LATAMNRG PROSPECTOR VOL 19 2019
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Tecpetrol Still Investigating Fatal Fortín De Piedra Accident
Pemex And Sener Take Lead On Dos Bocas Refineruy
YPFB And YPF Argentina Ink Upstream And Downstream Deals
Colombia’s Ecopetrol Reports Strong 1Q:19 Results, EBITDA Margin Of 46.1%
Talos Energy Reports 1Q:19 Financial, Ops Results On Mexico And US WoodMac: Chevron Exits Bidding War For Anadarko
ENERGY ANALYTICS INSTITUTE | LATAMNRG PROSPECTOR | HOUSTON • CARACAS
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Energy Analytics Institute’s weekly LatAmNRG prospector and select highlights from the week. Read the full stories online 24/7 at www.energy-analytics-institute.org
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TOP QUOTES Top quotes this week via Twitter. ___________
Regarding bidding war for Anadarko: “Anadarko represented a fantastic opportunity for Chevron, but it wasn’t crucial in a portfolio sense. Chevron wields an enviable growth profile among the Majors. It is already a leader in US tight oil, underpinned by its lowroyalty, contiguous acreage position throughout the Permian.” -- Wood Mackenzie Director of M&A Research Greig Aitken ___________
Regarding Pemex and SENER moving forward with the Dos Bocas Refinery project: “What was the real surprise was when Mexico’s President Andrés Manuel López Obrador said Pemex was going to realize Dos Bocas with SENER … it changes the configuration scenario of the project and opens the door to many unanswered questions.” – GMEC General Director Gonzalo Monroy ___________ Energy Analytics Institute (EAI) is a Houston-based private organization focused on provided integrated services related to the Latin American and Caribbean upstream, downstream, midstream and renewable energy sectors. I. EAI’s primary focus related to the Latin American and Caribbean petroleum sectors is to assist businesses establish and nurture relationships with other businesses or consumers by facilitating integrated business-to-business (B2B) and business-to-consumer (B2C) solutions. II. EAI also organizes timely forums, seminars or executive speaking engagements related to the Latin American and Caribbean petroleum sector covering topics relevant to the upstream, midstream, downstream and renewable enegy sectors. III. EAI also provides unbiased breaking news, among project updates, related to the Latin American and Caribbean petroleum sectors covering countries small and big from Jamaica and Trinidad and Tobago in the Caribbean to Guyana, Bolivia and Peru in South America and bigger regional players including Mexico, Colombia, Venezuela, Brazil and Argentina.
Regarding Dos Bocas Refinery: “Pemex has a bad record with respect to deforestation. This presents financial and operational risks for the Dos Bocas Refinery.” -- Welligence Director Pablo Medina ___________
Regarding a payment this week of interest on Citgo bonds: “The National Assembly did the right thing by paying the $ 71 million interest on the 2020 bonds to preserve CITGO. Otherwise, control of the company valued at more than $ 7 billion would have been seriously jeopardized.” -- Baker Institute Fellow, Director & Lecturer Francisco J. Monaldi
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ARGENTINA YPFB And YPF Argentina Ink Upstream And Downstream Deals
YPF has offered to strengthen commercial relations with YPFB to generate economies of scale and competitive prices related to the import of finished products, as well as improving supply logistics in northern Argentina and Bolivia. Both companies also plan to work together in the areas of bio fuels, the ministry said. “YPF is willing to share technical and market information as well as studies related to the use of fuels and bio fuels in Argentina,” Sánchez said.
Neuquén Governor Gutiérrez To Chat With Royal Dutch’s Ben Van Beurden (Energy Analytics Institute, Aaron Simonsky, 7.May.2019) — Neuquén Governor Omar Gutiérrez plans to meet with Royal Dutch Shell CEO Ben Van Beurden on 9 May 2019, reports online media Río Negro.
(Energy Analytics Institute, Aaron Simonsky and Pietro D. Pitts, 7.May.2019) — YPFB and YPF Argentina signed strategic deals during discussions in Santa Cruz related to upstream and downstream activities in Bolivia and Argentina, Bolivia’s Hydrocarbon Ministry announced 7 May 2019 in an official statement on its website. In the upstream sector, the two companies plan to realize a technical evaluation of the Madre de Dios Basin with aim to confirm the hydrocarbon potential of the area and optimize exploration efforts in the basin. Also, over the next two months the companies will create a development plan for exploration activities to target the departments of La Paz, Beni and Pardo. YPFB will also explore investment opportunities in hydrocarbon areas operated by YPF in Argentina, said Bolivia’s Hydrocarbon Minister Luis Alberto Sánchez. In the downstream sector, the two companies expressed interest in partnerships to improve the supply of hydrocarbons in Bolivia.
Discussions will likely focus on recent announcements from Shell Argentina related the company’s plans for 304 wells in the Sierras Blancas, Cruz de Lorena and Coirón Amargo Sur Oeste blocks and forecasts to boost production to 70,000 barrels of oil equivalents per day by 2025.
Tecpetrol Still Investigating Fatal Fortín De Piedra Accident (Energy Analytics Institute, Aaron Simonsky, 8.May.2019) — Tecpetrol continues to investigate an accident over the weekend at its Fortín de Piedra project that resulted in the death of two contractors, reports online media Río Negro.
Eight Deaths In Neuquina Basin In 15 Months (Energy Analytics Institute, Aaron Simonsky, 8.May.2019) — Oil and gas sector related deaths in Argentina’s Neuquina Basin have risen to eight in just 15 months, reports online media Río Negro.
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Tecpetrol Reports Death Of Two Contractors At Fortín De Piedra Project (Energy Analytics Institute, Aaron Simonsky, 6.May.2019) — Tecpetrol announced that an accident on 5 May 2019 at the CPF plant of its Fortín de Piedra natural gas project in Argentina resulted in the death of two contractors. Workers involved in the fatality included: Cristian Nicolás Baeza, 34 years old and father of two children and Maximiliano Francisco Zappia, 24 years old.
offset by increases of 25% in power generation and lower intersegment eliminations of AR$19 million. Consolidated gain attributable to the owners of the Company of AR$6,375 million, 13% higher than the AR$5,640 million gain in Q1 18, which includes a higher profit of AR$4,103 million due to Results on Net Monetary Position (‘RECPAM’), as a result of our passive net monetary position, in addition to a higher gain from lower deferred tax liabilities, partially offset by higher losses of AR$3.143 million due to 15% of AR$ depreciation against US$ in Q1 19, currency in which most of the Company’s financial liabilities are denominated.
Tecpetrol personnel continues to investigate the cause of the accident to determine precisely what happened, the company said in a series of posts on Twitter.
Pampa Energía Announces 1Q:19 Financial Results (Energy Analytics Institute, Aaron Simonsky, 10.Apr.2019) — Pampa Energía S.A. reported financial results for the first quarter ended 31 March 2019. Consolidated net revenues of AR$29,908 million1, 3% lower than the AR$30,728 million for the first quarter 2018 (‘Q1 18’), explained by decreases of 8% in electricity distribution, 7% in oil and gas, and 13% in holding and others, in addition to higher eliminations due to intersegment sales of AR$2,454 million, partially offset by increases of 64% in power generation and 4% in petrochemicals. — Power Generation of 3,913 GWh from 12 power plants — Electricity sales of 5,018 GWh to 3.1 million end-users — Production of 46.8 thousand barrels per day of hydrocarbons — Sales of 83 thousand tons of petrochemical products Consolidated adjusted EBITDA2 for continuing operations of AR$8,037 million, 34% lower compared to the AR$12,237 million for Q1 18, mainly due to decreases of 79% in electricity distribution, 47% in oil and gas, AR$213 in petrochemicals and 5% in holding and others, partially
Argentina’s YPF Luz Offers $75 Million In Negotiable Obligations (Energy Analytics Institute, Aaron Simonsky, 7.May.2019) — YPF Energía Eléctrica, also known as YPF Luz, offered $75 million in negotiable obligations on the Argentina stock exchange at an interest rate of 10.24%. Funds from the offering will be destined to finance projects related to thermal and renewable energies, reports online media Río Negro. The obligations are classified Class I and mature in 24 months or in 2021. YPF Luz originally planned to offer $50 million, but with nearly 1,136 purchase orders, it increased the amount by $25 million.
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The deal runners include Santander, Banco Macro, Banco Galicia, Balanz Capital, SBS, HSBC, BACS, Itaú, Banco Nación and ICBC. YPF Luz currently has two wind parks under development: Los Teros in the Azul province of Buenos Aires and Cañadon León in Santa Cruz, the media reported.
BOLIVIA Bolivia Launches New 87 Octane Gasoline In Cochabamba (Energy Analytics Institute, Ian Silverman, 7.May.2019) — Bolivia sold a total 180,000 liters of its new gasoline — which has as a special anhydrous additive alcohol — through 35 petrol stations located in the department of Cochabamba, Bolivia’s Information Agency (ABI by its Spanish acronym) reported on 7 May 2019. The price of the gasoline is Bs 3.74 per liter. Bolivia plans to launch the sale of the new gasoline in La Paz on 15 May 2019, said National Hydrocarbon Agency Director Gary Merano.
BRAZIL Petrobras Throws Out Printers As CEO Focuses On Cost Cutting (Bloomberg, 9.May.2019) — Soon after taking over as chief executive officer of Brazil’s state-controlled oil giant Petrobras, Roberto Castello Branco noticed that there was a printer for each employee in a department, and ordered a review. It was just the beginning of a crusade against nonessential spending. Since then, he’s announced $8.1 billion in cost cuts through 2023, including plans to trim 4,300 of the company’s 47,222 workers, excluding contractors, in a buyout program.
Petrobras Exec Flags Production Boost During Second Quarter (Reuters, 8.May.2019) — Oil and gas production at Petroleo Brasileiro SA is on the rise in the second quarter, and has been above 2.8 million barrels of oil equivalent per day (boepd) so far in May, a company executive said on Wednesday.
COLOMBIA JinkoSolar Supplies PV Modules To Solar Power Plant In Colombia (JinkoSolar, 7.May.2019) — JinkoSolar Holding Co., Ltd., announced JinkoSolar has supplied 250,000 Pieces of 345Watt – 1500V monocrystalline standard modules for one of the largest solar power plant in Colombia to date which was recently inaugurated and is located in Cesar Department. “We are proud to have been chosen for this iconic project in Colombia which demonstrates the recognition, value, and quality our products have in the market,” commented Mr. Alberto Cuter, General Manager LATAM of JinkoSolar. “This project strengthens our presence in Colombia and across Latin America. Colombia mainly depends on hydro power which can be an issue during the dry season. Solar power is the ideal solution to diversifying the country’s energy mix. We expect the Colombian PV market to continue growing rapidly and will working closely with our local and international partners there to maximize their returns on investment leveraging the superior performance of JinkoSolar’s products.”
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Ecopetrol Reports Strong 1Q:19 Results, EBITDA Margin Of 46.1% (Ecopetrol, 6.May.2019) — Ecopetrol S.A. announced today the Ecopetrol Group’s financial results for the first quarter of 2019, prepared in accordance with International Financial Reporting Standards applicable in Colombia (see annex section for tables or visit our website for the complet story at ( https://energy-analyticsinstitute.org/nrg-dashboard/ ). The figures included in this report are not audited. The financial information is expressed in billions of Colombian pesos (COP) or US dollars (USD), or thousands of barrels of oil equivalent per day (mboed) or tons, and this is so indicated where applicable. For presentation purposes, certain figures of this report were rounded to the nearest decimal place.
Sales volumes totaled 909 thousand barrels of oil equivalent per day, 7% higher than in the first quarter of 2018, driven by higher production levels and increased sales from the Cartagena refinery. This growth allowed the Ecopetrol Group to moderate the impact of the scheduled maintenance of the Barrancabermeja refinery’s Diesel Hydrotreatment plant (HDT). Likewise, the first quarter of the year showed a favorable macroeconomic environment, where a higher exchange rate, a lower effective tax rate and greater savings in financial expenses allowed us to compensate for the lower Brent price. At the end of the quarter, the crude oil price spread registered -7.6 dollars per barrel, similar to the level of -7.3 dollars per barrel reached in the same period of 2018.
In words of Felipe Bayón Pardo, CEO of Ecopetrol: “During the first quarter of 2019, the Ecopetrol Group reported a net profit of COP 2.7 trillion and an EBITDA of COP 7.4 trillion, equivalent to a 46% EBITDA margin. These results were achieved even with a lower Brent price, which went from 67.2 dollars per barrel in the first quarter of 2018 to 63.8 dollars per barrel at the end of the first quarter of 2019. The Ecopetrol Group’s production in the first quarter totaled 728 thousand barrels of oil equivalent per day, positioning it near the upper range of the 2019 target. These results reflect the positive response of the reservoir with primary and secondary recovery; the development of gas markets and the effective execution of the investment plan. In the first quarter of 2019, 158 development wells were completed, with an average of 41 drills in operation, 13 more than those used in the first quarter of the previous year. We highlight the operational stability achieved during the quarter, leveraged in the adequate management of the environment, allowing a continuous operation in all the regions where we operate. This contributed to the increase in production compared to the same period of 2018, which was affected by a challenging environment of public order in the department of Meta.
On exploration, the Ecopetrol Group confirmed its interest in the Colombian offshore by signing two new Exploration and Production agreements, for the COL-5 (100% ECP – Operator) and GUA OFF-1 (50% Repsol – Operator, 50% ECP) blocks, both in the Caribbean. On the Colombian onshore, the Ecopetrol Group and its partners completed the drilling of three exploratory wells, of which the Jaspe-8 appraisal well confirmed the extension of the Jaspe discovery to the basalt sands of the Carbonera Formation, while the other two were declared dry. In line with our international expansion strategy, Ecopetrol Brasil purchased 10,374 km2 of 3D seismic and 2,660 km of 2D seismic to assess the potential of blocks to
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be offered in Rounds 6 and 16, in the Santos and Campos basins. The midstream segment continued to be a major cash generator for the Group. Crude oil volumes transported in the first quarter of 2019 increased 11% over the same period of 2018, as a result of greater production. Eight reversal cycles were executed on the Bicentenario oil pipeline, allowing us to mitigate the impact of attacks on the Caño Limón – Coveñas oil pipeline infrastructure. The Cartagena refinery continued with its optimization process, achieving a throughput of 155 thousand barrels per day, 7% higher than in the first quarter of 2018, as a result of stable operations and the implementation of initiatives to eliminate bottlenecks in some units. Gross margin at the Cartagena refinery was USD 11 per barrel, compared to USD 11.5 in the first quarter of 2018. The weakening of gasoline and naphtha prices, which began to become evident in the fourth quarter of 2018, continued to impact the margins, but this was offset by lower costs of raw materials, given the greater share of local crude in the refinery’s feedstock in the first quarter of 2019 (87%), as compared to the same period of 2018 (71%). The Barrancabermeja refinery had a throughput of 196 thousand barrels per day, due to the scheduled maintenance of the Diesel Hydrotreatment unit (HDT) to replace the catalyzer and inspect equipment. This maintenance will allow the production of around 66 thousand barrels of virgin diesel, which it will deliver with a sulfur content of between 10 and 15 parts per million (ppm). This effort is in line with our commitment to deliver higher-quality diesel to the country. The Barrancabermeja refinery’s gross margin was USD 10.5 per barrel, as compared to USD 11.8 in the first quarter of 2018, impacted by the weakening of refined products prices, in addition to the operational effect resulting from the maintenance of the period. In terms of investments, in the first quarter of 2019 we had very positive results, with the Ecopetrol Group’s investments totaling USD 647 million, an increase of 59% as compared to the first quarter of 2018. This was an improvement in the rate of investment execution from beginning of year, compared to previous years. Investments were primarily concentrated in the upstream segment, an increase of 46% as compared to the first quarter of 2018. It is important to highlight the maturing trend of key projects during the current year, in which
74% of the funds required have already been allocated to execute the projects. Continuing with our strategy of obtaining greater efficiencies, in the first quarter of the year we had savings of COP 487 billion, related primarily to CAPEX efficiencies in drilling costs and facilities construction. Finally, I would like to highlight two events of great importance to the market, which occurred in the first quarter of the year: first, the update of the 2019-2021 business plan, which seeks to maximize value creation by taking advantage of our leading position as an integrated company in Colombia, subject to renewed criteria of sustainability, competitiveness and profitability; and second, the Ordinary Shareholders Meeting’s approval last March 29th of a dividend of COP 225 per share, supported by the Company’s solid financial performance, early fulfillment of its goals and robust cash position at the end of the 2018 fiscal year. We remain committed to operations that are safe and that protect our workers and the environment; efficient and profitable, that generates value to our shareholders and shared prosperity in the regions in which we operate, all within an ethical business framework.”
JAMAICA SOL Petroleum To Shutter Businesses In Jamaica (Jamaica Observer, 8.May.2019) — SOL Petroleum Jamaica Limited will shutter its lubricant and bunkering business across the island, effective June 30. The announcement comes six years after Simpson Oil Limited (SOL) launched its business in Jamaica following the acquisition of Shell’s marketing and service station operations by French marketing company, Rubis in 2012.
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MEXICO Talos Energy Reports 1Q:19 Financial, Ops Results On Mexico And US (Talos, 8.May.2019) — Talos Energy Inc. announced its financial and operational results for the first quarter of 2019 and an operations update. Key highlights include: — Production of 42.0 thousand barrels of oil equivalent per day (“MBoe/d”), or 3.8 million barrels of oil equivalent (“MMBoe”) in total, 70% of which was oil, in line with expectations due to the planned dry-dock of the Helix Producer I (“HP-I”) floating production unit and associated planned shut-in of the Phoenix complex for approximately two months. — The dry-dock project was completed within the anticipated time frame and full production at the Phoenix complex was restored by the end of the first quarter. With the recent addition of the Tornado 3 and Boris 3 subsea wells in the Phoenix complex, the Company’s net production averaged over 60.0 MBoe/d during the first week of May 2019. The Company reaffirms its previously guided annual average daily production range of 53.0 – 56.0 MBoe/d for 2019. — Revenue of $178.7 million in the first quarter of 2019, which included $3.5 million of federal royalty refund, and average realized prices of $58.46/Bbl of oil and $2.79/Mcf of natural gas. 87% of our operating revenues in the first quarter of 2019 were derived from our oil production and reflects a significant basis differential premium to the average WTI benchmark price of $54.90/Bbl during the same period. — Net Loss of $109.6 million, or $2.02 net loss per share, which includes $106.6 million of non-cash unrealized commodity derivative losses.
— As of March 31, 2019, liquidity position of $355.5 million, including $309.8 million available under the $600.0 million Bank Credit Facility and approximately $45.7 million of cash. During the fourth quarter of 2018, the Company’s Borrowing Base was increased by approximately 42% to $850 million; however, Talos elected to maintain the commitments at $600 million. — As of March 31, 2019 the Company’s total debt principal balance was $772.7 million, inclusive of the $90.4 million finance lease on the HP-I. Net Debt to Annualized Adjusted EBITDA(1) was 1.3x. — Capital expenditures, inclusive of plugging and abandonment costs, were $155.6 million. The 2019 capital program is front-loaded in the first half of the year, as the vast majority of the currently planned deepwater drilling and completions activities will occur in the first two quarters. Additionally, Talos is also appraising the globally recognized Zama discovery offshore Mexico in the first half of 2019. Consistent with our previously announced capital program, we expect capital expenditures to decrease significantly in the second half of the year; therefore, we are reaffirming our annual capital expenditure guidance range of $465 million – $485 million for 2019.
Pemex To Build $8bn Oil Refinery As Mexico Scraps Tender Process (Ft.com, 9.May.2019) — Andrés Manuel López Obrador, Mexico’s president, has stepped up his commitment to an $8bn refinery project, rejecting three private sector bids as too costly and vowing that state oil company Pemex will build the plant. The leftist nationalist president batted aside concerns about the ability of the government and Pemex to deliver on a tight budget and timeline, where private companies could not. “We’ll work harder,” he told his daily morning news conference on Thursday.
— Adjusted Net Income(1) of $10.3 million and Adjusted Earnings per Share(1) of $0.19. — Adjusted EBITDA(1) of $93.7 million. Adjusted EBITDA excluding hedges(1) in the quarter was $96.7 million.
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FINANCIAL
scenario, Braskem’s market share stood at 64% in 1Q19. Compared to 1Q18, resin sales were down 1%. Meanwhile, sales of key chemicals fell 4% and 3% from 4Q18 and 1Q18, respectively, to 689 kton.
Braskem Says Consolidated Recurring EBITDA Reached $336 Million In 1Q:19
— In 1Q19, the Company exported 356 kton of resins, up 16% from 4Q18, and 194 kton of key chemicals, down 10% from 4Q18. Compared to 1Q18, exports of resins and key chemicals increased 11% and 64%, respectively.
(Braskem, 8.May.2019) — Brazil’s Braskem S.A. announced its results for 1Q19.
— In the quarter, the units in Brazil and exports posted EBITDA of US$293 million (R$1,104 million), to account for 63% of the Company’s consolidated EBITDA from all segments.
HIGHLIGHTS: United States and Europe: Braskem – Consolidated: — Braskem’s recurring EBITDA was US$ 336 million, down 16% and 60% from 4Q18 and 1Q18, respectively, influenced by lower petrochemical spreads in the international market. Including non-recurring impacts, EBITDA was US$ 729 million, reflecting the positive impact of US$394 million related to PIS/COFINS tax revenue from overpayments between January 2012 and February 2017 and the reversal of provisioning related to the Energy Development Account and to REIQ in 2017.
— Domestic PP demand in the U.S. market was lower due to high inventories throughout the chain and the weak performance of the textile fibers segment. In Europe, demand recovered in 1Q19, with the market expanding primarily in anticipation of a series of scheduled shutdowns programmed for the second quarter. — Plants in the region operated at a capacity utilization rate of 90%, 4 p.p. higher than in 4Q18 and 2 p.p. lower than the 1Q18.
— In the period, net income was R$1,028 million, compared to a net loss of R$78 million in 4Q18, and 2% lower than in 1Q18, corresponding to R$1.29 per common share and class “A” preferred share.
— In the quarter, the units in the United States and Europe posted EBITDA of US$72 million (R$279 million), representing 16% of the Company’s consolidated EBITDA. Mexico:
–The Company posted free cash generation of R$130 million, down 70% from 4Q18, mainly due to: (i) lower recurring EBITDA and (ii) higher concentration of interest payments on bonds.
— PE demand in Mexico came to 504 kton, down 8% and 9% from 1Q18 and 4Q18, respectively.
— Financial leverage measured by the ratio of net debt to EBITDA3 in U.S. dollar stood at 2.09x. Brazil: — Resin demand (PE, PP and PVC) was 1.4 million tons, growing 7.8% and 4.2% from 4Q18 and 1Q18, respectively.
— In 1Q19, the average utilization rate of the PE plants increased 6 p.p. from 4Q18 to 79% and decreased 7 p.p. from 1Q18. — In the quarter, the Mexico unit posted EBITDA of US$100 million (R$382 million), representing 22% of the Company’s consolidated EBITDA.
— In 1Q19, the crackers operated at an average capacity utilization rate of 88%, up 1 p.p. from 4Q18. Compared to 1Q18, capacity utilization fell 2 p.p. — Resin sales volume came to 878 kton, with the growth of 10% on 4Q18 outpacing the industry average. In this
ENERGY ANALYTICS INSTITUTE | LATAMNRG PROSPECTOR | HOUSTON • CARACAS
CSI Compressco Announces 1Q:19 Results, Affirms Full Year Financial Guidance (CSI, 8.May.2019) — CSI Compressco LP announced first quarter 2019 consolidated financial results and provided updated 2019 full year guidance.
$534 million, or $1.92 per diluted share, from $372 million, or $1.43 per diluted share, in the first quarter 2018. “Our earnings performance this quarter reflects our strategic focus, improved capital investments and commitment to a high-performance culture, as we work to achieve our mission to be North America’s premier energy infrastructure company,” said Jeffrey W. Martin, chairman and CEO of Sempra Energy. “Sempra Energy is well positioned at the intersection of two key trends – the transition toward cleaner energy, and the U.S.’ rise as a global energy leader – and this creates a unique opportunity for our company’s continued growth.” These financial results reflect certain significant items, as described on an after-tax basis in the following table of GAAP earnings reconciled to adjusted earnings for the first quarter of 2018 and 2019.
WoodMac: Chevron Exits Bidding War For Anadarko (WoodMac, 9.May.2019) — Chevron Corporation announced that it would not offer a counter proposal to Occidental Petroleum’s rival bid to acquire Anadarko Petroleum. Consolidated revenues for the quarter ended March 31, 2019 were $103 million compared to $138 million for the fourth quarter of 2018 and $85 million for the first quarter of 2018. Compared to the fourth quarter of 2018, total revenues decreased 25%, driven primarily by the timing of new equipment shipments and the completion of overhauls in aftermarket services. Compression services revenue and gross margins continued to increase sequentially. Net loss for the quarter ended March 31, 2019 was $12.5 million compared to a net loss of $3.7 million in the fourth quarter of 2018 and a net loss of $15.7 million in the first quarter of 2018.
Earlier this week, Anadarko said it had received an offer from Occidental that was superior to a previouslyarranged deal with Chevron. Chevron said it would allow the four-day match period to expire, and that it anticipated that Anadarko will terminate the merger agreement. Upon termination of the agreement, Anadarko will be required to pay Chevron a termination fee of US$1 billion.
Sempra Energy Reports Higher 1Q:19 Earnings (Sempra, 7.May.2019) — Sempra Energy reported firstquarter 2019 earnings of $441 million, or $1.59 per diluted share, up from first-quarter 2018 earnings of $347 million, or $1.33 per diluted share. On an adjusted basis, the company’s first-quarter 2019 earnings increased to
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