Callon Petroleum has reported a net loss of $107.9 million for the second quarter, compared to a net income of $303.25 million for the same period in 2022. Excluding a one-time $406.9 million non-cash impairment charge related to the sale of Eagle Ford assets, as well as other items, Callon’s adjusted income was $123.1 million, or $1.99 per share, the company said in an earnings release. The company’s net cash provided by operating activities for the quarter was $279.5 million, compared to $336.1 million for the previous-year quarter, the release said. “The second quarter highlighted the contributions from several large-scale…
Author: Automotivedealernews.com
Independent bulk liquid storage provider Stanlow Terminals Ltd. has signed a memorandum of understanding with Eni UK Ltd., a subsidiary of Italy’s Eni SPA, to explore carbon capture, storage, and transport opportunities in the United Kingdom. Stanlow Terminals, part of Essar Energy Transition (EET), and Eni UK will partner to study projects for carbon dioxide collection, shipping, and storage at the Stanlow Terminal in the Port of Liverpool and then delivery to Eni UK’s carbon transport and storage infrastructures currently being developed in the North West region of the UK, according to a news release Tuesday from Stanlow Terminals. The…
US oil production this year will rise faster than previously expected, providing additional crude supplies to a market that has tightened because of Saudi Arabian output cuts, according to a new government forecast. Higher-than-expected well productivity and rising crude prices will help boost US production to a record 12.8 million barrels a day in 2023, up from a previous forecast of 12.6 million, according to a monthly report from the US Energy Information Administration released Tuesday. The US averaged about 11.9 million barrels a day in 2022. The additional US production would help supply a market that has tightened after the Organization…
Ensign Energy Services Inc posted a net income attributable to common shareholders of $7.68 million (CAD 10.3 million) for the second quarter, compared to a net loss attributable to common shareholders of $20.9 million (CAD 28.1 million) for the second quarter of 2022. Ensign’s revenue for the quarter was $322.5 million (CAD 432.8 million), a 26 percent increase year over year from $256.4 million (CAD 344.1 million). The company’s adjusted EBITDA totaled $86.9 million (CAD 116.6 million) in the second quarter, 71 percent higher year over year against $50.9 million (CAD 68.3 million) in the second quarter of 2022, according…
Clean hydrogen’s supporters often tout its growth potential, boosted in no small way by the billions of dollars in federal subsidies that will soon go toward supporting the buildout of an extensive series of regional hubs across the U.S. Clean hydrogen has its share of detractors, too, who question how much of a fixture it can become in the U.S. energy mix and wonder about its reliance on all those federal subsidies. But there’s one thing just about everyone seems to agree on — nobody likes the seemingly ubiquitous hydrogen color scheme, with arguments that it is too simplistic, has…
Chevron Corp. has concluded the full acquisition of PDC Energy Inc., adding Denver-Julesburg (DJ) and Permian basin assets to its oil and gas inventory. “PDC’s high-quality assets open up even greater opportunities in important U.S. basins where Chevron already has a strong presence”, Chevron said in a press release Monday. The purchase gives the global energy giant 275,000 net acres in the Denver-Julesburg Basin, next to assets already operated by Chevron, and 25,000 net acres in the Permian Basin, where Chevron already has a “leading position”, according to the announcement of the merger deal March 22. Chevron estimates the DJ…
Oil climbed to the highest in almost nine months on concern that a possible escalation of the conflict between Russia and Ukraine may choke off more supplies in an already tightening market. West Texas Intermediate futures ended the session above $84 a barrel, breaking through an earlier high for the year set in April. Prices held onto gains even after US government data showed crude inventories rose by about 5 million barrels last week as investors focused on fuel stockpiles that declined by the most in three months. “The demand-concern narrative is not a topic today as product inventories are…
Canada plans to sell a stake in the Trans Mountain oil pipeline to individual indigenous communities through a special-purpose vehicle, allowing the government to balance competing groups’ requests to own a piece of the controversial project. The groups will be provided with access to capital so they don’t have to risk their own money to participate, according to a letter from Deputy Prime Minister Chrystia Freeland’s office seen by Bloomberg. The communities’ equity interest in Trans Mountain will provide them with cash flows and allow them to jointly exercise governing rights, according to the letter, which was dated Aug.…
LNG Japan Corporation has entered a sale and purchase agreement with Woodside to buy a 10 percent stake in the Scarborough joint venture. The transaction is subject to relevant Australian and Western Australian government approvals, the company noted in its media statement. As a 10 percent participating interest holder in the Scarborough joint venture, LNG Japan’s wholly owned subsidiary LJ Scarborough Pty Ltd (LJS) will cooperate with Woodside in developing the project, which is targeting first LNG cargo in 2026, LNG Japan noted. LJS will independently market and sell its equity LNG cargoes (up to 0.8 Mtpa), the company said…
ADNOC Gas plc announced Wednesday the award of a $3.6 billion (AED 13.1 billion) contract to a joint venture between National Petroleum Construction Company Co. PJSC (NPCC) and Tecnicas Reunidas S.A. to expand its gas processing infrastructure in the UAE. In a statement posted on its site, ADNOC Gas noted that the strategic Maximizing Ethane Recovery and Monetization (MERAM) project aims to achieve dual objectives. The first of these is to increase ethane extraction, by a range of 35-40 percent, from ADNOC Gas’s existing onshore facilities in the Habshan complex through the construction of new gas processing facilities, and the…