I-Bytes Energy Industry

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I-Bytes
Energy
August Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................39
3. Rewards and Recognition Updates...................................................................................................................42
4. Customer Success Updates................................................................................................................................43
5. Partnership Ecosystem Updates.......................................................................................................................50
6. Miscellaneous Updates......................................................................................................................................67

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Financial, M & A
Updates Energy Industry

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Financial, M&A Updates
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Occidental (USA) Announces Sale of Wyoming, Colorado, and Utah Land Grant
Assets to Orion Mine Finance for $1.33 Billion
Occidental announced it has entered into a purchase and sale agreement to divest
Wyoming, Colorado, and Utah Land Grant assets to Orion Mine Finance for
approximately $1.33 billion. The transaction, which is expected to close in the
fourth quarter of 2020, has a footprint of approximately 4.5 million mineral acres
and 1 million fee surface acres. Occidental will retain all cash flow from currently
producing oil and gas properties on the position, which are primarily cost-free
royalties. Not included in the sale is approximately 2.5 million mineral acres
derived from the land grant in Colorado, including Occidental’s core DJ Basin
position. In this transaction, Orion is acquiring mineral rights to the world’s
largest known trona deposit. Trona is a mineral used to make soda ash, the
principal ingredient in baking soda, global glass manufacturing, pollution control
systems, as well as other critical chemical applications. The acquired properties
will be held under Sweetwater Royalties, a new base metals and industrial
minerals royalty company, managed by Orion. Occidental was advised by RBC
Capital Markets, CBRE Group Inc., and Latham & Watkins, LLP. Orion was
advised by Citi and Shearman & Sterling LLP.
Executive Commentary
“This transaction significantly advances the progress against our $2 billion
plus divestiture target for 2020, said President and CEO. We will retain our
core oil and gas assets in the Rockies, including the prolific DJ Basin in
Colorado and the highly prospective Powder River Basin in Wyoming.”
Description
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Occidental (USA)Announces 2nd Quarter 2020 Results
Highlights
• Oil and gas pre-tax loss on continuing operations for the second quarter was $7.7 billion,
compared to income of $236 million for the first quarter of 2020.
• The second quarter results included pre-tax impairment charges on continuing operations
of approximately $4.3 billion for unproved domestic onshore acreage, $1.2 billion for
proved domestic onshore and Gulf of Mexico oil and gas properties and $0.9 billion for
international assets.
• On an after-tax basis, oil and gas impairments on continuing operations in the second
quarter of 2020 were $5.2 billion.
• Chemical pre-tax income for the second quarter of $108 million exceeded guidance by 35
percent. Compared to prior quarter income of $186 million, the decline in income resulted
primarily from the negative impact of the COVID-19 pandemic on product demand.
• Midstream and marketing pre-tax loss for the second quarter was $7 million, compared to
a loss of $1.3 billion for the first quarter of 2020.
• Achieved 2020 annualized run rate of $1.5 billion of total overhead savings, including $900
million of synergies and $600 million of additional cost reductions
• Achieved 2020 annualized run rate of $800 million of operating cost reductions, including
realizing $200 million in synergies and $600 million of additional cost savings
• Extensive cost management coupled with strong production resulted in second quarter
domestic operating expenses to come in below guidance at $4.69 per BOE
"We continue to make progress on our debt structure and have significantly exceeded
our cost savings targets while delivering operational excellence across our business, said
President and Chief Executive Officer. These decisive financial and operational actions
reflect our leadership as a low-cost operator, positioning us for success when market
conditions improve."
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Key Financial Highlights

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Marathon Petroleum Corp. (USA)Reports Second-Quarter 2020 Results
Highlights
• Reported second-quarter income of $9 million, or $0.01 per diluted
share, including net pre-tax benefit of $1.4 billion;
• Adjusted loss of $868 million, or $(1.33) per diluted share
• Announced agreement to sell Speedway in $21 billion all-cash
transaction; estimated after-tax proceeds of $16.5 billion expected to be
used to both strengthen the balance sheet and return capital to
shareholders
• Indefinitely idling Gallup and Martinez refineries; evaluating strategic
repositioning of Martinez to renewable diesel facility
• On track to deliver $1.4 billion of capital spending and at least $950
million of operating expense reductions
• Significant liquidity with $7.7 billion of available borrowing capacity
at MPC
"Our second quarter results reflect a full three months of the
challenges COVID has created for our business, said President and
Chief Executive Office. We began April with demand at historic
lows. Despite seeing some recovery during the quarter, demand for
our products and services continues to be significantly depressed,
particularly across the West Coast and Midwest.”
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Marathon Petroleum Corp. (USA)Announces Agreement for $21 Billion Sale of
Speedway
Strategic Rationale:
• Certainty of Value for MPC Shareholders: The $21 billion valuation
represents a significant value unlock. The 100% cash transaction
immediately captures value for MPC shareholders relative to potential
valuation risks of other alternatives.
• Significant After-Tax Cash Proceeds: This transaction is expected to
result in after-tax cash proceeds of approximately $16.5 billion. MPC
expects to use the proceeds to both repay debt to protect its investment
grade credit profile and return capital to shareholders. Specific details will
be announced at the time of transaction close.
• Long-Term Relationship Drives Additional Value: The arrangement
includes a 15-year fuel supply agreement for approximately 7.7 billion
gallons per year associated with the Speedway business. The company
expects incremental opportunities over time to supply 7-Eleven's
remaining business as existing arrangements mature and as 7-Eleven adds
new locations in connection with its announced U.S. and Canada growth
strategy.
"This transaction marks a milestone on the strategic priorities we
outlined earlier this year,said President and chief executive officer. Our
announcement crystalizes the significant value of the Speedway
business, creates certainty around value realization and delivers on our
commitment to unlock the value of our assets. At the same time, the
establishment of a long-term strategic relationship with 7-Eleven
creates opportunities to improve our commercial performance."
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Apache Corporation (USA)Announces Second-Quarter 2020 Financial and
Operational Results
Key Takeaways
• Apache reported a loss of $386 million or $1.02 per diluted common share
during the second-quarter 2020. When adjusted for certain items that impact
the comparability of results
• Apache reported a second-quarter loss of $281 million, or $0.74 per share.
• Net cash provided by operating activities in the second quarter was $84
million, and adjusted EBITDAX was $235 million.
• Posted second-quarter reported production of 435,000 barrels of oil
equivalent per day; adjusted production, which excludes Egypt noncontrolling
interest and tax barrels, was 394,000 BOE per day;
• Delivered upstream capital investment below guidance; tracking toward the
low end of full-year 2020 guidance range of $1.0 to $1.2 billion;
• Focused capital investments on higher-return international opportunities;
• Achieved annualized cost savings target of more than $300 million,
approximately $225 million of which will be realized in 2020; and
• Implemented operational protocols and work-from-home-processes,
successfully mitigating the impact of COVID-19 on Apache’s operations,
employees and communities.
“Our exploration program offshore Suriname continues to deliver exciting
results. Earlier today, we announced a major discovery at Kwaskwasi-1,
our best well yet and third consecutive success in Block 58,” said Apache’s
chief executive officer and president.
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BP (UK) Second quarter 2020 results
Highlights
• Underlying replacement cost loss for the quarter was $6.7 billion, compared with a profit of $2.8 billion
for the same period a year earlier. demand for fuels and lubricants. Oil trading delivered an exceptionally
strong result.
• Reported loss for the quarter was $16.8 billion, compared with a profit of $1.8 billion for the same period
a year earlier, including a net post-tax charge of $10.9 billion for non-operating items.
• Operating cash flow for the quarter, excluding Gulf of Mexico oil spill payments, was $4.8 billion,
including a $1.5 billion working capital release. Gulf of Mexico oil spill payments in the quarter of $1.1
billion on a post-tax basis included the scheduled annual payment.
• Proceeds from divestments and other disposals received in the quarter were $1.1 billion. This included the
first payment from the agreed sale of BP’s petrochemicals business to INEOS, which delivered BP’s plans
for $15 billion of announced transactions a year earlier than expected. The sale of the upstream portion of
BP’s Alaska business also completed at the end of the quarter.
• Organic capital expenditure in the first half of 2020 was $6.6 billion, on track to meet BP’s revised full
year expectation of around $12 billion, announced in April.
• BP’s redesign of its organization to become leaner, faster moving and lower cost, including the announced
reduction of around 10,000 jobs, is expected to make a significant contribution to the planned $2.5 billion
reduction in annual cash costs by the end of 2021, relative to 2019. Restructuring costs of around $1.5
billion are expected to be recognized in 2020.
• During the quarter BP issued $11.9 billion in hybrid bonds – a significant step in diversifying its capital
structure, supporting its investment grade credit rating, and strengthening its finances.
• Net debt at the end of the quarter was $40.9 billion, $10.5 billion lower than in the first quarter. Gearing
at the end of the quarter was 33.1% compared with 36.2% at the end of the previous quarter.
• A dividend of 5.25 cents per share was announced for the quarter, compared to 10.5 cents per share for the
previous quarter. This dividend decision is aligned with BP’s new distribution policy announced separately
today.
“These headline results have been driven by another very challenging quarter, but also by the
deliberate steps we have taken as we continue to reimagine energy and reinvent bp. In particular, our
reset of long-term price assumptions and the related impairment and exploration write-off charges had
a major impact. Beneath these, however, our performance remained resilient, with good cashflow and
– most importantly – safe and reliable operations.” Said Executive officer.
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Chevron (USA)Invests in Nuclear Fusion Start-up
Chevron Corporation announced a Series A investment in Zap Energy Inc., a Seattle-based
start-up company developing a next-generation modular nuclear reactor with an innovative
approach to advancing cost-effective, flexible, and commercially scalable fusion. Chevron
Technology Ventures’investment in fusion is an opportunity to enhance the company’s focus
on a diverse portfolio of low-carbon energy resources with the capacity to provide
communities across the globe access to affordable, reliable, and ever-cleaner energy.
Conventional nuclear power uses nuclear fission which involves the splitting of a large
unstable nucleus into smaller elements and generates long-lived radioactive waste. Nuclear
fusion occurs when nuclei of lightweight elements collide with enough force to fuse and
form a heavier element – a process that releases substantial amounts of energy with no
greenhouse gas emissions and limited long-lived radioactive waste. Founded in 2018, Zap
Energy’s technology stabilizes plasma using sheared flows to confine and compress the
plasma. This investment marks the 10th investment by Chevron’s Future Energy Fund,
which was launched in 2018 to explore breakthrough technologies that enable macro
decarbonization, the mobility-energy nexus, and energy decentralization.
“We see fusion technology as a promising low-carbon future energy source, said
President of Chevron Technology Ventures. Our Future Energy Fund investment in Zap
Energy adds to Chevron’s portfolio of companies we believe are likely to have a role in
the energy transition.”
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Chevron (USA)Announces Agreement to Acquire Noble Energy
Chevron Corporation announced that it has entered into a definitive agreement with Noble
Energy, Inc.to acquire all of the outstanding shares of Noble Energy in an all-stock
transaction valued at $5 billion, or $10.38 per share. Based on Chevron’s closing price on
July 17, 2020 and under the terms of the agreement, Noble Energy shareholders will receive
0.1191 shares of Chevron for each Noble Energy share. The total enterprise value, including
debt, of the transaction is $13 billion.The acquisition of Noble Energy provides Chevron
with low-cost, proved reserves and attractive undeveloped resources that will enhance an
already advantaged upstream portfolio. Noble Energy brings low-capital, cash-generating
offshore assets in Israel, strengthening Chevron’s position in the Eastern Mediterranean.
Noble Energy also enhances Chevron’s leading U.S. unconventional position with de-risked
acreage in the DJ Basin and 92,000 largely contiguous and adjacent acres in the Permian
Basin. Based on Noble Energy’s proved reserves at year-end 2019, this will add
approximately 18 percent to Chevron’s year-end 2019 proved oil and gas reserves at an
average acquisition cost of less than $5/boe, and almost 7 billion barrels of risked resource
for less than $1.50/boe. The transaction is expected to achieve run-rate operating and other
cost synergies of $300 million before-tax within a year of closing.
“Our strong balance sheet and financial discipline gives us the flexibility to be a buyer of
quality assets during these challenging times,” said Chevron Chairman and CEO. This is
a cost-effective opportunity for Chevron to acquire additional proved reserves and
resources. Noble Energy’s multi-asset, high-quality portfolio will enhance geographic
diversity, increase capital flexibility, and improve our ability to generate strong cash
flow. These assets play to Chevron’s operational strengths, and the transaction
underscores our commitment to capital discipline. We look forward to welcoming the
Noble Energy team and shareholders to bring together the best of our organizations.”
Description
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Cimarex (USA)Reports Second Quarter 2020 Results
Highlights
• Net loss of $925.1 million, or $9.28 per share, compared to net income of $109.3 million, or $1.07
per share, in the same period a year ago. Second quarter results were negatively impacted by
non-cash charges related to the impairment of oil and gas properties.
• Second quarter adjusted net income (non-GAAP) was $(52.4) million, or $(0.51) per share,
compared to second quarter 2019 adjusted net income (non-GAAP) of $83.0 million, or $0.82 per
share1.
• Net cash provided by operating activities was $144.7 million in the second quarter of 2020
compared to $414.0 million in the same period a year ago.
• Adjusted cash flow from operations (non-GAAP) was $144.5 million in the second quarter of 2020
compared to $336.4 million in the second quarter a year ago1.
• Oil production averaged 78.0 thousand barrels per day. Total company production volumes for the
quarter averaged 254.7 thousand barrels of oil equivalent per day.
• Second quarter production volumes were impacted by the operational slow down announced in
March and a 20 percent temporary curtailment of May production related to the extreme fluctuation
in oil prices caused by the COVID-19 pandemic and the actions of OPEC and other countries during
the quarter.
• Realized oil prices averaged $19.57 per barrel, down 64 percent from the $54.24 per barrel received
in the second quarter of 2019.
• Realized natural gas prices averaged $0.91 per thousand cubic feet (Mcf), up 82 percent from the
second quarter 2019 average of $0.50 per Mcf.
• NGL prices averaged $7.52 per barrel, down 43 percent from the $13.08 barrel received in the
second quarter of 2019.
Cimarex Chairman and CEO, said, "The second quarter required drastic and prudent action. Our
response to the challenging price environment included a significant decrease in activity and
curtailing May production volumes. With improved oil prices we have elected to resume activity.
We are bringing three additional drilling rigs back to work in the third quarter and will begin
completing wells again in September with two completion crews on the schedule. As a result, we
expect capital investment for the year to total approximately $600 million, in line with
expectations of an operational restart from our previous guidance range."
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Concho Resources Inc. (USA)Reports Second-Quarter 2020 Results(USA)Reports
Second Quarter 2020 Results
Second-Quarter 2020 Highlights
• Generated cash flow from operating activities of $689 million.
• Operating cash flow before working capital changes totalled $550 million,
exceeding capital expenditures of $312 million and resulting in $238 million
of free cash flow.
• Delivered oil production volumes of 200 MBopd.
• Demonstrated excellent cost control, driving an increase in the Company’s
full-year 2020 operating and G&A cost reduction target to more than $135
million.
• Continued to capture efficiency gains, resulting in a further reduction in the
Company’s outlook for well costs.
• Quickly aligned drilling and completion activity with prevailing market
conditions, with capital spending down 44% as compared to first-quarter
2020.
• Reported net loss of $435 million, or $2.23 per share. Adjusted net income
was $223 million, or $1.13 per share.
• Generated $632 million of adjusted EBITDAX.
Chairman and Chief Executive Officer, commented, “Our organization
continues to deliver solid results despite an extremely challenging
environment. Across our key initiatives, including reducing costs and
improving productivity, the business performed very well and
demonstrated our resilience. We remain focused on these initiatives as we
position the company to deliver value over the long term.”
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ConocoPhillips (USA)Announces Agreement to Acquire Liquids-Rich Montney
Acreage from Kelt Exploration Ltd.
ConocoPhillips announced it has signed a definitive agreement to acquire
additional Montney acreage in Canada from Kelt Exploration Ltd. for cash
consideration of approximately $375 million before customary adjustments, plus
the assumption of approximately $30 million in financing obligations for
associated partially owned infrastructure. This acquisition is 140,000 net acres in
the liquids-rich Inga-Fireweed asset Montney zone, which is directly adjacent to
the company’s existing Montney position. The transaction increases the
company’s Montney acreage position to 295,000 net acres with 100 percent
working interest. Key attributes for the transaction include:
• Adds over 1 billion barrels of oil equivalent of high-value resource with an all-in
cost of supply of mid-$30s.
• The acquisition cost is approximately $2-$4 per barrel on a WTI cost of supply
basis, depending on pace of development.
• Increases exposure to the core of the liquids-rich Montney acreage.
• Production associated with the acquired asset is approximately 15 thousand
barrels of oil equivalent per day.
• Adds over 1,000 high-quality well locations.
• Increases scale, which will drive supply chain and offtake improvements.
• Transaction economics do not assume any incremental capital investments are
made in the Montney in the next several years.
“We have tracked and analysed this adjacent acreage position for a long
time,” said Executive vice president and chief operating officer. It represents
a high-value extension of our existing Montney position, and we’re pleased to
capture this opportunity at an attractive cost of supply that meets our criteria
for resource additions. The transaction provides operating scale and
flexibility to create significant value for shareholders by applying our drilling
and completion techniques on this asset and optimizing our future overall
Montney development plans.”
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Diamondback Energy, Inc. (USA)Announces Second Quarter 2020 Financial and
Operating Results
Second Quarter 2020 Highlights
• Generated second quarter cash flow from operating activities of $324 million. Operating Cash
Flow Before Working Capital Changes was $390 million
• Q2 2020 cash operating costs of $6.44 per BOE; including cash general and administrative
expenses of $0.41 per BOE and lease operating expenses of $3.85 per BOE
• Declared Q2 2020 cash dividend of $0.375 per share payable on August 20, 2020; implies a
3.8% annualized yield based on the July 31, 2020 share closing price of $39.86
• Included in the Company's Q2 2020 results are $2,539 million in impairment charges related to
the lower average trailing 12-month commodity pricing. As such, the Company reported a net
loss of $2,393 million; adjusted net income of $23 million, or $0.15 per diluted share
• Q2 2020 Consolidated Adjusted EBITDA of $441 million; Adjusted EBITDA net of
non-controlling interest of $414 million
• Standalone liquidity of $1.9 billion as of June 30, 2020
• Lowering LOE and G&A unit guidance by a combined $0.35 per BOE at the midpoint of each
guidance range, implying estimate of total cash cost savings of over $38 million for full year
2020
• Current drilling and completion costs in the Midland Basin are between $450 and $500 per
lateral foot, with an estimated additional $80 to $100 of equip costs per lateral foot
• Current drilling and completion costs in the Delaware Basin are between $650 and $700 per
lateral foot, with an estimated additional $100 to $150 of equip costs per lateral foot
• Completed a four well pad in Spanish Trail in 10.5 days, completing approximately 4,000
lateral feet per day using 25% recycled water versus prior completions at 1,500 to 2,000 lateral
feet per day
• Using new rotary steerable technology, Diamondback set a Permian Basin record for most
footage drilled in a 24-hour period with 8,150 lateral feet drilled in 24 hours
• Reduced flaring as a percentage of net production to 0.3%, down 82% from Q1 2020 and down
84% from 2019
“Diamondback’s operated rig count declined rapidly in the second quarter of 2020, from 20
rigs on March 31 to six rigs today. In response to historically low commodity prices, we
made the decision to complete as few wells as possible in the second quarter, with zero wells
turned to production in the month of June. We also curtailed 5% of our oil production during
the second quarter. This curtailed production has been restored and is now receiving
significantly higher realized prices than it would have received when the decision was made
to curtail. We have three completion crews working to stem production declines to meet our
fourth quarter production target of between 170,000 and 175,000 barrels of oil per day.
Diamondback decreased activity levels throughout the second quarter while not spending
excessive dollars on early termination fees or other ‘one time’ expenses that are headwinds
to cash generation. Our cash operating costs declined dramatically in the second quarter, and
we expect some of this decrease to become permanent,” state Chief Executive Officer of
Diamondback.
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Enbridge (Canada) Reports Strong Second Quarter
Second Quarter 2020 Highlights
• GAAP earnings of $1,647 million or $0.82 earnings per common share, compared with
GAAP earnings of $1,736 million or $0.86 per common share in 2019
• Adjusted earnings were $1,133 million or $0.56 per common share, compared with
$1,349 million or $0.67 per common share in 2019
• Adjusted earnings before interest, income tax and depreciation and amortization
(EBITDA) were $3,312 million, compared with $3,208 million in 2019
• Cash Provided by Operating Activities was $2,416 million, compared with $2,494
million in 2019
• Distributable Cash Flow (DCF) was $2,437 million, compared with $2,310 million in
2019
• Re-affirmed financial guidance range for 2020 of $4.50 to $4.80 DCF/share
• Reliably served North American energy needs through continued safe operations
during the ongoing COVID-19 pandemic
• To further bolster resiliency, the Company executed several actions to enable $300
million of cost reduction in 2020
• Completed 2020 debt funding plan, with more than $14 billion of available liquidity
• Received regulatory approvals on the Algonquin Gas Transmission and B.C. Pipeline
uncontested rate settlements
• Secured the Fécamp offshore wind farm in France, a 500 MW facility underpinned by
a long-term fixed-price power purchase agreement
• Sanctioned four growth projects in Gas Distribution and Storage to reinforce the
distribution network and expand storage capacity at the Dawn hub
• Progressing execution of $11 billion secured capital program
President and Chief Executive Officer Said, “The COVID-19 pandemic has had an
unprecedented impact on our society, our economies and the global energy industry.
At Enbridge, we responded quickly and effectively to ensure safe and uninterrupted
energy delivery to our customers across North America while protecting the health
of our people. As COVID unfolded early in the year, we enacted plans to further
bolster our operational and financial strength to protect against a prolonged
downturn, and to mitigate the impact of lower throughput on our liquids Mainline
system. We have weathered the near-term effects of the pandemic on our business
well - and I'm very proud of the entire Enbridge team and how we have met the
challenge.”
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Eni (Italy) result for the second quarter and half year 2020
Highlights
• Adjusted operating result: reported an adjusted operating loss of €0.43 billion in the second quarter 2020 vs. a
profit of €2.28 billion in the second quarter 2019. The lower quarterly performance was driven by scenario
effects of -€2.6 billion and the operational effects of COVID-19 for -€0.3 billion1, partly offset by an improved
underlying performance of €0.2 billion. In the first half 2020, the underlying performance was positive for €0.3
billion.
• Adjusted net result: adjusted net loss at €0.71 billion in the second quarter and €0.66 billion in the first half,
driven by a lower operating profit and an increased Group tax rate that was negatively affected by the depressed
scenario.
• Net result: the Group reported a net loss of €4.41 billion and €7.34 billion in the second quarter and the first half
2020, respectively, due to the recognition of pre-tax impairment losses at non-current assets for €3.4
billionmainly relating to oil&gas assets and refinery plants, due to a revised outlook for oil and natural gas prices
and product margins.
• Adjusted net cash before changes in working capital at replacement cost: €3.26 billion in the first half 2020,
down by 52% vs. the first half 2019 driven by negative scenario effects for -€3.5 billion, including the impact of
dividends from equity accounted entities, operational impacts associated with the COVID-19 for -€0.6 billion, a
non-cash change in fair valued derivatives for -€0.3 billion, while the underlying performance was a positive of
€0.8 billion.
• Net cash from operations: approximately €2.4 billion in the first half, down by 64% (€1.4 billion in the quarter,
down by 69%).
• Net investments: €2.86 billion, down by 24% due to the curtailment of the capex plan adopted since March
2020, fully funded by the adjusted cash flow.
• Net borrowings: €19.97 billion (€14.33 billion when excluding lease liabilities), up by €2.85 billion from
December 31, 2019.
• Leverage: 0.37, before the effect of IFRS 16, higher than the ratio at December 31, 2019 (0.24) and at March
31, 2020 (0.28). Including IFRS 16, leverage was 0.51.
Eni CEO said:“Eni’s second quarter results are extremely positive considering we have gone through what
is likely to be one of the most challenging quarters the oil and gas industry has faced in its history. Prices
collapsed along with demand due to both the pandemic crisis and geopolitical tensions. While actions taken
by OPEC+ have allowed the market to reach some stability, emerging from the pandemic will be difficult,
with signs of great uncertainty still to come. Given the current circumstances, Eni has promptly reacted by
reviewing its 2020-2021 industrial plans with the aim of maintaining a robust balance sheet. In particular,
we have taken action to reduce operating costs by €1.4 billion in 2020, without compromising employee job
security. Capex has been cut by €2.6 billion, mainly in the upstream business, which has been most impacted
by the crisis. Our gas, retail and bio-refining businesses have shown particular robustness, posting better
results than those achieved in 2019 despite the effects of the pandemic and beating market expectations.
These results have allowed us to once again generate cash flow exceeding capex, without affecting our €18
billion liquidity reserve at June 30, 2020.”
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Versalis (Italy): Closing signed to acquire 40% of Finproject's share capital
Versalis announces the signing of the closing that formalizes the acquisition of a 40% stake
in the Finproject capital from VEI Capital. The Eni chemical company thus enters the
high-performance formulated polymer sector and extends its position towards businesses
that are more resilient to the volatility of the chemical industry scenario.Work to complete
the operation during lockdown never ceased and today Versalis launches an industrial
partnership with Finproject group, a market leader in the production of cross-linkable and
thermoplastic compounds and in the moulding of products for the footwear sector, and
products in ultra-light materials under the brand XL EXTRALIGHT®. The
Versalis-Finproject operation will create a new centre of industrial competence in specialty
plastic materials that will play a leading role in the development of the sector in Italy and
worldwide. Finproject's market position in high value-added applications, in combination
with Versalis' technological and industrial leadership in the chemical industry, will create an
undeniably remarkable value chain. Together they will develop new materials geared
towards sustainability and the circular economy, creating solutions that will bring
innovations to countless strategic sectors such as wires and cables, automotive, design,
fashion and many other emerging industries.
“We are delighted to have concluded this strategic operation with such a valuable Italian
company as Finproject, said CEO of Versalis - There are many opportunities that will see
us working together to develop highly innovative products with a vision of growth in the
name of sustainability and the circular economy.”
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EOG (USA)Resources Reports Second Quarter 2020 Results
Highlights
• Net cash provided by operating activities was $88 million. Changes in working capital and
other assets and liabilities generated a net cash outflow of $1.0 billion in the second quarter 2020
and a net cash inflow of $0.2 billion in the first six months of 2020.
• Excluding changes in working capital and certain other items, EOG generated $672 million of
discretionary cash flow in the second quarter 2020.
• The company incurred total expenditures of $534 million, including $478 million of capital
expenditures before acquisitions, non–cash transactions and asset retirement costs, resulting in
$194 million of free cash flow.
• During the second quarter, EOG received net cash from settlements of financial commodity
derivative contracts of $639 million.
• Net crude oil volumes associated with the shut-in of existing wells peaked at approximately
107,000 Bopd in May, with an average of approximately 73,000 Bopd shut in during the second
quarter.
• EOG received net cash from settlements of financial commodity derivative contracts of $639
million.
• total company crude oil volumes were 331,100 barrels of oil per day, 27 percent below the
second quarter 2019.
• Natural gas liquids production was 23 percent lower and natural gas volumes were 15 percent
lower, contributing to 23 percent lower total company daily production.
"EOG generated positive free cash flow in the second quarter, made possible by our ability
to quickly reduce activity and cut operating costs in all of our operating areas in response to
historically low oil prices, said Chairman and Chief Executive Officer. This is a testament to
EOG's unique culture and the flexibility provided by a decentralized organizational
structure. In addition, our focus on safety, innovation, technical advancements and
continuous improvement has not wavered. Our talented employees quickly and safely
adapted to these volatile conditions, and I want to thank them for their dedication and
commitment to EOG.”
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EQT (USA)Infrastructure to acquire leading global data center provider EdgeConneX
EQT Infrastructure announced that the EQT Infrastructure IV fund has agreed to acquire
EdgeConneX, Inc. from an investor group led by Providence Equity Partners. EdgeConneX
builds and operates data centers for cloud, content, network and other service providers
requiring both larger purpose-built facilities as well as edge facilities located closer to
consumer and enterprise users to support latency-sensitive applications cost effectively. The
Company’s broad footprint and relentless customer-focused business strategy have proven
ideally suited to support these sophisticated customers’ strategic data center demands, from
the Hyperscale to the Edge. As customers rapidly expand their critical infrastructure around
the globe, they look to EdgeConneX as a trusted partner to enable their growth needs in an
environmentally friendly manner. EQT Infrastructure will support the continued
development of EdgeConneX and actively assist the Company in its pursuit of new
opportunities to grow in existing and new markets globally. EdgeConneX is uniquely
positioned to benefit from the secular tailwinds driving increased data center usage. As the
need for data grows ever larger, not only because of cloud and content but also driven by new
innovations such as Artificial Intelligence, 5G Networks, Autonomous Vehicles, Virtual
Reality, Cloud Gaming and the Internet-of-Things, there will continue to be substantial
opportunities for EdgeConneX to continue to develop critical infrastructure to support its
customers’ needs.
Partner at EQT Partners, said, “EQT has followed EdgeConneX’s journey from its early
years to its growth into a top data center industry player. We are deeply impressed by
EdgeConneX’s management team and the success they have had in creating a key
contributor to the global cloud infrastructure. This partnership represents an exciting
opportunity for EQT in a sector and geographies where we have significant experience.
EQT looks forward to working with the team in continuing to grow the business and
identify new expansion opportunities”.
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Equinor (Norway) second quarter 2020 results
Highlights
• IFRS net operating income was negative USD 0.47 billion
• IFRS net income was negative USD 0.25 billion.
• Adjusted earnings were USD 0,35 billion in the second quarter, down from
USD 3.15 billion in the same period in 2019.
• Adjusted earnings after tax were USD 0.65 billion, down from USD 1.13
billion in the same period last year.
• IFRS net operating income was negative USD 0.47 billion in the second
quarter, down from USD 3.52 billion in the same period of 2019. IFRS net
income was negative USD 0.25 billion in the second quarter, down from USD
1.48 billion in the second quarter of 2019.
• Net operating income was impacted by net impairment charges of USD 0.37
billion, mainly related to a gas processing plant in Norway and exploration.
• Net debt ratio increased to 29.3% due to very low commodity prices and tax
payments from 2019 earnings.
“Our financial results for the second quarter were impacted by very low
realised oil and gas prices due to the Covid-19 pandemic, but also by a
strong trading performance in volatile markets. We now see gradual
reopening of society in some parts of the world, while other regions are
still heavily impacted by the pandemic. Equinor has taken forceful actions
to protect the safety of our people, and to contribute positively in society
and mitigate the spread of the virus. We have also been able to maintain
stable operations and implemented several measures to safeguard our
financial strength,” says President and CEO of Equinor ASA.
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ExxonMobil (USA)reports results for second quarter 2020
Highlights
• Second quarter 2020 loss of $1.1 billion, or $0.26 per share assuming
dilution.
• Results included a positive noncash inventory valuation adjustment
from rising commodity prices of $1.9 billion, or $0.44 per share
assuming dilution.
• Capital and exploration expenditures were $5.3 billion, nearly $2
billion lower than first quarter reflecting previously announced spend
reductions.
• Oil-equivalent production was 3.6 million barrels per day, down 7
percent from the second quarter of 2019, including a 3 percent decrease
in liquids and a 12 percent decrease in natural gas, mainly reflecting the
impacts of COVID-19 on global demand including economic and
government mandated curtailments.
“The global pandemic and oversupply conditions significantly
impacted our second quarter financial results with lower prices,
margins, and sales volumes. We responded decisively by reducing
near-term spending and continuing work to improve efficiency by
leveraging recent reorganizations, said Chairman and chief executive
officer. The progress we’ve made to date gives us confidence that we
will meet or exceed our cost-reduction targets for 2020 and provides
a strong foundation for further efficiencies.”
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Galp (Portugal) boosts transition to a sustainable energy future investing in the Energy
Impact Partners platform
Galp will invest up to €20 million over the next 5 years in the EIP Platform and join the
European coalition to reinforce its commitment to develop a sustainable renewable power
generation portfolio and to capture new business opportunities by working with the world
best scale-ups. The EIP Platform has over $1.5 billion in assets under management and
invests globally across venture, growth, structured credit, and infrastructure. Galp will be the
only en-ergy player in Iberia to have full access to the EIP network, which brings together the
critical players in the energy transition across power, technology and mobility. Galp has
selected the Energy Impact Partners platform to boost the organization goal of accelerating
the transition to a sustainable energy future. Galp will be the only energy player in Iberia to
have full access, during a 5-year exclusivity period, to a network that brings together the
critical players in the energy transition across power, technology and mobility, with a major
focus on scale-up companies. Galp will invest up to €20 million over the next 5 years in the
EIP Platform and have access to the know-how, market knowledge, deal flow, market
insights and trend analysis made available by EIP partners all over the world. As previously
announced, galp is committed to develop a sustainable renewable power generation
portfolio, with 10% to 15% of the Group’s investment to be allocated to renewables and to
capture opportunities from new businesses that could be scaled up.
Galp’s executive board member for renewables and new business, highlights that “as
strategic partners of EIP we immediately have access to the best global view of potential
scale ups in the energy, mobility and industrial fields in order to bring their solutions to
our customers and our processes. Becoming investors in this network represents a solid
step towards energy innovation acceleration and to address the development of future
competitive businesses aligned with energy transition”.
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Hess (USA)Reports Estimated Results for the Second Quarter of 2020
Highlights:
• Net loss was $320 million, or $1.05 per common share, compared with a net loss of $6
million, or $0.02 per common sharein the second quarter of 2019
• Oil and gas net production, excluding Libya, averaged 334,000 barrels of oil equivalent
per day, up from 273,000 boepd in the second quarter of 2019; Bakken net production
was 194,000 boepd, up 39% from 140,000 boepd in the prior-year quarter
• Crude oil put option contracts are in place for more than 80% of forecast net oil
production in the second half of 2020 with a fair value of approximately $450 million at
June 30, 2020; realized settlements on crude oil put option contracts during the first half
of the year were approximately $500 million
• Exploration and Production capital and exploratory expenditures were $453 million,
compared with $664 million in the prior-year quarter
• Cash and cash equivalents, excluding Midstream, were $1.64 billion at June 30, 2020
• On an adjusted basis, the second quarter 2019 net loss was $28 million, or $0.09 per
common share.
• During the second quarter, the Corporation loaded 3.7 million barrels of crude oil on
VLCCs and plans to load an additional 2.3 million barrels during the third quarter. The
first VLCC cargo of 2 million barrels has been sold for delivery in China in September
at a premium to Brent prices. The additional 4 million barrels of oil are expected to be
sold in Asia in the fourth quarter of 2020.
“Our company’s long-term strategy has enabled us to build a high quality and
diversified portfolio that is resilient in a low-price environment, CEO said. With
multiple phases of low-cost oil developments in Guyana, we are well positioned to
deliver industry leading cash flow growth and increasing financial returns in the
years ahead.”
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Husky Energy (Canada) Reports Second Quarter 2020 Results
Second Quarter Summary
• Funds from operations were $18 million. This included negative impacts from the realization
of $274 million in after-tax inventory losses that were recognized in the first quarter, as well as a
first-in first-out after-tax loss of $3 million.
• Cash flow from operating activities was a loss of $10 million, including changes in non-cash
working capital.
• Net earnings were a loss of $304 million.
• 2020 capital expenditures remain on track within the previously guided range of $1.6-1.8
billion.
• In the second quarter, capital expenditures were $310 million, including $63 million in Superior
Refinery rebuild capital. Spending was primarily directed towards the safe ramp-down of
activities at the West White Rose Project and the Superior Refinery, as well as completion of the
Liuhua 29-1 field offshore China and the 10,000 barrel-per-day Spruce Lake Central thermal
bitumen project in Saskatchewan, which has commenced steaming operations as a result of
improving market conditions.
• Net debt at the end of the second quarter was $5.1 billion.
• Total liquidity was $4.6 billion, comprised of $633 million in cash and $3.9 billion in available
credit facilities.
• Overall upstream production was 246,500 barrels of oil equivalent per day. In the Integrated
Corridor, production averaged 175,400 boe/day, with approximately 50,000 barrels per day of
heavy oil shut in during the second quarter.
• Downstream throughput in the Integrated Corridor averaged 281,300 bbls/day, representing
approximately 75% of overall capacity. Average refinery capacity in June reached 85% following
increased product demand in the PADD II region.
• Offshore production averaged 71,100 boe/day. The overall Offshore operating margin was
$42.38 per boe.
“Husky quickly adapted to the global market downturn by immediately reducing capital
spending, implementing sustainable cost savings measures and reinforcing our liquidity
position, said CEO. The early actions we took in the first half of 2020 to dial back production
in response to the severe reduction in product demand has effectively stabilized our business,
and in May and June, our net debt position.”
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IndianOil (India) Financial Performance Q1 2020-21
Highlights
• IndianOil reported Revenue from Operations of Rs 88,937 crores
for the first quarter of Financial Year 20-21 as compared to Rs
1,50,137 crores in corresponding period of Financial Year 19-20.
• The Net Profit for the period ended 30th June 2020 is lower at Rs
1,911 crores as compared to Rs 3,596 crores during the
corresponding period of previous financial year mainly on account
of inventory losses during current period.
IndianOil Chairman said, “IndianOil sold 16.504 million tonnes
of products, including exports, during the first quarter of
financial year 2020-21. Our refining throughput for Q1 20-21
was 12.930 million tonnes and the throughput of the
Corporation’s countrywide pipelines network was 15.017
million tonnes during the same period. The gross refining margin
during the first quarter of FY 20-21 was $(1.98) per bbl as
compared to $4.69 per bbl in corresponding period of previous
financial year. The core GRM for current period after offsetting
inventory loss/ gain comes to $4.27 per bbl.”
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Lukoil (Russia) Enters Hydrocarbon Production Project in The Republic of Senegal
PJSC LUKOILconcludes an agreement with Cairn Energy PLC to acquire a 40% interest in
RSSDproject in the Republic of Senegal for $300 mln in cash. The agreement also provides
for potential bonus payment to Cairn Energy PLC of up to $100 mln after the commencement
of production. The transaction is subject to customary conditions, including the approval by
the government of the Republic of Senegal.The blocks of the project covering 2,212 sq. km
are located on the deepwater shelf of the Republic of Senegal 80 km from the shore with the
sea depth of 800-2,175 meters. The blocks include two discovered fields: Sangomar and
FAN.The Final Investment Decision on the Sangomar field was taken in the beginning of
2020 and the field development has begun. According to the Company's estimates, the
recoverable hydrocarbon reserves of the Sangomar field total approximately 500 million
boe. The field is planned to be launched in 2023 with designed production level of 5 million
tons of crude oil per year.The RSSD project is being implemented under a production sharing
agreement. Woodside is the project's operator with 35% stake. Other participants are FAR
(15%) and state-owned company Petrosen.
"Entering the project with already explored reserves at early stage of their development
is fully in line with our strategy and allows us reinforcing our presence in West Africa.
Joining the project with qualified international partners will allow us to gain additional
experience in development of offshore fields in the region", said President of PJSC
LUKOIL.
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NOV (USA)announces second quarter 2020
Highlights
• Revenues of $1.50 billion, a decrease of 21 percent compared
to the first quarter of 2020 and a decrease of 30 percent
compared to the second quarter of 2019.
• Net loss for the second quarter of 2020 was $93 million, or 6.2
percent of sales, which included non-cash, pre-tax charges of
$102 million.
• Adjusted EBITDA decreased $94 million sequentially to $84
million, or 5.6 percent of sales.
“The oil & gas industry is bearing the full brunt of the
economic damage wrought by the COVID-19 pandemic that
has driven drilling activity to record lows,commented
Chairman, President, and CEO. Against this backdrop, NOV
is continuing to aggressively reduce its cost structure and
boost cash flow through more efficient operations and better
working capital management.”
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ONEOK (USA)Announces Second Quarter 2020
Second Quarter 2020 Results:
• Net income of $134.3 million, resulting in 32 cents per diluted
share.
• Adjusted EBITDA of $533.9 million.
• Operating income of $355.7 million.
• More than $945 million of cash and cash equivalents as of
June 30, 2020.
• Total capital expenditures for the second half of 2020 are
expected to range from approximately $300 million to $400
million.
"I am proud of the way our employees continue to operate
safely and responsibly and remain focused on providing
excellent customer service in a challenging environment,
said ONEOK president and chief executive officer. Second
quarter results were interrupted by the pandemic's effect on
worldwide crude oil demand, the resulting extensive oil and
associated natural gas production curtailments by producers
across our operations and low commodity prices. As we
return to volumes achieved during early March 2020, we
expect our earnings run rate to be in line with our previous
expectations.”
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PBF Energy (USA)Reports Second Quarter 2020 Results
Highlights
• Second quarter 2020 income from operations of $620.8 million as compared to income from
operations of $9.5 million for the second quarter of 2019.
• Excluding special items, second quarter 2020 loss from operations was $433.7 million as compared
to income from operations of $191.5 million for the second quarter of 2019. PBF Energy's financial
results reflect the consolidation of PBF Logistics LP, a master limited partnership of which PBF
indirectly owns the general partner and approximately 48% of the limited partner interests as of
quarter-end.
• The company reported second quarter 2020 net income of $413.0 million and net income
attributable to PBF Energy Inc. of $389.1 million or $3.23 per share. This compares to net loss of
$21.6 million, and net loss attributable to PBF Energy Inc. of $32.2 million or $(0.27) per share for
the second quarter 2019.
• Special items included in the second quarter 2020 results, which increased net income by a net,
after-tax benefit of $777.2 million, or $6.42 per share, consisted of a lower-of-cost-or-market
inventory adjustment, change in the fair value of the earn-out provisions, primarily in connection with
the Martinez acquisition, and gain on sale of hydrogen plants, slightly offset by severance costs
related to a reduction in the workforce.
• Adjusted fully-converted net loss for the second quarter 2020, excluding special items, was $384.8
million, or $(3.19) per share on a fully-exchanged, fully-diluted basis, as described below, compared
to adjusted fully-converted net income of $101.1 million or $0.83 per share, for the second quarter
2019.
• Bolstered liquidity by more than $1.5 billion through sale of hydrogen plants and notes offering
• Reduced 2020 capital expenditures by approximately 50%, a more than $350 million reduction
• Implemented more than $250 million of additional cost reductions and cash conservation measures
PBF Energy's Chairman and CEO, said, "Our second quarter financial performance reflects the
staggering impact the pandemic had on our business and the underlying impact to demand for our
essential products. Through these trying times our people have responded with vigor to protect
each other and our customers, and remained focused on the reliability of our ongoing operations.
We made significant adjustments to our operations and took several actions to reduce our overall
cash burn rate. In the current environment, liquidity and protecting the balance sheet are our
primary objectives. With our strong cash balance and increased availability on our existing credit
facilities, we are confident that we have the financial flexibility to navigate the current market.
We appear to have passed the low point of demand, particularly for gasoline and diesel, and have
seen demand rebound broadly to approximately 80% of pre-COVID levels with the exception of
jet fuel which will likely take much longer to recover.”
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Rosneft Financial (Russia) results for 2Q 2020 and 1H 2020
Highlights
• 2Q 2020 revenues and equity share in profits of associates and joint ventures amounted to RUB
1,039 bln. The reduction in sales in RUB terms compared to 1Q 2020 was driven by a crude oil
price drop as a result of lower demand in the reporting period due to COVID-19 virus pandemic as
well as a reduction in delivery volumes of crude oil in accordance with a new OPEC+ Agreement.
• 2Q 2020 EBITDA amounted to RUB 170 bln, a reduction by nearly a half in RUB terms compared
to 1Q 2020. The decrease was driven by lower crude oil price, a negative damper effect driven by a
reduction of the export net-back price relative to the conditional price of the domestic market of
petroleum products, which was offset by a positive impact of the export duty lag due to a sharp drop
of crude oil prices in March 2020
• In 2Q 2020 Net income attributable to Rosneft shareholders amounted to RUB 43 bln against the
backdrop of the lower operating income due to the negative external factors.
• 1H 2020 capital expenditures amounted to RUB 367 bln, a reduction of 15.8% compared to the
same period of 2019. The decrease was mainly driven by optimization of the investment program in
light of the negative market conditions and the new OPEC+ Agreement from April 2020 aimed at
the reduction of crude oil production.
• 1H 2020 free cash flow amounted to RUB 206 bln. A reduction compared to the same period of
2019 was driven by the EBITDA decrease by nearly a half which was partially offset by the lower
capital expenditures.
• In 1H 2020 financial debt and trading obligations decreased by USD 4.3 bln or 5.3%. Interest
expenses reduced by 21% or by RUB 22 bln, and 25% in USD terms compared to 1H 2019.
• Net debt/EBITDA was 2.09x in USD terms as at the reporting date. Available credit lines and
liquid financial assets exceed short term debt by 28%.
Rosneft’s Chairman of the Management Board and Chief Executive Officer Igor Sechin said:
“The reporting period was characterized by unprecedented macroeconomic conditions including
a sharp reduction of prices due to failing demand on the back of COVID-19 pandemic and lower
production volumes due to realization of the new OPEC+ Agreement. Crude oil and gas
production as well as refining volumes came under severe pressure in 2Q 2020 which led to the
deterioration of financial metrics. Still in 1H 2020 the Company kept low level of operating
expenses and demonstrated a material free cash flow. This enabled us even in the very difficult
conditions to fulfil obligations to the shareholders and to continue the implementation of our
strategic goal – the reduction of financial debt and trading obligations.”
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Phillips 66 (USA)Reports Second-Quarter 2020 Financial Results
Highlights
• Reported a second-quarter loss of $141 million or $0.33 per share;
adjusted loss of $324 million or $0.74 per share
• Generated $764 million of operating cash flow
• Issued $2 billion of senior notes during the quarter; increased term loan
capacity by $1 billion
• Started full operations on the Gray Oak Pipeline
• Reached milestone at South Texas Gateway Terminal with first export
cargo loaded in July
• Operated at 103% O&P utilization in Chemicals; record polyethylene
sales volumes
• Recently acquired 95 sites in U.S. West Coast retail marketing joint
venture
“The global pandemic has presented challenges unlike any we have
seen before, said Chairman and CEO of Phillips 66. We are proud of
how Phillips 66 employees are demonstrating steadfast commitment to
our values as we deliver essential energy products to our customers. Our
top priority remains the health and safety of our employees, their
families and communities.”
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Pioneer Natural Resources Company (USA)Reports Second Quarter 2020
Financial and Operating Results
Highlights
• Delivered strong second quarter free cash flow1 of $165 million
• Averaged second quarter oil production of 215 thousand barrels of oil per day
• Averaged second quarter production of 375 thousand barrels of oil equivalent per day
• Reported capital expenditures2 of $235 million during the second quarter,
underspending revised capital budget
• Reduced second quarter lease operating expense per barrel oil equivalent by 16% from
the first quarter
• Maintained 2020 capital expenditure guidance, while increasing 2020 oil production
guidance by approximately 2.5%; continuing the trend of improved capital efficiency
• For the second quarter, the average realized price for oil was $23.16 per barrel. The
average realized price for natural gas liquids was $12.65 per barrel, and the average
realized price for gas was $1.15 per thousand cubic feet. These prices exclude the effects
of derivatives.
• Production costs, including taxes, averaged $6.27 per BOE. Depreciation, depletion
and amortization expense averaged $12.21 per BOE.
• Exploration and abandonment costs were $10 million. General and administrative
expense was $60 million. Interest expense was $33 million. Other expense was $90
million, or $12 million excluding unusual items3.
• During the first half of 2020, drilling operations averaged approximately 1,125 drilled
feet per day and completion operations averaged approximately 1,775 completed feet
per day, continuing to surpass original full-year 2020 expectations.
President and CEO stated, "Although the macroeconomic environment presented
challenges, Pioneer delivered another excellent quarter, with continued strong
operational execution. The Company generated $165 million of free cash flow1
through significant cost reductions and operational efficiency improvements. The
improvements in capital efficiency during the second quarter led to a 2.5% increase
in our full-year oil production guidance, while maintaining our previous capital
spending range.”
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Saipem (Italy): First half 2020 results
Highlights
• Solid and diversified backlog, which has increased to approximately €26 billionthanks
to new acquisitions equal to 1.3 times the half year revenues
• Economic and financial results for the period, with revenues at around €3.7 billion,
which reflect the postponement of certain activities agreed upon with the clients, with
whom the company’s dialogue remains constant, as it does with the suppliers, to support
project progress while safeguarding the health of people
• Adjusted EBITDA margin close to 10%
• Solid and balanced financial structure with strong liquidity and no significant debt
maturity prior to 2022; further enhancement achieved following the new bond issue at
the beginning of July, which extends the average duration of debt
• Net debt pre IFRS16 of around €900 million
• Efficiency initiatives launched following the pandemic on many areas of the cost
structure are progressing, with an expected contribution of about €190 million in 2020;
the rescheduling of capital expenditure has been confirmed, and capex is now expected
to be below €400 million
• Impairment and write-down of assets mainly in the Offshore Drilling division of €669
million.
Chief Executive Officer, commented:“The strengthening of the financial position
and assets achieved in recent years, the timely orientation of the business towards
energy transition, the size and diversification of the backlog and the suitability of the
assets ensure a clear market position to Saipem. In addition, they guarantee a solid
base to the strategies adopted to face the consequences of the pandemic and further
future challenges and seize new opportunities to play a leading role in the recovery
phase post Covid -19.”
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Schlumberger (USA)Announces Second-Quarter 2020 Results
Highlights
• Worldwide revenue of $5.4 billion decreased 28% sequentially
• International revenue of $4.1 billion decreased 19% sequentially
• North America revenue of $1.2 billion decreased 48% sequentially
• GAAP loss per share, including charges and credits of $2.52 per share, was
$2.47
• EPS, excluding charges and credits, was $0.05
• Cash flow from operations was $803 million and free cash flow was $465
million
• Board approved quarterly cash dividend of $0.125 per share
CEO commented, “Before addressing our results, I would like to pay tribute
to our employees and contractors for their remarkable resilience in the face of
the historic COVID-19 pandemic that confronts us all.Our employees and
contractors have shown outstanding adaptability to the new working
environment with up to 55,000 of our people working remotely to maintain
business continuity. They have embraced digital remote operations, adjusted
work practices to mitigate contamination risks, and delivered benchmark
safety and service quality performance for our customers. I would like to
extend my heartfelt appreciation for their dedication and sacrifices while
working in a difficult operating environment, and for their leadership in
helping the communities where we live and work. As the pandemic lingers,
we will remain cautious in our global operations. The safety of our people
remains paramount.”
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Suncor Energy (Canada) reports second quarter 2020 results
Highlights
• Funds from operations were $488 millionin the second quarter of 2020, compared to $3.005 billion in the prior year quarter.
The second quarter of 2020 was impacted by the realization of $397 million in after-tax hydrocarbon inventory losses, that were
recognized in net earnings in the first quarter of 2020, and included a first-in, first out inventory valuation loss of $146 million
after-tax on the decline in value of refinery feedstock.
• Cash flow used in operating activities, which includes changes in non-cash working capital, was $768 million in the second
quarter of 2020, reflecting a decrease in accounts payable balances associated with lower operating costs and an increase in
income taxes receivable balances due to tax losses incurred.
• Cash flow provided by operating activities in the second quarter of 2019 was $3.433 billion
• The company had an operating loss of $1.489 billion in the second quarter of 2020, compared to operating earnings of $1.253
billion in the prior year quarter, with the second quarter of 2020 impacted by the realization of $397 million in after-tax
hydrocarbon inventory losses, recognized in net earnings in the first quarter of 2020, and included a FIFO inventory valuation
loss of $146 million after-tax on the decline in value of refinery feedstock.
• The company had a net loss of $614 million in the second quarter of 2020, compared to net earnings of $2.729 billion in the
prior year quarter.
• The net loss for the second quarter of 2020 included a $478 million unrealized after-tax foreign exchange gain on the
revaluation of U.S. dollar denominated debt but excluded the $397 million after-tax hydrocarbon inventory loss that was
recognized in net earnings in the first quarter of 2020.
• The company made significant progress in reducing operating and capital costs in the second quarter of 2020 and remains on
track to achieve its $1 billion operating cost reduction target and $1.9 billion capital cost reduction target by the end of 2020.
• Refining and Marketing recorded $475 million in funds from operations in the second quarter of 2020, which included the
impacts of the realization of $220 million in after-tax hydrocarbon inventory losses and a FIFO inventory valuation loss of $146
million after-tax on the decline in value of refinery feedstock.
• Total upstream production decreased to 655,500 barrels of oil equivalent per day during the second quarter of 2020, from
803,900 boe/d in the prior year quarter as the company managed production to keep pace with reduced downstream demand,
including temporarily transitioning to a one-train operation at Fort Hills, and as the company optimized Oil Sands maintenance
activities in response to a weaker business environment.
• The company continues to progress on Suncor 4.0 through investments to improve the productivity, reliability, safety and
environmental performance of our operations and contribute to the company’s structural $2 billion free funds flow target.
“We experienced unprecedented volatility this quarter in all facets of our business as the COVID-19 pandemic and
OPEC+ supply issues continued to impact the industry,” said President and chief executive officer. The company took
decisive action to respond to both these issues, enabling us to manage through this period of volatility and maintain
financial resilience for the future. As we move forward, we will remain agile in the execution of our strategy as we
continue to focus on the long-term financial health of the company and our plans to generate increasing shareholder
returns.”
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Total (France) Launches Phase 3 On the Giant Mero Field Development
Total and its partners have taken the investment decision for the third phase of the Mero
project, located deep offshore, 180 kilometres off the coast of Rio de Janeiro, in the prolific
pre-salt area of the Santos Basin.The Mero 3 FPSO1 will have a liquid treatment capacity of
180,000 barrels per day and is expected to start up by 2024. It follows investment decisions
for Mero 1 and Mero 2 FPSOs, both of which have a liquid processing capacity of 180,000
barrels per day. The Mero field has been in pre-production since 2017 with the
50,000-barrel-per-day Pioneiro de Libra FPSO. The Libra Consortium is operated by
Petrobra as part of an international partnership including Total, Shell Brasil, CNOOC
Limited and CNPC. Pré-Sal Petróle manages the Libra Production Sharing Contract.Total
has been present in Brazil for over 40 years and has more than 3,000 employees in the
country. The Group operates in all segments: exploration and production, gas, renewable
energies, lubricants, chemicals, and distribution. Total Exploration & Production’s portfolio
currently includes 24 blocks, with 10 operated. In 2019, the Group’s production in the
country averaged 16,000 barrels of oil per day. In October 2019, a consortium led by Total
was awarded Block C-M-541, located in the Campos Basin, in the 16th Bidding Round held
by Brazil’s National Petroleum Agency
“The decision to launch Mero 3 marks a new milestone in the large-scale development
of the vast oil resources of the Mero field – estimated at 3 to 4 billion barrels. It is in line
with Total's growth strategy in Brazil’s deep-offshore, based on giant projects enabling
production at competitive cost, resilient in the face of oil price volatility, said President
Exploration & Production at Total. “The Mero project will contribute to the Group’s
production from 2020 onwards, and we are targeting a production of 150,000 barrels per
day in Brazil by 2025.”
Description
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Total (France) Sells the Lindsey Refinery
Total has signed an agreement to sell the Lindsey refinery and its associated
logistic assets, as well as all of the related rights and obligations, to the Prax
Group.Located in Immingham in England, the Lindsey refinery has an
annual production capacity of 5.4 million tons. This acquisition will make
Prax – an independent British group specialising in the trade and sale of oil
products and in possession of a growing network of 150 service stations and
numerous supply chain assets – more integrated and competitive in the
United Kingdom and will secure its local supply.Total is a broad energy
company that produces and markets fuels, natural gas and low-carbon
electricity. Their 100,000 employees are committed to better energy that is
safer, more affordable, cleaner and accessible to as many people as
possible. Active in more than 130 countries, their ambition is to become the
responsible energy major.
“This transaction is in line with our forward-looking strategy for Total’s
European refining base, which involves focusing our investments on
integrated refining and petrochemical platforms. Since the sale of our
British retail network in 2011, the Lindsey refinery hasn’t been part of
Total’s downstream system, it will be put to better use within the Prax
Group; an independent player with a growing UK network. After
considering several options for the future of the Lindsey site, Total
chose the one that best protects local jobs,” commented President of
Total Refining & Chemicals.
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TC Energy (Canada) reports solid second quarter financial results
Highlights
• Net income attributable to common shares of $1.3 billion or $1.36 per common share
• Comparable earnings of $863 million or $0.92 per common share
• Comparable EBITDA of $2.2 billion
• Net cash provided by operations of $1.6 billion
• Comparable funds generated from operations of $1.5 billion
• Declared a quarterly dividend of $0.81 per common share for the quarter ending
September 30, 2020
• Placed approximately $2.9 billion of NGTL System and $0.1 billion of Canadian
Mainline capacity projects in service in the first half of 2020
• Reached a five-year negotiated revenue requirement settlement for the NGTL System
in April
• Continued construction activities on the Coastal GasLink pipeline. Also sold a 65 per
cent equity interest in the project and entered into secured long-term project financing
credit facilities to fund the majority of the construction costs resulting in combined net
proceeds of $2.1 billion
• Announced that we will proceed to build Keystone XL and commenced construction
in April
• Approved the US$0.4 billion Elwood Power Project/ANR Horsepower Replacement
on July 29 to replace, upgrade and modernize certain ANR facilities
• Completed the sale of the Ontario natural gas-fired power plants for net proceeds of
$2.8 billion on April 29
• Issued $2.0 billion of seven-year fixed-rate Medium Term Notes and US$1.25 billion
of 10-year fixed-rate Senior Unsecured Notes and arranged for an additional US$2.0
billion of committed credit facilities in April.
"During the first half of 2020, our diversified portfolio of essential energy
infrastructure continued to perform very well, saidTC Energy’s President and Chief
Executive Officer. I am proud that in these unprecedented times we have continued
to deliver the energy and advance projects vital to powering our industries and
institutions as well as to the daily life and mobility of millions of North Americans.
We have done this in a safe, reliable manner, maintaining our workforce, employing
thousands of construction workers and with a commitment to fulfilling our
obligations to people, communities, suppliers and governments on a full and timely
basis."
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Valero Energy (USA)Reports Second Quarter 2020 Results
Highlights
• Reported net income attributable to Valero stockholders of $1.3 billion, or $3.07 per
share, for the second quarter of 2020 compared to net income of $612 million, or $1.47
per share, for the second quarter of 2019.
• Adjusted net loss attributable to Valero stockholders was $504 million, or $1.25 per
share, for the second quarter of 2020, compared to second quarter 2019 adjusted net
income attributable to Valero stockholders of $665 million, or $1.60 per share.
• Second quarter 2020 adjusted results exclude the benefit from an after-tax lower of
cost or market, or LCM, inventory valuation adjustment of $1.8 billion.
• The refining segment reported $1.8 billion of operating income for the second quarter
of 2020 compared to $1.0 billion for the second quarter of 2019. Excluding the LCM
inventory valuation adjustment, the second quarter 2020 adjusted operating loss was
$383 million.
• Refinery throughput volumes averaged 2.3 million barrels per day in the second
quarter of 2020, which was 647 thousand barrels per day lower than the second quarter
of 2019.
• General and administrative expenses were $169 million in the second quarter of 2020
compared to $199 million in the second quarter of 2019.
• The effective tax rate for the second quarter of 2020 was 20 percent, which was
affected by the results of certain of our international operations that are taxed at rates
that are lower than the U.S. statutory tax rate.
“While the impact of the pandemic and the ensuing global economic downturn so far
this year has been significant, we saw a rapid recovery in demand for refined
products as we moved through the quarter,” said Valero Chairman and Chief
Executive Officer.
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Financial & Operational Highlights
• Earnings in the second quarter of $253 million represent a 62 percent decrease over the same period in the prior year.
• Deferred taxes increased as the enactment of Alberta's Bill 3, which reduced the Alberta corporate income tax rate from 12 percent to eight percent, resulted in a large deferred tax recovery
during the second quarter of 2019. General & administrative and other expense decreased due to the recognition of other income associated with the Canadian Emergency Wage Subsidy,
combined with lower incentive costs.
• Second quarter adjusted EBITDA of $789 million represents a three percent increase over the same period in the prior year. The second quarter was positively impacted largely by the
contribution from new assets following the Kinder Acquisition, combined with a realized gain on commodity-related derivatives.
• Cash flow from operating activities of $642 million for the second quarter was a decrease of three percent over the same period in the prior year.
• Adjusted cash flow from operating activities of $586 million in the second quarter was a seven percent increase over the same period in the prior year.
• Total volumes of 3,427 mboe/d for the second quarter represented a one percent increase over the same period in the prior year.
• This outlook includes an expectation that the 2020 adjusted EBITDA contribution from the Marketing & New Ventures segment will be approximately $125 million lower than was
assumed in the mid-point of the original guidance range.
• Pipelines reported adjusted EBITDA for the second quarter of $540 million, which represents a 14 percent increase compared to the same period in the prior year.
• Pembina entered into a new $800 million unsecured revolving credit facility with certain existing key lenders.
• Pembina entered into an unsecured U.S. $250 million non-revolving term loan with a global bank, which provides additional liquidity and flexibility in Pembina's capital structure in the
current market conditions.
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Barrancabermeja Refinery (Colombia) introduces new technology to continue
improving fuel quality
39
Solution Description
Ecopetrol took a further step in meeting its commitments to deliver fuels of the best international quality to all Colombians. This is
the technological upgrade of the Sulfur IV plant at the Barrancabermeja refinery, which increases the removal of this element in the
fuel treatment process. The works allowed to increase by 75% the treatment capacity of the waste gases that are released from the fuel
hydrotreatment process, going from 80,000 to more than 140,000 standard cubic feet per hour, and to increase the sulfur removal
capacity by 82% at the Sulfur IV plant, going from 50 tons / day to 90 tons / day, for a total of 134 tons of sulfur / day. The
technological upgrade of the Azufre IV plant consisted of the change of its main equipment such as the thermal reactor, the boiler and
the burner, and the implementation of the licensed medium enrichment technology with oxygen. In this way, the sulfur recovery
capacity and the efficiency in the treatment of waste gases associated with the projects included in the fuel quality path were
increased. The works also give the refinery greater operational flexibility because from now on it will be able to keep the fuel
hydrotreatment units in operation in the event that it is necessary to take other sulfur units that perform similar functions out of
service, giving continuity to the delivery commitments of quality fuels. The recovered sulfur is sold in liquid form to different clients
who use it in industrial processes such as the production of sulfuric acid for batteries, the manufacture of gunpowder, the
vulcanization of rubber, the manufacture of matches, fungicides, fertilizers and cosmetics, among others.

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Lukoil (Russia) Launches A Power Plant for Efficient Associated Petroleum Gas
Use in The Perm Region
40
LUKOIL launched Chashkino gas-turbine power plant which generates electricity using the associated petroleum gas (APG)
produced at the Company's fields in the Perm region. Governor of the Perm region Dmitry Makhonin and LUKOIL Vice President
for Power Generation Denis Dolgov participated in the opening ceremony. The 16 MW plant will annually use about 50 million cubic
meters of APG produced at the LUKOIL fields in the Perm region. The bulk of the electricity generated will be transferred to the
Company's operation facilities. This will allow to reduce the amount of energy purchased and thus decrease LUKOIL Scope 2
greenhouse gases emissions by 49 thousand tonnes of CO2-e. Supplying power to external consumers is also on the roadmap. This
will allow to provide for up to 2% of the total consumption at the Bereznikovsky-Solikamsky power distribution area. A digital
substation – the first one in LUKOIL's history – had been launched earlier at the Chashkino plant in order to transmit electric energy
to the grid. The substation features a high automation level. Its operation management and the information exchange between its
elements are completely digitized.

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Grupo Ultra (Brazil) launches digital payments company
41
Grupo Ultra announces the launch of a company to operate in the digital payments segment, focused on the existing relationship with its
extensive customer and consumer base. The supplies there, an application that since 2016 offers discounts on the purchase of fuel and
other goods and services at Ipiranga, Jet Oil units and ampm stores, will have new features and act as a complete platform of services,
including digital bill payments to each customer. The application will also offer discounts and cashback on a growing network of retail
partners. The credits in reais resulting from the cashback will be deposited for users in their digital wallets and can be used at any time,
either in the partner companies or for transfer to other participants of the supplies there. Customers will continue to accumulate and
redeem points in the KmV - Km de Vantagens loyalty program, one of the largest and most recognized in the country.The management
of the business was structured combining market executives and the Ultra Group. Jerônimo Santos, formerly Director of Business
Development and Marketing at Ipiranga, assumes the position of president of the company, which will have its headquarters in São
Paulo.The company is born with a relevant scale. More than four million users carried out transactions for the supplies there, moving
amounts in excess of R $ 4 billion in 2019. The KmV Program, in turn, provides more than 33 million users to the new business, in
addition to a network of more than 100 partner companies. The expectation is that this operation will double its total payment volume in
the first 12 months, both due to the increase in products and services offered and the addition of new users.

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R & R Updates
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OMV (Austria) again ranked top performer by sustainability rating agencies
42
OMV has again been confirmed as a sustainability leader in its industry by key global Environmental, Social and Governance rating agencies. OMV has been
awarded prime status by ISS ESG for the third consecutive year. ISS ESG awards prime status to companies with an ESG performance above the sector-specific
prime threshold, which means that they fulfil ambitious absolute performance requirements. With its absolute score of B’s-, OMV ranks among the top 5% in the
global oil, gas & consumable fuels sector. MSCI ESG Research provides ratings on global public and a few private companies on a scale of AAA (leader) to CCC
(laggard), according to exposure to industry-specific ESG risks and the ability to manage those risks relative to peers. With its rating of AAA, OMV ranks among
the top 10% in the integrated oil and gas sector and is listed in two MSCI indexes, the MSCI ACWI ESG Leaders Index and the MSCI ACWI SRI Index. OMV
has been included in the Euronext Vigeo Europe 120 index for the first time and been relisted in the Eurozone 120 index. This means that OMV is among the top
120 sustainable companies in Europe and the Eurozone across all sectors. Beyond these achievements, OMV is also listed in the Dow Jones Sustainability Index,
the FTSE4Good Index, and the STOXX Global ESG Leaders Index. OMV proactively engages with ESG rating agencies and socially responsible investors (SRI)
to ensure the disclosure of the information investors need to evaluate sustainability risks and opportunities related to OMV’s performance. ESG ratings increasingly
drive investor decision-making, and, as of end 2019, 20% of OMV’s institutional investors are classed as socially responsible investors.
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Customer Success Updates
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Chevron (USA)and Algonquin Announce Agreement to Co-develop Renewable
Power Projects
43
Chevron U.S.A. Inc., a wholly owned subsidiary of Chevron Corporation, and Algonquin Power & Utilities Corp. announced an agreement seeking to
co-develop renewable power projects that will provide electricity to strategic assets across Chevron’s global portfolio. Under the four-year agreement,
Chevron plans to generate more than 500 megawattsof its existing and future electricity demand from renewable sources. Initial renewable power projects
are expected to be sited on Chevron land, and construction is planned to start in 2021. The projects will be focused on powering Chevron’s operations in the
U.S. Permian Basin, Argentina, Kazakhstan and Western Australia. Projects will be jointly owned and co-developed by both parties. Algonquin will lead the
design, development and construction of the projects. Chevron will purchase electricity from the jointly owned projects through power purchase agreements.
Algonquin, parent company of Liberty Utilities and Liberty Power, is a North American leader in the generation of renewable energy through its portfolio of
long-term contracted wind, solar and hydroelectric generating facilities, representing more than 2 GW of installed renewable generating capacity. The 500
megawatts of capacity outlined in the agreement is equivalent to the energy used to power 400,000 U.S. households for a year. Algonquin is a diversified
international generation, transmission and distribution utility with approximately U.S.$ 11 billion of total assets. Through its two business groups, Liberty
Utilities and Liberty Power, Algonquin is committed to providing secure, safe, reliable, cost effective, and sustainable energy and water solutions through
our portfolio of electric generation, transmission and distribution utility investments to approximately 805,000 connections in the United States and Canada.
Algonquin is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing
over 2 GW of installed capacity and more than 1.4 GW of incremental renewable energy capacity under construction.
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Ecopetrol Group (Colombia) awarded contract for the construction of a new
solar megapark in Meta
44
The Ecopetrol Group, through its subsidiary Cenit Transporte y Logística de Hidrocarburos, awarded the company AES Colombia the contract to carry out
the construction works of the San Fernando Solar Park in the municipality of Castilla La Nueva, department of Meta, which is It will be the largest
self-generation center in Colombia, and one of the most modern and innovative in the region.The project will be developed under a 15-year power supply
contract with AES Colombia, which includes its operation and maintenance. Its objective will be to self-supply part of the energy demand of Ecopetrol and
Cenit operations in the Eastern Plains.This new park will be the second of the Ecopetrol Group in Meta and will have an installed power of 59 megawatts,
which is equivalent to energizing a populated center of 65,000 inhabitants.Its construction will begin in October 2020 and, according to the defined schedule,
it would come into operation in the first half of 2021. It is estimated that at least 38% of the labor hired for the development of the project will correspond to
women. Additionally, the contracting of more than $ 15 billion in local goods and services is expected, which will boost the economy of the area. The San
Fernando Park will occupy an area of 47 hectares, equivalent to 90 professional soccer fields, where more than 113 thousand last generation solar panels will
be located. These modules will have the ability to move according to the orientation of the sun and will have bifacial technology that will allow them to
capture energy on both sides, which ensures greater performance and efficiency. Its entry into operation will prevent the emission of more than 508 thousand
equivalent tons of CO2 into the atmosphere during the next 15 years, a figure that is equivalent to the planting of more than 3.9 million trees.
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NOV (USA)receives flexible pipeline system contract from Subsea 7
45
Subsea 7 has awarded our Subsea Production Systems business unit within NOV a sizeable contract for the flexible
pipeline system for the Sangomar, Phase 1 project offshore Senegal, West Africa, Woodside, headquartered in
Australia, is the technical operator for this greenfield development. The overall scope on the contract constitutes up to
eight dynamic risers installed in a lazy wave configuration, as illustrated in the above image, and up to 47 associated
jumpers and flowlines to make the total scope in the range of approximately 28km of flexible pipes and associated
ancillary components. The project demonstrates the value of early engagement to create an integrated subsea
umbilicals, risers, and flowlines tender. For NOV, it is a prime example of what can be accomplished through a true
partnering approach between an operator and contractor.
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Neste (Finland) to supply sustainable aviation fuel to three major U.S. airlines
46
Neste, the world’s largest producer of renewable diesel and sustainable aviation fuel produced from waste and residue raw materials, is
supplying Alaska Airlines, American Airlines and JetBlue Airways with sustainable aviation fuel for flights from San Francisco International
Airport. The low-carbon and high-quality fuel will contribute to each airline’s efforts to reach their climate goals. Neste is now successfully
delivering sustainable aviation fuel to SFO via pipeline, a milestone the airport has called a “climate quantum leap”. Once Neste’s SAF enters
SFO’s fuel consortium storage, it is available to the commercial, cargo or business aviation entities that operate at the airport. Alaska Airlines,
American Airlines and JetBlue Airways are the first major U.S. airlines to commit to adopt Neste’s SAF at SFO, building on their strong track
records of sustainability. All three airlines took their first deliveries of Neste’s SAF at SFO within the last few weeks. In 2018, Neste joined
SFO, Alaska Airlines, American Airlines, other airlines and fuel producers in a groundbreaking agreement to increase the use of sustainable
aviation fuel. Today, Neste and these partner airlines are delivering on that promise. Neste’s SAF can be used as a drop-in fuel with existing
aircraft engines and airport infrastructure, requiring no extra investment. In its neat form and over the lifecycle it helps to reduce greenhouse
gas emissions by up to 80% compared to conventional jet fuel. It is made from sustainably sourced, 100% renewable waste and residue
materials. Neste’s sustainable aviation fuel annual capacity is currently 100,000 tons. With the Singapore refinery expansion on the way, and
with possible additional investment into the Rotterdam refinery, Neste will have the capacity to produce some 1.5 million tons of SAF
annually by 2023.
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OMV’s (Austria) industry association memberships in alignment with the Paris
Agreement
47
OMV, the integrated, international oil and gas company based in Vienna, clearly recognizes that climate change is one of the most important
global challenges today and acknowledges the goals set forth by the Paris Agreement. Yesterday, OMV announced an update of its 2025
climate targets and disclosed its ambition to achieve net-zero emissions in operations by 2050 or sooner. As part of the company’s
commitment to transparency on climate action, OMV intends to report not only on its own position and action on climate change but also on
the position of the industry associations of which OMV is a member. A review process was established in early 2020 to ensure that the main
associations of which OMV is a member also support the Paris Agreement. Twelve key industry association memberships have been reviewed
under consideration of whether its memberships remain appropriate. OMV is continuously monitoring this issue and will report on it annually
going forward. The twelve associations described in the report were selected for their relevance to OMV’s business and on the basis that they
are actively involved in energy policy discussions. Six of the associations focus on Austria and Germany, four focus on EU-wide policy, and
two focus on international policy. While all associations analyzed in this report were in alignment with OMV’s position on the Paris
Agreement, this may change in the future. In the case of misalignment, especially partial misalignment, OMV will first advocate for changes
in the association’s position. Where OMV’s position and an association’s position continue to fail to align, OMV will reassess the
membership.
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