I-Bytes Energy Industry

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I-Bytes
Energy
March Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................22
3. Rewards and Recognition Updates..................................................................................................................25
4. Partnership Ecosystem Updates.......................................................................................................................28
5. Event Updates.....................................................................................................................................................39

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Financial, M & A
Updates Energy Industry

Financial, M&A Updates
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Occidental (USA) Announces 4th Quarter and Full-Year 2019 Results
• Oil and gas pre-tax income for the fourth quarter of 2019 was $921 million, compared to
$221 million for the prior quarter.
• The fourth quarter results included $475 million in net gains on sale related to Occidental’s
Midland Basin joint venture with Eco petrol and a sale of real estate assets and a
mark-to-market loss of $182 million on crude oil hedges.
• Net loss attributable to common stockholders for the fourth quarter of 2019 of $1.3 billion,
or $1.50 per diluted share, and
• adjusted loss attributable to common stockholders of $269 million, or $0.30 per diluted
share.
• Fourth quarter pre-tax items affecting comparability included a charge of approximately
$1.0 billion to reflect Occidental’s investment in Western Midstream Partners, LP at fair
value as of December 31, 2019, upon applying the equity method of accounting, Anadarko
acquisition-related transaction costs of $656 million, and net gains on sale of $475 million
related to Occidental’s Midland Basin joint venture with Eco petrol and a sale of real estate
assets.
• 2020 plan of $21,000 per BOEPD added, 33% improvement from 2019
• Total debt repayments of $7.0 billion in the second half of 2019
• Capturing the $900 million overhead synergy target one year ahead of schedule
Executive Commentary
"The integration of our combined businesses is progressing extremely well and faster
than expected as evidenced by our outstanding operational performance and we are
ahead of schedule in capturing value from our $2 billion synergy program, said
President and Chief Executive Officer. We are advancing toward achieving our
divestiture target of $15 billion and repaid $7 billion of debt within five months of
closing the Anadarko acquisition. Deleveraging and returning excess free cash flow to
shareholders remain key priorities, and we are highly confident in our ability to achieve
both."
1
Key Financial Highlights

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Apache Corporation (USA)Announces Fourth-Quarter and Full-Year
2019 Financial and Operational Results
Fourth year
• Apache reported a loss of $3.0 billion or $7.89 per diluted common share
during the fourth-quarter 2019.
• Apache’s fourth-quarter income totaled $31 million, or $0.08 per share.
• Net cash provided by operating activities in the fourth quarter was $778
million
• Adjusted EBITDAX was $1.1 billion.
Full Year
• Apache reported a loss of $3.6 billion, or $9.43 per diluted common share.
• On an adjusted basis, Apache’s 2019 earnings totaled $2 million.
• Net cash provided by operating activities was $2.9 billion
• Adjusted EBITDAX was $4.0 billion.
“Apache finished 2019 on a strong note. For the year, we achieved our
corporate returns objective and came in below our upstream capital
investment target of $2.4 billion. During the fourth quarter, our Permian
region delivered the highest oil production in company history at
103,000 barrels per day and exceeded guidance. In December, we
signed a joint venture agreement with Total in Block 58 offshore
Suriname, which brings in a world-class offshore operator and enables
Apache to retain a 50% working interest in the block while significantly
reducing our potential exposure to large-scale appraisal and
development costs. We are currently drilling the second well on Block
58, Sapakara West-1, and are encouraged by what we’ve seen so far. We
will provide more information after reaching total depth and completing
our analysis,” said Apache’s chief executive officer and president.
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Cheniere (USA)Reports Record Fourth Quarter and Full Year 2019
Results and Reconfirms Full Year 2020 Guidance
• Net income1 of $939 million, or $3.70 per share—basic and $3.34 per share—diluted, for the three months ended December 31, 2019, compared
to $67 million, or $0.26 per share
• Total margins increased primarily due to increased volumes of LNG recognized in income and increased net gains from changes in fair value
of commodity derivatives.
• Margins per MMBtu of LNG recognized in income were materially consistent for the three months ended December 31, 2019 as compared to
the comparable 2018 period as decreased pricing on LNG was offset by decreased pricing of natural gas feedstock related to our LNG sales.
• Consolidated Adjusted EBITDA2 was $987 million for the three months ended December 31, 2019, compared to $634 million for the
comparable 2018 period.
• Consolidated Adjusted EBITDA was $2.95 billion for the year ended December 31, 2019, compared to $2.64 billion for the comparable 2018
period.
• Income from operations increased $500 million and $337 million during the three and twelve months ended December 31, 2019, respectively,
as compared to the comparable 2018 periods
• Selling, general and administrative expense included share-based compensation expenses of $26 million and $91 million, respectively, for the
three and twelve months ended December 31, 2019, compared to $16 million and $74 million for the comparable 2018 periods.
• The tax benefit of $517 million for the three and twelve months ended December 31, 2019 is primarily attributable to releasing a significant
portion of the valuation allowance previously recorded against our federal and state deferred tax assets and the generation of investment tax
credits in the current year, partially offset by current year tax expense.
• Net income attributable to non-controlling interest increased $58 million during the three months ended December 31, 2019 as compared to the
comparable 2018 period due to the increase in net income recognized by Cheniere Partners, in which the non-controlling interests are held.
• Net income attributable to non-controlling interest decreased $145 million during the year ended December 31, 2019 as compared to the
comparable 2018 period primarily due to the decrease of non-controlling interest as a result of our merger with Cheniere Energy Partners LP
Holdings, LLC in September 2018 and decreased net income recognized by Cheniere Partners, in which the non-controlling interests are held.
• Cheniere reported net income of $648 million, or $2.53 per share—basic and $2.51 per share—diluted for the year ended December 31, 2019,
compared to $471 million, or $1.92 per share—basic and $1.90 per share—diluted, for the comparable 2018 period.
“2019 was an incredible year for Cheniere as we achieved significant milestones in securing our growth, exhibiting execution and
operating excellence, demonstrating capital discipline, and further solidifying our position as a global leader in LNG, said Cheniere’s
President and Chief Executive Officer. 2019 was highlighted by reaching a positive final investment decision on Train 6 at Sabine Pass,
achieving major commercial and regulatory milestones for the Corpus Christi Stage 3 project, launching our capital allocation plan, and
placing three Trains into service within budget and on average more than nine months ahead of schedule.”
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Chesapeake Energy Corporation (USA)Reports 2019 Full Year and
Fourth Quarter Financial and Operational Results
2019 Full Year Results
• Chesapeake reported a net loss of $308 million and a net loss available to common stockholders of $416 million, or $0.25 per diluted share,
compared to net income of $228 million and net income available to common stockholders of $133 million, or $0.15 per diluted share, in 2018.
• Adjusting for items that are typically excluded by securities analysts, the 2019 full year adjusted net loss attributable to Chesapeake was $454
million, or $0.27 per diluted share, compared to an adjusted net loss attributable to Chesapeake of $140 million, or $0.15 per diluted share in
2018,
• Adjusted EBITDAX was $2.530 billion, compared to $2.380 billion in 2018.
• Average daily production for 2019 was approximately 484,000 boe and consisted of approximately 118,000 bbls of oil, 1.995 billion cubic feet
of natural gas and 33,000 bbls of natural gas liquids. Average daily production for 2018 was approximately 521,000 boe and consisted of
approximately 90,000 bbls of oil, 2.278 bcf of natural gas and 52,000 bbls of NGL.
• Gathering, processing and transportation (GP&T) expenses were $6.13 per boe compared to $7.35 per boe in 2018.
Fourth quarter
• Chesapeake reported a net loss of $324 million and a net loss available to common stockholders of $346 million, or $0.18 per diluted share,
compared to net income of $605 million and net income available to common stockholders of $576 million, or $0.57 per diluted share, for the
fourth quarter 2018.
• Adjusting for items typically excluded by securities analysts, the 2019 fourth quarter adjusted net loss attributable to Chesapeake was $80
million, or $0.04 per share, while adjusted EBITDAX was $665 million.
• Average daily production for the 2019 fourth quarter was approximately 477,000 boe and consisted of approximately 126,000 bbls of oil, 1.935
bcf of natural gas and 29,000 bbls of NGL. Average daily production for the 2018 fourth quarter was approximately 464,000 boe and consisted
of approximately 87,000 bbls of oil, 2.009 bcf of natural gas and 42,000 bbls of NGL.
• Chesapeake's operating margin increased in the 2019 fourth quarter compared to the 2018 fourth quarter, due to an increase in oil production
mix and a decrease in certain cash costs.
• GP&T and G&A expenses decreased by $76 million, or approximately $2.00 per boe
• Production expense increased $21 million, or $0.38 per boe, as compared to the same quarter in 2018.
Chesapeake's President and Chief Executive Officer, commented, "We are pleased to highlight our strong 2019 operational performance,
delivering fourth quarter oil production of 126,000 barrels of oil per day and increasing our oil mix to 26% of total production, the highest
percentage in company history. These results, combined with certain lower cash costs, yielded adjusted EBITDAX growth of 19%, or 15%
per barrel of oil equivalent, compared to the 2018 fourth quarter, when we had significantly higher commodity prices. Our focus on shifting
our portfolio composition and capital allocation to more oil and our commitment to cost leadership are resulting in improved financial
performance, even at lower prices. We also made additional progress improving our balance sheet during the quarter, eliminating
approximately $900 million in debt through capital markets transactions, and consolidating our $1.5 billion Brazos Valley unrestricted
subsidiary.”
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Cimarex (USA)Reports Fourth Quarter and Full Year 2019 Results
• Net loss for fourth quarter 2019 of $384.1 million, or $3.87 per share, compared to net income of $316.2 million, or $3.32 per share, in the same period a year ago.
• For the full year, Cimarex reported a net loss of $124.6 million, or $1.33 per share, compared to 2018 net income of $791.9 million, or $8.32 per share.
• Fourth quarter 2019 adjusted net income (non-GAAP) was $120.4 million, or $1.18 per share, compared to adjusted net income (non-GAAP) of $192.1 million, or $2.01 per share in the same
period a year ago.
• Full year 2019 adjusted net income (non-GAAP) was $448.8 million, or $4.46 per share, compared to $708.7 million, or $7.42 per share in 20181.
• Adjusted cash flow from operations (non-GAAP) was $416.0 million in fourth quarter 2019 compared to $428.2 million in the same period a year ago1.
• Full year 2019 adjusted cash flow from operations (non-GAAP) was $1.46 billion compared to $1.53 billion in 2018.
• Oil volumes in the fourth quarter were sequentially higher, averaging 92.0 thousand barrels per day.
• For the full year, Cimarex reported average daily oil volumes of 86.2 MBbls, a 27 percent year-over-year increase.
• Cimarex produced 292.7 thousand barrels of oil equivalent (MBOE) per day in the fourth quarter and averaged 278.5 MBOE per day for the year.
• In the fourth quarter realized oil prices averaged $54.80 per barrel, up 11 percent from the $49.30 per barrel received in the fourth quarter of 2018.
• For the full year, Cimarex realized $52.77 per barrel of oil, down 7 percent from 2018, $1.11 per Mcf of natural gas and $13.55 per barrel of NGLs sold.
• Cimarex invested a total of $1.32 billion in 2019, which included $944 million attributable to drilling and completion activities, $75 million to saltwater disposal and $74 million to midstream and
other investments. Capital investments were funded with cash flow from operations.
• Total debt at December 31, 2019 consisted of $2.0 billion of long-term notes. Cimarex had no borrowings under its revolving credit facility and a cash balance of $94.7 million at year-end. Debt
was 37 percent of total capitalization.
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Concho Resources Inc. (USA)Reports Fourth-Quarter and Full-Year
2019 Results, Provides 2020 Outlook
Fourth Quarter
• Delivered oil production volumes of 215 MBopd, exceeding the high end of the Company's guidance range.
• Completed the New Mexico Shelf divestiture, enabling Concho to achieve its debt-reduction target and repurchase $250 million of
shares during the quarter.
• Generated cash flow from operating activities of $769 million; operating cash flow before working capital changes (non-GAAP) was
$801 million, exceeding exploration and development costs incurred of $614 million.
• Reported net loss of $471 million, or $2.38 per share. Adjusted net income (non-GAAP) totalled $206 million, or $1.03 per share.
• Reported $853 million of adjusted EBITDAX (non-GAAP).
Full Year
• Increased oil production volumes 25% year over year.
• Completed $1.3 billion in non-core asset sales.
• Paid $100 million in dividends, initiated a $1.5 billion share repurchase program and repurchased $250 million of shares in 2019.
• Generated cash flow from operating activities of $2.8 billion; operating cash flow before working capital changes (non-GAAP) was
$2.9 billion.
• Reported net loss of $705 million, or $3.55 per share. Adjusted net income (non-GAAP) totalled $611 million, or $3.05 per share.
• Reported $3.1 billion of adjusted EBITDAX (non-GAAP).
2020 Outlook
• Increasing Concho's quarterly dividend 60% to $0.20 per share.
• Planning a $2.6 to $2.8 billion capital program, representing a 10% reduction year over year at the midpoint of the guidance.
• Expecting to generate 10% to 12% annual oil volume growth, pro forma for the New Mexico Shelf divestiture.
Chairman and Chief Executive Officer, commented, “During the fourth quarter, we delivered strong operational and financial
performance, with oil volumes exceeding our guidance range and cash flow from operations totalling $801 million, excluding
working capital changes. This exceeded exploration and development costs of $614 million, resulting in free cash flow of $187
million for the quarter. Our cost structure continued to improve as well, with fourth quarter controllable costs coming in below
our year-end 2020 target of $9.00 per Boe.”
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Continental Resources (USA)Announces Full-Year 2019 And 4Q19
Results; 2020 Capital Budget and Guidance
Full-Year 2019 Results
• $775.6 Million (MM) in Net Income, or $2.08 per Diluted Share. $838.7 MM Adjusted Net Income, or $2.25 per Diluted
Share (Non-GAAP).
• 340,395 Boepd Average Daily Production, up 14% Year-over-Year (YoY). 197,991 Bopd Average Daily Oil Production; up
18% YoY
• $3.1 Billion (B) of Cash Flow from Operations; $608 MM of Free Cash Flow (non-GAAP)
• $406 MM in Shareholder Capital Return. $190 MM Share Repurchases and $18 MM Quarterly Dividend. $442 MM Total
Debt Reduction; $198 MM Net Debt Reduction (Non-GAAP)
• No. 1 Oil Producer in Both the Bakken and Oklahoma. Bakken: 148,416 Average Daily Oil Production up 14% YoY. South:
41,695 Average Daily Oil Production up 43% YoY
4Q19 Results
• $193.9 MM in Net Income, or $0.53 per Diluted Share. $203.6 MM Adjusted Net Income, or $0.55 per Diluted Share
• 365,341 Boepd Average Daily Production; up 13% Yoy.206,249 Bopd Average Daily Oil Production; up 10% over 4Q18
2020 Capital Budget & Guidance
• $2.9 B to $3.0 B of Cash Flow from Operations; $350 MM to $400 MM of Free Cash Flow. Budgeted at $55 WTI and $2.50
HH; $5 Change in WTI = Approx. $300 MM in Cash Flow
• Targeting 4% to 6% Production Growth YoY Delivers Average Approx. 10% CAGR for 2019-2020. Large Projects in 2020
Projected to Drive Double Digit Growth from FY 2020 to 4Q21
• $2.65 B Capital Spend in 2020; Flat Capital Spend YoY. $2.2 B Drilling & Completions; $125 MM for Mineral Acquisitions,
Approx. 20% Lower Capital Spend in 2020 than Original Five-Year Vision Estimate. Approx. $700 MM Capital Spend in 2020
with First Production Expected in 2021
• Expect to Continue Delivering Lowest Cost Operations Amongst Oil-Weighted Peers, $3.50 to $4.00 LOE per Boe | $1.60 to
$2.00 Total G&A per Boe
"In 2020, Continental will prioritize maximizing shareholder capital return in the form of share repurchases, debt
reduction and dividends. With our strong portfolio and disciplined approach to value creation, we will continue to
increase capital and corporate returns for our shareholders," said Chief Executive Officer.
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Diamondback Energy, Inc. (USA)Announces Fourth Quarter and Full
Year 2019 Financial and Operating Results
Fourth Quarter 2019 Highlights
• Q4 2019 average production of 195.0 MBO/d, with average oil production up 5% over Q3 2019 and 50% over Q4 2018
• Q4 2019 net loss of $(487) million, which includes a $790 million impairment due to lower SEC commodity pricing; adjusted net income (as defined and
reconciled below) of $308 million, or $1.93 per diluted share
• Q4 2019 Consolidated Adjusted EBITDA of $869 million; adjusted EBITDA net of non-controlling interest of $827 million
• Q4 2019 capital expenditures of $748 million; turned 78 gross operated horizontal wells to production
• Approved a 100% increase in the annual cash dividend policy to $1.50 per common share starting with Q4 2019 payment, subject to discretion of the Board
• Declared Q4 2019 cash dividend of $0.375 per share payable on March 10, 2020; implies a 2.0% annualized yield based on the February 14, 2020 share
closing price of $74.97
• Repurchased 2,415,000 shares in Q4 2019 for ~$199 million
• Closed inaugural offering of $3.0 billion of investment grade notes; proceeds used to fully redeem $1.25 billion of 4.75% notes and pay down a portion of
outstanding credit facility borrowings
• Q4 2019 unhedged realized oil prices of $54.74/Bbl, representing ~96% of WTI and up 6% versus Q3 2019; expect to realize ~98-101% of WTI in 2020
• Successfully traded majority of operated New Mexico acreage in the Northern Delaware Basin for operated Texas acreage in both the Midland and
Delaware Basin; less than 0.1% of current net acreage now on federal land
• Closed previously announced Drop-Down transaction to subsidiary Viper Energy Partners LP
Full Year 2019 Highlights
• Full year 2019 net income of $240 million, or $1.47 per diluted share; full year 2019 adjusted net income of $1.1 billion, or $6.93 per diluted share
• Full year 2019 consolidated adjusted EBITDA of $3.1 billion, or $18.71 per diluted share
• Full year 2019 average production of 187.7 MBO/d , an increase of 26% from combined 2018 average daily oil volumes, after adjusting for the full year
2018 impact of the Energen transaction which closed on November 29, 2018
• Full year 2019 capital expenditures of $2,921 million; turned 317 operated horizontal wells to production
• Proved reserves as of December 31, 2019 of 1,128 MMboe , up 14% year over year; proved developed producing reserves of 760 MMboe , up 18% year
over year
• 2019 consolidated proved developed finding and development costs of $10.87/boe; drill bit finding and development costs of $11.11/boe
• Repurchased 6,385,000 shares for ~$598 million; represents 30% of the Board approved program for up to $2.0 billion of stock repurchases through
December 31, 2020 and ~4% of the Company's float at December 31, 2018
"Diamondback ended 2019 in a position of strength, achieving 5% sequential oil production growth along with our highest oil realizations of the year.
This, combined with our industry-leading cost structure, resulted in 18% quarter over quarter Adjusted EBITDA growth and 31% Adjusted EPS
growth in the quarter. We repurchased 2.4 million shares in the quarter for approximately $199 million, utilizing free cash flow and a $43 million gain
from interest rate swaps unwound as part of our first investment grade bond offering in November to repurchase shares at a depressed valuation.
Further, Diamondback did not slow operations in the second half of 2019 and maintained continuous operations with eight completion crews running
consistently through the end of the year, setting us up for continued growth and operational momentum in 2020," stated Chief Executive Officer of
Diamondback.
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Enbridge Inc. (Canada) Reports Strong Fourth Quarter & Full Year
2019 Results
Highlights
• Full year GAAP earnings of $5,322 million or $2.64 per common share compared with $2,515 million or $1.46 per common share for
2018
• Adjusted earnings of $5,341 million or $2.65 per common share in 2019 compared with $4,568 million or $2.65 per common share
for 2018
• Adjusted earnings before interest, income tax and depreciation and amortization of $13,271 million in 2019 compared with $12,849
million for 2018
• Cash Provided by Operating Activities of $9,398 million in 2019 compared with $10,502 million for 2018
• Distributable Cash Flow of $9,224 million in 2019 compared with $7,618 million for 2018
• Achieved the top-end of full-year DCF per share guidance range of $4.30 to $4.60
• Reaffirmed 2020 DCF per share guidance range of $4.50 to $4.80, and longer term 5 to 7% DCF per share growth outlook, within an
equity self-funding model
• Increased the quarterly dividend by 9.8% for 2020 to 81 cents per share, reflecting strong operating and financial performance and the
Company's outlook
• Delivered 100 thousand barrels per day of planned Mainline optimizations, providing much needed egress capacity for Western
Canadian producers
• Placed $7 billion of new projects into service in the fourth quarter, including the US$0.7 billion investment in the Gray Oak pipeline
• Filed regulatory application in support of contracting the Liquids Mainline System on December 19, with support from shippers
representing over 70% of current throughput
• Minnesota Public Utilities Commission re-certified the Line 3 Replacement project Final Environmental Impact Statement, the
Certificate of Need and the Route Permit on February 3, 2020
• Closed second phase of the Canadian midstream sale, successfully concluding previously announced $8 billion asset sale program;
achieved 4.5x Debt/EBITDA at year end
• Announced the $0.2 billion sale of the Montana-Alberta Tie Line; further increasing financial flexibility
"2019 was a successful year for Enbridge, commented President and Chief Executive Officer of Enbridge. Our low risk
pipeline-utility model continued to deliver strong financial results and we advanced our strategic priorities on many fronts. Each
of our core businesses delivered solid results in 2019 that translated into full-year DCF per share at the top-end of our guidance
range. The Liquids Mainline System achieved record annual throughput, our gas pipelines were highly utilized, and we're
capturing synergies through the amalgamation of our Ontario Utility businesses. In addition to strong business performance, we
placed a further $9 billion of new projects into service, including the Canadian segment of the Line 3 Replacement. Our focus on
optimizing our base business and executing on our secured growth program continues to drive highly predictable and growing
cash flows, which resulted in exceptional annual dividend growth for our shareholders of 10% in 2019 and 9.8% in 2020.
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NextDecade and Enbridge (Canada) Sign Definitive Agreement Regarding Rio
Bravo Pipeline
NextDecade Corporation and Enbridge Inc. announced that they have entered into
a definitive agreement whereby Enbridge will acquire Rio Bravo Pipeline
Company, LLC from NextDecade for a cash purchase price not to exceed $25
million, with $15 million paid at closing and the balance paid upon NextDecade's
reaching a positive final investment decision on its Rio Grande LNG export
facility in the Port of Brownsville, Texas. Upon closing of the transaction,
Enbridge will own one hundred percent of RBPL and assume all responsibility for
the development, financing, construction, and operations of the Rio Bravo
Pipeline. NextDecade will continue to be responsible for the development,
financing, construction, and operations of its Rio Grande LNG export facility. In
addition, Enbridge and NextDecade have negotiated a precedent agreement, to be
executed at closing, whereby NextDecade will retain its rights to the natural gas
firm transportation capacity on the Rio Bravo Pipeline for a term of at least twenty
years to supply NextDecade's Rio Grande LNG export facility.
"This agreement with Enbridge further enhances our commitment to our
global LNG customers, natural gas suppliers and other stakeholders to deliver
our Rio Grande LNG project on time and on budget, said Matt NextDecade's
Chairman and Chief Executive Officer. As one of North America's leading
energy infrastructure companies, Enbridge brings extensive natural gas
pipeline experience to execute the Rio Bravo Pipeline, and we are delighted to
have them involved in supporting the delivery of our Rio Grande LNG
project."
Description
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Eni (Italy): full year 2019 and fourth quarter results
• Adjusted operating profit: €1.80 billion in the fourth quarter, down by 40% q-o-q. Excluding the impact of the loss of
control over Eni Norge occurred at the end of 2018 to allow a-like-for-like comparison, and net of scenario effects, a
lower time value of the money and IFRS 16 accounting, the Group adjusted operating profit increased by 9% q-o-q.
• Adjusted net profit: €0.55 billion for the quarter, down by 62% q-o-q; €2.88 billion in the full year, down by 37%.
• Net result: net loss of €1.89 billion in the quarter; net profit of €0.15 billion in the year.
• Cash flow before working capital at replacement cost2: €2.6 billion in the fourth quarter and €12.1 billion in the full
year, a slight reduction of 4% y-o-y notwithstanding the remarkable deterioration of the scenario. Cash flow was a
surplus of €1 billion, after funding net capex of €7.73 billion and returns to shareholders of €3.4 billion including the
dividends and the share buy-back.
• Cash flow provided by operating activities: €3.73 billion in the fourth quarter; €12.39 billion in the year, which was
negatively affected by an extraordinary payment to settle an arbitration outcome.
• Capital expenditure and investment, net: €7.73 billion in the year, net of the acquisition of a 20% interest in ADNOC
Refining and of expenditures to purchase hydrocarbons reserves for an overall amount of €3.3 billion.
• Net borrowings: €11.5 billion before the effect of IFRS 16, up by 38% from 2018 year-end mainly due to the
acquisition of a 20% interest in ADNOC Refining. Including IFRS 16, net borrowings was €17.13 billion, of which
around €2 billion pertains to the share of lease liabilities attributable to joint operators in Eni-led upstream project.
• Leverage: 0.24 before the effect of IFRS 16, higher than the ratio at December 31, 2018. Including IFRS 16, leverage
was 0.36, or 0.32 excluding the share of lease liabilities attributable to E&P joint operators.
• Buy-back:at the end of 2019 completed the buy-back program for a total consideration of €400 million.
• 2019 dividend proposal3: €0.86 per share, of which €0.43 already paid as interim dividend.
• Cash neutrality: funded net capex for the FY and the dividend with the operating cash flow at the Brent scenario of 59
$/bbl, 64 $/bbl when excluding IFRS 16 effects. Assuming the budget scenario, the cash neutrality came at 50 $/bbl.
“Eni is pleased to have reported excellent results in 2019, despite a tough period characterized by geopolitical
tensions and much less favorable commodity prices than in 2018. The results reflect the successful strategy we
have pursued in recent years, which has seen Eni become more resilient and growing business. In the Upstream in
particular, we achieved record production of 1.87 million barrels a day with a reserve replacement ratio of 117%.
The results achieved in the Gas & Power and oil Marketing were particularly positive. Refining and Chemicals
endured a challenging period, although the results were however mitigated by Eni’s restructuring actions taken in
previous years.” Said CEO of Eni.
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EOG Resources (USA) Reports Excellent Fourth Quarter and Full-Year
2019 Results
Fourth quarter 2019
• Net income of $637 million, or $1.10 per share, compared with fourth quarter 2018 net income of $893
million, or $1.54 per share.
• Net cash from operating activities for the fourth quarter 2019 was $1.8 billion.
• Adjusted non-GAAP net income for the fourth quarter 2019 was $787 million, or $1.35 per share,
compared with adjusted non-GAAP net income of $718 million, or $1.24 per share, for the same prior year
period.
• Increased crude oil production from high-return operating areas and reductions in per-unit operating costs
contributed to EOG's strong fourth quarter 2019 financial results.
• Adjusted earnings per share, discretionary cash flow and adjusted EBITDAX increased in the fourth
quarter 2019 compared with the same prior year period, demonstrating EOG's resiliency and ability to
overcome declines in commodity prices.
Full year 2019
• EOG reported net income of $2.7 billion, or $4.71 per share, compared with net income of $3.4 billion,
or $5.89 per share, for the full year 2018.
• Net cash from operating activities for the full year 2019 was $8.2 billion.
• Adjusted non-GAAP net income for the full year 2019 was $2.9 billion, or $4.98 per share, compared with
adjusted non-GAAP net income of $3.2 billion, or $5.54 per share, for the full year 2018.
• EOG generated $8.1 billion of discretionary cash flow and incurred total cash capital expenditures before
acquisitions of $6.2 billion, resulting in free cash flow of $1.9 billion.
"Year after year, EOG keeps getting better, delivering record operating performance in 2019.
Significant capital efficiency improvements from strong well productivity and sustainable cost
reductions allowed us to deliver higher production with less capital investment than we planned at the
beginning of the year, said Chairman and Chief Executive Officer. We did this while generating
substantial free cash flow, strengthening our financial position and increasing the dividend. This was
the third consecutive year since our transition to premium drilling that EOG delivered double-digit
returns and production growth along with strong free cash flow."
12

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HollyFrontier Corporation (USA) Reports 2019 Fourth Quarter and
Full Year Results
• Fourth quarter net income attributable to HollyFrontier stockholders of $60.6 million or $0.37 per diluted share for the quarter
ended December 31, 2019, compared to $141.9 million or $0.81 per diluted share for the quarter ended December 31, 2018.
• Net income for the fourth quarter was $78.0 million compared to $393.9 million for the fourth quarter of 2018,
• The Refining segment reported adjusted EBITDA of $171.6 million compared to $583.4 million for the fourth quarter of
2018. Crude oil charge averaged 380,560 barrels per day for the current quarter compared to 405,580 BPD for the fourth quarter
2018.
• Our Lubricants and Specialty Products segment reported EBITDA of $34.6 million, compared to $(3.5) million in the fourth
quarter 2018.
• Rack Forward EBITDA was $61.4 million, compared to $48.9 million in the prior year, driven by contributions from our
Sonneborn finished lubricants business.
• For the fourth quarter of 2019, net cash provided by operations totaled $137.2 million. During the period, we declared and
paid a dividend of $0.35 per share to shareholders totaling $57.2 million and spent $61.1 million in stock repurchases.
• Cash and cash equivalents totaled $885.2 million, a $96.7 million decrease over cash and cash equivalents of $981.9 million
at September 30, 2019.
• Consolidated long-term debt was $2,455.6 million. Our debt, exclusive of HEP debt, which is nonrecourse to HollyFrontier,
was $993.6 million at December 31, 2019.
• Reported net income attributable to HollyFrontier stockholders of $772.4 million or $4.61 per diluted share and adjusted net
income of $821.5 million or $4.90 per diluted share, for the year
• Reported EBITDA of $1,702.6 million and adjusted EBITDA of $1,714.5 million, for the year
• Returned $758.3 million to shareholders through dividends and share repurchases in the year
HollyFrontier’s President & CEO, commented, “Despite heavy maintenance across our refining system in the fourth
quarter, HFC achieved healthy financial results in 2019. The resulting strong cash flow generation allowed us to invest
over $500 million into our assets, complete the acquisition of Sonneborn and return $758 million in cash to shareholders
through dividends and share repurchases during the year. Looking forward to 2020, we are optimistic that demand for
gasoline and diesel will strengthen into the summer driving season, margins for finished lubricants will remain strong and
the base oil market will improve as existing capacity absorbs growing demand for premium base oils.”
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Husky Energy (Canada) Reports 2019 Fourth Quarter and Annual
Results
Fourth Quarter Results
• Funds from operations of $469 million, compared to $583 million in the year-ago period; reflects lower U.S. crack spreads,
the extended shutdown at the Lima Refinery, lower Infrastructure and Marketing margins and $74 million related to employee
severance.
• The operating margin at the Lima Refinery was negative $129 million, reflecting impacts from the shutdown to complete the
crude oil flexibility project
• Cash flow from operating activities, including changes in non-cash working capital, of $866 million, compared to $1.3 billion
in the fourth quarter of 2018
• Net loss of $2.3 billion, compared to net earnings of $216 million in Q4 2018, reflecting fourth quarter after-tax impairments.
Net earnings excluding impairments, write-downs and the asset de-recognition were $5 million
• Capital spending of $894 million, including Superior Refinery rebuild capital; primarily directed towards advancing the
growing Saskatchewan thermal portfolio and progressing construction of the Liuhua 29-1 field offshore China and the West
White Rose Project in the Atlantic region
• Net debt of $3.7 billion, including proceeds from the sale of the Prince George Refinery; total liquidity of $5.7 billion
• Overall Upstream production of 311,300 boe/day, compared to 304,300 boe/day in Q4 2018; takes into account ongoing
mandated production quotas in Alberta
• Downstream throughput of 203,400 bbls/day, compared to 286,900 bbls/day in Q4 2018; reflects the extended shutdown of
the Lima Refinery
• Annual average production from Lloydminster thermal bitumen projects, Sunrise and Tucker of 128,800 barrels per day,
Husky working interest, compared to annual average production of 124,200 bbls/day in 2018
• Average gross natural gas and liquids production at the Liwan Gas Project of 73,200 boe/day
• In 2019, the Company returned $503 million in cash payments to shareholders, up from $276 million in 2018
“We delivered on critical milestones during the year, including our top priority of improved safety performance, said
CEO. We met our production and capital guidance, achieved first oil at the 10,000 barrel-per-day Dee Valley thermal
bitumen project and have completed the safe startup of the Lima Refinery crude oil flexibility project.”
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Lukoil (Russia) Releases Financial Results Under IFRS for 2019
• In the fourth quarter of 2019 sales amounted to RUB 1,912.4 bln, 2.0% lower quarter-on-quarter.
• Despite lower sales, our EBITDA for 2019 increased by 10.9% year-on-year, to RUB 1,236.2 bln.
• EBITDA of the Exploration and production segment excluding the West Qurna-2 project in Iraq increased by 2.1% quarter-on-quarter.
• In 2019, profit attributable to PJSC LUKOIL shareholders amounted to RUB 640.2 bln, 3.4% higher year-on-year. The growth was constrained by higher depreciation and
lower non-cash foreign exchange gain.
• In the fourth quarter of 2019, capital expenditures increased by 24.6% quarter-on-quarter, to RUB 135.9 billion. The growth was mainly due to payment schedule to
contractors.
• In 2019, free cash flow was RUB 701.9 bln, which is 26.4% higher year-on-year. The increase was due to higher operating cash flow and almost flat capital expenditures.
• In the fourth quarter of 2019, free cash flow amounted to RUB 184.7 bln, 11.5% lower quarter-on-quarter due to higher capital expenditures.
• In the fourth quarter of 2019 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,388 thousand boe per day, which is 3.4% higher
quarter-on-quarter.
• The positive effect on EBITDA for 2019 totaled RUB 37.0 bln due to lower operating, transportation and SG&A expenses.
• The positive effect on the free cash flow indicator reached RUB 46.7 bln owing to an increase in operating cash flow and reduction in capital expenditures. The positive
effect on profit for the period amounted to RUB 5.1 bln mainly due to foreign exchange gain on additional debt.
15

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OMV (Austria) and Mubadala have agreed on the contract terms for the
potential acquisition of an additional 39% share in Borealis by OMV
OMV and Mubadala have agreed on the contract terms for the potential acquisition of an additional 39% share
in Borealis AG by OMV for a purchase price of USD 4.68 bn, whereby OMV is entitled to all dividends in
relation to such additional share in Borealis distributed after December 31, 2019. The potential transaction is,
inter alia, subject to (i) corporate approvals and (ii) other approvals by authorities. In particular, the Supervisory
Board of OMV has not finally deliberated and decided on the potential transaction. It is expected that a
respective decision is made as soon as possible. Signing will only take place in case of an approval of the
potential transaction by the Supervisory Board of OMV.
Description
16

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OMV (Austria) and Mubadala are currently negotiating the acquisition of an
additional 39% share in Borealis by OMV
OMV and Mubadala are currently negotiating the acquisition of an additional 39% share in Borealis AG by OMV for a
purchase price of USD 4.68 bn. The potential transaction would expand the value chain of OMV in the petrochemical
sector and would allow OMV to fully consolidate the results of Borealis Group in OMV's financial statements. The
shareholding of Mubadala in Borealis would, after the closing of the potential transaction, amount to 25%. A potential
transaction is, inter alia, subject to (i) an agreement with Mubadala on the commercial transaction parameters and the
transaction documents in the ongoing negotiations, (ii) approvals by Mubadala and (iii) other approvals by authorities
(such as merger control clearances). Furthermore, the Supervisory Board of OMV has not finally deliberated and decided
on the potential transaction. It is expected that a respective decision is made as soon as possible.
Description
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Pembina Pipeline Corporation (Canada) Reports Record Annual Results
in 2019
• Fourth quarter earnings of $145 million
• Full-year earnings of $1.5 billion, a 61 percent decrease and 17 percent increase, respectively, over the same periods in the
prior year.
• Fourth quarter adjusted EBITDA of $787 million
• Full-year record adjusted EBITDA of $3.1 billion, a 10 and eight percent increase, respectively, over the same periods in 2018.
• Cash flow from operating activities of $728 million for the fourth quarter
• Cash flow $2.5 billion for the full year, an increase of eight percent and 12 percent, respectively, over the same periods in 2018.
• Adjusted cash flow from operating activities of $576 million in the fourth quarter
• Adjusted cash flow operating activities of $2.2 billion for the full year, an increase of six percent and four percent, respectively,
over the same periods in 2018.
• Total volumes of 3,577 mboe/d for the fourth quarter of 2019 and 3,451 mboe/d in 2019
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Pioneer Natural Resources Company (USA) Reports Fourth-Quarter
and Full-Year 2019
Financial Highlights
• The Company’s average realized price for oil was $56.01 per barrel.
• The Company’s average realized price for natural gas liquids was $18.60 per barrel, and the average realized price for gas was
$2.21 per thousand cubic feet. These prices exclude the effects of derivatives.
• Production costs, including taxes, averaged $8.48 per barrel of oil equivalent. Depreciation, depletion and amortization
expense averaged $13.15 per BOE.
• Exploration and abandonment costs were $11 million. General and administrative expense was $78 million. Interest expense
was $34 million.
• Other expense was $58 million, or $17 million excluding an unusual item.
• Pioneer maintains a strong balance sheet, with unrestricted cash on hand as of December 31, 2019 of $631 million and net
debt of $1.7 billion.
• The Company had a $2.1 billion liquidity position at year end 2019
• The Company’s total Permian capital expenditures3 during the fourth quarter, including gas processing and water
infrastructure expenditures, totaled $627 million, resulting in $384 million of free cash flow2 before working capital changes.
• For the full year 2019, the Company's Permian drilling, completion and facilities capital expenditures totaled $2.7 billion.
• The Company's total Permian capital expenditures3 for the full year, including gas processing and water infrastructure
expenditures, totaled $3.0 billion, resulting in $540 million of free cash flow2 before working capital changes.
• The Company had a $2.1 billion liquidity position at year end 2019, reflecting $631 million of unrestricted cash and a $1.5
billion unsecured credit facility
• For the full year 2019, the Company reported net income attributable to common stockholders of $756 million, or $4.50 per
diluted share.
• Cash flow from operating activities for the full year 2019 was $3.1 billion.
President and CEO stated, "2019 was an excellent year for Pioneer, where we delivered strong cash flow, robust free cash
flow generation and top tier corporate returns. This was driven by an intense focus on execution that resulted in significant
well cost reductions while maintaining peer-leading oil production per well in the Permian Basin. We remain committed
to returning capital to shareholders, and in 2019 we delivered $780 million to shareholders through share repurchases and
dividends”
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Rosneft (Russia) financial results for 4Q and 12М 2019
• 4Q 2019 revenues amounted to RUB 2,224 bln. The decrease in RUB equivalent sales was driven by a negative impact of the
price factor on the sale of petroleum products as a result of anticipation of introduction of the new IMO requirements as well
as a decrease in the price of crude oil compared to 3Q 2019.
• 12M 2019 sales growth of 5.3% YoY was mainly driven by a higher volume of crude oil sales accompanied by a reduction of
the price of crude oil
• 4Q 2019 EBITDA amounted to RUB 488 bln, a decrease of 11.9% in RUB terms vs 3Q 2019, which was mainly driven by a
negative dynamics of crude oil and high-sulfur fuel oil prices in anticipation of the introduction of the IMO restrictive
requirements, as well as a decrease in production and sales volumes of petroleum products due to scheduled turnarounds.
• 12M 2019 EBITDA amounted to RUB 2,105 bln . Growth of 1.2% YoY was due to higher crude oil sales volumes principally
in the Eastern direction as well as efficient control over the costs.
• 4Q 2019-unit upstream operating expenses were 196 RUB/boe, a reduction of 2.5% vs 3Q 2019, against the background of
the industrial producer price deflation, partially offset by a seasonal growth in costs in the winter period.
• 12M 2019-unit upstream operating expenses amounted to 199 RUB/boe, an increase of 2.6% vs 12M 2018, which is lower
than the industrial producer price inflation. The increase was due to higher electricity expenses, transport and labor costs.
• In 4Q 2019 Net income attributable to Rosneft shareholders amounted to RUB 158 bln, including the effect of partial reversal
of impairment of assets in the amount of RUB 19 bln.
• Increase in Net income attributable to Rosneft shareholders in 12M 2019 by 29% YoY in RUB terms was driven by the
positive dynamics of the Company’s operating income and the reduction of financial and other.
• 4Q 2019 free cash flow amounted to RUB 271 bln. A small reduction QoQ was driven by higher capital expenditures. In 2019
free cash flow amounted to USD 884 bln.
• Net debt and trading liabilities decreased by RUB 174 bln during 12M 2019. Net debt/EBITDA was at 1.4x in RUB terms at
the end of 4Q 2019.
“2019 was a transformational year for the Company in terms of the environmental agenda. We have strengthened our
positions as one of the industry leaders with low unit carbon emissions. Rosneft continued to implement its strategy of
commitment to the UN Sustainable Development Goals approved by the Board of Directors. The Company’s leading
position in the field of sustainable development has received international recognition. Rosneft became the highest-rated
Russian company in the leading international ratings of CDP in the “climate” and “water resources” categories. In
December 2019 the Company entered the FTSE4Good Emerging Markets index with high ratings in the segments of
environmental protection, social responsibility and management. In 2019 Rosneft is already ahead of most oil and gas
companies globally in terms of transparency of disclosure in accordance with Bloomberg and Refinitiv ratings. Joint
work within the framework of international initiatives will allow us to achieve our strategic goal of joining the top quartile
of international oil and gas companies in terms of key indicators in ecology, industrial safety and environmental
protection. In 2019 Rosneft joined the “guidelines for reducing methane emissions in the natural gas supply chain”. We
will strive for a reduction of the anthropogenic impact on the environment; this is a key priority of the Company.” Said
Rosneft’s Chairman of the Management Board and Chief Executive Officer.
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Targa Resources Corp. (USA) Reports Fourth Quarter and Full Year 2019
Financial Results and Provides 2020 Operational and Financial Outlook
Fourth Quarter and Full Year 2019 Financial Results
• Fourth quarter 2019 net income attributable to Targa Resources Corp. was ($112.8) million compared to ($106.4) million for the fourth quarter of 2018.
• The fourth quarter of 2019 included a pre-tax non-cash loss of $229.0 million from the impairment of property, plant and equipment from a continuing decline in natural gas production across the Barnett Shale in North Texas and Gulf of Mexico due to the sustained low commodity price
environment.
• The fourth quarter of 2018 included a pre-tax non-cash loss of $210.0 million from the impairment of goodwill.
• For the full year 2019, net income attributable to Targa Resources Corp. was ($209.2)million compared to $1.6 million for 2018.
• The Company reported record adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items of $465.2 million for the fourth quarter of 2019 compared to $332.8 million for the fourth quarter of 2018.
• For the full year 2019, Adjusted EBITDA was a record $1,435.5 million compared to $1,291.1 million for 2018
• The Company reported distributable cash flow for the fourth quarter of 2019 of $327.8 million compared to total common dividends paid of $212.0 million and total Series A Preferred Stock dividend paid of $22.9 million, resulting in dividend coverage of 1.4 times.
• For the full year 2019, distributable cash flow of $947.2 million resulted in dividend coverage of approximately 1.0 times on total common and total Series A Preferred Stock dividend paid with respect to 2019.
• Fourth quarter 2019 Adjusted EBITDA of $465.2 million increased approximately 33 percent over the third quarter of 2019,
• The Company’s total consolidated debt as of December 31, 2019 was $7,822.4 million including $435.0 million outstanding under TRC’s $670.0 million senior secured revolving credit facility.
• The consolidated debt included $7,387.4 million of Targa Resources Partners LP’s debt, net of $49.1 million of debt issuance costs, with $370.0 million outstanding under TRP’s accounts receivable securitization facility, $7,028.5 million of outstanding TRP senior notes, net of unamortized
premiums, and $38.0 million of finance lease liabilities.
• Total consolidated liquidity of the Company as of December 31, 2019, including $331.1 million of cash, was over $2.7 billion. As of December 31, 2019, TRC had available borrowing capacity under its senior secured revolving credit facility of $235.0 million.
• TRP had $88.2 million in letters of credit outstanding under its $2.2 billion senior secured revolving credit facility
2020 outlook
• Targa estimates full year Adjusted EBITDA to be between $1,625 million and $1,750 million, with the midpoint of the range representing an 18 percent increase over full year 2019 Adjusted EBITDA.
• Targa’s full year Adjusted EBITDA outlook assumes natural gas liquids composite barrel prices average $0.45 per gallon, crude oil prices average $52 per barrel and Henry Hub and Waha natural gas prices average $2.00 and $0.50 per million British Thermal Units for the year.
• Targa expects approximately 80 percent of its margin to be fee-based in 2020.
• Targa’s estimate for 2020 net growth capital expenditures remains unchanged from its previous estimate range of $1.2 billion to $1.3 billion, based on announced projects and other identified spending, with the midpoint of the range representing a 45 percent decrease over full year 2019
net growth capital expenditures.
• Net maintenance capital expenditures for 2020 are estimated to be approximately $150 million.
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Solutions Updates
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Versalis(Italy) to launch HoopTM, chemical recycling towards infinitely
recyclable plastic
22
Solution Description
HoopTM, a circle as the symbol of circularity per excellence, is the project launched by Versalis, the Eni chemical
company, for the development of a new technology to chemically recycle plastic waste. Versalis signed a joint
development agreement with Italian engineering company, Servizi di Ricerche e Sviluppo, which owns a pyrolysis
technology that will be further developed to transform mixed plastic waste, that cannot be mechanically recycled, into
raw material to produce new virgin polymers. Versalis will leverage its technological and industrial expertise to build
a first plant with a capacity of 6,000 tons per year at the Mantova site, with a view to progressively scaling-up, starting
from its sites in Italy. This project confirms Versalis’ strategy to develop a chemical recycling technology that
complements mechanical recycling technology, which the company is already engaged in, with the goal to give new
life to plastic waste

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HPCL (India) Launches HP Shine
23
HPCL has introduced for the first time ever, branded MTO in barrels “HP Shine”, for catering to the demand of the
unorganized paint and allied industry. HPCL is one of the major players for supplies of Specialty Products segment
which includes Mineral Turpentine Oil. Despite stiff competition from private players and imports, HPCL has not
only been able to sustain its performance but also show major growth and profitability in this product segment. In
order to continue this growth trajectory, HPCL is looking for new opportunities in the unorganized sector which
typically require smaller quantities and thus rely on small importers/traders and resellers in the market. Now with
210 lts ‘HP Shine’ MTO barrels, customers will be able to rely on trusted brand of HPCL for fulfilling their needs.

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HPCL (India) Launches HP PAY
24
Hindustan Petroleum Corporation Limited has recently launched HP PAY application for the convenience of customers. HP
PAY gives the customers flexibility, transparency, control & security in transactions. With this unique fueling application,
customers can buy fuels at Petrol Pumps, book LPG cylinders & pay for LPG cylinders. In addition to CASHBACK as above,
1% value of PAYBACK points will also be given to customers on all transactions through this application. The launch was
carried out in presence HPCL Retail Outlets dealers, LPG distributors and customers. During the launch, customers who used
HP PAY to pay for fuel / 5 KG free trade LPG cylinders, got instant cashback ranging from 1% to 10% and were felicitated
by the dignitaries. On the occasion, Customer Service Kiosk as well as 5 KG FTL POS inauguration was also done at the
Retail Outlet. These kiosks have been set up for assisting customers to download, register & use of HP PAY App.

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Enbridge (Canada) Receives FERC Approval of Rate Case Settlement
25
Enbridge Inc. announced that Texas Eastern Transmission, LP has received approval from the Federal Energy Regulatory
Commission of its uncontested rate case settlement with customers. Enbridge, its customers and FERC staff collaborated to
effectively resolve this matter in a mutually satisfactory manner. Texas Eastern is the largest Enbridge-owned natural gas
pipeline asset and one of the largest in the industry. Enbridge Inc. is a leading North American energy infrastructure company.
We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids
Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and
Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage,
which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which
generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares
trade on the Toronto and New York stock exchanges under the symbol ENB.
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HPCL (India) wins First prize “Best Enterprise Award” in Maharatna
Category in Forum of Women in Public Sector
26
HPCL has been conferred with First Prize for “Best Enterprise Award” in Maharatna Category by Forum of Women in Public Sector. This is
the fourth award HPCL has won consecutively in the Forum of WIPS. The main criteria of the award were initiatives toward protection of
women against sexual harassment, women representation in recruitment panels, training & development, new areas of assignment percentage
of women at induction level year on year, support services, counselling centers, special policies for women employees and CSR initiatives for
women and specially girl child. This distinguished award is a result of special initiatives taken by HPCL like Swayam, Sparsh, Paramarsh,
ICC committees across zones, gender sensitization workshops, online POSH workshop, new opportunities / areas of assignments and special
training and development initiatives. The Forum of WIPS and its strong network has been functioning since 1990 under the aegis of SCOPE,
to promote the growth and development of women in PSUs. At present eighty-nine Central PSUs and Nationalized Banks are Corporate Life
Members of WIPS and about 15000 women employees of PSUs across the country are Individual Members. The focus is on developing an
effective, sustainable, and a vibrant network for amity and growth, for knowledge building and management, for maximizing the potential of
women towards significant contribution to their organization to prepare to meet the challenges of a globalized world.
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Petrobras (Brazil) receives international award for technologies for Búzios
field
27
The Offshore Technology Conference announced that Petrobras is the winner of the main technology award in the world
oil and gas industry, the Distinguished Achievement Award for Companies, granted annually by the institution. The award
recognizes the set of innovations developed to enable production in the Búzios field, in the Santos Basin pre-salt.To make
this project a reality, the company developed a series of technologies for a scenario that combines challenging conditions,
such as ultra-deep waters and reservoirs located below the salt layer, subjected to high pressure levels, as well as a high
presence of carbon dioxide. The innovations cover the technical areas of reservoirs, wells, elevation and flow, in addition
to subsea technologies and surface installations. One of the main milestones of the project was the installation of four
vessels of the FPSO type in a period of just 11 months - in a single production field.
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Albert Heijn and BP (India) to expand convenience partnership in the
Netherlands
28
BP and Albert Heijn announce plans to expand their retail cooperation to more than 100 sites across the Netherlands.
Customers will soon find an Albert Heijn ‘to go’shop at selected BP retail sites nationwide where they can buy tasty, fresh
food and drinks for on the road. The partnership brings together the long-standing expertise and experience of both BP and
Albert Heijn to provide a unique convenience range that is fully tailored to drivers’ needs and the specific site location.
BP’s existing shop offer will be expanded with the new range later this year, focused on its network of company-owned
retail stations. Expansion of the partnership follows a successful pilot phase with Albert Heijn ‘to go’ shops at eight BP
retail sites. Customers will be able to choose from a wide range of freshly prepared food and drinks, including
barista-quality coffee, sandwiches, salads, croissants and snacks, as well as fresh fruit and vegetable juices. Customers will
still be able to buy their trusted car care products, such as Castrol engine oil and windscreen washer fluid.
Description

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CDP and Eni (Italy) agree to set up CircularIT
29
CassaDepositi e Prestiti Group and Eni signed an agreement to set up a company called CircularIT, which will build plants to produce biofuels
and water (both for irrigation and industrial reuse) from organic municipal waste, in line with a circular development model. Subject to
Antitrust authorization, 51% of the company will be owned by CDP Equity and 49% by Eni Rewind. Eni and Eni Rewind will leverage their
proprietary technologies to process FORSU, as well as their industrial expertise in constructing and managing plants that produce biofuels.
Meanwhile, CDP and CDP Equity will coordinate institutional relations at a central and local level to support authorization procedures and to
promote technologies. The initiative may also involve minority institutional investors and local operators in the sector, due to the project’s
regional interest and national importance. Following the agreements made by CDP and Eni last August for shared initiatives relating to
decarbonization, circular economy and renewables, the setup of CircularIT will aim to help fill the infrastructure investment gap necessary to
achieve targets that were set as part of the EU Circular Economy 2018, which establishes community objectives for recycling urban waste,
and calls for a reduction in the 10% maximum amount of municipal waste that can be disposed of in landfills by 2035.
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CDP, Eni (Italy) and Fincantieri collaborate on energy transition and
environmental sustainability
30
CassaDepositi e Prestiti, Eni and Fincantieri confirm their shared commitment on the energy transition path to decarbonization and environmental
sustainability:, the companies signed a Memorandum of Understanding to develop joint circular economy projects to identify and implement
technical solutions to confront the issue of marine litter, which affects the marine and coastal ecosystem due to floating plastic waste and
microplastics. This MoU has been signed with the aim of studying and developing technologies to collect the waste dispersed at sea and along the
coast, in order to transform them into products for sustainable mobility and industrial uses. The Memorandum of Understanding that was signed
today, and following the agreements the two companies signed last August, includes an agreement between CDP and Eni which will involve
collaboration on the development of shared projects to reuse urban waste, particularly non-recyclable plastic waste and secondary solid fuel that
comes from mixed waste collection, in order to transform them into products for sustainable mobility and industry such as hydrogen and methanol.
The agreement follows the one made by the two companies last August. The signing of the MoU is part of CDP, Eni and Fincantieri’s wider
commitment to support the energy transition and achieve 2030 targets set out by the Integrated National Energy and Climate Plan as part of the
European Union’s energy strategy.
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Eni (Italy) reaches agreement with partners to amicably resolve the disputes affecting
Union Fenosa Gas allowing the restart of the Damietta liquefaction plant in Egypt
31
Eni signed a series of agreements with the Arab Republic of Egypt, the Egyptian General Petroleum Corporation, the Egyptian Natural Gas
Holding Company and the Spanish company Naturgy, which pave the way for the restart the Damietta liquefaction plant in Egypt by June 2020.
The liquefaction plant's owner is the company SEGAS, which is 40% owned by Eni through Union Fenosa Gas. The plant has a capacity of 7.56
billion cubic meters per year, but has been idle since November 2012. Also, thanks to the fast time to market of Eni's new natural gas discoveries,
especially the ones in the Zohr and Nooros fields, Egypt has regained its full capacity to meet domestic gas demand and can allocate surplus
production for export through its LNG plants. The agreements provide for the amicable resolution of the pending disputes of Union Fenosa Gas
and SEGAS with EGAS and ARE, and the subsequent corporate restructuring of Union Fenosa Gas, whose assets will be divided between the
shareholders Eni and Naturgy. In particular, the participation of Union Fenosa Gas in the Damietta plant will be transferred 50% to Eni and 30%
to EGAS. The resulting shareholding of SEGAS will therefore be Eni 50%, EGAS 40% and EGPC 10%. Eni will also take over the contract for
the purchase of natural gas for the plant and will receive corresponding liquefaction rights, thus increasing the volumes of LNG in its portfolio by
3.78 billion cubic meters per year, which will be available on an FOB basis, with no destination restrictions.
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Indian Oil (India) inks MoU with Shriram Transport; To offer fuel credit to
its customers digitally
32
Indian Oil has signed an MoU with Shriram Transport Finance Company to extend the credit limit of STFC
customers on purchase of fuel from Indian Oil outlets. This will enable STFC customers to efficiently purchase
Indian Oil fuel and lubricants through its wide network of Indian Oil retail outlets. With a 33,000-plus work-force,
extensive refining, distribution & marketing infrastructure and advanced R&D facilities, Indian Oil has been
providing energy access to millions of people across the length and breadth of the country through its
ever-expanding network of customer touch points, currently numbering over 50,000. With a turnover of Rs.
6,05,924 crore and a net profit of Rs. 16,894 crores for the fiscal 2018-19, Indian Oil is one the largest and most
trusted corporate in the Country, touching the lives of over a billion Indians.
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LUKOIL (Russia) And ROSAVTODOR Sign Road Service Agreement
33
LUKOIL And ROSAVTODOR Sign Road Service Agreement. The signing ceremony was attended by the RF
Minister of Transport – Head of Rosavtodor Andrey Kostyuk and the President of LUKOIL
VagitAlekperov.According to the document, the parties will cooperate to design and establish multi-purpose road
service areas for construction and reconstruction of federal public motor roads, where advanced technologies and
experimental scientific and engineering developments will be applied.The parties have also agreed to use advanced
petroleum asphalts and bitumen-based products for construction, reconstruction, replacement and regular
maintenance of motor roads, and announced joint efforts to improve the quality of road bitumen and train personnel
for better expertise in innovative technologies.
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Lukoil (Russia)And Republic of Uzbekistan To Develop Partnership
34
Lukoil And Republic of Uzbekistan have mentioned a significant improvement of their strategic partnership. LUKOIL
is a key investor to the oil & gas sector of Uzbekistan. Its main projects include the Kandym gas processing complex
with an annual capacity of over 8 bcm of natural gas, South-West Gissar and Ustyurt Region fields development. The
Company also actively supports social programs in Uzbekistan. In the course of the meeting, opportunities for further
enhancement of the mutually beneficial cooperation were discussed, among which were implementing LUKOIL's
advanced corporate management solutions and adopting digital technologies to the oil & gas sector in Uzbekistan.
Moreover, the parties addressed the opportunities to strengthen their cooperation in exploration and development of
hydrocarbon fields in the territory of Uzbekistan including hard-to-recover reserves. Cooperation in the area of
scientific research and training professionals in the energy sector was recognized as top priority.
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OMV (Austria) signs agreement to increase its shareholding in Borealis to
75%, repositioning in a low-carbon world
35
OMV, the international integrated gas and oil company headquartered in Vienna, and Mubadala Investment Company, the Abu Dhabi-based
strategic investment company, signed an agreement that will give OMV a controlling stake in Borealis, one of Europe’s leading petrochemical
companies. OMV, which currently owns a 36% stake in Borealis, will acquire an additional 39% from Mubadala, increasing its stake to 75%.
Mubadala will retain a 25% interest. The closing of the transaction is expected by the end of 2020 and is subject to regulatory approvals.
Pursuant to the agreement, OMV is entitled to all dividends in relation to the additional shares in Borealis distributed after December 31, 2019.
OMV will fully consolidate the results of Borealis in its financial statements. In 2019, Borealis generated worldwide total sales of EUR 9.8
bn and a net profit of EUR 872 mn. The global demand for monomers and polymers is growing rapidly, driven by strong long-term economic
growth and improving living standards in emerging countries and a steady economic development in mature economies. Obtaining a
controlling majority in Borealis makes OMV a leading provider of polyolefins and base chemicals. The joint production capacities make
OMV the number 1 producer of ethylene and propylene in Europe and one of the top 10 polymer producers worldwide. The acquisition is a
strategic extension of OMV’s value chain into high value chemicals.
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OMV (Austria) and Gazprom sign an "Amendment Agreement" to the "Basic Sale Agreement" in relation
to the potential acquisition of a 24.98% interest in Achimov 4A/5A phase development by OMV
36
OMV and Gazprom have signed an „Amendment Agreement “to the „Basic Sale Agreement “dated October 3,
2018. The „Amendment Agreement “foresees, in particular, an extension of the negotiation phase for the final
transaction documents on a non-exclusive basis until June 2022. In these negotiations, material developments and
changed circumstances until signing thereof are to be taken into account by the parties in good faith, in particular in
relation to the economic effective date and the purchase price.
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Phillips 66 (USA) and Trafigura Form Joint Venture to Develop Deepwater
Port
37
Phillips 66 and Trafigura Group Pte. Ltd announce they have formed a 50/50 joint venture, Bluewater Texas Terminal LLC, to develop an offshore
Deepwater port project located approximately 21 nautical miles east of the entrance to the Port of Corpus Christi. The proposed project, to be
constructed by Phillips 66, will consist of up to two single point mooring buoys capable of fully loading Very Large Crude Carriers to export crude oil.
The project is currently in the permitting stage. The joint venture owners expect to make a final investment decision later this year, pending permit
approval and customer volume commitments that support the project meeting the owners’ economic return thresholds. Trafigura has withdrawn its
application to develop the Texas Gulf Terminals Deepwater port facility that was submitted to the United States Maritime Administration in July 2018.
The Bluewater Texas joint venture combines the unique market position that Trafigura has built in the United States as a leading exporter and marketer
of crude oil with Phillips 66’s commercial expertise, existing infrastructure network on the U.S. Gulf Coast, and proven operating experience, including
the safe operation of a single point mooring buoy in the United Kingdom since 1971. The Bluewater Texas joint venture is working with the Port of
Corpus Christi Authority to provide a safe and environmentally sustainable infrastructure for the export of crude oil to global markets while benefitting
the regional economy.
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Saipem (Italy) signs Memorandum of Understanding with IOGP JIP33
38
Saipem has signed a Memorandum of Understanding to become a Joint Industry Programme 33 Partner.The programmer
was initiated in 2016 by the International Association of Oil & Gas Producers with support from the World Economic
Forum’s Capital Project Complexity initiative. It focuses on standardizing procurement specifications for equipment and
packages, allowing the supply chain to become better, cheaper and faster. Fourteen specifications have been developed to
date and are now being adopted and implemented by companies on major projects. A further group of 35-40 specifications
is under development and will be published by the end of 2020, to be followed by further scale-up phases. Through this
agreement Saipem becomes an active partner in the programme and will engage with JIP33 to share, discuss and
constantly improve its values and standards. Saipem will be directly involved in the development of the standardized
specifications aiming to generate value across the wider industry supply chain.
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Event Updates
Energy Industry

Event Updates
IT Shades
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Upcoming Events - Energy
Asset Integrity and Maintenance
Summit (AIM Summit)
'3rd Annual Asset Integrity and Maintenance Summit' will focus on addressing the
key issues, challenges and best practices of asset integrity management and
maintenance to help professionals effectively manage their assets to deliver value,
achieve long term profitability of their organization by balancing risks, costs and
performance. This summit will throw light on various techniques, practices and
solutions to ensure improved reliability and integrity of new and aging assets and
effective methods to mitigate the risk.
Hosted By : Inventicon
Mumbai, India
07-08 April, 2020
https://assetintegritysummit.com/
International Conference on Intelligent
Circuits and Systems (ICICS)
The International Conference on Intelligent Circuits and Systems will explore the new
horizons of innovations of researchers working for the development of smart and
green technologies in the field of Energy, Electronics, Communication, Computers,
and Control. ICICS always aims to identify new opportunities for the social and
economic benefits of society. ICICS builds a bridge between academics and R&D
institutions, social visionaries and experts from all strata of society to present the
on-going research activities and foster research relations between them.
Hosted By : LPU
India
24-25 April, 2020
https://conferences.lpu.in/icics/
International Conference on Power, Energy, Control
and Transmission Systems (ICPECTS)
The conference provides an ideal forum for researchers to share
their findings and thoughts among others across the world.This
conference mainly focuses on creating awareness on the latest
developments and advances in the field of Electrical and Electron-
ics Engineering.
Hosted By : ICPECTS
India
29-30 April, 2020
https://icpects2020.com/
Annual Women in Energy Industry (WIES)
Attracting talent should really be a gender-less pursuit. Inclusive
workplace policies will enable more women to enter and thrive in
the oil and gas industry. Oil and gas industry is ever advancing &
requires collaborative efforts of all professionals, regardless of
gender for its growth.
Hosted By : Innovative concepts
Mumbai, India
03 June, 2020
https://www.innoconcepts.co.in/events/5th-annual-women-in-energy-industry-wies
Rex Fuels' AME Bitumen & Road
Construction Conference
The purpose of this conference is to bring together the leading market
participants from across the bitumen and road construction value chain
to network, share experiences and meet potential business partners to
grow their businesses.
Hosted By : AME Conferences
Mumbai, India
03-04 June, 2020
https://www.ameconferences.com/
International Conference on Innovations in
Clean Energy Technologies (ICET)
The objectives of this International Conference on Innovations in Clean
Energy Technologies “ICET 2020” is therefore to provide platform to
researchers, engineers, academicians and industrial professionals to present
and discuss smart green technologies for sustainable future with recent
advances, trends, and development which is taking place all across the globe.
Hosted By : MANIT Energy Center
Bhopal, India
20-21June, 2020
https://icet2020.org/
39

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