Energy News to 13 June 2022. OPEC daily basket price stood at $123.19/bl, 10 June 2022
WTI for July delivery fell 60 cents to settle at $121.51 a barrel in New York Brent for August was dropped 51 cents to settle at $123.07 a barrel
Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today updated its Adjusted EBITDA guidance for the full year 2022.
Seaway 7 ASA1 announced today provisions against the results of project execution of offshore windfarm installations due to increased costs relating to weather delays and mechanical breakdowns. This, together with an increase in the existing provision on the Formosa 2 project2, including the effects of Covid-19, will impact Subsea 7’s Adjusted EBITDA for 2022, which is still expected to be broadly in line with 2021.
1 Seaway 7 ASA is listed on Euronext Growth (SEAW7) and its financial statements are consolidated as part of the Subsea 7 Group.
2 As part of the combination agreement between Subsea 7’s fixed offshore wind renewable segment and OHT AS to form Seaway 7 ASA, the economic interest on the Formosa 2 project was retained by Subsea 7 S.A. and not transferred to Seaway 7 ASA. The financial outcome of this project is therefore recognised in Subsea 7’s Renewables segment and not in the financial statements of Seaway 7 ASA. Read More
The Board of Shell plc (“Shell”) today announced the pounds sterling and euro equivalent dividend payments in respect of the first quarter 2022 interim dividend, which was announced on May 5, 2022 at US$0.25 per ordinary share.
Shareholders have been able to elect to receive their dividends in US dollars, euros or pounds sterling. Holders of ordinary shares who have validly submitted US dollars, euros or pounds sterling currency elections by June 7, 2022 will be entitled to a dividend of US$0.25, €0.2346 or 20.01p per ordinary share, respectively.
Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive their dividends in euros at the euro rate per ordinary share shown above. Absent any valid election to the contrary, shareholders (both holding in certificated and uncertificated form (CREST members)) and persons holding their shares through the Shell Corporate Nominee will receive their dividends in pounds sterling, at the pound sterling rate per ordinary share shown above.
Euro and pounds sterling dividends payable in cash have been converted from US dollars based on an average of market exchange rates over the three dealing days from June 8 to June 10, 2022.
This dividend will be payable on June 27, 2022 to those members whose names were on the Register of Members on May 20, 2022. Taxation – cash dividend With Shell’s tax residence moved to the UK, dividends paid to shareholders on their ordinary shares will not attract Dutch dividend withholding tax. This means that holders of the former A shares receive their dividends in full as Dutch dividend withholding tax is no longer withheld on these dividends. Holders of the former B shares receive their dividends directly from Shell as these dividends will no longer be paid through the Dividend Access Mechanism. Read More–>
Marathon Petroleum’s Transport and Rail (T&R) organization has announced two new partnerships with the Women in Trucking Association (WIT) and the Women in Trucking Foundation. Leaders recognize that industry associations that connect us with qualified, diverse candidates play an important role in our continued business growth.
“We have an opportunity to be more inclusive and continue to diversify our T&R team in many ways. This partnership is a great way for us to recruit women for all of our T&R needs, including drivers, mechanics, accountants, schedulers and leaders,” said Katie Zalat, Director of Transport Operations West and new member of WIT. “It also provides an opportunity for us to learn and benchmark. This helps us to be better than the day before and really elevate our game to compete as a top-tier company in the trucking industry.”
WIT’s mission is to encourage the employment of women in the trucking industry, promote accomplishments and minimize obstacles. The non-profit organization brings together companies from a range of industries that have the common goal of diversity and inclusion. Read More
ADM (NYSE: ADM) and Marathon Petroleum Corp. (NYSE: MPC), along with local, state and federal policymakers, celebrated the ground breaking for North Dakota’s first dedicated soybean processing facility. By harvest 2023, the plant – owned by the previously announced ADM-MPC joint venture Green Bison Soy Processing – is expected to be producing approximately 600 million pounds of refined vegetable oil annually, which will be supplied exclusively to MPC as a feedstock for renewable diesel.
“The need for lower-carbon, more sustainable products is one of the fundamental trends underlying ADM’s strategy and purpose, and we’re proud to continue to scale up our leadership in this critical area,” said Ken Campbell, ADM’s president of North America Oils, Biodiesel and Renewable Chemicals. “Renewable diesel is a potentially transformative opportunity for the oilseed industry, for farmers, and for the sustainability of our transportation system. We’re excited to celebrate our bright future, and we look forward to working with MPC and producers across North Dakota as we bring this state-of-the-art plant online in less than a year and a half.” Read More–>
A partnership of global leaders in aviation and airports announces its intention to explore the infrastructure requirements to bring eVTOL passenger flight to Brazil within this decade. The partnership includes:
• Avolon, the world’s second largest aircraft leasing company;
• Corporación América Airports [NYSE: CAAP], the largest global private sector airport operator by
number of airports;
• GOL, Brazil’s largest airline;
• Grupo Comporte, a leading Brazilian transport operator;
• Vertical Aerospace (Vertical) [NYSE: EVTL], the aerospace and technology company developing and manufacturing eVTOL aircraft.
The partnership will explore and define vertiport design and locations, as well as further infrastructure requirements for eVTOL operations in Brazil. With its well-developed Urban Air Mobility (UAM) market based on helicopter services, advanced aviation ecosystem and unique demographics, Brazil is set to become one of the pioneering markets for eVTOL services, including for Vertical’s VX4. Each partner brings sector-specific and complementary expertise to bring eVTOL operations into operation in Brazil this decade. In particular, the partnership will benefit from Corporación América Airports’ special team dedicated to the research and development of the Advanced Air Mobility (AAM) segment and its two-decade long expertise in airports design, construction and operation, as well as passenger traffic management. Corporación América Airports has already developed its own conceptual vertiport design and progressed AAM traffic analysis across several countries. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $118.31 | Down |
| Crude Oil (Brent) | USD/bbl | $119.63 | Down |
| Bonny Light | USD/bbl | $126.98 | Down |
| Saharan Blend | USD/bbl | $128.28 | Down |
| Natural Gas | USD/MMBtu | $8.51 | Down |
| OPEC basket 10/06/22 | USD/bbl | $123.19 | Down |
U.S. Rig Count is up 6 from last week to 733 with oil rigs up 6 to 580, gas rigs unchanged at 151 and miscellaneous rigs unchanged at 2.
Canada Rig Count is up 24 from last week to 141, with oil rigs up 22 to 94, gas rigs up 2 to 47.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 10 June 2022 | 733 | +6 |
| Canada | 10 June 2022 | 141 | + 24 |
| International | May 2022 | 817 | +11 |
IEA assembles global energy and climate leaders to turbocharge energy efficiency action
Governments around the world have responded to today’s global energy crisis in a variety of ways, but one vital area has not been getting the attention and policy support it deserves. Energy efficiency doesn’t make as many headlines as oil markets or renewable energy – but it is incredibly important for addressing the interlinked energy, economic and climate challenges the world faces today. The situation may be changing now, though, after a historic gathering of energy and climate leaders at our Global Conference on Energy Efficiency in Sønderborg, Denmark, last week that resulted in 24 governments from around the world issuing a joint statement stressing the importance of energy efficiency for addressing several critical challenges, including the energy crisis, rising inflation and greenhouse gas emissions. It was the first event of its kind at which so many governments – including France, Germany, Indonesia, Japan, Mexico, Senegal and the United States – have made a specific call for stronger action on energy efficiency. Read More
UK shipped 1.85 million barrels of gasoline and gasoline blending components to the United States in May, the highest monthly exports of those products since December 2021, Bloomberg News’ Julian Lee reports, citing data from shipping analytics company Vortexa. On the face of it, the flow of gasoline from the UK to the U.S. looks counterintuitive to market forces as UK gasoline prices are $3 a gallon higher than the gasoline prices in America. But gasoline in the UK is taxed much more than the levies on gasoline in the U.S., that’s why British drivers pay much higher prices at the pump, as do most other motorists across Europe. If taxes are left out of the equation, it actually makes sense for UK exports of gasoline and blending components to flow to the United States, Bloomberg’s Lee notes. Regardless of how much various taxes weigh on the final price consumers pay and the specifics of the different markets, gasoline prices in the UK and the U.S., and in many other countries, are breaking records these days. That’s because crude oil prices are at $120 per barrel, global refining capacity has shrunk since COVID, and the Russian war in Ukraine and the subsequent Western sanctions on Russia are upending trade flows of crude and refined products. Gasoline prices in the UK—where total taxes on gasoline account for an average 46% of the retail price, per the UK’s motoring organization RAC—saw this week the highest daily price jump in 17 years. The average UK gasoline price this week was the equivalent of more than $8.60 per U.S. gallon. Read More
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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