Energy News to 28/10/22 | Oil majors rewarding shareholders with higher dividends and share buybacks
The global energy crisis, affected by Russia’s invasion of Ukraine, is causing long-lasting changes that have the potential to boost the transition to a more sustainable and secure energy system, according to the latest edition of the IEA’s World Energy Outlook (WEO) on Thursday
An American firm called Solar Cycle is transforming broken solar panels from landfill waste to valuable raw materials—perfect for making more solar panels. Copper, aluminum, silver, and silicon are all recovered from panels at the end of their lifecycle, with the company’s new recycling method reducing them to just 2% of their material weight.
Advanced Cell Engineering (ACE), a Florida-based developer and licensor of advanced lithium-ion battery technologies has announced it has secured a contract to supply five-hundred 21700 battery cells to Bren-Tronics Inc., a global manufacturer of advanced portable power systems for military applications used by the U.S., NATO and government forces around the world. The Long Island-based company will use ACE’s cells to produce high energy and power dense prototypes for a variety of military applications. “The military sets an especially high standard for performance and quality in its mobile power applications,” said Doug Petito, Senior Vice President of Sales and Marketing of Bren-Tronics. “ACE’s innovative new lithium-ion battery technology provides a high-performance solution for our customers.” ACE develops and licenses proprietary advanced lithium-ion technologies which provide a significant increase in energy density and improved performance over existing battery chemistries available today. The technology can be produced in any cell format and is readily compatible with standard cell manufacturing equipment. Read More
In 3Q 2022, Mitsui O.S.K. Lines, Ltd.(“MOL”) and an Energy Major (“Charterer”) signed a multi-year contract to charter a newbuild LNG Carrier.
The vessel to be built by DSME is fitted with the most modern ME-GA engine and sized at 174,000 m3. She is able to operate globally serving the main LNG terminals. Latest ME-GA engine technology provides lower emissions compared to previous generation vessels. ME-GA vessels are equipped with Exhaust Gas Recirculation (EGR) system that reduces methane slip while improving overall fuel consumption. Furthermore, the vessel is equipped with additional functions, Air Lubrication System and Shaft Generator, which together reduce CO2 emissions from the vessel during operation. The vessel will be delivered in 2026 to augment the Charterer’s LNG fleet. Read More
Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo) today announced that its group company, Nihon Tug-Boat Co., Ltd. (Nihon Tug-Boat; President: Tetsuro Nishio; Headquarters: Chuo-ku, Kobe) installed the “Seabin” (Note 1) automated marine debris collection device on October 21 in cooperation with the City of Hiroshima at the Hiroshima Municipal Pier in the Port of Hiroshima, which Nihon Tug-Boat uses as a tugboat terminal.
The “Seabin” is a marine debris collection device that can be installed in calm water environments such as harbors and marinas, and can also collect microplastics as small as 2 mm. The device skims the surface of the water to collect debris, and collected a total of 23 kg in two and a half days after the installation.
In addition to the installation of the “Seabin”, Nihon Tug-Boat helps protect the marine environment in the Port of Hiroshima by sorting the debris that the device collects on a daily basis. The debris is then properly disposed of in accordance with Japan’s Industrial Waste Disposal Act. Read More
Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo) and EnviroNor AS (EnviroNor; Chairman of the Board Michael Alexander Brakstad Larsen, Headquarters: Norway) have signed a memorandum of understanding to discuss collaboration on a Floating Desalination Vessel (FDV; Note 1) and have begun collaboration toward commercialization. By combining MOL’s extensive experience in building, owning and operating ships over many years with EnviroNor’s expertise within shipping and desalination, we aim to build FDVs and capture business opportunities as a means of providing new fast-track solutions all over the world where water shortages are a current and rapid growing challenge. Commercialization of Floating Desalination Vessel was suggested through the MOL Group Employee Proposal System “MOL Incubation Bridge” (Note 2), and resulted in a memorandum of understanding with EnviroNor. Read More
QatarEnergy and ExxonMobil have agreed to independently market LNG produced at their joint venture Golden Pass LNG Terminal in Sabine Pass, Texas. By leveraging their unique customer insights, QatarEnergy and ExxonMobil will better serve their downstream customers while meeting increased global demand.
QatarEnergy and ExxonMobil to independently market Golden Pass LNG
ExxonMobil will market 30% of Golden Pass LNG volumes
Independent marketing will better serve downstream LNG buyers
New Golden Pass LNG export facility on track for 2024 startup Read More
ArcelorMittal, the world’s leading global steel and mining company, Mitsubishi Heavy Industries Engineering (MHIENG), a pioneer in carbon capture technology, leading global resources company, BHP, along with Mitsubishi Development Pty Ltd are collaborating on a multi-year trial of MHIENG’s carbon capture technology with ArcelorMittal, following the signing of a funding agreement between the parties. The companies will also conduct a feasibility and design study to support progress to full scale deployment.
The agreement, which involves a trial at ArcelorMittal’s steel plant in Gent, Belgium and another site in North America, brings together the expertise of the various partners in identifying ways to enhance carbon capture and utilisation and/or storage (CCUS) technologies in the hard-to-abate steelmaking industry. The industry is estimated to account for around seven-to-nine per cent of global greenhouse gas (GHG) emissions. CCUS has the potential to be a key technology for reducing emissions from existing global blast furnaces, which are anticipated to remain a significant portion of steel production over coming decades. The IEA estimates CCUS technology needs to apply to more than 53 per cent of primary steel production by 2050, equivalent to 700 Mtpa of CO2, for the Net Zero Emissions scenario. Read More
Chevron Corporation (NYSE: CVX) today reported earnings of $11.2 billion ($5.78 per share – diluted) for third quarter 2022, compared with $6.1 billion ($3.19 per share – diluted) in third quarter 2021. Included in the current quarter were pension settlement costs of $177 million. Foreign currency effects increased earnings by $624 million. Adjusted earnings of $10.8 billion ($5.56 per share – diluted) in third quarter 2022 compares to adjusted earnings of $5.7 billion ($2.96 per share – diluted) in third quarter 2021. Sales and other operating revenues in third quarter 2022 were $64 billion, compared to $43 billion in the year-ago period. Read More
Eni results for the third quarter and nine months of 2022. Group adjusted EBIT was €5.77 billion in the third quarter of 2022. Dividend distribution: in September, Eni paid the first quarterly instalment of the 2022 dividend of €0.22 per share, amounting to €751 million. Second equal instalment is due to be paid on November 23rd. Read More
The Executive Board of OMV Aktiengesellschaft (“OMV”) has decided today that a special dividend in the amount of EUR 2.25 per share will be proposed to the Annual General Meeting 2023. This special dividend will be distributed in addition to and at the same time as the regular dividend which will still be resolved in 2023 in accordance with OMV’s progressive dividend policy.
The distribution of dividends is subject to the necessary resolutions by the corporate bodies after the end of the 2022 financial year, in particular the adoption of the annual financial statements and the passing of resolutions by the shareholders of OMV at the 2023 Annual General Meeting.
In addition, the Executive Board, following a timely alignment with the Supervisory Board, intends to amend the existing dividend policy so that special dividends can also be considered for future financial years as a means for shareholders to participate in extraordinarily positive business and financial performance of OMV, always taking into account the need for sufficient liquidity and sustainable balance sheet profits as well as a leverage ratio significantly below 30%. Read More
OMV and Jadestone agree to terminate the intended divestment of OMV’s stake in the Maari Field
In 2019, OMV New Zealand announced the intended divestment of its 69 % interest in the Maari field to Jadestone Energy. After ongoing engagement with Jadestone Energy, a mutual decision has been made to no longer pursue the transaction. Read More
Just Stop Oil supporters have sprayed paint on a high end car jewellers in Knightsbridge, London. They are demanding that the government halts all new oil and gas licences and consents. [1] At 8:30am today, two Just Stop Oil supporters sprayed orange paint from a fire extinguisher over the premises of Rolex in Knightbridge.Today’s action follows three weeks of continuous civil resistance by supporters of Just Stop Oil during which the police have made over 600 arrests. Since the campaign began on April 1st, Just Stop Oil supporters have been arrested 1,900 times, with 7 supporters currently in prison.[ Read More
U.S. Environmental Protection Agency (EPA) released its Lagoon Wastewater Treatment Action Plan and announced nearly $2 million in research grant funding to accelerate innovative and alternative wastewater treatment technologies in lagoon and pond systems serving small communities. Through research grants and the first ever Action Plan, EPA is providing equitable, accessible, and coordinated technical and financial programs, resources, and assistance that will help improve public health and clean waterway protections for rural, small, and Tribal communities that rely on lagoon wastewater treatment systems.
“Many small and rural communities in the United States rely on a wastewater treatment process that falls short of environmental and public health protection,” said EPA Assistant Administrator for Water Radhika Fox. “The Lagoon Action Plan will help communities with lagoon systems ensure their local water quality isn’t impacted by improper wastewater management.”
“Lagoon wastewater systems are essential to many small, rural, and Tribal communities,” said Chris Frey, Assistant Administrator for EPA’s Office of Research and Development. “EPA is funding this research to help improve water quality and better serve these communities.”
Lagoon wastewater treatment systems are a common form of decentralized wastewater treatment that uses earthen ponds to break down wastewater using natural biological processes. These systems are particularly attractive to small or rural communities because of their low operating cost, built-in solids storage, and low minimal operating requirements. Read More
Occidental’s (NYSE: OXY) Low Carbon Ventures (OLCV) subsidiary and Natural Resource Partners L.P. (NYSE: NRP) (“NRP”), announced the execution of an agreement for the evaluation and potential development of a permanent carbon dioxide (CO2) sequestration hub located in southeast Texas. OLCV expects the development of the project will be completed by its subsidiary 1PointFive. The agreement provides OLCV with the exclusive rights to develop a CO2 sequestration hub on approximately 65,000 acres of pore space controlled by NRP. The site offers proximity to a large number of industrial CO2 emissions. The approximate total CO2 storage potential of this location is at least 500 million metric tons. The agreement advances OLCV’s and 1PointFive’s strategic vision to develop carbon capture and sequestration hubs, some of which are expected to be anchored by Direct Air Capture (DAC) facilities.
“We look forward to working with Natural Resource Partners L.P. as we advance our sequestration hubs that will provide industrial emitters with an economic and practical solution to capture and securely store CO2,” said Dr. Doug Conquest, Vice President, Oxy Low Carbon Ventures. “This agreement furthers our commercial-scale decarbonization solutions as we work to achieve net zero and help others do the same.” Read More
Baker Hughes (NASDAQ: BKR) announced today that the Baker Hughes Board of Directors declared an increased quarterly cash dividend of $.19 per share of Class A common stock payable on November 18, 2022, to holders of record on November 7, 2022. The dividend increase reflects a 5.5% growth rate, or $.01, over the previous quarter’s dividend. Baker Hughes also announced today that its Board of Directors authorized Baker Hughes Holdings LLC (“BHH LLC”) to repurchase up to $2 billion of additional common units, increasing its existing share repurchase authorization, which was announced in July 2021, by $2 billion to $4 billion. The Company will use the proceeds from the sale of its BHH LLC common units to repurchase its Class A shares. Baker Hughes has repurchased approximately $1.2 billion of Class A shares under the current share repurchase authorization as of September 30, 2022. “Our dividend increase and share repurchase authorization upsizing is a further step in our commitment to return cash to shareholders and complement our growth strategy. We remain committed to delivering 60 to 80% of free cash flow to shareholders through the cycle and are on track to return over $1.5 billion to shareholders in 2022,” said Lorenzo Simonelli, chairman & CEO of Baker Hughes. “Our Board of Directors remains confident in the structural growth we see in our portfolio as well as our ability to transform our operations to enhance profitability. We are proud our strong balance sheet continues to allow us to deliver our shareholder goals while we invest for growth in the energy, new energy and industrial sectors.” Baker Hughes expects to fund the repurchase program from cash generated from operations. The exact number of shares to be repurchased by the Company is not guaranteed. The Company expects to make share repurchases from time to time subject to the Company’s capital plan, market conditions, and other factors, including legal and regulatory restrictions and required approvals. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. Read More
Panametrics, a Baker Hughes business and industry leader in flow meters and moisture, oxygen and hydrogen measurement systems, announced Wednesday the launch of ground-breaking new moisture measurement technology, HygroProII.
The HygroProII is the most advanced moisture transmitter on the market, providing customers with unrivaled levels of performance and reliability.
The HygroProII is an intrinsically safe, compact, loop-powered display transmitter. Designed specifically to meet the demands of rugged industrial and oil and gas applications, it will replace the original HygroPro.Using Panametrics’ state-of-the-art aluminum oxide FX sensor, the HygroProII can accurately measure moisture in gases and hydrocarbon liquids across dew/frost point temperatures ranging from -110 °C to +20 °C. Optimizing performance, the HygroProII provides customers with extra measurement data through its HART digital output and is also fitted with integrated pressure and temperature sensors.
The HygroProII will support customers’ critical applications where precision, accuracy and reliability are essential. Read More
Wintermar’s total revenue for 9M2022 jumps by 38%YOY to US$41.6million,while gross profit grew 29%YOY to US$5.3million. Improvement in Owned Vessel revenues and strong contribution from our Chartering Division produced a stronger performance in 3Q2022. Owned Vessel Division Divisi Kapal Milik During 3Q2022, several mid and high tier vessels commenced operations for projects in Indonesia and Brunei. This contributed to a rise in fleet utilization in 3Q2022 to 76% compared to 70% for 2Q2022 and only 61% in 1Q2022. Owned vessel revenue for 3Q2022 grew by 24.3%QOQ, while direct expenses only rose by 13.3%QOQ, leading to a higher gross margin of 18.1% in 3Q2022 compared to 10.1% in 2Q2022. This division recorded gross profit of US$1.77mil for 3Q2022 which was 122.4% higher QOQ as compared to 2Q2022. For 9M2022, total Owned Vessel Direct expenses rise by 3% against a 1% fall in revenue, leading to a 29%YOY decline in gross profit to US$2million compared to 9M2021,mainly from the poor conditions in 1Q2022 and higher fuel costs arising from the demobilization of a vessel returning from work in Africa. Read More
Repsol posts net income of €3.222 billion
Repsol, in the first nine months of the year, made progress on its strategic objectives, accelerating its energy transition and its multi-energy profile with profitable business growth, financial strength, and shareholder remuneration among the best in the sector and in the Spanish IBEX-35 stock market index.
In a period in which it has brought in strategic partners to its Upstream and Renewables businesses, the company has applied fuel discounts (more than €300 million in savings for its customers since March); closed the Framework Agreement with its employees; and announced today the proposal an 11% increase in cash remuneration to shareholders in 2023.
Net income from January to September was €3.222 billion.
The recovery in the first half of the year is allowing Repsol to partially offset the losses in 2019 and 2020 of more than €7.1 billion due to asset adjustments linked to the zero net emissions ambition and the global health pandemic
Adjusted net income amounted to €4.564 billion, of which close to 60% came from the company’s international businesses, whose main exponent is the Upstream unit (Exploration and Production).
The generation of cash during the period was particularly significant. This, in line with the company’s Strategic Plan, has led to a 62% reduction in debt since the beginning of the year, an increase in shareholder remuneration, and a 47% increase in investments to a total of €2.397 billion.
The company plans to redeem an additional 50 million shares this year, bringing forward by three years the repurchase of 200 million shares and the redemption target set in the 2021-2025 Strategic Plan.
Josu Jon Imaz, CEO of Repsol: “We have taken significant steps to boost Repsol’s transformation and its multi-energy and decarbonization profile. The alliances we are building to promote growth and development in key areas are key to continue advancing in our objectives. Among them is offering attractive shareholder remuneration, an area in which we are advancing our strategic commitments and increasing value for our company’s more than 500,000 investors.” Read More
Repsol and PLD Space, the leading European company in the micro-launcher industry, have signed a pioneering collaboration agreement to jointly develop renewable fuels for space vehicles. The agreement includes both feasibility studies to replace current fuels with others produced with sustainable raw materials, as well as the design of new renewable fuels, which will be tailor-made in the Repsol Technology Lab for the rocket propellants manufactured by PLD Space, specifically for the MIURA recoverable micro-launchers. In this way, both companies are making progress towards the European Union’s goal of climate neutrality by 2050.
With this agreement, the two companies are revolutionizing the future of rocket fuels, which currently use liquid kerosene similar to that used in civil aviation, or a specific rocket fuel called RP-1. Repsol will formulate the new fuels from renewable or recycled raw materials, specifically, from advanced biofuels made from waste as raw material or using synthetic fuels that are produced from renewable hydrogen and CO2 removed from the atmosphere. In this way, a reduction of the carbon footprint of up to 90% or even negative is achieved. Read More
U.S. Rig Count is up 2 from last week to 771 with oil rigs up 2 to 612, gas rigs flat at 157 and miscellaneous rigs unchanged at 2.
Canada Rig Count is down 6 from last week to 210, with oil rigs down 6 to 144, gas rigs unchanged at 66.
RES, the world’s largest independent renewable energy company, has announced that their Operations and Maintenance (O&M) team has secured a full scope contract with TRIG to manage Freasdail Wind Farm on The Kintyre Peninsula in Scotland. The contract includes responsibility for the availability warranty, scheduled and unscheduled maintenance works, covering both major and minor component replacements.
Freasdail Wind Farm is comprised of eleven Senvion turbines that produce 22.5MW, which when fully operational can power on average the equivalent of 15,000 homes. With a new full scope contract in RES’ portfolio, the company continues to oversee a growing O&M team across the UK&I. This latest tender success enables further expansion and the potential recruitment of more Scottish based O&M technicians to support the growing portfolio.
RES’ O&M team will also be maintaining their first Senvion turbines at Freasdail Wind Farm. The turbines require specialist technical training to maintain due to their performance improving software and hardware technology. As a result, RES’ O&M technicians have gained knowledge and experience in operating progressively advanced software, placing the O&M team in a favourable position for future tenders. Read More
Dana Incorporated (NYSE: DAN) announced today it will participate in the Gabelli Funds 46th Annual Auto Symposium on Oct. 31, 2022. Beginning at 11:30 a.m. PDT (8:30 a.m. EDT), Dana’s Chairman and Chief Executive Officer James Kamsickas will provide a brief overview of the company and answer questions for approximately 30 minutes. Read More
The International Renewable Energy Agency (IRENA) kicked off its twenty-fourth Council meeting today in Abu Dhabi. The biannual two-day meeting, chaired this year by Uruguay, gathers more than 400 delegates from 108 countries to discuss the world’s energy transition ahead of the annual UN Climate Change Conference (COP27) in Sham el-Sheikh, Egypt. “We are staring into a terrifying abyss of irreversible climate consequences, if we fail to act,” said IRENA Director-General Francesco La Camera. “The IRENA Council meeting comes at a critical point in time and gives the international community an opportunity to strengthen collaboration and bolster the world’s commitment to renewables for climate action ahead of COP27 and COP28.” “We are convinced that IRENA must continue to spearhead the penetration of renewable energy around the world,” said the 24th Council Chair and National Director of Energy of Uruguay, Mr Fitzgerald Cantero. “The solutions to mitigate energy poverty and the solution to the current energy crisis will come from renewables; and those of us who are already on this path will take further strides in this direction.” This year’s Council meeting will hold high-level events on pressing energy transition topics including hydrogen, critical materials, agri-food and enabling frameworks for the energy transition in high-risk environments. Council Members will also discuss the Agency’s medium-term strategy among other relevant matters. Despite continuous growth in renewable energy capacity over the past decade, IRENA views the pace of change inadequate in limiting rising temperatures to 1.5 degrees. According to the Agency’s World Energy Transitions Outlook, a renewables-centred energy transition is the only realistic way to meet the 2030 time-frame for emissions reductions established by the IPCC, as well as the objectives of the 2030 timeline for sustainable development. Tripling investments in renewables will be fundamental for the scale and pace of the energy transition to reach the levels required to achieve Paris Agreement targets. Read More
SLB (NYSE: SLB) today announced it has entered into an agreement to acquire Gyrodata Incorporated, a global company specializing in gyroscopic wellbore positioning and survey technology. The transaction will integrate Gyrodata’s wellbore placement and surveying technologies within SLB’s Well Construction business, bringing customers innovative drilling solutions. This combination will improve wellbore quality and reduce drilling risk to unlock even the most remote and complex reservoirs. Integrating three-axis solid state gyro measurements with the latest SLB technological innovations will help ensure tighter trajectory control, reduce data acquisition time and improve the decision-making process—resulting in greater overall drilling efficiency. “The integration of Gyrodata’s innovative sensors and proprietary technologies within SLB’s drilling and logging suites will result in the most accurate and highly optimized well placement services in the industry,” said Jesus Lamas, president, Well Construction, SLB. “This will transform drilling technology designs while advancing SLB’s autonomous, self-steering capabilities. I am excited about welcoming the Gyrodata team into SLB’s Well Construction division.” “After more than 42 years as an independent company, we are ecstatic about becoming a part of SLB,” said Robert Trainer, president and CEO, Gyrodata. “This combination will create important synergies between our technology platforms, bringing immediate and significant benefits for our customers. We look forward to accelerating the next step-change of this technology revolution as part of the world’s leading provider of technology and services to the energy industry.”
The transaction is subject to regulatory approvals and is expected to close towards the end of 2022. Read More
Job site advantages of electric equipment Electric equipment isn’t just about sustainability Read More
12 m Blue Essence USV was launched at Mugharraq port and sailed to its new home in Al Mirfa, Abu Dhabi, by Fugro’s control and command centre in the UAE. The Al Mirfa port will be the home to the Fugro Pegasus during the coming months and will be the central hub to Fugro’s remote and autonomous operations in the UAE.
This vessel forms part of Fugro’s global fleet of USVs and electric remotely operated vehicles, which are operated from a network of remote operations centres across the world.
Fugro’s Blue Essence USV will set a new standard for subsea inspection solutions, requiring no offshore crew, reducing carbon emissions by 95% and allowing for real-time insights, faster data-processing and data delivery. David Washbrook, Director Marine Asset Integrity Middle East and India: “Fugro has been working closely with local authorities and partners in the region to define regulations and legislations around remote and autonomous vessels. We are proud to say that this collaborative effort has allowed us to have the region’s first uncrewed survey vessel in the water and adds an exciting new chapter to Fugro’s future in the UAE.” Read More
JCB unveiled another world first for the industry – a mobile hydrogen refueller.
JCB is investing £100 million in a project to produce super-efficient hydrogen engines and has already showcased working prototypes of a backhoe loader and Loadall telescopic handler powered by hydrogen. The company announced another industry first – a mobile hydrogen refueller, providing a quick and easy way for customers to refuel their machines on site. Around 97 per cent of construction machines have fuel delivered to them while working on site. This means customers are already used to a transportable fuel, allowing refuelling to take place in a matter of minutes. Read More
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