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NorthAmOil NEWS IN BRIEF NorthAmOil

communities we serve.” on serving our customers and maintaining Initial renewable power projects are
Jacksonville is the nation’s No. 2 vehicle- a strong balance sheet. We remain confident expected to be sited on Chevron land and
handling port and the only U.S. East Coast that the strategic actions we have taken to construction is planned to start in 2021.
port offering on-dock and near-dock LNG further improve our cost structure will pay The projects will be focused on powering
fuelling capabilities. off handsomely once we return to a more Chevron’s operations in the US Permian Basin
Four LNG-powered vessels are normalized operating environment,” he (TX and NM), Argentina, Kazakhstan and
homeported at JAXPORT. Three LNG concluded. Western Australia. Projects will be jointly
production and storage facilities operate in US SILICA HOLDINGS, July 31, 2020 owned and co-developed by both parties.
Northeast Florida, and a fourth facility is Algonquin will lead the design, development
currently under construction. and construction of the projects. Chevron will
THE JACKSONVILLE PORT AUTHORITY, July 30, ENERGY TRANSITION purchase electricity from the jointly owned
2020 projects through power purchase agreements.
Chevron seeks to source technical and operational expertise in
“This partnership leverages Algonquin’s
more than 500 MW of and local knowledge to enable faster, more
SERVICES renewable power with Chevron’s scale, land,
US Silica Holdings renewable electricity for its cost-effective cleaner energy solutions,”
said Arun Banskota, Chief Executive
announces second-quarter operations Officer of Algonquin. “Continuing to
invest in renewable energy solutions is
2020 results Chevron USA, a wholly owned subsidiary fundamental to our business strategy. By
working with sustainability champions like
of Chevron Corporation, and Algonquin
US Silica Holdings, a diversified industrial Power & Utilities Corp. today announced an Chevron, we maximise the positive impact
minerals company and the leading last-mile agreement seeking to co-develop renewable of the low carbon technologies we offer to
logistics provider to the oil and gas industry, power projects that will provide electricity communities across the US and Canada, and
today announced second quarter 2020 results, to strategic assets across Chevron’s global internationally.”
including a net loss of $32.4mn, or $(0.44) per portfolio. Under the four-year agreement, Algonquin, parent company of Liberty
basic and diluted share. Chevron plans to generate more than 500 Utilities and Liberty Power, is a North
The second quarter results were negatively megawatts (MW) of its existing and future American leader in the generation of
impacted by $33.4mn, or $0.35 per share, of electricity demand from renewable sources. renewable energy through its portfolio
charges related to asset impairments, plant “Chevron intends to lead in the future of of long-term contracted wind, solar
startup and expansion, facility closure costs, energy by developing affordable, reliable and and hydroelectric generating facilities,
and other adjustments, resulting in adjusted ever-cleaner energy,” said Allen Satterwhite, representing more than 2 GW of installed
EPS for the second quarter of $(0.09) per basic President of Chevron Pipeline & Power. “This renewable generating capacity.
and diluted share. agreement advances Chevron’s commitment The 500 MWof capacity outlined in the
“I am extremely proud of our colleagues for to lower our carbon footprint by investing in agreement is equivalent to the energy used to
delivering strong second quarter results, while renewable power solutions that are reliable, power 400,000 US households for a year.
continuing to prioritize health and safety, scalable, cost efficient, and directly support CHEVRON USA AND ALGONQUIN POWER &
during these challenging times,” said Bryan our core business.” UTILITIES CORP., July 30, 2020
Shinn, chief executive officer. “Our operations
and logistics teams did a stellar job of
rapidly and aggressively right-sizing our cost
structure to minimise the impact of sharply
lower oilfield activity and weaker demand for
some industrial sand products in the quarter.
We have made commendable progress but still
have additional cost reduction opportunities,
particularly in the area of leased railcar costs.
We continue to actively work with key lessors
to complete necessary lease amendments to
make our ongoing railcar costs sustainable
over the long term.”
“In July, we are experiencing a rebound in
whole grain industrial sand sales as customers
restart temporarily idled plants. We also
expect our filtration product lines to continue
to perform well, driven by robust consumer
demand for food and beverage products. In
the third quarter, Oil & Gas segment proppant
volumes and SandBox loads are expected to
increase sequentially,” he added.
“Finally, while many industry peers pursue
financial restructuring, we are keenly focused

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