership and capital discipline, we are generating strong
results that support further debt reduction and increased
shareholder value. In addition, our market access strategy
is steadily increasing our exposure to global oil pricing.”
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Cheniere (USA) Reports Third Quarter 2019 Results, Reconfirms Full
Year 2019 Guidance, and Provides 2020 Guidance
• For the nine months ended September 30, 2019, Company reported a net loss of $291 million, Consolidated
Adjusted EBITDA2 of $1.96 billion, and Distributable Cash Flow2 of approximately $520 million.
• During the three months ended September 30, 2019, in line with previously announced capital allocation
priorities, Company repurchased approximately 2.5 million shares of common stock for a total of $156 million
under share repurchase program and prepaid approximately $70 million of outstanding borrowings under the
Cheniere Corpus Christi Holdings, LLC (“CCH”) credit facility.
• In September 2019, the date of first commercial delivery was reached under the 20-year LNG Sale and
Purchase Agreements (“SPAs”) with Centrica plc (“Centrica”) and Total Gas & Power North America, Inc.
(“Total”) relating to Train 5 of the SPL Project (defined below).
• In September 2019, Cheniere Energy Partners, L.P. issued an aggregate principal amount of $1.5 billion of
4.50% Senior Notes due 2029, to prepay the outstanding balance under the $750 million term loan under
Cheniere Partners’ credit facilities (the “CQP Credit Facilities”) and for general corporate purposes, including
funding future capital expenditures in connection with the construction of Train 6 at the SPL Project.
• In September 2019, Fitch Ratings (“Fitch”) and S&P Global Ratings each assigned an investment grade rating
of BBB- to CCH’s senior secured debt, and Fitch assigned an investment grade issuer default rating of BBB- to
CCH. In October 2019, Moody’s Investors Service upgraded its rating of CCH’s senior secured debt from Ba2
to Ba1 (Positive Outlook).
• In September 2019, CCH issued an aggregate principal amount of $727 million of 4.80% Senior Notes due
2039 pursuant to a note purchase agreement with Allianz Global Investors GmbH, to prepay a portion of the
outstanding indebtedness under the CCH credit facility.
• In October 2019, CCH issued an aggregate principal amount of $475 million of 3.925% Senior Notes due
2039 pursuant to a note purchase agreement with certain accounts managed by BlackRock Real Assets and
certain accounts managed by MetLife Investment Management, to prepay a portion of the outstanding
indebtedness under the CCH credit facility.
“Our third quarter results are a product of our continued focus on delivering best-in-class project execution
and operational excellence,” said Cheniere’s President and Chief Executive Officer. “The third quarter was
highlighted by the execution of our second IPM transaction, which we signed with EOG, the achievement
of substantial completion of Train 2 at Corpus Christi ahead of schedule and within budget, safe and
successful maintenance turnarounds of Trains 3 through 5 at Sabine Pass, and the start-up of our 20-year
SPAs with Centrica and Total. In addition, we made tangible progress on our long-term balance sheet
strategy by commencing debt repayments and achieving investment grade credit ratings at Corpus Christi.
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Chesapeake Energy (USA) Corporation Reports 2019 Third Quarter Financial And Operational
Results, Maintains 2019 Guidance And Announces Plans To Reduce 2020 Capital Budget
• For the 2019 third quarter, Chesapeake reported a net loss of $61 million and a net
loss available to common stockholders of $101 million, or $0.06 per diluted share.
• Adjusting for items typically excluded by securities analysts, the 2019 third quarter
adjusted net loss attributable to Chesapeake was $188 million, or $0.11 per share, while
adjusted EBITDAX was $577 million.
• Average daily production for the 2019 third quarter was approximately 478,000
barrels of oil equivalent (boe), representing year-over-year growth of 3% adjusted for
asset purchases and sales, and consisted of approximately 115,000 bbls of oil, 1.989
billion cubic feet (bcf) of natural gas and 32,000 bbls of natural gas liquids (NGL).
• Average daily production for the 2018 third quarter was approximately 537,000 boe
and consisted of approximately 89,000 bbls of oil, 2.332 bcf of natural gas and 59,000
bbls of NGL. Oil production represented approximately 24% of the company's 2019
third quarter aggregate production, compared to 17% in the 2018 third quarter.
• Despite lower average prices for our oil, natural gas and NGL sold, Chesapeake's
operating margin remained flat in the 2019 third quarter, compared to the 2018 third
quarter, due to an increase in oil production mix and a decrease in cash costs.
• Gathering, processing and transportation and G&A expenses decreased by $109
million, or approximately $1.39 per boe, while production expense increased $23
million, or $0.86 per boe, when compared to the same quarter in 2018.
Chesapeake's President and Chief Executive Officer, commented, "We are pleased
with our execution this quarter as we continue to successfully integrate and realize
value from our Brazos Valley acquisition and maximize cash flow from our oil
assets while reducing capital directed to our natural gas assets. We expect our oil
production to grow approximately 10% in the fourth quarter, compared to the third
quarter, and we remain on track to meet our 2019 total production and capital
expenditure guidance. Our capital efficiency improvements, expected reduction in
cash costs and anticipated capital plan position us to target free cash flow in 2020."
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Cimarex (USA) Reports Third Quarter 2019 Results
• Reported third quarter 2019 net income of $40.5 million, or $0.39 per share, compared to $148.4 million, or
$1.56 per share, in the same period a year ago. Third quarter 2019 results were negatively impacted by a
non-cash charge related to the impairment of oil and gas properties.
• Third quarter adjusted net income (non-GAAP) was $92.9 million, or $0.91 per share, compared to third
quarter 2018 adjusted net income (non-GAAP) of $189.6 million, or $1.99 per share1.
• Net cash provided by operating activities was $320.1 million in the third quarter of 2019 compared to $453.5
million in the same period a year ago.
• Adjusted cash flow from operations (non-GAAP) was $360.7 million in the third quarter of 2019 compared to
$388.7 million in the third quarter a year ago1.
• Oil production averaged 89.7 thousand barrels (MBbls) per day, up 40 percent from the same period a year
ago and up eight percent sequentially. Total company production volumes for the quarter averaged 287.1
thousand barrels of oil equivalent (MBOE) per day.
• Realized oil prices averaged $52.71 per barrel, down 10 percent from the $58.25 per barrel received in the
third quarter of 2018. Realized natural gas prices averaged $0.88 per thousand cubic feet (Mcf), down 52
percent from the third quarter 2018 average of $1.84 per Mcf but up 76 percent sequentially. NGL prices
averaged $10.80 per barrel, down 58 percent from the $25.72 per barrel received in the third quarter of 2018.
See footnotes to the Average Realized Prices by Region table below for ASC 606 impact on realized prices.
• Production expense averaged $3.34 per BOE for the third quarter, down 12 percent compared to the same
period a year ago and down five percent sequentially.
• Cimarex invested $296 million in exploration and development (E&D) during the third quarter, of which $221
million is attributable to drilling and completion activities. Cimarex invested $19 million in midstream assets
during the quarter. Third quarter investments were funded with cash flow from operating activities. Total debt
at September 30, 2019 consisted of $2.0 billion of long-term notes. Cimarex had no borrowings under its
revolving credit facility and a cash balance of $24 million. Debt was 35 percent of total capitalization.
Cimarex Chairman and CEO, said, "We have seen strong execution in 2019, which we expect to continue
into 2020. Our initial planning indicates that we will generate meaningful free cash flow in 2020 using a
flat $50 per barrel WTI price and NYMEX gas price of $2.50 per Mcf, adjusted for basis differentials."
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CNOOC (Hong Kong) Limited Announces Key Operational
Statistics for the Third Quarter of 2019
• The Company achieved a total net production of 124.8 million barrels of oil equivalent
(“BOE”) for the third quarter of 2019, representing an increase of 9.7% year over year (“YoY”).
Production from offshore China increased 8.9% YoY to 80.2 million BOE, mainly attributable
to production growth from the commencement of new projects. Overseas production increased
11.2% YoY to 44.6 million BOE, mainly due to the contribution from the new projects of Egina
and Appomattox.
• During the period, the Company made three new discoveries and drilled 19 successful
appraisal wells. In offshore China, Kenli 6-1 in Bohai was successfully appraised and is
expected to be a mid-sized oil and gas structure. In Guyana, the new discovery of Tripletail was
made in the Stabroek block, which is the fourteenth oil discovery achieved in the block and will
support the future development of the Turbot area.
• On development and production, three out of six new projects planned for this year have
commenced production. Bozhong 34-9 oil field, Caofeidian 11-1/11-6 comprehensive
adjustment project and Wenchang 13-2 comprehensive adjustment project are undergoing
offshore commissioning.
• The unaudited oil and gas sales revenue of the Company reached approximately RMB48.34
billion for the third quarter of 2019, representing an increase of 0.8% YoY, mainly due to the
increase in production offset the decrease in realized prices. During this quarter, the Company’s
average realized oil price decreased 14.9% YoY to US$60.89 per barrel, which is in line with
the international oil prices. The Company’s average realized gas price decreased 8.8% YoY to
US$5.70 per thousand cubic feet, mainly due to the increased proportion of gas production with
lower realized gas price.
• For the third quarter of 2019, the Company's capital expenditure increased 27.9% YoY to
approximately RMB19.53 billion, mainly due to the significant increase in workload.
President of CNOOC Limited, commented: “In the third quarter, the Company further
strengthened its efforts in exploration and development, seeing a steady increase in net
production in offshore China and from overseas. The Company is confident of achieving
the full-year production and operation targets, and will strive to create maximum and
enduring value for its shareholders.”
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Concho Resources Inc. (USA) Reports Third-Quarter 2019 Results
• Delivered total production of 330 MBoepd, exceeding the high end of
the Company's guidance range.
• Achieved oil production volumes of 206 MBopd.
• Reduced controllable cash costs per unit 3% year over year.
• Surpassed year-end 2019 well cost reduction target with 20% lower well
costs versus first-half 2019, led by a significant reduction in Delaware
Basin well costs.
• Announced strategic New Mexico Shelf divestiture for total cash
consideration of $925 million, subject to customary closing and
post-closing adjustments.
• Authorized initiation of a $1.5 billion share repurchase program.
• Generated cash flow from operating activities of $665 million; operating
cash flow before working capital changes (non-GAAP) was $706 million,
exceeding exploration and development costs incurred of $670 million.
• Reported net income of $558 million, or $2.78 per share. Adjusted net
income (non-GAAP) totaled $122 million, or $0.61 per share.
• Generated $757 million of adjusted EBITDAX (non-GAAP).
Chairman and Chief Executive Officer, commented, “The
fundamentals of our business are solid, as demonstrated by our strong
operational and financial performance in the third quarter. We achieved
our production targets and materially reduced well costs, enabling us to
surpass our well cost targets for the year and generate operating cash
flow that exceeded capital spending. We also made significant progress
on other important initiatives, including the sale of our New Mexico
Shelf assets. The transaction was an important step in high-grading our
portfolio, and we will use the proceeds to achieve our debt reduction
target and accelerate the return of capital to shareholders. Through our
focus on enhancing capital efficiency, improving costs and actively
managing our portfolio, Concho is positioned to deliver sustainable,
competitive growth and superior returns for investors.”
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ConocoPhillips (USA) Reports Third-Quarter 2019 Results;
Returns-Focused Value Proposition Continues to Deliver
• Cash provided by operating activities was $2.3 billion. Excluding working
capital, cash from operations (CFO) of $2.6 billion exceeded capital
expenditures and investments, generating free cash flow of $1.0 billion.
• Repurchased $0.75 billion of shares and paid $0.34 billion in dividends in the
third quarter, representing a return of 41 percent of CFO to shareholders.
• Third-quarter production excluding Libya of 1,322 MBOED; year-over-year
underlying production grew 7 percent overall and 6 percent on a debt-adjusted
share basis.
• Increased production from the Lower 48 Big 3 unconventionals by 21 percent
year-over-year.
• nExecuted turnarounds in Alaska, Malaysia and Norway.
• Ended the quarter with cash, cash equivalents and restricted cash totaling $7.5
billion and short-term investments of $0.9 billion, equaling $8.4 billion of
ending cash and short-term investments.
• Completed the U.K. divestiture, generating $2.2 billion in proceeds.
• Completed the previously announced Alaska Nuna discovered resource
acquisition for approximately $0.1 billion.
• Announced the Australia-West divestiture agreement for $1.4 billion, plus
customary closing adjustments, subject to regulatory and other approvals.
• Announced a 38 percent increase in the quarterly dividend to 42 cents per
share, and $3.0 billion in planned 2020 share repurchases.
“This business is all about having a sustainable strategy with consistent
execution,” said Chairman and chief executive officer. “We believe
ConocoPhillips offers both – a shareholder-friendly, returns-oriented value
proposition and strong delivery on our commitments. This quarter extends
our successful track record of performance since we reset our value
proposition in 2016. In November, we’ll present a 10-year capital and
financial plan at our Analyst & Investor Meeting that emphasizes free cash
flow generation with competitive returns on capital and returns of capital.
We look forward to sharing a long-term outlook that fulfills our purpose of
creating value for all stakeholders.”
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Continental Resources (USA) Reports Third Quarter 2019 Results
• The Company reported net income of $158.2 million, or $0.43 per diluted
share, for the quarter ended September 30, 2019. The Company's net income
includes certain items typically excluded by the investment community in
published estimates, the result of which is referred to as "adjusted net
income." In third quarter 2019, these typically excluded items in aggregate
represented $41.2 million, or $0.11 per diluted share, of Continental's
reported net income.
• Adjusted net income for third quarter 2019 was $199.4 million, or $0.54 per
diluted share (non-GAAP). Net cash provided by operating activities for third
quarter 2019 was $807.0 million and EBITDAX was $828.7 million
(non-GAAP).
• Third quarter 2019 oil production increased 20% over third quarter 2018,
averaging 198,074 barrels of oil per day (Bopd).
• Third quarter 2019 total production increased 12% over third quarter 2018,
averaging 332,315 Boe per day (Boepd).
• Third quarter 2019 natural gas production increased 1% over third quarter
2018, averaging 805.4 million cubic feet per day
• $187 Million of Share Repurchases Executed through October 29, 2019
• Quarterly Dividend of $0.05 per Share in November 2019
"Continental teams continue to operate at a high-performance level across
the Bakken and Oklahoma. With an oil-weighted portfolio, investment
grade level debt and a total shareholder return strategy, no other E&P
company is more aligned with shareholders," said Chairman and Chief
Executive Officer.
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Diamondback Energy, Inc. (USA) Announces Third Quarter 2019 Financial
and Operating Results and 2020 Capital and Production Guidance
• Q3 2019 net income of $368 million, or $2.26 per diluted share; adjusted net
income (as defined and reconciled below) of $239 million, or $1.47 per diluted
share
• Q3 2019 Consolidated Adjusted EBITDA (as defined and reconciled below) of
$732 million; adjusted EBITDA net of non-controlling interest of $699 million
• Q3 2019 production of 287.1 MBOE/d (65% oil), up 2% over Q2 2019 and
133% over Q3 2018
• Q3 2019 capital expenditures of $825 million; turned 88 wells to production
• Updated 2019 CAPEX guidance of $2.85 - $2.90 billion, narrowed from
$2.725 - $2.950 billion previously
• Declared Q3 2019 cash dividend of $0.1875 per share payable on November
22, 2019; implies a 0.9% annualized yield based on the November 1, 2019 share
closing price of $86.79
• Repurchased 2,954,000 shares in Q3 2019 for ~$296 million; repurchases
through Q3 2019 of $400 million represent 20.0% of the Board approved
program for up to $2.0 billion of stock repurchases through December 31, 2020
• On October 1, 2019, closed previously announced Drop-Down transaction to
subsidiary Viper Energy Partners LP
"After growing significantly during the first two quarters of the year,
Diamondback’s oil production declined in the third quarter due to the sale of
our Central Basin Platform assets effective July 1, 2019, which removed
~5,800 barrels per day of low margin oil production from our asset base.
Notwithstanding the effect of this sale, Diamondback’s overall production
grew, but the oil percentage declined in the third quarter due to the
completion of 18 wells in our Vermejo area in Reeves County and 14 wells
in Glasscock County, five of which were DUCs drilled prior to the closing of
the Energen merger. Wells in these two areas on average begin production
with oil cuts of ~65% and made up over 35% of total gross wells completed
in the third quarter, versus 12% of wells completed in the first half of 2019
and ~15% of expected fourth quarter wells. This completion mix, along
with the return of significant oil volumes that were impacted by offset
completions in the third quarter, is expected to result in fourth quarter 2019
oil production growth of ~3% from third quarter volumes. As a result of the
change in our portfolio asset mix due to the Energen merger, we now expect
to average 66% - 67% oil for full year 2019 and ~66% oil in 2020," stated
Chief Executive Officer of Diamondback.
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Enbridge Inc. (Canada) Reports Strong Third Quarter 2019 Results
• GAAP earnings of $949 million or $0.47 per common share for the third quarter of 2019, compared to
GAAP loss of $90 million or $0.05 loss per common share in the third quarter of 2018, both including the
impact of a number of unusual, non-recurring or non-operating factors
• Adjusted earnings of $1,124 million or $0.56 per common share for the third quarter of 2019, compared
to $933 million or $0.55 per common share in the third quarter of 2018
• Adjusted earnings before interest, income tax and depreciation and amortization (EBITDA) of $3,108
million for the third quarter of 2019, compared to $2,958 million in the third quarter of 2018
• Cash Provided by Operating Activities of $2,735 million for the third quarter of 2019, compared to
$1,461 million for the third quarter of 2018
• Distributable Cash Flow (DCF) of $2,105 million for the third quarter of 2019, compared to $1,585
million for the third quarter of 2018
• Reaffirmed financial guidance range for 2019 DCF per Share of $4.30 to $4.60/share; full year results
expected to exceed the mid-point of the guidance range
• Reached an agreement with shippers to place the Canadian segment of the Line 3 Replacement Project
into service with an interim surcharge
• Continuing progress on the U.S. segment of Line 3 Replacement Project: Minnesota Supreme Court
rejects Environmental Impact Statement (EIS) appeals; in October the Minnesota Public Utilities
Commission (MPUC) orders EIS remediation work to be completed by December 9, 2019
• Announced Memorandum of Understanding (MOU) with NextDecade to jointly pursue the development
of the Rio Bravo Pipeline and other natural gas pipelines in South Texas to serve the Rio Grande LNG
project in Brownsville, Texas
• Achieved a formal settlement on Texas Eastern rates with customers, which has been filed with the
FERC for review
• Seaway pipeline announced an upcoming open season for up to 200 thousand barrels per day (kbpd)
expansion on the Seaway crude oil pipeline
• Receipt of $0.4 billion of proceeds on previously announced non-core asset sales; further increasing
financial flexibility
"We delivered another strong quarter of operating and financial results," commented President and
Chief Executive Officer of Enbridge. "The continued strength of our operating performance reflects
the quality and predictability of our business model. Once again, we saw strong throughput on our
Mainline system during the quarter, with demand for crude volumes out of Western Canada and the
Bakken through to U.S. Gulf Coast markets. In addition, our gas transmission business remained in
high demand and our Ontario gas utility continued to realize operating synergies following the
amalgamation earlier this year.
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Encana (Canada) Reports 2019 Third Quarter Financial and Operating
Results
• Net earnings of $149 million, or $0.11/share, with non-GAAP operating earnings
of $195 million, or $0.15/share.
• Cash from operating activities of $756 million with non-GAAP cash flow of $817
million.
• Non-GAAP free cash flow of $251 million.
• Raised 2019 production outlook while maintaining original capital guidance and
reducing costs.
• Increased forecast for annualized G&A synergies to $200 million from original
target of $125 million.
• Strong oil and condensate production of 237 thousand barrels per day (Mbbls/d),
and total production of 605 thousand barrels of oil equivalent per day (MBOE/d).
• Anadarko Basin continued strong production; currently producing 162 MBOE/d,
up 13 percent over one year ago proforma.
• STACK pacesetter well costs under $6.0 million and 90-day cycle times driven by
increased completion efficiencies and operational performance.
• Permian Basin achieves record average quarterly production of 111 MBOE/d.
• Montney liquids production of 54 Mbbls/d, up 22 percent over one year ago.
• Total costs decreased to $11.95 per barrel of oil equivalent (BOE). Lowered full
year guidance for costs.
• Non-GAAP cash flow margin of $14.67/BOE.
• Completed 2019 share buyback program of $1.25 billion, reducing share count by
approximately 13 percent.
"Encana continues to deliver consistently strong financial performance," said
Encana CEO. "Our business is delivering free cash flow today. We have been
very disciplined with our capital allocation and today increased our outlook for
2019 volumes while maintaining our capital investment guidance. We have a
unique combination of profitable liquids growth, the generation of free cash and
a track record of returning cash to our shareholders. We are confident that our
business model is sustainable and that it will ultimately be differentiated by the
market."
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EOG (USA) Resources Reports Outstanding Third Quarter 2019 Results; Announces
Two New Delaware Basin Plays and Adds 1,700 Net Premium Locations
• Net income of $615 million, or $1.06 per share, compared with third quarter 2018 net
income of $1.2 billion, or $2.05 per share.
• Net cash provided by operating activities for the third quarter 2019 was $2.1 billion.
• Adjusted non-GAAP net income for the third quarter 2019 was $654 million, or $1.13 per
share, compared with adjusted non-GAAP net income of $1.0 billion, or $1.75 per share,
for the same prior year period.
• Total crude oil volumes of 464,100 barrels of oil per day (Bopd) in the third quarter 2019
increased 12 percent compared to the same prior year period and were above the high end
of the target range. Natural gas liquids (NGLs) and natural gas volumes each grew 11
percent. EOG incurred total expenditures of $1.6 billion in the third quarter. Cash capital
expenditures before acquisitions of $1.5 billion were near the low end of the target range.
Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP
measures.
• EOG continued to lower operating costs during the third quarter 2019. Per-unit
transportation costs declined nine percent compared to the same prior-year period,
depreciation, depletion and amortization expenses fell seven percent year-over-year, and
lease and well expenses declined three percent year-over-year.
• EOG generated $2.0 billion of discretionary cash flow in the third quarter 2019. After
considering cash capital expenditures before acquisitions of $1.5 billion and dividend
payments of $166 million, EOG generated free cash flow during the third quarter 2019 of
$337 million. Please refer to the attached tables for the reconciliation of non-GAAP
measures to GAAP measures.
"EOG's operating performance has never been better. The company generated
outstanding financial results in the third quarter driven by improvements in every area,"
said William Chairman and Chief Executive Officer. "We reduced operating expenses,
grew volumes at double-digit rates while lowering well costs and generated substantial
free cash flow. EOG has never been in a better position to sustain this success long into
the future."
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EQT (USA): BBS Automation acquires ReaLead and closes group
refinancing
Following a successful EUR 140 million refinancing, EQT
portfolio company BBS Automation steps up its ambitious
consolidation strategy and closes its third add-on in one
year; ReaLead, a founder-led Chinese automation business
with strong growth momentum and complementary
customer base. Headquartered in Munich, Germany, BBS
Automation (“BBS”) develops flexible and high-quality
automation solutions for complex manufacturing and
testing processes. With production sites in Germany, Italy,
Poland, Slovakia, the US, China and Malaysia, BBS
Automation supports a diverse network of blue-chip
customers on a global scale. The EQT Mid Market Europe
and EQT Mid Market Asia III funds jointly invested in
BBS in May 2018 alongside the company’s founding
families to support continued growth, both organically and
through add-on acquisitions.
CEO of BBS Automation commented: "The addition of
ReaLead is well-aligned with our intention of
strengthening our global network and increasing our
Chinese presence to continue enabling our customers
the best possible automation solutions and service.
Kevin and our new Chinese colleagues are energetic and
motivated, and we are excited to welcome them to the
BBS family.”
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EQT (USA) Credit completes unitranche financing for Sykes
Cottages
EQT Credit, through its Direct Lending strategy, is
pleased to provide committed senior debt facilities to
support Vitruvian Partners’ acquisition of Sykes
Cottages Holdings Limited. Proceeds were used to
finance the acquisition and refinance the Company’s
existing debt as well as provide committed
acquisition facilities to support future growth. Sykes
is a leading vacation rental management company,
with more than 17,000 exclusively managed
properties in the United Kingdom and New Zealand.
The business has grown rapidly with significant
investment in technology, providing a strong
foundation for future expansion.
Partner at EQT Partners and Investment Advisor
to EQT Credit, commented: “EQT Credit is
delighted to be supporting Vitruvian and
management as they continue to develop Sykes
into one of the leading international players in the
vacation rental market. With an exceptional
management team and a well-invested technology
platform, EQT believes the Company is well
positioned to continue its strong growth trajectory.
We would like to thank the advisors in the EQT
Network, who added their knowledge of the
vacation rental industry and provided key support
and insight throughout the due diligence process.”
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Equinor (Norway) third quarter 2019 results
• Adjusted earnings were USD 2.59 billion in the third quarter, down from USD 4.84 billion in the same period
in 2018. Adjusted earnings after tax were USD 1.08 billion, down from USD 1.99 billion in the same period last
year. Lower prices for both liquids and gas impacted the earnings for the quarter.
• IFRS net operating income was negative USD 0.47 billion in the third quarter, down from USD 4.60 billion in
the same period of 2018. IFRS net income was negative USD 1.11 billion in the third quarter, down from
positive USD 1.67 billion in the third quarter of 2018. Net operating income was impacted by net impairment
charges of USD 2.79 billion, of which USD 2.24 billion relates to unconventional onshore assets in North
America, mainly as a result of more cautious price assumptions.
• Equinor delivered total equity production of 1,909 mboe per day in the third quarter, down 8% from the same
period in 2018. The flexibility in the gas fields is used to delay production to periods with higher expected gas
prices. High turnaround activity also impacted the production.
• As of the end of third quarter 2019, Equinor has completed 32 exploration wells with 14 commercial
discoveries. Adjusted exploration expenses [5] in the quarter were USD 0.26 billion, compared to USD 0.24
billion in the same quarter of 2018, with more wells drilled and completed.
• Cash flows provided by operating activities before taxes paid and changes in working capital amounted to
USD 16.60 billion for the first nine months of 2019 compared to USD 20.43 billion in the same period of 2018.
Organic capital expenditure was USD 7.38 billion for the first nine months of 2019. At quarter end, net debt to
capital employed1 was 22.5%, also impacted by currency effects and the impairments in the quarter. Following
the implementation of IFRS 16, net debt to capital employed1 was 28.4%.
• The board of directors has decided on a dividend of USD 0.26 per share for the third quarter. In the third
quarter Equinor launched a share buy-back programme of up to USD 5 billion over a period until the end of
2022. In the first tranche shares will be purchased for up to USD 500 million in the market, and by the end of
the third quarter shares for USD 91 million have been settled and paid.
• The twelve-month average Serious Incident Frequency (SIF) was 0.6 for the twelve months ended 30
September 2019, compared to 0.5 for the same period a year ago.
“We maintain strong cost and capital discipline, but our results are impacted by lower commodity prices in
the quarter. In addition, we have decided to use our flexibility to defer gas production to periods with
higher expected prices. Based on our strong balance sheet and outlook for profitable growth, we have in
the quarter demonstrated our commitment to capital distribution and are executing the first tranche of a
5-billion-dollar share buy-back programme.” says President and CEO of Equinor ASA.
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Equinor (Norway) sells Eagle Ford asset
Equinor has signed an agreement to divest to Repsol its 63%
interest in, and operatorship of, its onshore business in the
Eagle Ford in the US state of Texas. The transaction covers
all of Equinor’s interests in the Eagle Ford Joint Venture
with Repsol, covering 69 000 net acres. Following this
transaction Repsol will have a 100% interest in the asset.
The total consideration is USD 325 million. Equinor entered
the Eagle Ford asset in 2010 through a joint acquisition with
Talisman Energy USA (now owned by Repsol) from
Enduring Resources. In 2015, Equinor increased its interest
in the joint asset from 50% to 63% and assumed full
operatorship. In a separate agreement, Repsol will acquire a
20% non-operated interest in the Monument prospect that
Equinor is drilling in the Northwest Walker Ridge area in the
Gulf of Mexico. Equinor plans to commence drilling this
well before the end of the year.
“This transaction supports Equinor’s strategy to optimise
our onshore US portfolio, enhancing our financial
flexibility and focusing our capital on our core activities
in the country,” says Executive vice president for
Development and Production International in Equinor.
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Galp (Portugal) set for new growth cycle, boosts investment on
projects for the energy transition
• Adjusted net income (RCA) in the first nine months of 2019 declined 33% from a
year earlier, to €403 million. Non-recurring events totaling €128 million include the
impact of recent unitization processes in Brazil. Net income by international
accounting standards, known as IFRS, was €283 million.
• Nine-month Capex marginally declined to €573 million when compared with the
same period of 2018, with 73% allocated to E&P projects. Downstream Capex
focused mainly on energy efficiency improvements in the refineries, as well as on
maintenance works.
• As of September 30, net debt stood at €1.645 billion, €92 million below year-end,
reflecting the company’s positive cash generation during the three quarters. Net
debt to Ebitda is 0.8x.
• Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda
RCA) at the end of September totaled €1.73 billion, or €3 million more than in the
same period a year before. More than 85% of Galp’s Ebitda originated in
international markets.
• The E&P unit has contributed to balance Galp’s operational results at a period in
which Galp’s refining system operated with constraints, particularly during the third
quarter, namely with the implementation of energy efficiency projects and
programmed maintenance works. The drop in refining margins, from $5.1 to $3 per
barrel, also contributed to a drop in Refining and Marketing operational earnings in
the first nine months of 2019 from a year earlier to €317 million.
“We are preparing Galp for a new growth cycle in which we will contribute
very actively to the energy transition,” said Chief Executive Officer. “We will
promote economically and environmentally sustainable solutions, maintaining,
as always, the commitment towards acting in a socially responsible manner that
will not cease to ensure the company’s long-term growth, its financial discipline
and shareholder return.”
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Hellenic Petroleum (Greece): Third quarter / Nine-month 2019
financial results
• 3Q19 Adjusted EBITDA came in at €201m, a notable improvement vs last quarters, while
Adjusted Net Income amounted to €90m. Higher total production, at 4.3m MT and good
operations at refining units, despite end of run performance ahead of scheduled shut-downs
and IMO test runs, resulted to sales exceeding 4m MT. Equally, improved performance in
Domestic and International Fuels Marketing had a positive contribution.
• The BoD, considering the strong results, as well as positive outlook for the Group,
decided the distribution of an interim dividend of €0.25/share, payable in January 2020.
• IFRS Reported Results were affected by crude price movements, which in 3Q19 dropped
to the lower levels of the last two years, leading to a 12% drop in Revenues to €2.3bn.
Equally, impact on Net Income was also negative, with inventory valuation losses of €43m,
vs €53m gains recorded in 3Q18, as prices then increased. It should be noted that the
results include for the first time the impact of new IFRS 16 on operating leases of retail fuel
stations and other equipment.
• The Group continued to improve its financial position, with finance cost further dropping
by 25% y-o-y in 3Q19, at €27m, mainly on account of repayment of the €325m Eurobond
issued in 2014. Furthermore, during the quarter, the Group proceeded to the successful
issue of a new €500m, 2% Eurobond, with partial refinancing of existing bonds maturing in
2021. The transaction is expected to lead to an additional annual decrease in finance costs
of approximately €15m, with total reduction exceeding 50% in the last 3 years, with a
notable impact on the Group’s cash flow profile and dividend distribution capacity.
Group CEO, commented on results: “Improved 3Q19 results, the strongest of last 3
quarters, are particularly encouraging, on the back of a material improvement in
environment. We are operating in a highly cyclical industry, without the ability to
influence international developments. As a result, it is important to focus on issues we
can control through strategic direction, managing and operating our business units and
improving competitiveness. Despite 2019 being the most challenging refining
environment in the last few years, our results and financial position are strong. On a
positive note, domestic fuels market recorded a 3% growth. We consider the short-term
outlook to be positive, with the introduction of new bunkering fuel specs; our recent
performance in capital markets, with the successful Eurobond issue in 3Q19, further
confirms the confidence of the domestic and international investor community in
HELLENIC PETROLEUM. I would like to thank once again the management and
employees for their significant contribution to our successful performance.”
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Hess (USA) Reports Estimated Results for the Third Quarter of
2019
• Net loss was $205 million, or $0.68 per common share, compared with a net loss of
$42 million, or $0.18 per common share, in the third quarter of 2018
• Adjusted net loss1 was $98 million, or $0.32 per common share, compared with
adjusted net income of $29 million, or $0.06 per common share, in the third quarter of
last year
• Oil and gas net production averaged 290,000 barrels of oil equivalent per day
(boepd), excluding Libya, up from 279,000 boepd in the third quarter of 2018; Bakken
net production was 163,000 boepd, up 38 percent from 118,000 boepd in the prior-year
quarter
• Exploration and Production (E&P) capital and exploratory expenditures were $661
million, compared with $542 million in the prior-year quarter
• Cash and cash equivalents, excluding Midstream, were $1.9 billion at September 30,
2019
2019 Updated Full Year Guidance:
• Net production guidance, excluding Libya, increased to approximately 285,000
boepd, up from the previous guidance range of 275,000 boepd to 280,000 boepd;
Bakken net production guidance increased to approximately 150,000 boepd, up from
the previous guidance range of 140,000 boepd to 145,000 boepd
• E&P capital and exploratory expenditures are projected to be $2.7 billion, down from
previous guidance of $2.8 billion
“We achieved strong operational performance once again this quarter, delivering
higher production and lower capital and exploratory expenditures than previous
guidance,” Chief Executive Officer said. “In September, we announced our 14th
discovery in the Stabroek Block at Tripletail, offshore Guyana and are now
targeting December for first oil from the Liza-1 development. We also just
announced an oil discovery at the Esox-1 well, part of our focused exploration
program in the deepwater Gulf of Mexico, which will be a low cost, high return
tieback to Tubular Bells production facilities.”
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HollyFrontier Corporation (USA) Reports Quarterly Results
• Reported net income attributable to HollyFrontier stockholders of $261.8 million, or $1.58 per diluted
share, and adjusted net income of $278.0 million, or $1.68 per diluted share, for the third quarter
• Reported EBITDA of $521.7 million and adjusted EBITDA of $523.1 million for the third quarter
• Returned $259.5 million to shareholders through dividends and share repurchases in the third quarter
• The Refining and Marketing segment reported adjusted EBITDA of $424.6 million compared to $507.2
million for the third quarter of 2018. This decrease was primarily driven by lower product margins and
weaker laid-in crude advantage across our refining system which resulted in a consolidated refinery gross
margin of $17.23 per produced barrel, a 11% decrease compared to $19.41 for the third quarter of 2018.
Crude oil charge averaged 476,030 barrels per day (“BPD”) for the current quarter compared to 441,990
BPD for the third quarter 2018.
• Lubricants and Specialty Products segment reported EBITDA of $38.0 million, compared to $42.4
million in the prior year, despite improvements in base oil markets. Rack Forward EBITDA was $51.3
million, compared to $57.1 million in the prior year, driven by an unfavorable product sales mix and the
impact of macroeconomic headwinds on end markets in the quarter.
• Holly Energy Partners, L.P. (“HEP”) reported EBITDA of $123.1 million for the third quarter 2019
compared to $86.9 million in the third quarter of 2018. Third quarter results reflected strong third-party
volumes and higher spot revenues on its crude oil pipeline systems in Wyoming and Utah. Reported
EBITDA in third quarter 2019 includes a $35.2 million gain on sales-type leases that eliminates on HFC
consolidation.
• For the third quarter of 2019, net cash provided by operations totaled $441.9 million. During the period,
we declared and paid a dividend of $0.33 per share to shareholders totaling $54.5 million and spent
$205.0 million in stock repurchases.
HollyFrontier’s President & CEO, commented, “HollyFrontier's solid third quarter results were
driven by record throughput volumes and healthy gasoline and diesel margins across our refining
system. We returned over $259 million to shareholders through dividends and share repurchases,
signaling our strong commitment to return free cash flow to our shareholders. We are currently
undergoing turnarounds at our El Dorado and Cheyenne refineries and plan to return to normal
operations later in the fourth quarter.”
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Husky Energy (Canada) Reports Third Quarter 2019 Results
• Funds from operations of $1 billion, compared to $1.3 billion in the year-ago period
• Cash flow from operating activities of $800 million, compared to $1.3 billion in the third quarter of 2018
• Net earnings of $273 million, compared to net earnings of $545 million in Q3 2018
• Capital spending of $868 million was directed towards advancing the Saskatchewan thermal portfolio, the
Lima crude oil flexibility project, and progressing construction of the Liuhua 29-1 field offshore China and the
West White Rose Project in the Atlantic region. Capital expenditure guidance for 2019 remains unchanged at
$3.3-$3.5 billion
• Free cash flow, before dividends, of $153 million
• Successful startup of the 10,000 barrel-per-day Dee Valley thermal bitumen project, which came in ahead of
schedule and under budget
• Overall Upstream production averaged 294,800 barrels of oil equivalent per day (boe/day), which takes into
account the return to full production at the White Rose field in the Atlantic region, mandated production quotas
in Alberta and maintenance at the Liwan Gas Project and the BD Project in the Asia Pacific region; production
was approximately 310,000 boe/day at the end of the third quarter
• Downstream throughput of 356,400 barrels per day (bbls/day), compared to 350,600 bbls/day in the third
quarter of 2018
• Construction commenced on the Superior Refinery rebuild project; full operations expected to resume in 2021
• Reached an agreement to sell the Prince George Refinery for $215 million in cash plus a closing adjustment
for working capital, and a contingent payment of up to $60 million over two years; sale is expected to close in
the fourth quarter of 2019 subject to closing conditions
“We achieved all of the milestones for the third quarter as set out at Investor Day in May, and remain on
track for the rest of the year,” said CEO. “We also saw our work to enhance process safety translate to
improved reliability across the business. In the Integrated Corridor, we started up our latest 10,000
barrel-per-day Saskatchewan thermal bitumen project at Dee Valley, which has already reached its
nameplate capacity. We began the final tie-in of the Lima Refinery crude oil flexibility project, received
permits to commence the Superior Refinery rebuild, and reached an agreement to sell the Prince George
Refinery.”
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Husky Energy (Canada) Closes Sale of Prince George Refinery
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Husky Energy has closed the sale of its 12,000 barrel-per-day Prince George Refinery to Tidewater
Midstream and Infrastructure for $215 million in cash, plus a closing adjustment of approximately
$53.5 million. Proceeds of the sale will be used in accordance with Husky’s funding priorities, which
include maintaining the strength of the balance sheet and returning value to shareholders through a
sustainable cash dividend. The transaction includes a contingent payment to Husky of up to $60
million over two years. The Company has entered into a five-year offtake agreement with Tidewater
for refined products from the refinery, located in Prince George, B.C. TD Securities Inc. acted as
financial advisor for the sale, with Torys LLP as legal advisor.
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Kinder Morgan (USA): Declares $0.25 Per Share Dividend and
Announces Results for Third Quarter of 2019
• 13 percent year-over-year growth in natural gas
transport volumes, the seventh consecutive quarter to
exceed 10 percent growth
• Net income available to common stockholders of $506
million, compared to $693 million in the third quarter of
2018; and DCF of $1,140 million, a 4 percent increase
over the third quarter of 2018.
• $1.14 billion or $0.50 per share of distributable cash
flow (DCF)
• $571 million of excess DCF above declared dividend
• Year-to-date 2019 Adjusted EBITDA effectively flat to
2018 despite Trans Mountain sale
• Announced agreement to sell U.S. portion of Cochin
pipeline and 70 percent interest in KML
“The third quarter was a momentous one for Kinder
Morgan, as we placed two major projects into service.
Our Gulf Coast Express Pipeline (GCX) went in
service on September 25th, ahead of schedule. GCX
will play a significant role in reducing flaring in West
Texas by providing an outlet for associated gas
produced in the Permian,” said Chief Executive
Officer. “In addition to being ahead of schedule, the
project managed six million contractor hours worked
with an outstanding safety record.”
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MOL Group (Hungary) Upgrades 2019 Guidance After Robust
Q3 Results
• Upstream EBITDA declined to USD 235mn in Q3, reflecting lower oil
and significantly lower gas prices. The volume of hydrocarbon production
slightly decreased by 1 % year-on-year in Q3 and stood at 107,500 barrels
of oil equivalent per day (boepd), but year to date production of 112
thousand boepd remains above the full-year guidance.
• Downstream segment’s Clean CCS EBITDA improved by 4 % to 272mn
USD in the third quarter, as refinery margins rebounded from the H1
decrease. Motor fuel demand continued to expand by 3% in the relevant
CEE region and supported the downstrem results. MOL’s biggest ever
organic investment, polyol plant construction site works boosted up in Q3
and progresses as scheduled.
• Consumer Services reached new all-time high quarterly result at USD
161mn, up by 10% year-on-year as both non-fuel and fuel margins
expanded further, and the segment benefits from the strong regional fuel
demand trends as well. MOL’s flagship Fresh Corner branded non-fuel
concept rollout dynamically continues across the network, the number of
reconstructed sites with Fresh Corners rose to 794 from 615 a year ago.
• The Gas Midstream segment reached USD 27mn EBITDA in Q3, 8%
higher than a year ago.
Chairman-CEO commented the results: “The strong financial delivery
of our resilient, integrated business model in the first 9 months allows
us to upgrade our full-year 2019 Clean CCS EBITDA guidance to
around USD 2.4bn (from around USD 2.3bn). We also continue to
generate positive simplified free cash flow, thus fully funding even the
nearly doubling organic investments, as we push forward with our
strategic transformational projects. The flagship polyol plant remains
on track and on schedule, with major construction site works boosted
up in Q3 and overall completion now exceeding 35%.”
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MOL Group (Hungary) Agrees To Purchase A 9.57% Stake In
Azerbaijan’s ACG Field And 8.9% In The Btc Pipeline
MOL has signed an agreement with Chevron Global Ventures Ltd and
Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and
mid-stream interests in Azerbaijan, including a 9.57% stake in the
Azeri-Chirag-Gunashli (“ACG”) oil field, and an effective 8.9% stake
in the Baku-Tbilisi-Ceyhan (“BTC”) pipeline that transports the crude
to the Mediterranean port of Ceyhan, for total consideration of USD
1.57bn (subject to adjustments at closing). Once completed, this
transaction will make MOL the third largest field partner in ACG. The
supergiant ACG field is Azerbaijan’s flagship oil producing asset
covering 400 square kilometers and including six off-shore production
platforms. It has been producing oil since 1997 and has an excellent 20
year-long operational track record. The country’s largest oil field is
operated by the oil giant BP and produced on average 584,000 barrel
per day in 2018. MOL Group will team up with world-class partners
such as BP, Exxon, Equinor and SOCAR in this key strategic asset.
MOL also acquires a stake in the BTC pipeline transporting crude oil
from Azerbaijan to the port of Ceyhan, Turkey, on the Mediterranean
Sea.
“This major USD 1.57bn transaction is a significant milestone in
building our international E&P portfolio, in one of our core regions,
the CIS, where we will team up with world-class partners.
Following the closing of the deal, around half of our production will
come from outside the CEE region, giving us a healthy balance.
With these new barrels we are also strengthening our resilient,
integrated business model, which will continue to generate robust
cash flow to finance the MOL 2030 transformational projects as well
as rising dividends to our shareholders.” – commented MOL
Group’s Chairman-CEO.
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NOV (USA) announces Q3 earnings results
• Reported third quarter 2019 revenues of $2.13 billion, compared to $2.13 billion for the second quarter
of 2019 and $2.15 billion for the third quarter of 2018.
• Net loss for the third quarter of 2019 was $244 million, which included non-cash, pre-tax charges of
$314 million.
• Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) increased $67
million sequentially to $262 million, or 12.3 percent of sales.
NOV had several significant achievements this quarter:
• NOV was awarded the equipment package and design orders for one of the world’s largest offshore
wind turbine installation vessels by Shimizu Corporation in Japan.
• NOV announced a contract award by a joint venture between Shapoorji Palloonji Oil and Gas and Bumi
Armada Berhad for the Company’s submerged turret production (STP™) system.
• NOV secured the first orders for the QuickLatch™ wireline wellhead connection systems from a major
operator in China.
• NOV received an award from a drilling contractor in the Middle East to outfit 21 rigs with the
Company’s VSM™ 300 shale shaker.
• NOV acquired Denali, Inc., a leader in fiberglass-reinforced plastic (FRP) products with more than 50
years of experience providing highly engineered, lightweight, corrosion-resistant equipment and services
to the petroleum, chemical, power generation, and water markets.
• NOV introduced the Falcon™ series drill bit to Middle East and North Africa markets in Q3, with the
design already seeing remarkable success in Saudi Arabia.
• NOV successfully deployed its VectorZIEL rotary steerable systems (RSS) tools into Latin America for
the first time.
• NOV shipped its first managed-pressure-drilling (MPD) package into Egypt to an established customer.
• NOV’s SelectShift™ downhole adjustable motor helped a major independent operator improve drilling
times and reduce bit repair costs in West Texas, proving the ability of the SelectShift™ motor to
seamlessly shift between drilling modes can meaningfully extend bit life in the region.
"In the third quarter, adjusted EBITDA improved significantly relative to second quarter results due
to accelerating cost reductions, a favorable revenue shift towards higher-margin offshore and
aftermarket businesses, and positive project close-out variances," commented Chairman, President,
and CEO. "While third quarter revenue was essentially flat with the prior quarter, margins improved
as sales growth in international and offshore markets helped offset sequential declines from North
American operations where our customers are reducing their spending."
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Noble Energy (USA) Closes on Acquisition of Interest in the Eastern
Mediterranean Gas (EMG) Pipeline
Noble Energy, Inc. announced that the Company and its partners have
closed on the acquisition of a 39 percent equity interest in the Eastern
Mediterranean Gas Company S.A.E. (“EMG”), which owns the EMG
Pipeline. The pipeline will be used to transport natural gas volumes
into Egypt under the Company’s gas supply agreements with Dolphinus
Holdings (“Dolphinus”). Noble Energy’s net acquisition investment in
the EMG Pipeline totaled $185 million, and the Company’s effective
interest in the pipeline is 10 percent. The EMG Pipeline is a
90-kilometer pipeline, located primarily offshore, that serves as a
connection between the Israeli pipeline network and the Egyptian
pipeline network. The acquisition of interest in the pipeline was
contingent upon technical third-party recertification, including
completion of successful intelligent pigging and pressure testing of the
pipeline, which were accomplished over the past months, as well as
finalization of several commercial agreements. Noble Energy intends to
use the pipeline to accommodate the Company’s existing natural gas
contracts from Leviathan and Tamar into Egypt, commencing January
2020 and increasing to 650 MMcf/d, gross, by mid-2022.
Noble Energy’s Senior Vice President, Offshore, stated, “The
closing of the EMG acquisition will support delivery of natural gas
from the Tamar and Leviathan fields into Egypt, and represents a
major milestone toward Egypt’s goal of becoming a regional energy
hub. This acquisition, combined with our recently announced
Dolphinus gas sales contracts offtake increases, provides further
confidence in both the long-term export market and growing cash
flows from our Eastern Mediterranean assets.”
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Noble Energy’s (USA) Third Quarter 2019 Demonstrates Continued
Execution and Improvement in Capital Efficiency
• The Company reported third quarter net income attributable to Noble Energy of $17 million, or $0.04 per diluted
share. Net income including noncontrolling interest was $36 million.
• Third quarter 2019 organic capital investments attributable to Noble Energy included $355 million related to U.S.
onshore upstream activities and $17 million for midstream activities funded by the Company.
• Noble Energy also invested $129 million in the Eastern Mediterranean, primarily for continued development of the
Leviathan project, and $47 million in West Africa, primarily for the drilling and completion of the Aseng 6P well.
Included in Additions to Equity Method Investments is the Company's $185 million investment to purchase interest in
the EMG Pipeline.
• Unit production expenses for the third quarter 2019 were $8.39 per barrel of oil equivalent (BOE), including lease
operating expenses, production taxes, gathering, transportation, and processing expenses, and other royalty costs.
These costs were below guidance primarily as a result of workover reductions, compression optimization, and lower
fuel costs.
• Marketing and other expenses, including sales and costs of purchased oil and gas, netted to $16 million in the third
quarter, primarily reflecting mitigation of firm transportation costs.
• Income from equity method investments for the third quarter of $10 million was impacted by lower than anticipated
methanol and LPG pricing, as well as operating losses on Noble Midstream Partners LP's pipeline investments (EPIC
and Delaware Crossing) incurred prior to full service commencement.
• The Company’s effective tax rate on adjusted earnings was approximately 17%. On this basis, current tax expense
was $25 million, resulting from the income generated in West Africa and Israel. Deferred taxes were a benefit of $31
million on this same basis.
• During the quarter, the Company initiated an offering of $500 million of 3.25% notes due 2029 and $500 million of
4.20% notes due 2049. Closing of the offering occurred in October 2019 and proceeds were used to fund the
redemption of $1.0 billion of 4.15% notes due 2021. The debt transaction removed all near-term maturities of term
debt and lowered the Company’s annual interest cost by more than $4 million.
• The Company ended the third quarter 2019 with $4.0 billion in financial liquidity, including cash and available credit
facility.
Noble Energy’s Chairman and CEO, commented, “Noble Energy continued its strong execution momentum in
the third quarter, with further capital efficiency gains onshore and the accomplishment of major project
milestones offshore. In 2019, we’ve significantly lowered the capital and cost intensity of our business through
continuous improvement initiatives. This is reflected in a $200 million reduction in our 2019 capital expenditures
from original plan, which we are prioritizing for the balance sheet rather than additional growth. We have also
delivered more than a five percent reduction in our operating and G&A costs versus plan this year. As we head
into 2020, we are differentially positioned with a lower corporate decline profile, reduced maintenance capital
needs, and materially higher cash flows. We are on track to deliver sustainable long-term free cash flow and
increasing returns to investors.”
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NOVATEK (Russia) Announces Consolidated IFRS Results for the Third
Quarter and the Nine Months 2019
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• In the third quarter of 2019, our total revenues and Normalized EBITDA, including our share in EBITDA of joint ventures,
amounted to RR 189.2 billion and RR 104.5 billion, respectively, representing decreases of 13.8% and 11.5% as compared to
the prior year corresponding period.
• In the nine months ended 30 September 2019, our total revenues and Normalized EBITDA, including our share in EBITDA of
joint ventures, increased to RR 641.8 billion and RR 338.3 billion, respectively, or by 7.9% and 14.4%, as compared to the
corresponding period in 2018.
• Profit attributable to shareholders of PAO NOVATEK increased to RR 370.0 billion (RR 122.86 per share), or eight-fold, in
the third quarter of 2019 and to RR 820.9 billion (RR 272.59 per share), or nearly seven-fold, in the nine months of 2019 as
compared to the corresponding periods in 2018.
• Excluding the effect from the disposal of interests in subsidiaries and joint ventures, as well as foreign exchange differences,
Normalized profit attributable to shareholders of PAO NOVATEK totalled RR 48.5 billion (RR 16.12 per share) in the third
quarter of 2019 and RR 178.6 billion (RR 59.29 per share) in the nine months of 2019.
• Cash used for capital expenditures increased to RR 36.5 billion, or by 47.4%, in the third quarter of 2019 and to RR 110.2
billion, or by 94.9%, in the nine months of 2019 as compared to the prior year corresponding periods.
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Oneok (USA) Announces Third Quarter 2019 Earnings; Updates
2019 Financial Guidance And Maintains 2020 Outlook
• Net income of $309.2 million, resulting in 74 cents
per diluted share.
• Adjusted EBITDA of $649.8 million.
• 1.31 times dividend coverage ratio.
• 3% increase in NGL raw feed throughput volumes.
• 7% increase in natural gas volumes processed.
• 98% of natural gas transportation capacity contracted.
Updated 2019 Guidance:
• Net income of $1,220 million - $1,330 million.
• Adjusted EBITDA of $2,560 million - $2,640 million.
• Growth capital of $3,515 million - $3,695 million.
"Growth across our business segments continues to
drive strong results, providing another year of
increased companywide earnings in 2019," said
ONEOK president and chief executive officer. "Our
outlook for greater than 20% earnings growth in
2020 is supported by the upcoming completion of
critical ONEOK natural gas and NGL infrastructure,
including assets to help significantly reduce natural
gas flaring in the Williston Basin. These projects will
provide immediate earnings and volume uplift in
2020 and stable fee-based growth for years to come.
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PBF Energy (USA) Reports Third Quarter 2019 Results, Declares
Dividend of $0.30 Per Share
• Reported third quarter 2019 income from operations of $151.9 million as
compared to income from operations of $286.3 million for the third quarter of 2018.
Excluding special items, third quarter 2019 income from operations was $165.8
million as compared to income from operations of $232.3 million for the third
quarter of 2018.
• The company reported third quarter 2019 net income of $86.3 million and net
income attributable to PBF Energy Inc. of $69.5 million or $0.57 per share. This
compares to net income of $192.5 million, and net income attributable to PBF
Energy Inc. of $179.6 million or $1.50 per share for the third quarter 2018. Special
items included in the third quarter 2019 results, which decreased net income by a
net, after-tax loss of $10.2 million, or $0.09 per share, consisted of a
lower-of-cost-or-market ("LCM") inventory adjustment and a gain on land sale at
our Torrance refinery.
• Adjusted fully-converted net income for the third quarter 2019, excluding special
items, was $80.1 million, or $0.66 per share on a fully-exchanged, fully-diluted
basis, as described below, compared to adjusted fully-converted net income of
$135.6 million or $1.13 per share, for the third quarter 2018.
• The company announced that it will pay a quarterly dividend of $0.30 per share of
Class A common stock on November 26, 2019, to holders of record at the close of
business on November 14, 2019.
PBF Energy's Chairman and CEO, said, "PBF's strong results and operating
cash flow in the third quarter reflects the benefit of our strategic decision to
front-load our maintenance activity during the first half of 2019. All of our
refineries operated well and we generated solid financial results despite a
volatile market. We have had a good start to the fourth quarter and I am excited
to announce that our second Chalmette coker is in the start-up process and the
project was completed on time and on budget. We continue to progress towards
the closing of the Martinez refinery acquisition and are looking forward to
welcoming the Martinez employees to the PBF family."
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Petrobras (Brazil) acquires Buzios and Itapu fields in the Assignment
surplus auction
Petrobras informs that the consortium in which it will operate, with a 90% stake, in
partnership with the companies CNODC Brasil Petróleo e Gás Ltda. and CNOOC
Petroleum Brasil Ltda., each with a 5% stake, acquired the right to exploit and
produce the volume in excess of the Assignment Agreement for the Buzios field. In
addition, Petrobras fully acquired the exploration and production rights related to
the excess volume of the Itapu field. With the results of today's auction, Petrobras
assures the maintenance of the operation in these fields, for which it had already
exercised the preemptive right, as announced to the market on May 21, 1919, and
confirms its leading position in the pre- Brazilian salt, consistent with its strategy to
focus on the exploration and production of world-class offshore assets. The Buzios
field, which began production in April 2018 and has already produced about 100
million barrels of oil and gas equivalent (boe), is the largest discovered deepwater
field in the world. It is light oil and has proven high productivity wells. The
acquisition of the right to exploit and produce the excess of the assignment of
Búzios is consistent with the strategic focus on investments in which Petrobras is
the natural owner. The knowledge acquired over about 10 years in the area and its
great potential, combined with the conditions of acquisition of the asset, with
signing bonus of R $ 68.194 billion, compatible with the value of the field, and oil
profit of 23.24 %, at the minimum level, increase the attractiveness of Buzios to the
consortium led by Petrobras.
“We are building the future for Petrobras. The Buzios field is undoubtedly a
world class asset. It is the largest offshore oil field in the world, with substantial
reserves, low extraction costs, low equilibrium prices, which means it has a high
return on capital employed, ”said Petrobras President Roberto Castello Branco.
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Pioneer Natural Resources Company (USA) Reports Third Quarter
2019 Financial and Operating Results
• Third quarter oil production averaged 215 thousand barrels of
oil per day (MBOPD), near the top end of guidance
• Third quarter production averaged 351 thousand barrels of oil
equivalent per day (MBOEPD), above the top end of guidance
• Reduced the top end of the forecasted 2019 capital program1
by an additional $150 million, or approximately 5%, while
increasing the midpoint of 2019 production guidance by
approximately 3%
• Delivered strong third quarter free cash flow2 of approximately
$250 million
• Realized further drilling and completion efficiencies, leading to
lower well costs and a more capital efficient long-term drilling
program
• Repurchased $200 million of common stock during the third
quarter under the Company’s $2 billion repurchase
authorization; $728 million executed to-date
“We continued to successfully execute our strategy and delivered another quarter of solid
financial results,” said Chairman and CEO of Phillips 66. “We operated safely and reliably and
captured favorable margins in our Refining and Marketing businesses. Midstream's
transportation and NGL businesses reported record pre-tax income, while we continued to
progress Midstream's portfolio of growth projects. The Lake Charles isomerization unit reached
full production, and line fill started on the Gray Oak Pipeline. CPChem operated well and
contributed to our strong operating cash flow.”
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Pioneer Natural Resources Company (USA) Reports Third Quarter
2019 Financial and Operating Results
• Third quarter oil production averaged 215 thousand barrels of
oil per day (MBOPD), near the top end of guidance
• Third quarter production averaged 351 thousand barrels of oil
equivalent per day (MBOEPD), above the top end of guidance
• Reduced the top end of the forecasted 2019 capital program1
by an additional $150 million, or approximately 5%, while
increasing the midpoint of 2019 production guidance by
approximately 3%
• Delivered strong third quarter free cash flow2 of approximately
$250 million
• Realized further drilling and completion efficiencies, leading to
lower well costs and a more capital efficient long-term drilling
program
• Repurchased $200 million of common stock during the third
quarter under the Company’s $2 billion repurchase
authorization; $728 million executed to-date
President and CEO stated, "Pioneer reported another
outstanding quarter where we executed at a high level,
underspent our capital budget and delivered strong production
growth. We continue to drive down costs as demonstrated by a
further reduction in our 2019 capital budget, including
achieving our goal to reduce facilities spending earlier than we
had expected, and realizing our first full quarter of reduced
G&A spending. The unique combination of our peer-leading
asset base and increased efficiencies resulted in strong free cash
flow2 generation of approximately $250 million during the
third quarter. We remain committed to returning capital to
shareholders as evidenced by our additional share repurchases
during the quarter and announcing our first quarterly dividend
of $0.44 per share, or $1.76 per share on an annualized basis.
Pioneer’s unmatched inventory of highly economic Midland
Basin horizontal wells underpins a resilient program that
maximizes shareholder value, generates top-tier margins and is
being executed in a manner that demonstrates our commitment
to sustainable practices."
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Repsol (Spain) posts net income of 1.466 billion euros
• Repsol posted net income of 1.466 billion euros in the first nine months of the year, compared
with 2.171 billion in the same period of last year.
• The absence of any capital gains, such as that corresponding to the sale in 2018 of its interest
in Naturgy, and the lower valuation of hydrocarbon inventories due to the drop in crude oil
prices, had a comparatively negative effect of over 600 million euros relative to the previous
year.
• Adjusted net income, which specifically measures the performance of the company’s
businesses, was 1.637 billion euros, compared with 1.720 billion achieved between January and
September 2018.
• Operating cash flow increased 22% to 4.074 billion euros. For Repsol CEO Josu Jon Imaz,
“the robust performance of cash flow in a weaker macroeconomic environment demonstrates
the soundness of our strategy.”
• The strength of the company’s earnings and its cash-generating capacity led the Board of
Directors to agree to propose further improvement of shareholder compensation through the
amortization of 5% of the share capital.
• The Upstream business posted earnings of 864 million euros and continued its successful
operating performance, a major highlight of which was the largest on-shore discovery of the
year, in Indonesia, and the start of production at the Buckskin project (USA).
• Downstream earnings stood at 1.087 billion euros. The unit advanced in the international
expansion of its business, with the creation of a new joint venture to produce and distribute
lubricants in Asia, and added to its portfolio three renewables projects, in an initial development
phase, with a total capacity of 800 MW.
In this context, the company has continued to generate value and increased its operating
cash flow by 22% over the year, to 4.074 billion euros. In the words of Repsol CEO. “the
robust performance of cash flow, in a weaker market environment, demonstrates the
soundness of our strategy.”
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Repsol (Spain) buys Equinor stake in Eagle Ford
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Repsol has acquired the 63% stake that its partner Equinor owned in Eagle Ford, a producing asset in Texas
(United States), for $325 million. Repsol will therefore own 100% of the working interest and be the operator
of the asset. This agreement will allow Repsol to improve the management of its producing assets portfolio and
take advantage of operating synergies that will translate into higher efficiencies. The acquisition is aligned with
Repsol’s 2018-2020 Strategic Plan, which identifies North America as a key business area due to the extensive
existing infrastructure and the stability of the regulatory framework. The agreement is included in the planned
investments for 2018-2020 in the Upstream unit, totaling 8 billion euros and is part of the company’s asset
rotation policy that aims to achieve a balanced and profitable portfolio and bring forward the achievement of
the strategic priorities of portfolio upgrading, profitable growth and increased returns. Repsol is acquiring
approximately 70,000 net acres and 34,000 barrels of oil equivalent a day of production so that total output for
Repsol at Eagle Ford after the agreement will reach approximately 54 thousand barrels of oil equivalent a day.
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Saipem (Italy): results for the third quarter and the first nine
months of 2019
• Revenues: €6,748 million (€6,057 million in the first nine months of 2018), of which €2,229 million in
the third quarter
• EBITDA: €866 million (€642 million in the first nine months of 2018), of which €292 million in the
third quarte
• Adjusted EBITDA: €899 million (€760 million in the first nine months of 2018), of which €293 million
in the third quarter
• Operating profit (EBIT): €402 million (€43 million in the first nine months of 2018), of which €140
million in the third quarter
• Adjusted operating profit (EBIT): €449 million (€417 million in the first nine months of 2018), of which
€141 million in the third quarter
• Net profit: €44 million (loss of €357 million in the first nine months of 2018), of which €30 million in
the third quarter
• Adjusted net profit: €91 million (€17 million in the first nine months of 2018), of which 31 million in
the third quarter
• Special Items – results 2019: write-downs and re-organization expenses of €47 million (write-downs and
re-organization expenses of €374 million in the first nine months of 2018), of which €1 million in the
third quarter
• Capital expenditure: €229 million (€365 million in the first nine months of 2018), of which €94 million
in the third quarter
• Net debt inclusive of IFRS16 lease liabilities at September 30, 2019: €1,421 million (€1,706 million at
January 1, 2019)
• Net debt pre-IFRS 16 at September 30, 2019: €927 million (€1,159 million at December 31, 2018)
• New contracts: €13,943 million (€6,121 million in the first nine months of 2018); this amount rises to
€16.2 billion when new contracts awarded to non-consolidated companies are included
• Backlog: €19,814 million (€12,619 million at December 31, 2018)
• Backlog inclusive of non-consolidated companies: €23,781 million (€14,463 million at December 31,
2018)
Saipem CEO, commented: “I am particularly satisfied with the positive trend in all indicators
resulting from the comprehensive and effective economic and financial rebalancing work carried out
over the last few years. As demonstrated by the record-breaking award of new contracts in the first
nine months of the year shows, the company holds a leadership position in the market, particularly in
those segments most closely linked with the energy transition. The forthcoming challenges will see
us engaged in the improvement of our positioning in the specific market segments and in the
identification and pursuit of strategies that will allow us to consolidate and confirm our leadership”.
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Schlumberger (USA) Announces Third-Quarter 2019 Results
• Worldwide revenue of $8.5 billion increased 3% sequentially
• International revenue of $5.6 billion increased 3% sequentially
• North America revenue of $2.8 billion increased 2% sequentially
• GAAP loss per share, including charges of $8.65 per share, was $8.22
• EPS, excluding charges, was $0.43 representing a 23% sequential increase
• Cash flow from operations was $1.7 billion and free cash flow was $1.1 billion
• Board approved a quarterly cash dividend of $0.50 per share
• During the quarter, Schlumberger repurchased 2.2 million shares of its common
stock at an average price of $36.64 per share, for a total purchase price of $79
million.
• During September, Schlumberger issued EUR 500 million of 0.00% Notes due
2024, EUR 500 million of 0.25% Notes due 2027, and EUR 500 million of 0.50%
Notes due 2031. These notes were subsequently swapped into US dollars with a
weighted-average interest rate of 2.52%.
• During September, Schlumberger repurchased $783 million of its outstanding
3.000% Notes due 2020 and $321 million of its outstanding 3.625% Notes 2022.
• On October 17, 2019, Schlumberger’s Board of Directors approved a quarterly
cash dividend of $0.50 per share of outstanding common stock, payable on January
10, 2020 to stockholders of record on December 4, 2019.
Schlumberger CEO commented, “We ended the third quarter with revenue of
$8.5 billion, a 3% sequential increase while pretax segment operating income of
$1.1 billion rose 13%. I am pleased with the results and proud of the team’s
performance. Sustained international activity drove overall growth despite
mixed results in North America. The North America business saw strong
offshore sales with minimal growth on land due to slowing activity and further
pricing weakness. Third-quarter EPS of $0.43, excluding charges, was 23%
higher than the second quarter.
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Suncor Energy (Canada) increases its participation in Enerkem,
strengthening their existing relationship
Enerkem Inc., a world-leading waste-to-biofuels and
chemicals producer, announced the closing of a $50 million
equity investment from Suncor. As Canada's leading
integrated energy company, Suncor first participated in the
ownership of Enerkem in April 2019 as part of a $76.3
million equity financing alongside Enerkem's existing
shareholders. With this new investment, Suncor becomes a
significant, strategic shareholder of Enerkem. In addition to
its equity interest, Suncor also provides technical resources
to support the operations of the Enerkem Alberta Biofuels
(EAB) plant located in Edmonton, Alta. EAB is the first
commercial-scale plant in the world to turn non-recyclable,
non-compostable mixed municipal solid waste into cellulosic
ethanol, a popular biofuel.
“Through this additional investment, the confidence
Suncor is showing us sends a clear signal that they
strongly support and believe in the Enerkem technology,
confirming our leadership in the advanced biofuels
market,” said Chief executive officer and chief financial
officer, Enerkem. “We are pleased to partner with a
leading Canadian player in the energy industry and to
benefit not only from their financial support but also from
their profound operational, technical and engineering
expertise.”
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Suncor Energy (Canada) reports third quarter 2019 results
• Funds from operations were $2.675 billion ($1.72 per common share) in the third quarter of
2019, compared to $3.139 billion ($1.94 per common share) in the prior year quarter, marking
the ninth consecutive quarter above $2 billion. Cash flow provided by operating activities,
which includes changes in non‑cash working capital, was $3.136 billion ($2.02 per common
share) in the third quarter of 2019, compared to $4.370 billion ($2.70 per common share) in the
prior year quarter.
• Operating earnings were $1.114 billion ($0.72 per common share) in the third quarter of 2019,
compared to operating earnings of $1.557 billion ($0.96 per common share) in the prior year
quarter. Net earnings were $1.035 billion ($0.67 per common share) in the third quarter of
2019, compared to $1.812 billion ($1.12 per common share) in the prior year quarter.
• Total Oil Sands production during the third quarter of 2019 increased to 670,000 barrels per
day (bbls/d), from 651,700 bbls/d in the prior year quarter despite being limited by mandatory
production curtailments. The increase was primarily due to higher production at Syncrude,
which increased to 162,300 bbls/d, from 106,200 bbls/d in the prior year quarter, and Fort Hills,
which increased to 85,500 bbls/d, from 69,400 bbls/d in the prior year quarter.
• Reliable operations in Refining and Marketing drove refinery utilization of 100% and crude
throughput of 463,700 bbls/d. Total sales of refined petroleum products increased to 572,000
bbls/d reflecting record retail volumes.
• Suncor announced a significant $1.4 billion investment in low‑carbon power generation to
replace coke‑fired boilers with a new cogeneration facility at its Oil Sands Base Plant which is
expected to provide reliable steam generation while contributing to our environmental and
incremental free funds flow goals.
• The company paid $650 million in dividends, repurchased 19.2 million of its common shares,
representing 1.2% of the total outstanding common shares, for $756 million, and repaid $572
million of debt in the third quarter of 2019.
“Suncor generated $2.7 billion in funds from operations and $1.1 billion of operating
earnings during the third quarter, reflecting the ability of our integrated business to deliver
strong results across a wide range of market conditions,” said President and chief executive
officer. “We continue to demonstrate Suncor’s ongoing commitment to shareholders by
returning $1.4 billion in value through dividends and increased share repurchases.”
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IT Shades Energy November 2019 Edition Financial Updates

IT Shades Energy November 2019 Edition Financial Updates

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