I Bytes Energy Industry

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I-Bytes
Energy
December Edition 2020
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Sponsoring Companies for this Edition
LOGO 1 LOGO 2 LOGO 3
LOGO 4 LOGO 5

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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................26
3. Rewards and Recognition Updates...................................................................................................................33
4. Customer Success Updates................................................................................................................................59
5. Partnership Ecosystem Updates.......................................................................................................................74
6. Environmental & Social Updates.....................................................................................................................93
7. Miscellaneous Updates.......................................................................................................................................99

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Financial, M & A
Updates Energy Industry

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Financial, M&A Updates
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Anadarko Petroleum(USA)Occidental Announces 3rd Quarter 2020 Results
Occidental announced a net loss attributable to common stockholders for the third quarter of 2020 of $3.8 billion, or
$4.07 per diluted share, and an adjusted loss attributable to common stockholders of $783 million, or $0.84 per diluted
share.
Third quarter after-tax items affecting comparability included a write-down of approximately $2.4 billion related to
Occidental's equity investment in Western Midstream Partners, LP (WES) and $700 million of losses associated with the
announced divestitures of onshore Colombia and mineral and surface acreage in Wyoming, Colorado and Utah.
Oil and Gas
Oil and gas pre-tax loss on continuing operations for the third quarter was $1.1 billion, compared to a pre-tax loss of $7.7
billion for the second quarter of 2020.
The third quarter results included pre-tax losses of $795 million associated with the announced divestitures of onshore
Colombia and mineral and surface acreage in Wyoming, Colorado and Utah.
For the third quarter of 2020, average WTI and Brent marker prices were $40.93 per barrel and $43.37 per barrel,
respectively.
Average worldwide realized crude oil prices increased by 67 percent from the prior quarter to $38.67 per barrel.
Average worldwide realized NGL prices increased by 91 percent from the prior quarter to $14.85 per barrel of oil
equivalent (BOE). Average domestic realized gas prices increased by 31 percent from the prior quarter to $1.18 per Mcf.
OxyChem
Chemical pre-tax income of $178 million for the third quarter exceeded guidance by 23 percent. Compared to prior
quarter income of $108 million, the improvement in third quarter income resulted primarily from improved realized
caustic soda and PVC prices, along with higher chlorovinyl sales volumes.
Midstream and Marketing
Midstream and marketing pre-tax loss for the third quarter was $2.8 billion, compared to a loss of $7 million for the
second quarter of 2020.
Executive Commentary
"We delivered improved operating cash flow in the third quarter and achieved the highest quarterly free cash flow
since 2011, driven by the strong performance of our businesses and our laser focus on margin preservation,
reflecting our leadership as a low-cost operator,” said President and Chief Executive Officer Vicki Hollub. “We
continued to advance our divestiture program, exceeding our $2.0 billion plus target for 2020, with additional
transactions anticipated as we continue our deleveraging progress."
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Sale of Cenovus’s(Canada) Marten Hills oil assets to Headwater Exploration closes
Cenovus Energy Inc and Headwater Exploration Inc are pleased to announce the
closing of the acquisition by Headwater of Cenovus's assets in the Marten Hills
area of Alberta. Pursuant to the transaction, Headwater acquired a 100% working
interest in approximately 2,800 barrels per day of medium gravity oil production
and 270 net sections of Clearwater rights. As a result of the transaction, Cenovus
owns, through Cenovus Marten Hills Partnership, 50 million Headwater shares
representing 25.6% of the company’s issued and outstanding common shares.
Including the common shares issuable if the warrants are fully exercised,
Cenovus would own 65 million Headwater shares representing 30.9% of the
company’s issued and outstanding shares. Cenovus has filed Form 62-103F1
Required Disclosure Under the Early Warning Requirements, as a result of the
transaction, a copy of which can be obtained on Headwater’s SEDAR profile at
sedar.com or by contacting Cenovus’s Corporate Secretary at 225 6 Ave SW, PO
Box 766, Calgary, Alberta, Canada T2P 0M5 or by telephone at 766-2000.
"With the strong support received from Cenovus, the Headwater team has
been able to prepare for an active 2021 development program. The unique
high-return assets acquired will provide the catalyst for the next stage of our
corporate evolution, With Cenovus as a strategic investor and Kam and Sarah
adding to the skills and experience of our already strong Board, we are well
positioned for success as a premier publicly traded oil and gas producer
focused on asset quality, corporate level returns and sustainability while
maintaining a pristine balance sheet." said Headwater's Chairman and Chief
Executive Officer.
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Chaparral Energy(USA) Announces First Quarter 2020 Financial and
Operational Results
• Achieved first quarter 2020 production of 30.7 thousand barrels of oil equivalent
per day ,exceeding the high end of guidance
• Reported net income of $4.9 million for the first quarter of 2020, or $0.11 per
share, which included a $71.4 million non-cash ceiling test
• impairment partially offset by a non-cash mark to market gain on derivatives of
$69.2 million; adjusted net income, as defined below, was $10.8 million, or $0.23 per
diluted share
• Maintained strong Adjusted EBITDA, as defined below, of $40.7 million despite
an approximate 19% and 22% decrease in WTI oil prices and Henry Hub natural gas
prices compared to the fourth quarter of 2019
• Decisively responding to current environment by: Stopping all drilling and
completion activities, provided notice to rig providers in early March and released
both rigs by April 8, 2020,Shutting in non-essential oil production to avoid exposure
to abnormally low pricing for May crude sales, Continuing to reduce absolute lease
operating expense (LOE) and general and administrative (G&A) costs
• Engaged advisors to assist in evaluating all strategic alternatives
“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 Chuck Duginski. “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.”
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Chevron(USA) Announces $14 Billion Capital and Exploratory Budget for 2021
Chevron Corporation today announced a 2021 organic capital and
exploratory spending program of $14 billion and lowered its longer-term
guidance to $14 to $16 billion annually through 2025. This capital
outlook will continue to prioritize investments that are expected to grow
long-term value and deliver higher returns and lower carbon, including
over $300 million in 2021 for investments to advance the energy
transition. Chevron’s capital guidance of $14 to $16 billion annually
from 2022 to 2025 is significantly lower than its previous guidance of
$19 to $22 billion, which excluded Noble Energy. During this time
period, as capital is expected to decrease for a major expansion in
Kazakhstan, the company expects to increase investments in a number of
Chevron’s advantaged assets, including its world class position in the
Permian, other unconventional basins, and the Gulf of Mexico.
“Chevron remains committed to capital discipline with a 2021 capital
budget and longer-term capital outlook that are well below our prior
guidance,” said Chevron Chairman and CEO Michael Wirth. “With
our major restructuring behind us and Noble Energy integration on
track, we’re prepared to execute this program with discipline.
“Chevron is in a different place than others in our industry. We’ve
maintained consistent financial priorities starting with our firm
commitment to the dividend. We took early and swift action at the
beginning of the pandemic to prudently allocate capital, reduce costs
and protect our industry-leading balance sheet. And we’ve completed
a major acquisition and restructuring that positions our company to
deliver higher returns and grow long-term value.
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Enbridge(Canada) Announces 2021 Financial Guidance, Increases
Dividend, and Provides Update on Strategic Priorities
Re-affirmation of 5-7% average long-term annual distributable cash flow (DCF) per share growth outlook, based on an equity self-funded model
The Company expects full-year 2020 DCF per share to be near the mid-point of the $4.50 to $4.80 guidance range
Announced 2021 Financial Guidance: 2021 projected DCF per share of $4.70 to $5.00, and earnings before interest, taxes, depreciation and amortization (EBITDA) of $13.9 to $14.3 billion
The Company declared its 26th consecutive annual common share dividend increase, raising it by 3% to $0.835/quarter ($3.34 annually), effective March 1, 2021
Execution of the Company's $16 billion secured growth capital program continues to advance, generating approximately $2 billion of expected EBITDA growth from 2021 to 2023
Construction has commenced on the remaining Minnesota leg of the U.S. Line 3 Replacement project
Weymouth compressor was approved by regulators on November 25 to commence operations, completing the U.S.$0.1 billion Atlantic Bridge project, which provides expanded gas supply into
New England and the Maritimes
Commenting on the Company's operations, strategic priorities and outlook, Al Monaco, President and CEO of Enbridge, noted "Over the past year, the energy industry has faced unparalleled
challenges. While our business has not been immune, we've proven again that our low-risk commercial model generates resilient cash flows in all market conditions. Our infrastructure is in high
demand and is essential to North America's economy, and we're confident that it will be for many decades. We responded quickly to protect the health and safety of our people and to ensure critical
operations were maintained. The criticality of what we do means that the safety and reliability of our systems is the single most important priority for everyone at Enbridge. As we look forward in
this year's Strategic Plan, it's clear that long-term global energy demand will continue to grow, and that all forms of energy supply – conventional and renewable – will be needed to meet that demand.
Our scale, financial strength, and asset footprint across each of our businesses – Gas Transmission, Gas Distribution and Storage, Liquids Pipelines and Renewable Power – provide competitive
advantages that assure the resiliency and longevity of our cash flows and will generate attractive long-term growth.”
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Falck Renewables and Eni(Italy) US sign an agreement to acquire 30 mw solar
project in Virginia
Eni New Energy US, Inc. through Novis Renewables Holdings, LLC a
partnership with 51% and 49% shares respectively, signed today an
agreement with Savion, LLC to acquire the ready to build 30 MW
Westmoreland Solar Project located in Westmoreland County, Virginia
Novis will acquire the project upon the satisfaction of certain conditions
precedent – expected by the end of November – and will supply safe
harbor panels, arrange financing, and perform construction management
for the project. The estimated costs for development, construction and
transactions costs total $35 million. The construction of the project is in
line with the industrial plan. Once the project achieves commercial
operations – expected in the third quarter of 2021 – it will provide
carbon-free solar energy to a regional utility serving consumers and
industries for decades, avoiding over 33,000 tons of CO2 per year.
We continue our growth in the US market with a diversified portfolio
of renewable assets. Novis will focus on construction, financing and
effective asset management for this new project which will further
expand our operational asset base in the U.S. in 2021 and represents
another step towards achieving the sustainable growth targets”,
commented CEO of Falck Renewables S.p.A.
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EOG(USA) Resources Reports Third Quarter 2020 Results
EOG Resources, Inc. reported a third quarter 2020 net loss of $42 million, or $0.07 per share, compared with third quarter 2019
net income of $615 million, or $1.06 per share.
Adjusted non-GAAP net income for the third quarter 2020 was $252 million, or $0.43 per share, compared with adjusted
non-GAAP net income of $654 million, or $1.13 per share, for the same prior year period. Please refer to the attached tables
for the reconciliation of non-GAAP measures to GAAP measures.
Realized crude oil prices were $40.15 per barrel in the third quarter, down 29 percent from the same prior year period, while
natural gas prices declined 21 percent, to $1.68 per thousand cubic feet. These declines were partially offset by an increase in
natural gas liquids prices in the third quarter to $14.34 per barrel, up 13 percent compared with the same prior year period.
Compared with the third quarter 2019, total company crude oil volumes were 19 percent lower, at 377,600 barrels of oil per day
(Bopd). Natural gas liquids production was one percent lower and natural gas volumes were 13 percent lower, contributing to
14 percent lower total company daily production. On average, 28,000 Bopd was shut-in during the third quarter. EOG also
began initial production from approximately 100 net new wells in the third quarter, after deferring such activity earlier in the
year in response to lower oil prices.
Lease and well costs declined 24 percent on a per-unit basis compared with the same prior year period, driving an overall
reduction in per-unit operating costs. Most of the lease and well cost savings were based on sustainable efficiency
improvements in well-site maintenance, equipment repair, managing offset completions and other production operations.
Net cash provided by operating activities was $1.2 billion. Excluding changes in working capital and certain other items, EOG
generated $1.3 billion of discretionary cash flow. The company incurred total expenditures of $646 million, including $499
million of capital expenditures before acquisitions, non–cash transactions and asset retirement costs, resulting in $762 million
of free cash flow. Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.
"Our operational execution continues to be excellent," said Chairman and Chief Executive Officer. "I'm grateful to all
EOG employees during these unusual times. We continue to exceed expectations by optimizing production volumes and
reducing costs while maintaining our strong safety and environmental performance. Notably, we are not playing defense
in the current challenging environment. In fact, the opposite is true: we are aggressively moving EOG forward, advancing
new plays, identifying innovative solutions to lower costs and improve well productivity, sharpening our technological
edge and further demonstrating our commitment to sustainability. All of this is driven from the bottom up by a
decentralized organization and a unique culture. This year more than ever, we are focused on investing in our people and
enhancing our culture to sustain our competitive advantage and enable EOG to play an increasingly vital role in meeting
the long-term global energy needs."
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EQT (USA) acquires majority stake in thinkproject, Europe’s leading SaaS
construction intelligence platform
EQT is pleased to announce that the EQT IX fund (“EQT IX”) has acquired a majority stake in
thinkproject (“the Company”) from TA Associates (“TA”) and thinkproject’s founder Thomas
Bachmaier. TA, Thomas Bachmaier and the management team will re-invest significantly into the
Company in the context of this transaction. thinkproject’s management team, led by CEO Gareth
Burton and CFO Ralf Gruesshaber, will continue to lead the Company and build on its strong track
record of growth and innovation. Founded in 2000 and headquartered in Munich, thinkproject serves
more than 250,000 users in over 60 countries. Its cloud-delivered, integrated digital solutions help
customers be more efficient, cost-effective and simplify their digital transformation across the
construction lifecycle. The Company employs around 450 people and its software is used by 2,750
customers across international private and public asset owners, project developers, and general
contractors. thinkproject’s underlying end market, the construction industry, is one of the largest and
least digitized industries globally. In recent years, the AECO industry has seen an accelerated
digitization momentum and widespread technological adoption. This shift is driven by multiple
secular trends, including stagnant productivity, growing cost pressure, increasing regulation, a
demographic move towards a new generation with greater IT affinity and focus on sustainability. By
improving delivery times and reducing waste and energy consumption, thinkproject helps cut
emissions in one of the key carbon emitting industries globally. The Company’s efforts in this field are
contributing to the United Nations Sustainable Development Goal #12, “Responsible Consumption
and Production”.
Florian Funk, Partner at EQT Partners, said: “For us, thinkproject represents a truly thematic
investment at the intersection of EQT’s two core value creation pillars, sustainability and
digitization. After having followed thinkproject over the last couple of years, we are thrilled by
the opportunity to work together with the management team and TAAssociates to further develop
this exciting company. This investment is perfectly aligned with EQT’s core focus of investing in
high growth companies and partnering with world class management teams. We are truly
impressed by the market leading position thinkproject has built and EQT is excited to support its
vision of becoming a global champion.”
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Lukoil (Russia) Announces IFRS Financial Results For The Third
Quarter And Nine Months Of 2020
Revenue
• In the third quarter of 2020, our sales amounted to RUB 1,456.7 bln, up by 47.7% quarter-on-quarter. The growth was mainly attributable to higher hydrocarbon prices, higher production of refined products at the Group's refineries, as well as higher trading and retail sales volumes.
• For the first nine months of 2020, our sales amounted to RUB 4,109.1 bln, down 30.7% year-on-year. Sales dynamics was negatively affected mainly by lower hydrocarbon prices, lower hydrocarbon production volumes, lower production and trading volumes of refined products,
as well as lower retail sales of refined products. These factors were partially offset by ruble devaluation to US dollar.
EBITDA
• In the third quarter of 2020 EBITDA increased by 40.0% quarter-on-quarter to RUB 202.2 bln. The increase was due to better results of the Exploration and Production segment, while EBITDA of the Refining, Marketing and Distribution segment remained unchanged
quarter-on-quarter.
• In the Exploration and Production segment in Russia, besides the price factor, EBITDA dynamics was positively affected by better production structure and lower operating expenses, as well as weaker ruble. The growth was constrained by lower oil production volumes due to the
OPEC+ agreement. Outside Russia, EBITDA dynamics was positively affected mainly by higher oil prices, as well as one-off factors in the second quarter of 2020 at the projects in Uzbekistan, that was partially offset by lower production volumes.
• The increase in EBITDA of the Refining, Marketing and Distribution segment in Russia due to higher refinery throughput volumes and higher refining margins, better refinery product slate and higher retail sales volumes fully offset the decrease in EBITDA outside Russia due to
lower refining and trading margins, as well as negative inventory effect at the refineries as compared to positive effect in the second quarter of 2020.
• EBITDA for the first nine months of 2020 amounted to RUB 497.5 bln, down by 48.1% year-on-year. The decrease was mainly driven by negative impact of the COVID-19 pandemic on hydrocarbon prices, refining margins and production volumes of oil and refined products. Lower
oil prices also led to negative time lag effect of mineral extraction tax and export duty and negative inventory effect at the refineries. At the same time, EBITDA was supported by higher trading margins, the specifics of accounting for hedging operations, better oil production structure in
Russia, as well as ruble devaluation.
Profit for the period
• In the third quarter of 2020, profit attributable to shareholders amounted to RUB 50.4 bln as compared to a loss of RUB 18.7 bln in the previous quarter. The amount of profit was negatively affected by non-cash foreign exchange loss due to ruble devaluation.
• For the first nine months of 2020, the Company booked a loss in the amount of RUB 14.3 bln. The reason of the net loss amid positive operating profit was impairment loss booked in the first half of 2020, as well as non-cash foreign exchange loss.
Capital expenditures
• In the third quarter of 2020, our capital expenditures amounted to RUB 112.8 bln, down by 3.8% quarter-on-quarter as a result of cost optimization measures. For the first nine months of 2020, capital expenditures totaled RUB 360.3 bln, up by 14.7% year-on-year.
Free cash flow
• Free cash flow more than quadrupled quarter-on-quarter to RUB 114.6 bln in the third quarter of 2020. Free cash flow dynamics was positively affected by working capital release in the amount of RUB 26.3 bln as compared to RUB 12.9 bln working capital build-up in the second
quarter of 2020.
• As a result, free cash flow for the first nine months of 2020 totaled RUB 195.6 bln, down by 62.2% year-on-year. The decrease was mainly attributable to lower operating cash flow.
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NOVATEK (Russia) Commenced LNG Sales of ISO Containers to China
PAO NOVATEK announced that Novatek Gas & Power Asia Pte. Ltd., a wholly
owned subsidiary, and Saibu Gas Co., Ltd. of Japan have successfully completed
their first joint trial delivery of liquefied natural gas (LNG) in ISO containers to
China's Tiger Gas for subsequent sales of LNG in China. The LNG was delivered by
sea in Tiger Gas-owned ISO containers from the Japanese Hibiki container terminal
to Shanghai, China under a spot contract. PAO NOVATEK is the largest independent
natural gas producer in Russia, and in 2017, entered the global LNG market by
successfully launching the Yamal LNG project. Founded in 1994, the Company is
engaged in the exploration, production, processing and marketing of natural gas and
liquid hydrocarbons. The Company’s upstream activities are concentrated mainly in
the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural
gas producing area and accounts for approximately 80% of Russia’s natural gas
production and approximately 15% of the world’s gas production. NOVATEK is a
public joint stock company established under the laws of the Russian Federation. The
Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the
London Stock Exchange (LSE) under the ticker symbol “NVTK”.
“Together with our partners, we have successfully completed our first trial
delivery of LNG in ISO containers to China,” noted NOVATEK’s First Deputy
Chairman of the Management Board. “It is forecasted that ISO containers of
LNG will exponentially increase over the upcoming decades, allowing us to
diversify our customer base by including small-scale LNG consumers and
entering the downstream markets in China and Japan.”
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EG Group acquires OMV filling station business in Germany
OMV and EG Group reach agreement for EG Group to acquire the OMV filling
station business in Germany. The transaction is subject to required regulatory
approvals and closing is expected in 2021. OMV, the international, integrated oil, gas
and petrochemicals company headquartered in Vienna, Austria, and EG Group, a
leading global independent petrol forecourt convenience retail operator, announced
the agreement for EG group to acquire the OMV filling station business in Germany.
The purchase price amounts to EUR 485 mn. As part of the agreement, EG Group
will assume outstanding lease liabilities resulting in a total enterprise value for the
Business of approximately EUR 614 mn. The purchase price is subject to customary
net working capital and net debt adjustments. The agreement encompasses 285
filling stations in southern Germany with focus on Bavaria and Baden-Württemberg,
which have only a very limited degree of integration with OMV’s refinery in
Germany, as the refinery is specialized in petrochemicals production. OMV remains
strongly committed to its remaining operations in Germany centered on its highly
integrated petrochemicals operations in the Burghausen refinery.
“We are delighted about the level of interest in our filling station business in
Germany and to have reached an agreement with EG Group. This marks a further
step in our previously announced 2-billion-Euro divestment program and this
transaction will reduce OMV’s debt by approximately half a billion euros at the
time of closing”, said Chairman of the Executive Board and CEO of OMV.
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OMV (Austria) invests around EUR 200 mn in biofuel production at Schwechat
Refinery
OMV, the integrated, international oil, gas and petrochemicals company headquartered
in Vienna, is committed to the Paris Agreement and EU climate targets and has set itself
ambitious climate goals. OMV has pledged to reach net-zero emissions in operations
(Scope 1 and 2) by 2050 or sooner. On its long-term path to net zero, OMV has set
concrete interim targets: By 2025, at least 60% of the product portfolio should consist of
natural gas and low/zero-carbon products. The investment in the Schwechat site for
processing biofuels contributes to the goal of reducing the carbon intensity of the OMV
product portfolio (Scope 3) by at least 6% versus 2010. OMV is currently investing in the
Schwechat Refinery so it will be able to substitute large quantities of fossil diesel with
biodiesel in an innovative co-processing approach. With this process, the hydrogenated
vegetable oil should lead to an annual reduction in OMV’s carbon footprint of up to
360,000 metric tons of fossil CO2. This is equivalent to the annual emissions of around
200,000 cars driving an average of 12,000 km per year. The product meets the highest
quality standards and can be freely used in any type of vehicle. The technology applied
is not limited to vegetable oil – waste products (such as used cooking oil) and advanced
feedstocks are also possible and will be used based on availability.
“The conversion in the OMV Schwechat Refinery makes a key contribution to more
sustainable mobility and is another step in achieving our climate targets. At the same
time, we are providing economic stimulus in Austria with this investment of almost
EUR 200 mn”, said OMV Chief Downstream Operations Officer.
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Ørsted (Denmark) takes final investment decision on Old 300 Solar Center, a 430
MWAC solar PV project located near Houston
Ørsted has taken final investment decision on the Old 300 Solar Center, which is
located in Fort Bend County, 40 miles from Houston, Texas, and is expected to
come online in Q2 2022. Over the past year, Ørsted has significantly increased its
solar portfolio and with the addition of Old 300, now has 1.1 GW of solar PV
under construction, leading to a total of 3.4 GW of capacity in operation and
under construction across onshore wind, solar PV and storage. Old 300 is located
close to Houston, one of the largest and fastest growing metropolitan areas in the
US and benefits from a long-term PPA. The project will create a dependable
income source for family ranches who lease their land for the project.
Furthermore, project construction will create up to 400 jobs at its peak and the
long-term operation of Old 300 Solar will generate over USD 40 million in
property tax revenue for Fort Bend County and the Needville Independent School
District. Old 300 Solar Center will cover an area of 2,800 acres and utilise
approximately 1 million bifacial modules, supplied by JA Solar and LONGi
Solar. Inverters will be supplied by SMAAmerica.
"With its location close to Houston, Old 300 will further diversify our onshore
footprint into a premium market with strong long-term fundamentals." says
Chief Commercial Officer for Onshore. "We're excited to add another
large-scale, attractively contracted solar project to our portfolio. Solar is the
fastest-growing power generation technology in the world and will continue
to play a key role in our growth going forward."
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Petrobras (Brazil) informs about sale of Liquigás
Petrobras, in continuation of the communiqué released on November 19, 2019, informs that the Administrative
Council for Economic Defense (CADE), in a Court session held on this date, unanimously approved the sale of
Liquigás Distribuidora SA (“Liquigás” ), a wholly-owned subsidiary of Petrobras, for the acquiring group composed
of Itaúsa SA (Itaúsa), Copagaz - Distribuidora de Gás SA (Copagaz) and Nacional Gás Butano Distribuidora Ltda.
(Nacional Gás), by signing an agreement (Concentration Control Agreement - ACC). The agreement was proposed by
Itaúsa, Copagaz and Nacional Gás and aims to address the competitive concerns identified by CADE. The decision
will be published in the Federal Official Gazette according to CADE's statutory deadline. In addition to this approval,
the conclusion of the transaction is still subject to compliance with other usual precedent conditions. The amount of
R $ 3.7 billion, subject to adjustments, will be paid to Petrobras on the closing date of the operation.
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Petrobras (Brazil) divestments contribute to the development of new
industries in Brazil, says Castello Branco
Petrobras President Roberto Castello Branco said “on Thursday (3/12) that Petrobras' divestment program is contributing to the development
of a new, more vibrant oil industry in Brazil, and also to the creation of two new industries - refining and natural gas. The statement was made
during the CEO Talks - Energy for a Changing World - session, by Rio Oil & Gas, the largest event in the sector in Latin America. we are
moving towards a new oil industry in Brazil, with many more companies. Petrobras' own divestment program is helping to do this. We will
have small and medium local, international producers, a more vibrant industry. Castello Branco also argued that the performance in the
global market gives Petrobras greater flexibility to react in the face of a crisis such as the one we are experiencing, which at first reduced fuel
consumption in Brazil a lot. According to him, the company exports oil and fuels to 18 countries, with Asia being the main market. “We were
able to build a brand namein China, Tupi Shandong ”, said the president, mentioning the name by which Tupi oil is known in the Asian
market. “We are on our way to consolidate also Búzios oil, with low sulfur content, which is being very well accepted and negotiated even
with a premium in relation to Brent. Our marine fuel (bunker oil) has also been widely accepted, with the biggest customer being Singapore,
which is a global axis of navigation. So we have very good prospects.”
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Petrobras (Brazil) concludes the sale of onshore fields in Bahia
Petrobras informs that (9/12) it completed the sale of 100% of its interests in four onshore fields, located in the Tucano
Basin, in the interior of the state of Bahia, to Eagle Exploração de Óleo e Gás Ltda (Eagle). After all the precedent
conditions were met, the transaction was concluded with the payment of US $ 2.571 million to Petrobras, with the
adjustments provided for in the contract. The amount received at closing adds up to the amount of US $ 602 thousand
paid to Petrobras at the signing of the sales contract, totaling US $ 3.173 million. This disclosure is in accordance with
the internal rules of Petrobras and with the provisions of the special procedure for the assignment of rights to explore,
develop and produce oil, natural gas and other fluid hydrocarbons, provided for in Decree 9.355 / 2018. This operation is
in line with the portfolio optimization strategy and the improvement of the company's capital allocation, starting to
increasingly focus its resources on world-class assets in deep and ultra-deep waters, where Petrobras has demonstrated a
great competitive advantage over the years.
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Petrobras (Brazil) signs contract for sale of onshore field in Sergipe
Petrobras, in continuation of the statement released on 1/3/20, informs that it signed (11/12) with Energizzi Energias do
Brasil Ltda. contract for the sale of its entire stake in the Rabo Branco onshore field, located in the Sergipe-Alagoas Basin,
in the state of Sergipe. The sale value is US $ 1.5 million, paid in a single installment upon signing the contract. The closing
of the transaction is subject to the fulfillment of precedent conditions, such as the non-exercise of preemptive rights by the
current consortium partner Petrom Produção de Petróleo e Gás Ltda. (Petrom) and approval by the National Petroleum,
Natural Gas and Biofuels Agency (ANP). This disclosure is in accordance with the internal rules of Petrobras and with the
provisions of the special procedure for the assignment of rights to explore, develop and produce oil, natural gas and other
fluid hydrocarbons, provided for in Decree 9.355 / 2018. This operation is in line with the portfolio optimization strategy
and the improvement of the company's capital allocation, starting to increasingly focus its resources on world-class assets in
deep and ultra-deep waters, where Petrobras has demonstrated a great competitive advantage over the years.
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PGNiG Group (Poland) posts record high results for nine months to
September 30th 2020
In the nine months to September 30th 2020, the PGNiG Group’s EBITDA and EBIT came in at nearly PLN 10.7bn and more than PLN
8.24bn, respectively. Despite low prices of oil and gas and the global economic downturn caused by the coronavirus pandemic, the
PGNiG Group once again delivered robust financial performance and strong operating results.
In the nine months of the year, PGNiG earned revenue of PLN 27.43bn, down by 7% from PLN 29.65bn reported in the same period
last year. At the same time, the Group cut its operating expenses by 31% year on year, from PLN 27.81bn to PLN 19.19bn. As a result,
PGNiG’s EBITDA increased from PLN 3.98bn to PLN 10.69bn, or by 168% on the previous year. The year-on-year increase in EBIT
was even more impressive − from PLN 1.85bn to PLN 8.24bn (up 346%).
The results of the PGNiG Group for the first nine months of 2020 remain strong also if adjusted for the effect of impairment losses on
property, plant and equipment and settlement of the overpayment for gas supplies under the Yamal contract following the favourable
resolution of the arbitration proceedings against Gazprom. Excluding the effect of these, the PGNiG Group’s EBITDA would be PLN
5.5bn, an increase of 32% year on year, and EBIT – PLN 3.06bn, an increase of 51% year on year.
The largest contributor to PGNiG’s financial performance was the Trade and Storage segment, which delivered 77% of the Group's
EBITDA. The Distribution, Exploration and Production, and Generation segments contributed, respectively, 14%, 7% and 5%.
In the nine months to September 30th 2020, the PGNiG Group sold 22.28 bcm of gas outside the Group, 4% more than a year before
(21.47 bcm). The PGNiG Group maintained its gas production volume, at 3.3 bcm, and increased the crude oil output by 8%, to 963
thousand tonnes, from 889 thousand tonnes a year earlier. The volume of distributed gas fell by 3%, to 8.03 bcm, from 8.24 bcm in the
first three quarters of 2019. Heat sales volumes remained stable at 25.9 PJ, while electricity output declined by 8% year on year, to 2.47
TWh.
In the third quarter alone, PGNiG posted EBITDA of PLN 1.33bn, an increase of 66% on the previous year. At PLN 0.59bn, EBIT was
more than four times the figure recorded in the third quarter of 2019 (PLN 0.13bn). Net profit grew more than eight times, to PLN
0.12bn (PLN 0.01bn in the third quarter of 2019), with revenue of PLN 6.39bn, that is 9% less year on year (PLN 7.03bn). The decline
in revenue was mainly attributable to low hydrocarbon prices, suppressed, among others, by the global economic slowdown caused by
the coronavirus pandemic.
“The coronavirus epidemic affects all segments of our business, as reflected, among others, in the Group's revenue. On the other
hand, the significant reduction of gas purchase costs helped us deliver EBIT and EBITDAunparalleled among Polish companies,”
said President of the PGNiG Management Board. “Our solid foundations allow us to continue the PGNiG Group’s growth even
in an adverse macroeconomic environment. What is of key importance to the PGNiG Group's financial performance in the
coming quarters is the change of the pricing formula under the Yamal contract rather than the return of overpayment for gas
supplied under that contract in previous years. Winning the arbitration proceedings has helped PGNiG to significantly improve
its trading position by creating a stronger link between the costs of gas purchased east of Poland and gas prices in European
markets. It is not the money returned by Gazprom that underlies the strength of our Group.
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PKN ORLEN (Poland) is planning to acquire the OTP company
PKN ORLEN strengthens its position on the road transport market and invests in the
development and optimization of logistics processes. One of the elements of the strategy in
this area is the purchase of OTP - the largest road carrier of liquid fuels in Poland. It was
created on the basis of the assets of ORLEN Transport, the sale of which to the Trans Polonia
Group was initiated in November 2015. The transaction will enable an increase in the
efficiency of the existing logistics processes in the entire ORLEN Group. On the other hand,
keeping the carrier's margin within the structures of the Concern will allow for cost
reduction. The acquisition of an experienced entity with high competences in the field of
road transport is the result of in-depth analyzes of the transport industry and its changes in
recent years. The value of the transaction is estimated at approx. PLN 89 million. The
purchase of OTP is consistent with the assumed development directions and strategic goals
of the ORLEN Group's logistics. The expansion of your own transport resources will allow
you to maintain full control over the product throughout the entire logistics chain. It will also
allow for high operational flexibility depending on the supply and demand situation on the
market. The achieved scale effect will enable increasing synergy in the road transport
segment between companies from the ORLEN Group. Transport costs will also be reduced
by increasing the utilization of the fleet.
“Logistics is one of the most capital-intensive areas of business activity. Therefore, each
cost optimization in this area has a positive effect on the results achieved. Within the
ORLEN Group, we constantly integrate logistic processes and look for new solutions
that will strengthen our position on the competitive market and increase the quality of
services. The process of divestment of the ORLEN Group's transport company was still
carried out in 2015. we can see that creating own competences in this area is an effective
way to develop logistic assets, increase competitiveness and optimize costs. Hence our
decision to regain prospective assets and purchase a road carrier” - says President of the
Management Board of PKN ORLEN.
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PKN ORLEN (Poland) is increasing its stake in Energa
PKN ORLEN increased the share capital by a further Energi 10.91 percent.
This means that as a result of the tender offer announced in September this
year. The concern will become the owner of the shares of the Gdańsk
company, which constitute approx. 90.92 percent. its share capital. The
transaction will facilitate the effective integration of the assets of the
ORLEN Group and Energa, and thus even better use of synergies resulting
from their merger, which will also benefit the shareholders and investors of
the ORLEN Group. The tender offer for the sale of a minority stake in
Energa began on October 9 this year. Their price was set at the same level
as in the first tender offer, ie PLN 8.35 per share. At the same time, PKN
ORLEN took steps to withdraw Energa from the Warsaw Stock Exchange.
This is to maximize the potential of Energa within the ORLEN Group. In
October this year. consent for delisting was given by the Extraordinary
General Meeting of Energa.
“We are operating as planned, consistently aiming to buy 100 percent.
Energa shares. It is a long-term investment of strategic importance to us.
We are sure that the future belongs to strong companies with diversified
areas of activity. We are determined to build a multi-energy concern
with strong foundations that will meet the challenges posed by global
trends in the energy sector. The integration of the Polish energy and fuel
sector is necessary to achieve ambitious goals. We want to achieve
emission neutrality by 2050, and thus become a leader in the energy
transformation in Central Europe. Our actions will bring tangible
benefits to the entire ORLEN Group, its shareholders, and the Polish
economy”, says President of the PKN ORLEN Management Board.
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PKN ORLEN (Poland) invests in the development of companies in southern
Poland
The construction of the installation for the production of green glycol of the ORLEN Group in Trzebinia is 77 percent
advanced. Works related to the hydrogen production plant are also being finalized. The Group's investments in southern
Poland enable not only the dynamic development of the Group, but also the implementation of strategic assumptions in
the area of low and zero-emission energy. A year after laying the cornerstone in Trzebinia for the construction of the first
in Poland installations for the production of environmentally friendly propylene glycol, the work progress is currently
77 percent. At the end of 2021, ORLEN Południe will produce 30 thousand. tonnes of ecological glycol per year. That's
as much as 10 thousand. more than the only installation of this type in Europe, which is located in Belgium. The
implementation of the investment with an estimated value of approx. PLN 400 million will cover 75% of the domestic
demand for green glycol. This environmentally safe product is used, among others in cosmetics or the food industry, but
also in medicine, for example for the production of hygiene and pharmaceutical products. In the long term, the
investment will also increase Poland's security in the event of an epidemic threat. A hydrogen production plant will also
be built by the end of 2021. It is an integral part of the green glycol complex, for the needs of which approx. 75 percent
will be used. annual hydrogen production, which will amount to 16 million Nm3. The remaining 25 percent. is hydrogen
of the highest quality, which will immediately be used as fuel in transport. The hydrogen fuel from Trzebinia will power
the public fleet of the Silesian agglomeration and Kraków. PKN ORLEN has already signed letters of intent in this
regard. The ORLEN Group is the most advanced entity in preparation for the implementation of hydrogen technologies
on the Polish market. In addition to the hydrogen plant in Trzebinia, the process of selecting a contractor for the
hydrogen hub in Włocławek is underway, which will ultimately be able to produce up to 600 kg of refined hydrogen per
hour. The investment, including a production installation, logistics and distribution infrastructure, is an important
element supporting the implementation of the Company's emissions neutrality strategy in the area of alternative fuels. A
similar investment is planned in Płock.
“Despite the COVID-19 pandemic, the ORLEN Group is implementing investments as planned. An example is the
construction of the first in Poland and the second in Europe installation for the production of green glycol, which
will be launched next year. In line with the new strategy of PKN ORLEN, we plan to allocate over PLN 30 billion
to sustainable growth, including over PLN 25 billion on investments reducing carbon dioxide emissions. We have
a specific goal and we know how to achieve it. Therefore, among others we increase the capacity in biofuels and
biomaterials and build a position on the market of alternative fuels, including hydrogen. The investments that we
are currently implementing in the south of Poland will be crucial for further development in these areas” says
President of the Management Board of PKN ORLEN.
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Rosneft (Russia) Financial results for 3Q 2020 and 9M 2020
• 3Q 2020 revenues and equity share in profits of associates and joint ventures amounted to RUB 1,439 bln (USD 20.1bln). The
increase in revenues in RUB terms compared to 2Q 2020 (+38.5%) was driven by a recovery of crude oil prices (+37.8%) while the
hydrocarbons output fell in accordance with a new OPEC+ Agreement, as well as by higher domestic sales of crude oil products
(+28.8)%.
• Revenues fell by 34.2% in 9M 2020 compared to 9M 2019 mainly due to a reduction in international crude oil prices (-36.4%)
and a decrease in crude oil sales volumes (-17.8%) driven by falling demand in the global market due to the COVID-19 pandemic.
EBITDA
• 3Q 2020 EBITDA amounted to RUB 366 bln (USD 5.0 bln), a two-fold increase in RUB terms compared to 2Q 2020. The
increase was driven by a recovery of crude oil prices (+37.8%) and by a lower negative impact of reverse excise duty.
• The decrease in EBITDA compared to 9M 2019 was due to a significant drop of international crude oil prices (-36.4%) as a result
of falling global market demand for crude oil and a negative impact of reverse excise duty (RUB -223 bln), which was partially offset
by a decrease in administrative expenses of 5.3%.
• 3Q 2020 unit upstream operating costs were 205 RUB/boe. The reduction compared to 2Q 2020 was mainly due to lower energy
costs and lower volumes of maintenance and repairs of wells in the situation of the production decline in accordance with the new
OPEC+ Agreement. Unit upstream operating costs were 2.8 USD/boe, a decrease of 3.4% compared to 2Q 2020.
• 9M 2020 unit upstream operating costs were 201 RUB/boe (2.8 USD/boe), nearly unchanged compared to 9M 2019, as the
production fell in accordance with the new OPEC+ Agreement.
• In 3Q 2020 negative Net income amounted to RUB -64 bln (USD -0.8 bln), including a negative effect of non-monetary factors.
• In 9M 2020 negative Net income was RUB -177 bln (USD -2.1 bln). The reduction compared to 9M 2019 was a result of the
negative effect of price fluctuations due to COVID-19 pandemic as well as the negative effect of non-monetary factors.
Free cash flow
• 3Q 2020 free cash flow amounted to RUB 146 bln (USD 2.0 bln), which was mainly driven by a positive EBITDA dynamic due
to the crude oil price growth.
• 9M 2020 free cash flow was RUB 352 bln (USD 5.4 bln). The reduction of free cash flow compared to 9M 2019 was mainly a
result of the EBITDA decline, which was partially offset by the reduced capital expenditures.
Commenting on 3Q 2020 financial results Rosneft’s Chairman of the Management Board and Chief Executive Officer said: “In
the reporting period the Company demonstrated an ability to work successfully in difficult conditions of crude oil output
restrictions and relatively low hydrocarbon prices. EBITDA in the third quarter not only exceeded the second quarter level by
more than 2 times, but was better than in the first quarter when the macroeconomic environment had not yet been under the
influence of coronavirus limitations. Significant achievements of the third quarter include a reduction of upstream operating costs
to 2.8 USD/boe and a decrease in interest costs by 24% in USD terms y-o-y. The management will continue to work on further
efficiency improvements in all areas of the Company's operations. In nine months of the current year the Company generated free
cash flow of RUB 352 billion or 5.4.billion in USD terms, that allowed us not only to fully meet our 2019 dividend payment
obligations to the shareholders, but also to continue debt reduction. From the beginning of this year the amount of financial debt
and trading liabilities decreased by USD 5.7 billion. At the same time, the debt structure continued to improve with an increase
in the long-term component from 76% to 83%. We expect the market to take positively the Company's ability to reduce the
absolute amount of debt and trading liabilities as well as to maintain a high level of financial stability in the challenging
macroeconomic environment”.
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Shell announces the sale of a minority interest in QCLNG Common Facilities
infrastructure to Global Infrastructure Partners
The Common Facilities are currently 100% owned by Shell and include LNG storage tanks, jetties and operations
infrastructure that service QCLNG’s LNG trains. Upon completion of the transaction, Shell will remain majority owner and
operator of the Common Facilities. This decision is consistent with Shell’s strategy of selling non-core assets in order to
further high-grade and simplify Shell’s portfolio. The sale will contribute to Shell’s expected divestment proceeds, without
impact on people or the operations of the QCLNG venture, and aligns Shell’s interest in the Common Facilities with its
73.75% interest in the overall QCLNG venture. Due to the advantages it offers as a complement to renewable energy and as
the cleanest burning hydrocarbon, natural gas is a core component of Shell’s strategy to provide more and cleaner energy
solutions. Global LNG demand is expected to outpace total demand for energy and the QCLNG venture is crucial in helping
Shell meet the world’s growing energy needs. The transaction is subject to regulatory approval in Australia and customary
conditions. It is expected to complete in the first half of 2021.
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Southwestern Energy (USA) Completes Acquisition of Montage Resources
Southwestern Energy Company announced that it has completed the
acquisition of Montage Resources following approval by Montage
shareholders. Under the previously announced credit agreement
amendment, the Company’s borrowing base on its revolving credit
facility has been increased to $2.0 billion. Given the November 13,
2020 closing, there is no change to the Company’s fourth quarter and
full year 2020 guidance except for the inclusion of 49 days of
production from the Montage properties as indicated in the table
below. As of the closing of the transaction, the Company’s daily net
production rate increases to over 3 Bcfe per day.
“This strategic transaction represents another deliberate step in our
disciplined repositioning strategy. We strengthened our position as
a premier producer in the Appalachia basin with an at-market,
accretive acquisition that provides a step change in free cash flow.
Starting, we are delivering on our commitment of at least $30
million in synergies, and we look forward to unlocking additional
value as the newly combined team brings innovation and
demonstrated operational efficiencies to these high quality,
complementary assets,” said Southwestern Energy President and
Chief Executive Officer. “We welcome the field operating team to
Southwestern Energy and thank the entire Montage Resources
organization for their hard work and dedication that led to this
transaction.”
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Total (France) Acquires Charging Solutions And Becomes The Operator Of
A Network Of 2,000 Ev Charge Points
Total finalized the acquisition from the Viessmann group of Charging Solutions,
the subsidiary specialized in Electric Vehicle charging infrastructure of its
affiliate Digital Energy Solutions (DES). With this transaction, Total becomes the
operator in Germany of a network of a 2,000 charge points installed at private
businesses’ locations, including some of which are accessible to the general
public. Total also reinforces its technical and commercial competencies in the
fields of installation, operation and management of charging networks dedicated
to fleets and companies. Based in Munich, this new entity of Total Deutschland
will pursue its development by offering complete solutions for electric charging,
including consulting, planification, installation and invoicing of charging
services. Fleet managers will also benefit from adapted solutions for their
employees’ home charging of companies’ cars. The integration of Charging
Solutions to the Group’s German affiliate, Total Deutschland, is effective since
November 1st, 2020. This transfer of activities will have no impact on the
customers nor on the existing partners of Charging Solutions.
“The ambition of Total is to operate 150,000 charge points in Europe by 2025.
The acquisition of Charging Solutions will allow us to accelerate our
development on the German market” declares, President for Marketing &
Services at Total. “Electric charging is modifying the traditional model of
energy supply for vehicles, from the distribution at service-stations to a
multi-channel distribution: at work, at home, in public places, in commercial
areas or at service-stations. We expect a strong growth on the professional and
B2B segment and we will be ready to cater to their needs with dedicated
charging solutions.”
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Solutions Updates
Energy Industry

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Eni (Italy) develops an innovative technology to fix the CO₂ using
artificial light
26
Solution Description
Eni announces the launch of an experimental plant for the biofixation of carbon dioxide through the cultivation of microalgae with the aid of artificial LED light. The plant, built at the
Eni Research Centre for Renewable Energy and the Environment in Novara, represents a further important step forward for towards its objectives of decarbonisation and promoting a
circular economy. The algal biofixation process allows to fix carbon dioxide by exploiting chlorophyll photosynthesis to enhance CO2 as a raw material in high-value products such
as algal flour for food / nutraceutical markets, and / or bio-oil - not in competition with agricultural crops – to be used as a raw material in bio refineries. This is a technology based on
an entirely Italian supply chain. Eni is accelerating its application in the field as it sees it as a strategic solution for the reduction of climate-altering emissions. The pilot plant, consisting
of 4 photobioreactors, is integrated with renewable energy sources and is based on Photo B-Othic technology, with which Eni has signed a License Agreement. Photo B-Otic was
created to support the development of biofixation technology and starts from the initiative of MEG, Everbloom, Abel Nutraceuticals and the Arcobaleno Cooperative, which is a
majority shareholder and has promoted this entrepreneurial initiative, which is the result of decades of research work in field of nutraceuticals and biotechnologies in collaboration
with the DIATI of the Politecnico di Torino. The photobioreactors on which the technology is based are composed of innovative hydraulic panels, in which the micro-algae circulate,
equipped with LED lighting panels that spread the light evenly, identifying the preferred wavelengths for photosynthesis. The modulation of light for intensity and quality is controlled
according to the optimal growing conditions. The advantages of this technology are its high CO2 fixation efficiency, simplicity, modularity and compactness, as well as its ability to
operate 24/7. These factors make it interesting as a potential solution to be implemented across all logistically favorable areas, even in sites that cannot be used for agriculture or
abandoned and converted industrial areas. Currently, the pilot plant has reached very promising daily biomass productivity data which - where confirmed on a larger scale - could allow
a plant with a footprint of 1 hectare to produce 500 tons of biomass per year, trapping 1000 tons of CO2.

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NOV (USA) launches sour service drill stem products to better suit your
drilling conditions
27
Drill string components are often exposed to increased levels of stress due to the more complex drilling techniques that are used to achieve
extended reach and deep wells, and in sour environments, this is conflicting with the ability to resist H2S embrittlement. Sour service failures have
been recorded worldwide when using general pipe grades due to sulfide stress cracking (SCC), which can lead to catastrophic failures that could
happen without prior indication. These challenges proved that the use of specialty pipe grades when developing fields with acid gas bearing
formations is essential. There are also challenges that come with selecting the appropriate drill pipe sour service grade such as equipment
availability, the high number of original equipment manufacturer (OEM) proprietary grades, the proper balance between strength and SSC
resistance, and more. Understanding that pain, we simplified the selection process and developed a smaller range of products to help you drill
safely and efficiently in harsh, sour conditions. This new comprehensive grade offering maximizes performance in every region of the NACE
environmental severity diagram and is packaged to make it easier for you to select the correct product from six meticulously engineering H2Shield
™ grades for drill pipe and three for heavy weight drill pipe (HWDP). We even have pre-qualified product offerings to ensure that you can get to
work as quickly as possible by shortening the lead time while also lowering the cost of the product. The new H2Shield grades for drill pipe offer
as much performance as the driller needs to safely and efficiently deliver his projects.

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NOVATEK (Russia) Launched First Carbon Neutral LNG Fueling
Station in Europe
28
PAO NOVATEK announced that its wholly owned subsidiary, Novatek Green Energy, has launched its first carbon-neutral1 LNG fueling station
in Rostock, Germany. Carbon neutral offsets from a carefully selected portfolio of emission reduction projects, including wind generation projects
in developing countries, will be used to compensate for the LNG’s carbon footprint sold to end-customers. The certification of emission reduction
projects will be performed in accordance with the authoritative international standard “Verified Carbon Standard”, or VCS. As part of NOVATEK’s
long-term strategy, the Company plans to build a network of LNG fueling stations in Europe to provide heavy duty transport with clean fuel at key
transport connecting points between Germany and Poland. Currently, the Company operates a network of six LNG fueling stations in the
European market as well as 19 regasification facilities. "NOVATEK is actively developing a network of LNG fueling stations both in Russia and
Europe as natural gas is an environmentally friendly, clean burning energy fuel source," said NOVATEK’s First Deputy Chairman of the
Management Board. “Our flagship Yamal LNG project is already one of the most environmentally friendly LNG plants in the world. We recently
published our environmental and climate change targets2 for the period up to 2030, which are aimed at making our contribution to solving the
issues of global climate change. The launch of a carbon-neutral LNG fueling station in the port city of Rostock is another step in our efforts to
reduce our carbon footprint and facilitate the energy transition to a low-carbon future."

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Schlumberger and OMV (Austria) Announce Enterprise Deployment of AI &
Digital Solutions enabled by the DELFI Cognitive E&P Environment
29
Schlumberger and OMV Upstream announced an enterprise-wide deployment of AI and Digital Solutions enabled by the
cloud-based DELFI (Mark of Schlumberger) cognitive Exploration & Production environment, across OMV’s global operations.
The five-year agreement will see the two companies collaborate to enhance efficiencies across OMV Upstream’s operations and
position the company as a digital front-runner in the energy industry. An extensive pilot deployment of the DELFI environment
helped OMV realize operational efficiencies in exploration, field development planning, drilling and well planning. The OMV
Upstream subsurface team used AI enhanced workflows in the DELFI Petrotechnical Suite to automatically create and simulate
200 model realizations in one sixth of the time and in well planning operations, the DrillPlan (Mark of Schlumberger) solution
helped plan eight wells in the time it would normally take to plan one. The agreement formalizes the commitment from both
companies to progress the industry standard OSDU™ data platform and lays the foundation for further collaboration and
innovation for workflows and solutions across the energy spectrum beyond just oil and gas.

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Petrobras (Brazil) performs tests on the GasLub torch system
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The GasLub's torch pilot flare system in Itaboraí will be lit for the first time during tests between 26 and 29/11, from 9 am to 8
pm. The equipment has the function of guaranteeing the burning of waste gases when the UPGN - natural gas processing unit goes
into operation, being, therefore, a plant security system. During the tests, it will eventually be possible to spot a small flame at the
top of the torch tower. The ignition test of the pilot torch flame system is part of the construction schedule and was authorized by
the National Agency of Petroleum, Natural Gas and Biofuels, the State Institute of the Environment and the Fire Department. The
tests will be carried out in complete safety, with no impact or risk to the surrounding communities. The Integrated Route 3
Project, under construction in Itaboraí (RJ), will be the third route for the flow of natural gas production from Petrobras fields in
the Santos Basin pre-salt and will have the capacity to process up to 21 million cubic meters of gas per day. The works of the
Natural Gas Processing Unit (UPGN) are on schedule, as is the installation of the onshore gas pipeline that connects Maricá to
the GasLub Pole in Itaboraí. The works are expected to be completed in 2021.

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PKN ORLEN (Poland) is developing a network of electric car chargers
31
PKN ORLEN increases the availability of alternative fuels at filling stations. From the beginning of 2020, the Company joined
the network of 28 fast charging stations for electric cars, and more are waiting for acceptance. The trial period, in which the use
of chargers was free, is also ending. Starting, a charge has been introduced in five locations for charging electric cars. Ultimately,
it will apply to the entire network of PKN ORLEN chargers. The new price list does not include the subscription service, which
is planned to be introduced by the end of 2021. PKN ORLEN has recently launched the ORLEN Charge application, which
allows you to quickly and conveniently find the nearest charging station, check which connectors are currently available on a
given charger and the power available on the connector, start and end a charging session at any time and place, or check the level
charge on DC connectors and power with which the vehicle is charged. The user also has the ability to quickly communicate with
the ORLEN hotline 24/7 in the event of a problem with the charger, check the history of his charging sessions and amenities
located near ORLEN charging stations.

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Repsol (Spain) advances in digitalization and development of talent with
training on data
32
Repsol has signed an agreement with the digital business school ISDI to launch a training program that will allow its employees to explore and dig deeper into the
potential of the use of data and artificial intelligence in the businesses and corporate areas of the company. With this agreement, Repsol continues to move forward
in the transformation of the company, with digitalization and development of talent as two key aspects on the way. New information technologies and the digital
sphere play a crucial role in the 2021-2025 Strategic Plan, thanks to artificial intelligence, automation of operations, and cloud solutions. The new Strategic Plan
envisions a positive impact of the company’s digitalization projects of more than €800 million a year by as early as 2022. Additionally, the Digitalization Program,
initiated in 2018 as a key element of the energy transition of Repsol, has now entered more mature phases, with more than 240 digital initiatives underway and
over 1,200 professionals involved directly. Therefore, the company has signed an agreement with the digital business school ISDI to continue promoting new
training programs that will help the businesses and the areas that need to dig deeper into the advanced analysis of data to offer value to its clients with custom-made
multi-energy offerings, to improve processes, or to become more efficient. This agreement is part of the Repsol Data School, a custom-made training program for
all employees with the objective of becoming a data-driven company and, at the same time, marking a shift in the corporate culture and the ways of working. The
program develops the analytical skills and improves the decision-making process, both for the employees who are new to data and for those that are already
acquainted with it and want to take their understanding of data science a step further.

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Enbridge (Canada) Line 3 Replacement Project Receives MPCA
Approvals and Remaining DNR Permits
33
Enbridge's Line 3 project, including the 401 Water Quality Certification for the Minnesota Department of Natural Resources released the final eight
permits for the project. This decision from the Minnesota Pollution Control Agency, including the project's 401 Water Quality Certification clears the
way for a determination from the US Army Corps of Engineers regarding federal permits. The Line 3 project has been designed to avoid and minimize
impacts to sensitive streams and wetlands. Enbridge pipelines have coexisted with the nation's most productive wild rice waters for 70 years. The
authorizations and permits approved today by the Minnesota DNR range from a license for utility crossing of state land and public water, to water
appropriation for dust control, hydrostatic testing and horizontal directional drilling. Enbridge has now received all ten of the DNR permits and
authorizations for the safety and maintenance focused Line 3 Replacement Project. The project still needs final permits and authorizations before
construction can begin. The thorough, robust, science-based review of the project over the past six years has led to evidence-based approvals. Enbridge
recognizes that the permit conditions required by the PCA and DNR are essential for protecting Minnesota's sensitive streams and wild rice waters
during construction and planning for post-construction restoration and enhancement. At Enbridge safety is our top priority. Enbridge implemented an
effective COVID-19 testing and screening program that has proven effective during our recent Line 3 construction in North Dakota. We will continue
to follow the latest guidance provided by local, federal and international public-health and government authorities to protect workers and communities.
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Eni (Italy) ranked at the top by the Corporate Human Rights Benchmark
34
Eni was ranked first, ex aequo with another company, among the 199 companies assessed by the Corporate Human Rights Benchmark; a confirmation of its
leadership in designing an effective approach to human rights.CHRB is an internationally recognized benchmark that assesses the companies' human rights
performances. Every year, it compares the world’s largest companies in the extractive, agricultural products, apparel and ICT manufacturing sectors, taking into
account their policies, governance structure and work processes to evaluate their approach to human rights, as well as their way to respond to allegations of human
rights misconducts .The work carried out over the past year has allowed Eni to further improve its performances. In particular regarding the human rights due
diligence and the monitoring and evaluation process adopted by Eni in order to assess the effectiveness of the actions taken to identify risks and face potential
impacts on human rights, praising its view to constantly improve its approach, and the accessibility of this information. Eni has taken important steps to spread and
reinforce the culture of respect for human rights in all business activities, as part of a process that began at the end of 2016 with a dedicated workshop chaired by
the CEO and addressed to its managers. Representatives of civil society, universities and IPIECA, the industry’s association for sustainability, took part in the
workshop as speakers. On this occasion, Eni launched a multi-year action plan and an e-learning training program, which so far has involved a significant portion
of the employees. In 2019, more than 19,000 employees were trained on human rights, capping a total of 25,845 hours. In 2020, the company has also strengthened
its internal procedures to shape a structured due diligence process, adopted a renewed Code of Ethics, and a supplier Code of Conduct, which outlines the minimum
requirements with which all its suppliers are required to comply.
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Galp (Portugal) strengthens position as Europe’s most sustainable
company in its industry, world’s nº3
35
Galp was once again titled the most sustainable company in Europe in its industry and the third best in the world during 2020,
according to the criteria of the Dow Jones Sustainability Indices (DJSI). In addition to repeating last year’s global score in this
ranking – the best ever in the company's nine years of presence in these indexes – Galp also increased its percentile to 97 points. At
DJSI Europe, Galp ranked first among its peers in the Oil & Gas Upstream & Integrated sector. At DJSI World, the Portuguese energy
company was the third-best amongst the 59 analyzed com-panies. In addition to the DJSI leadership, Galp confirmed in 2020 its
triple-A (AAA) rating in MSCI and maintained its top 5 position amongst the 50 integrated Oil & Gas companies evaluated by
Sus-tainalytics. These are two of the most prestigious reference institutions worldwide in the assess-ment of corporate sustainability
practices. The DJSI index was created jointly by S&P Dow Jones Indices and SAM in 1999 as the first indi-cator of the financial
performance of leading companies in sustainability at a global level. The members of this Index are classified as the companies most
capable of creating long-term shareholder value, through effective management of the risks associated with economic,
envi-ronmental and social factors.
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Hess (USA) Named to Dow Jones Sustainability Index (DJSI) North
America for Eleventh Consecutive Year
36
Hess has earned a place on the prestigious Dow Jones Sustainability Index (DJSI) North America for the eleventh consecutive year. The index,
which recognizes public companies for outstanding performance across economic, environmental and social factors, is used as a reference by
shareholders who consider sustainability when making investment decisions. Only the most sustainable companies in each industry are
considered each year for index membership. Hess is one of three oil and gas producers in the Energy industry group listed on the North
America Index. The DJSI, introduced in 1999, is among the very first set of global indices to track the largest and leading sustainability-driven
publicly listed companies. The DJSI was founded on the belief that integrating Environmental, Social and Governance (ESG) factors into
traditional financial analysis can generate long-term value. In addition, the Transition Pathway Initiative or TPI recently published its 2020
report on the progress of 163 energy companies in transitioning to a low carbon economy and supporting efforts to mitigate climate change in
line with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. In TPI’s 2020 report, Hess is the only U.S. oil
and gas company to achieve a Level 4-star rating, which is awarded to companies that demonstrably manage climate-related risks and
opportunities from a governance, operational and strategic perspective and satisfy all TPI Management Quality criteria.
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Hess (USA) Scores First-Place Sweep in Respected Investor Leadership
Survey
37
Hess Corporation’s leadership earned a first-place clean sweep in the combined rankings of the 2021 All-America Executive
Team survey published recently by Institutional Investor magazine. The company topped each of the categories in the Oil and Gas
Exploration and Production sector voted on by more than 3,500 portfolio managers and buy- and sell-side analysts: Best CEO,
Best CFO, Best Investor Relations Professional, Best IR Program, Best IR Team, Best Financially Material ESG Disclosures,
Best Analyst Day and Best Communication of Strategy and Risk Management Amid Covid-19. “Hess was one of only a handful
of companies, among them J.P. Morgan Chase and Apple, to earn the top spot in every category in this prestigious poll,” said Hess
Vice President, Investor Relations. Despite a challenging year for the industry, stressed further by the global pandemic, it is
rewarding to see investors recognize the differentiated performance of Hess. In its analysis, Institutional Investor said the survey
results reflect feedback of corporate performance during times of exceptional socioeconomic and market stress. More than 1,500
companies were rated by the research firm, which is considered a leading provider of market insight in the financial industry.
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Hess (USA) Achieves Leadership Status in CDP’s Global Climate Change
Report
38
Hess has been recognized for climate change stewardship in CDP’s Climate Change Report 2020. Hess has earned Leadership status for
12 consecutive years from CDP, an international nonprofit that runs a global environmental disclosure system for investors, companies,
cities, states and regions. This year, Hess is one of only two U.S. oil and gas producers to achieve Leadership status. CDP scores are based
upon a company’s climate related governance, disclosure practices and management of risks. In addition, Newsweek published its second
annual ranking of America's Most Responsible Companies and once again included Hess. Of the 400 companies on the 2021 list, Hess is
the highest ranked oil and gas producer. The ranking is based on an analysis of 2,000 public companies by a research firm using an
independent survey and publicly available key performance indicators for environmental, social and corporate governance. Hess
Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.
“CDP’s rating recognizes our continued leadership in transparency and performance as we address climate-related risks and
opportunities,” said Vice President, Environmental, Health and Safety. “Hess will continue to be guided by our values and longstanding
commitment to sustainability as we help to meet the world’s growing need for energy while reducing our carbon footprint.”
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HPCL (India) signs MOU with Tata Motor Finance Ltd for Diesel sale
thru Drive Track Plus Program
39
Hindustan Petroleum Corporation Limited has entered into a strategic tie–up with M/s Tata Motors Finance Limited (TMFL) for sale
of Diesel to customers through HPCL’s flagship - Drive Track Plus program, virtually. COO – Sales & Marketing – TMFL, and
Executive Director – Retail, signed the MoU in the presence of other Senior Officials. This MoU will help expand HPCL’s Drive
Track Plus customer base to new fleet owners and give good penetration to TATA Commercial Vehicle Fleet Owners with credit
offering by TMFL. TMFL, as part of their concept of lifecycle financing, have introduced the fuel finance as a payment solution. The
journey developed for the customers is digital and will provide instant loan for fuel using AI based algorithms. HPCL is the first Oil
Marketing Company to sign MoU with TMFL. The current solution by TMFL provides an effective fuel management tool to the fleet
customers for efficiently purchasing auto fuels and lubricants thru Card less mode. TMFL offers the customers an unsecured credit
line, within which one can pre-set daily usage limits for each vehicle and derive maximum benefit by frequently rotating the loan.
The tie-up is expected to bring in additional monthly volume of 5000 KL HSD in coming 3-4 months through Retail Outlet network.
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HPCL (India) bags top Swachhta Awards
40
HPCL has bagged First Prize for Swachhta Hi Sewa Campaign which was held from 11th September to 27th October, 2019 and ‘Outstanding
Contribution’Award for Swachhta Pakhwada Campaign held between 1st – 15th July, 2020 instituted by Ministry of Petroleum and Natural Gas and
Ministry of Drinking Water and Sanitation. The Award was presented by Hon’ble Minister of Petroleum & Natural Gas and Steel, in presence of
Secretary, MoP&NG and senior officials of Oil & Gas. HPCL’s Chairman & Managing Director, along with Director – HR, Director – Marketing and
senior officials participated virtually in the Award Ceremony. Ranking for Swachhta Awards was done by Ministry of Petroleum and Natural Gas
considering various parameters like innovative activities, initiatives for plastic waste segregation, engagement of people within and outside the
organization, number of competitions on the themes of cleanliness, use of social media platforms for spreading awareness among general public, IEC
activities on Plastic Waste Management & Preservation of Environment among others. HPCL’s significant achievement during Swachhta Hi Sewa
campaign inter-alia includes installation of more than 3,000 Plastic Collection Centers, organizing approximately 13,000 competitions by involving
above 4,00,000 students and undertaking over 50,000 awareness generation activities with various HPCL stakeholders. During Swachhta Pakhwada
campaign, HPCL undertook initiatives to support fight against COVID 19, spreading awareness through QR Code Campaign for administering
e-Swachhta Shapath, sensitization campaigns through 15,000 virtual One-to-One Sessions for students and distribution of cloth bags etc.
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LUKOIL’S (Russia) Remote Work IT-Project Among The Best Indusrtial
Solutions
41
LUKOIL won the ComNews Awards in the Best solution for remote work of geographically separated specialists category. The
2020 awards celebrated the best digital projects and solutions for the stay-at-home and distancing regimes imposed by the
COVID-19 pandemic. LUKOIL received the award for creating a global IT-users support system that united its Russian
subsidiaries and contractors in a shared information space. The project had been implemented by LUKOIL's wholly owned
subsidiary, LUKOIL-Technologies LLC, under the guidance of LUKOIL's IT department. LUKOIL specialists developed an
up-to-date integrated digital tool, which enabled sustainable development of all business processes in the difficult epidemiologic
situation. The new fully functioning web portal, based on modern access technologies and web solutions, allowed the users to
communicate with the IT-support experts remotely and even via portable devices. This greatly optimized a number of day-to-day
operations, accelerated decision-making and ensured integrity and security of the transmitted information. The platform will soon
be outfitted with more functions, which will lead to an additional increase in efficiency and improve quality of services.
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Lukoil’s (Russia) Interactive Oil Pavilion Receives International Award
42
LUKOIL was announced winner of the ICCO Global Awards contest, one of the most prestigious international public
relations events. The company received the award for the best project in the Broadcast category as a recognition of its
efforts to promote the opening and day-to-day work of the interactive Oil Pavilion at Moscow's VDNKh. The pavilion
is devoted to the past, present and future of Russian oil industry. A jury of international experts from 15 countries
recognized innovative character and efficiency of media projects publicizing the permanent exhibition of the pavilion.
LUKOIL is the only Russian company to receive this prestigious award for two years in a row. In 2019, ICCO Awards
celebrated LUKOIL's media coverage campaign promoting cultural, social and tourism initiatives in the city of
Kogalym, Khanty-Mansi Autonomous District – Yugra.
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Lukoil (Russia) Ranks Among Environmental Transparency Leaders
43
LUKOIL ranks among the top three companies of the 2020 Environmental Transparency Rating of Eurasian Oil and
Gas Companies, presented by the World Wide Fund for Nature (WWF) and CREON Group analysts. Oil and gas
companies were rated against three essential criteria – the quality of environmental protection management,
environmental impact or eco-friendliness of production, and willingness to disclose environmental performance data.
Demonstrating utmost transparency in public relations, LUKOIL was one of the first Russian companies to publish
sustainability reports. The quality and openness of the company's non-financial reporting was recognized with multiple
awards and prizes. The highest standards of LUKOIL's environmental management provide for the company's
consistent performance in utilization of associated petroleum gas, reduced carbon footprint and development of
renewable energy. The company also lays emphasis on preservation of biodiversity in regions where it operates.
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Lukoil (Russia) Receives Award As The Best Socially Responsible
Company
44
LUKOIL Group organizations became winners of the 2020 Best Socially Responsible Oil and Gas Company contest held
by the Russian Ministry of Energy. The awards ceremony took place in Saint Petersburg under the auspices of Russian
International Energy Forum. LUKOIL received awards as a recognition of its efforts to develop labour market, promote
employment, carry out special programmes for younger employees, popularise healthy lifestyle, raise occupational health
and safety awareness, create industry-wide partnerships, improve quality of life of the employees and provide them with
additional benefits. LUKOIL's organizations also received awards for actively pursuing social policies and creating the
interactive Oil Pavilion at the Moscow's VDNKh. The latter was granted a special award. LUKOIL had previously been
named a winner of the ICCO Global Awards contest, one of the most prestigious international public relations events, for
the Oil Pavilion multimedia exhibition devoted to the past, present and future of Russian oil industry.
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Lukoil (Russia) Enhances Its Positions In ESG Ratings
45
LUKOIL has substantially enhanced its positions in acknowledged international ESG ratings in 2020. In particular, LUKOIL has stepped
up in the Sustainalytics Risk rating from 25th to the 11th position among over 50 vertically integrated oil and gas companies participating
in the rating. LUKOIL risk rating advanced by 9 points to 32.7. The SAM S&P agency (formerly RobecoSAM) upgraded LUKOIL rating
by sixteen points at once to 46 points, which places LUKOIL ahead of the most of oil and gas companies. The ratings particularly
emphasized improving carbon management and development of anticorruption practices in the Company. LUKOIL progress in
sustainable development area has also been positively assessed by several other internationally recognized ratings. For instance, the
Institutional Shareholder Services Inc. agency (ISS) upgraded LUKOIL corporate sustainable development rating up to the level "C",
positioning the Company ahead of the most of its peers in the oil and gas industry, while the disclosure quality rating was reiterated at the
highest possible level 1. LUKOIL also received 3.7 scores out of 5 in the FTSE Russell international ESG rating, distinctly outperforming
the industry average. LUKOIL also enhanced its positions in the MSCI ESG Rating and the rating by Corporate Human Rights
Benchmark (CHRB).
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Lukoil (Russia) Receives The Most Prestigious International Communications
Award For Promoting Innovation In Oil Industry
46
LUKOIL received the Grand Prix and was announced winner in two categories of Eventiada IPRA Golden World Awards 2020, the largest communications
award in Eastern Europe and Central Asia. This year, Eventiada IPRA GWA struck a partnership with the United Nations and joined the programme of
supporting the UN Sustainable Development Goals. The Grand Prix went to LUKOIL in recognition of the projects it carried out in 2019 and 2020. One of
these projects involved setting up a large-scale multimedia exhibition in the Oil Pavilion at the Moscow's VDNKh. It is devoted to the history and
technological advancement of fuel and energy complex. The project was named the best initiative that supports the ninth UN Sustainable Development Goal,
Building resilient infrastructure, promoting sustainable industrialization and fostering innovation. LUKOIL contributes to achieving most of the 17 goals,
such as Affordable and clean energy, Life below water, Life on land, Climate action, goals related to social wellbeing and others. LUKOIL's Strategy
encompasses these goals. Furthermore, LUKOIL's Oil Pavilion development initiative received the award as the best exhibition project in Eastern Europe,
CIS and Central Asia. In 2020, Eventiada IPRA GWA covered 14 countries: Armenia, Belarus, Bulgaria, Croatia, Hungary, Kazakhstan, Lithuania, Poland,
Russia, Romania, Serbia, Tajikistan, Turkey, and Ukraine. The list of the applicants included the largest transnational and national corporations, global and
regional non-governmental organizations, public bodies, leading communications agencies, and creative youth groups. An international jury representing 35
national associations from 17 countries chose the winners.
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Pantheon Named as a Leader in Managed Hosting and WCM by G2 for
the 10th Consecutive Quarter
47
Pantheon, an award-winning WebOps platform, announced its position in the Leader quadrant in G2’s Winter 2020 Grid® Report for
Managed Hosting and Web Content Management. Quarter over quarter, Pantheon has demonstrated alignment in delivering products and
services that map back to high levels of customer satisfaction. G2 is a platform that allows product users to leave real-time reviews that
are used to build a company’s profile. Potential buyers can leverage G2 Crowd data to make better-informed purchasing decisions with
real user feedback. The G2 leader quadrant is composed of enterprise products, which rank highly in both market presence and user
satisfaction. In this quarter’s report, Pantheon was also ranked a leader in the WebOps Platforms as well as for Easiest to Use, Best
Results, and for Users Most Likely to Recommend. These ratings reflect that Pantheon makes it easy for users to deploy new processes,
visualize workflows, and analyze process data while building, maintaining, and iterating on their website experience. Pantheon fulfills
customers’ enterprise web operations needs, providing superior website development, and hosting requirements that allow organizations
to build connections with their customers. In addition to the use of agile development tools, marketing teams can deliver relevant
experiences for their customers allowing for hyper-growth while working to keep their sites up-to-date.
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