Page 13 - NorthAmOil Week 07

NorthAmOil
NEWS IN BRIEF
NorthAmOil
PBF Energy reports fourth quarter 2019 results, declares dividend of $0.30 per share
PBF Energy today reported fourth quarter 2019 income from operations of $123.0mn as compared to loss from operations of $446.2mn for the fourth quarter of 2018. Excluding special items, fourth quarter 2019 income from operations was $149.8mn as compared to income from operations of $213.3mn for the fourth quarter of 2018.
e company reported fourth quarter
2019 net income of $69.1mn and net income attributable to PBF Energy Inc. of $53.0mn
or $0.44 per share. is compares to net loss of $346.7mn, and net loss attributable to PBF Energy Inc. of $353.8mn or $2.97 per share for the fourth quarter of 2018. Special items in the fourth quarter 2019 results, which decreased net income by a net, a er-tax charge of $20.2mn, or $0.16 per share, consisted of a lower-of-cost-or-market (LCM) inventory adjustment. Adjusted fully-converted net income for the fourth quarter 2019, excluding special items, was $73.6mn, or $0.60 per share on a fully-exchanged, fully-diluted basis, as described below, compared to an adjusted fully-converted net income of $125.8mn or $1.03 per share, for the fourth quarter 2018.
Tom Nimbley, PBF Energy’s chairman
and CEO, said: “We ended 2019 with
strong results. By strategically advancing maintenance into the rst half of 2019 we gave ourselves a clear runway for the second half of the year and into 2020.” Mr. Nimbley continued: “Looking forward, our outlook remains positive. e turmoil we experienced in January should begin to subside as we move past the market disruptions and into seasonally higher demand. We have started to see impacts of the IMO marine fuel regulation change and we expect those to become more
apparent as the market continues to adapt to the new realities of lower-sulphur product demand and shi ing appetites for various qualities of feedstocks. Finally, PBF Energy successfully completed the acquisition of the Martinez re nery and we welcome our newest employees and assets to the PBF family.”
PBF ENERGY, February 13, 2020
SERVICES
Fort McKay Group of
Companies continues to
expand with acquisition of
Birch Mountain Enterprises
One of the leading companies in oil eld construction and services is expanding with a new partnership that brings added bene t to clients and the community. e Fort McKay Group of Companies (FMGOC) is pleased
to announce it has become a majority owner of Birch Mountain Enterprises. is new partnership positions the Fort McKay Group of Companies as a “Tier One” supplier in oil eld construction and services.
Birch Mountain Enterprises is Northern Alberta’s leader in uid handling services. With more than 250 units and 330 employees, the company operates the largest privately- owned eet in the Fort McMurray region.
“ is is an important step in the growth of the Fort McKay Group of Companies,” said Sami Saad, CEO. “With our new agreement with Birch Mountain Enterprises, we will o er expanded services in the oil and gas industry, become more competitive and o er increased bene ts to our clients and the community.”
e company will continue to operate as Birch Mountain Enterprises Limited Partnership, e ective March 1, 2020.
“We are working to ensure this is a seamless transition,” added Saad. “ ere will
be no changes to operations, and we look forward to continuing to provide quality services to our existing clients while attracting new business opportunities with our expanded capacity.”
FORT MCKAY GROUP OF COMPANIES, February 16, 2020
McDermott awarded contract for EPFC work
McDermott International today announced
it has been awarded a contract by a major
oil and gas operator for six crude oil storage tanks in Texas. e storage tanks will be part of an energy infrastructure project linking the Permian Basin in West Texas to the Texas Gulf Coast.
e scope of the project, which will be executed by CB&I Storage Solutions, includes the engineering, procurement, fabrication
and construction (EPFC) of six oating roof crude oil tanks—four with a 500,000-barrel capacity each and two with a 250,000-barrel capacity each. Engineering, procurement and fabrication will be performed at the company’s Houston Fairbanks o ce and fabrication facility.
“We have a strong track record of providing world-class storage solutions for major energy infrastructure projects all over the world,” said Cesar Canals, Senior Vice President of CB&I Storage Solutions. “ is new award is a testament to our service o erings and capabilities, including our vast experience in engineering, fabricating and constructing complex, large-scale storage tanks.”
e award will be re ected in McDermott’s fourth quarter 2019 backlog.
e contract range for this award is between $1mn and $50mn.
MCDERMOTT INTERNATIONAL, February 12, 2020
Week 07 19•February•2020
w w w. N E W S B A S E . c o m
P13