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24 мая, 17:22

SunPower (SPWR) to Build 28 MW Air Force Solar Project

SunPower Corp. (SPWR) has initiated construction of a 28 megawatt (MW) solar photovoltaic system at Vandenberg Air Force Base near Lompoc, CA.

24 мая, 17:18

Petrobras Issues Bonds Worth $4B in Global Capital Market

Petrobras (PBR) recently announced that it has issued $4 billion in bonds in the global capital market.

23 мая, 23:05

New Research Reports for Oracle, Chubb, AstraZeneca & Others

New Research Reports for Oracle, Chubb, AstraZeneca & Others

23 мая, 14:22

Канада запрещает перевозку нефти вдоль северного побережья Британской Колумбии

Канадское правительство направило в парламент законопроект о запрете перевозок нефти танкерами вдоль северного побережья провинции Британская Колумбия

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12 мая, 00:29

Caspian Pipeline To Boost Oil Exports In 2017

The Caspian Pipeline—which runs from the giant Tengiz oil field in Kazakhstan to a sea terminal near Novorossiysk in Russia—plans to increase its exports to the world markets to 65 million tons this year from 44.28 million tons last year, Nikolay Gorban, director general of the Caspian Pipeline Consortium (CPC), said on Friday. The export plan for this year, based on nominations submitted by shippers, will add more oil to the global market at the time when OPEC is trying to restrict production in bid to reduce oversupply and prop up…

12 мая, 00:24

India’s Oil Demand Ticks Up In April, Reverses 3-Month Drop

India’s oil demand returned to growth in April, following three months of declines amid a cash crunch caused by the government’s demonetization move to tackle corruption, Bloomberg reported on Friday, citing figures by the Oil Ministry’s Petroleum Planning and Analysis Cell. India’s fuel consumption increased by 3.3 percent to 16.79 million tons last month. Diesel consumption—which makes up some 40 percent of India’s fuel demand—went up 2.8 percent to 6.96 million tons, while gasoline consumption…

12 мая, 00:24

Local Constituency Threatens To Block Kenyan Oil Shipments

The Turkana South constituency in Kenya will block the transport of crude shipments to Mombasa in June if capital and employment grievances go unaddressed, according to new reports emerging from the region. The shipment is scheduled to be the nation’s first ever. Residents of the area have said they would physically block trucks headed to the capital if the federal agreement does not include a deal regarding revenue sharing, jobs, and infrastructure development. "The community is saying that they will protest and will barricade all roads…

12 мая, 00:24

Saudi Arabia To Help Build West Africa’s Largest Oil Storage Terminal

Equatorial Guinea has signed a strategic agreement with Saudi Arabia under which OPEC’s biggest producer and exporter will cooperate with the African country in the construction and financing of the Bioko Oil Terminal tank farm project that will be West Africa’s largest oil and oil products storage facility. According to Equatorial Guinea’s Minister of Mines and Hydrocarbons, Gabriel Mbaga Obiang Lima, the facility will also be the third-biggest storage facility in Africa that would firmly put his country on the global energy…

12 мая, 00:24

Q1 Profit Helps Petrobras Slim Down Debt Ahead of Schedule

The first quarter of the year turned out good for Brazil’s embattled state energy major Petrobras. The company reported a net profit of US$1.417 billion, up from a net loss of US$318 million for the year-earlier period. Adjusted EBITDA came in at US$8.03 billion, up 48 percent on the year, and free cash flow jumped to US$4.25 billion at end-March 2017, seven times higher than the figure for end-March 2017. Operating profit surged by 118 percent to US$4.538 billion. The company attributed the positive performance to 72-percent higher exports,…

11 мая, 20:46

China Agrees to Receive More U.S. Gas, Goods

Donald Trump and Xi Jinping have agreed that China will increase the imports of U.S. natural gas along with other products such as agricultural goods. China and the U.S. will also invest jointly in the development of infrastructure that will be needed for the processing of the gas. This is what sources close to the talks between the two presidents told the Wall Street Journal, adding that later this month there will be a joint communiqué regarding all new bilateral agreements. Despite its huge trade deficit with China, at US$309.6 billion…

11 мая, 20:46

European Commission Lowers Brent Forecast To $55.50

The European Commission lowered its forecast for Brent barrel prices to $55.50 by the end of this year, according to the group’s Spring 2017 Economic Forecast. An earlier edition of the report predicted prices to reach $56.40 at the end of December. The new revisions follow a week of tumbling oil prices as Libya and Nigeria report record outputs after years and months of domestic strife, respectively. The report also tied increases in inflation of the value of the euro to volatile energy prices. "Assumptions for Brent prices have…

11 мая, 20:46

Neptune Buys North Sea Gas Assets Worth Billions

Yesterday, private-equity backed UK-based firm Neptune struck a deal to buy the North Sea gas assets of French Engie along with other operations for US$3.9 billion. The firm, ran by the former chief executive of British utility Centrica Sam Laidlaw, was given US$5 billion by Carlyle Group and CVC Capital Partners back when it was set up in 2015, and the Engie deal has been in the making for over a year. As part of the final binding offer, Neptune will take on Engie’s decommissioning liabilities, which are estimated at around US$1.2 billion…

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11 мая, 16:28

Enbridge Energy (EEP) Q1 Earnings & Revenues Beat Estimates

Enbridge Energy Partners L.P. (EEP) reported first-quarter 2017 adjusted earnings of 16 cents per unit, which surpassed the Zacks Consensus Estimate of 7 cents.

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11 мая, 00:17

Enbridge Q1 Earnings Dip, Spectra Takeover To Boost 2017 Profit

Canada’s Enbridge Inc reported on Thursday first-quarter earnings halved compared to the same period last year, but said that it expects full-year adjusted earnings before tax to jump following the stock-for-stock deal to buy Houston-based Spectra Energy. Enbridge’s earnings attributable to common shareholders dropped to US$465 million (C$638 million) in Q1, compared to US$884 million (C$1.213 billion) for the first quarter of 2016, due to decreased earnings before tax at the Liquids Pipelines segment, on the back of a lower effective…

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09 мая, 22:10

A Sobering Look At The Future Of Oil

Authored by David Yager via OilPrice.com, The current discussion about the future of oil is how soon will it be before petroleum becomes a sunset industry. If it isn’t already. Flat or falling demand. Carbon taxes. Electric cars. Renewable energy. Oil has no future. It is only a matter of time, although how much time remains is subject to considerable discussion and debate. Various prognosticators put forth differing view about when world oil demand will peak. Some say as early as 2030, others much later. Nobody says never. As for actually running out of oil, that issue has run its course. At least for now. How long the world stays in the oil business is of critical importance. This is illustrated by a Financial Post article April 28 titled, “Next battleground; Enbridge’s aging Great Lakes pipeline stirs new protest in Michigan”. Until recently, the battle against pipelines has been opposing new construction. Now it is existing pipelines. This opens yet another can of worms the industry and regulators have never really grappled with. Enbridge Line 5 crosses from Wisconsin to Michigan under the Mackinac Straits between Lake Michigan and Lake Huron, a distance of about 4.5 miles. Built in 1953 to the most demanding standards of the day, the Enbridge website says Line 5 transports about 540,000 b/d of Canadian light and synthetic crude and natural gas liquids to markets in Michigan and beyond. What has emerged is concern among campaigning Michigan politicians about the potential for a major spill into the Great Lakes, an event being politically branded as inevitable. Gretchen Whitmer, a former Michigan senator now campaigning for the Democratic nomination for governor, was quoted in the article as saying, “Common sense dictates that a pipeline which is already 28 percent past its viable life will eventually be decommissioned. Government would be wise to plan for that proactively – before disaster strikes”. Viable life apparently means it was intended to be in service for 50 years and is now on year 64. Not wanting to be left behind on an emerging issue, Michigan Attorney General Bill Schuette, expected to run for governor as a Republican, has also expressed his concerns about the integrity of Line 5. Replacing this submerged section of the line is reported to cost $2.4 billion. Where it would go and who would pay is not mentioned. Enbridge routinely inspects the line and claims it is in good shape. Unfortunately, the failure of Enbridge Line 6B in 2010 which leaked 20,000 barrels of oil into Michigan’s Kalamazoo River in 2010 is still fresh in peoples’ memories. Having a campaign issue in Michigan which allows politicians to appear concerned by raising alarms about a Canadian company’s assets is a no-lose proposition, at least in the short term. The subject and cost of maintaining producing, processing and transportation assets doesn’t arise often. While the profile of decommissioning suspended wells has been rising, keeping what still works going is not frequently discussed. But it should be because after they become public, issues like the future safety of Enbridge Line 5 seldom go away. The ongoing maintenance of producing, processing and transportation assets is the responsibility of the owner, the same as changing the oil, tires and brakes on a car. It is assumed operators will maintain their sets in good working order, and the vast majority do. Maintenance capital budgets are part of every company. But what happens when cash gets tight? More importantly, what happens if and when the industry starts going out of business as so many hope? Back in 2008 Matthew R. Simmons, founder of Houston-based oil and gas investment bank Simmons & Company International, gave a slide presentation at the Offshore Technology Conference (OTC) titled “Oil And Gas ‘Rust’: An Evil Worse Than Depletion”. Simmons was often outspoken on oil issues saying things people didn’t want to hear or hadn’t thought about. His 2005 book, “Twilight In The Desert”, was about how Saudi Arabia’s oil production from its gigantic fields was destined to fall. Both “Matt” Simmons, as he was called by friends and associates, and his firm are no longer with us in original form. Matt passed away in 2010 and his namesake company was acquired by Piper Jaffray Cos. in 2015. But the issue of the deterioration of steel remains. Simmons went back to the first 100 years of oil when the big fields were on land, in the shallow waters of the Gulf of Mexico or inland bodies of water like Lake Maracaibo in Venezuela. Starting in 1965 the focused shifted from what Simmons called “brown water” to “blue water” further offshore. In response, the OTC was launched in 1969. But by 2008 Simmons said the offshore industry was mature and the North Sea was already “long in the tooth”. This was nine years ago. Simmons wrote, “The entire oil value chain is built of steel and steel begins to corrode the day it is cast. The oil industry never grasped this profound risk as it built a house for oil out of steel”. The thought was steel would last forever but forever was defined by investors as profits and by governments and regulators as secure and immediate supplies of essential hydrocarbon energy. Simmons noted much of the core assets of North America and the world – pipelines, refineries, storage tanks, wellbores - dated back to the big expansion years of the 1950s and 1960s. Simmons acknowledged the industry’s determination to prevent or control rust and deterioration. Cathodic protection. Downhole and surface chemical corrosion inhibitors. Smart pigs to inspect pipeline integrity from the inside. Ultrasonic and non-destructive radioactive testing of vessels, pipe and components. Internal and external coatings for everything. Improved metallurgy. Make it last as long as possible for obvious reasons of economic returns and public and worker safety. The original NACE (National Association of Corrosion Engineers) was founded in Houston in 1943 for the sole purpose of addressing all aspects of this subject. But Simmons started raising alarms about infrastructure nine years ago. He alleged the 20 years following the oil price collapse of the mid-1980s to early this century when prices started rising again were tough on maintenance worldwide. Simmons concluded, “Bottom Line: The Energy Patch Has To Be Rebuilt”. He called this a reconstruction project along the lines of the World War Two war machine or the Marshall Plan to rebuild Europe stating, “If the world wants to continue to use energy, its assets need to be rebuilt. Simple law of nature”. He figured higher prices (which we don’t have) would help pay for it, but that this was a major issue the industry could longer ignore. In 2008. Which brings us back to today’s reality. The point isn’t to be alarmist. Matt Simmons wasn’t right about Saudi Arabia or peak oil and he may have overstated the problem at the OTC in 2008. But as illustrated by the emerging Enbridge Line 5 issue, the infrastructure upon which the world depends isn’t getting any younger. The vast majority of western operators are very committed to the safety and integrity of their assets. But capital is precious. Where will the money come from? The pressure from some governments and all regulators and environmental groups is for the industry to pay more for everything. More rules. More obligations. Higher corporate taxes. The highest possible royalties. More development restrictions. Obstruct infrastructure. Carbon taxes. Emission caps. Investment and endowment funds discouraged from owning oil investments. Standard tax depletion and amortization deductions for capital investment for any business called “subsidies” for oil and gas. If the people of the world won’t quit using oil then opponents are using every tool they can think of to starve the industry of capital. Meanwhile, the industry’s financial commitments to keep aging infrastructure in good working order increase annually because of the age of the assets and despite the good work done by the companies themselves to stay in business in the face of collapsed oil prices and pro-active organizations like NACE. With money from where? Investors and lenders provide capital to grow the business, not sustain it. That’s up to the company. The fork in the road has two options, neither attractive. The first is the most likely. Petroleum will continue to be a key element of the world’s energy mix for decades. This means assets must be kept in good working order. Those demanding the industry do more with less better think this through and appreciate not only will the oilpatch require capital to sustain demand-driven growth through reserve replacement, but to keep everything in good working order to operate safely and efficiently. The current direction of taxes and regulations do not anticipate this outcome. The industry must rely on common sense, which outside of industry and capital providers, is in increasingly short supply.   The other option is worse. Technology and regulations combine to provide economically viable alternatives to petroleum. Now the industry must face decommissioning liabilities for assets no longer commercially profitable to operate. Except they don’t have the cash. And they won’t be able to get the money from debt or equity investors. Who is going to finance a company or industry going out of business? The numbers are big. Take one example, Suncor Energy Inc. In its Management, Discussion and Analysis notes for its 2016 audited financial statements, Suncor reported sustaining capital investments primarily for oil sands and refining and marketing of $2.8 billion, nearly 50% of total CAPEX of $6.0 billion. A serious amount of money to sustain $71 billion in book value property, plant and equipment. But of course, Suncor is a serious company with no immediate plans for obsolescence. But under Contractual Obligations, Commitments, Guarantees and Off-Balance Sheet Arrangements there are other numbers. For decommissioning and restoration costs Suncor estimates $382 million for 2017 and $419 million for 2018. This stays about the same through 2021. But the figure for 2022 and beyond is $9.6 billion and the total is $11.7 billion. This is a company which ended 2016 with $16.1 billion in long-term debt and another $2.1 billion in other liabilities, mostly pensions and post-retirement benefits. Suncor’s total obligations for debt and decommissioning are approaching $30 billion. That’s a lot of capital to service if the company is going out of business because nobody needs its products. As was proven in the recent Redwater Energy Corp. case where Alberta’s energy regulator tried to insert itself ahead of creditors when the assets were sold – decommissioning obligations before debt repayment – lenders rank ahead of cleanup under current law. So, the Alberta Energy Regulator intends to appeal this decision to the Supreme Court. There is nothing wrong with Suncor. It is a responsible company. But there is something terribly wrong with how the world regards the future of the oil business. Whether the world decides to stay in or get out of the oil business; governments, regulators and opponents must learn to read an income statement and balance sheet before dispensing any further advice on how the petroleum industry conducts itself. This industry supplied the energy mankind demanded for generations and paid as much in taxes and royalties as governments could extract. Often governments took too much then had to give some back to keep the lights on. Now it is being asked to do much more with much less and perhaps, if the greens get their way, nothing at all. Indeed, let’s talk about the future of oil. But from a much different perspective.

09 мая, 15:31

Oil Stocks to Watch for Earnings on May 10: SEP, DCP & More

Oil Stocks to Watch for Earnings on May 10: SEP, DCP, EEP & WRD