Page 12 - NorthAmOil Week 33

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NEWS IN BRIEF
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DOWNSTREAM
Cheniere extends CEO’s contract
US LNG exporter Cheniere Energy has extended its CEO Jack Fusco’s contract. e company said in a ling with the US Securities and Exchange Commission (SEC), that the contract was being extended for another three years. Fusco became CEO of Cheniere in
May 2016, succeeding the company’s founder, Charif Souki. His original contract was due
to end in December but under the extension Cheniere will keep Fusco on as CEO until December 31, 2022.
SERVICES
Quintana Energy Services announces sale of legacy conventional pressure pumping locations
Quintana Energy Services today announced the sale of its legacy conventional pressure pumping operations in Kansas and Bartlesville, Oklahoma to Hurricane Services, a privately-held oil eld service company based in Wichita, Kansas, for gross cash consideration of $4.4mn.
As part of the transaction, QES divested approximately 12,000 hydraulic horsepower, ve facilities including Bartlesville, OK and Kansas locations in Oakley, Ottawa, ayer and El Dorado; and 26 personnel to Hurricane in exchange for $4.4mn. ese assets and locations were responsible for 2018 revenue and adjusted EBITDA of $7.9mn and $1.0mn, respectively. For the six months ended June 30, 2019, these locations were responsible for $2.2mn of revenue and an Adjusted EBITDA loss of $(0.4)mn. See “Non-GAAP Financial Measures” at the end of this news release for
a discussion of Adjusted EBITDA and its reconciliation to the most directly comparable nancial measure calculated and presented
in accordance with US generally accepted accounting principles (GAAP).
“ is sale allows us to streamline our focus and cost structure on our go forward service o ering and the needs of our unconventional pressure pumping and cementing customers,” said Chris Baker, QES’ President and CEO. “Our regional pressure pumping predecessor, Consolidated Oil
Well Services, had been active in the Kansas pressure pumping market since 1956, but as our operating strategy evolved to focus on high-utilization unconventional completions, these legacy conventional pumping services have become non-core. Post-closing, we retain the remainder of our Pressure Pumping operations, including the unconventional frack business operating in the Mid-Con, Permian and Rockies and our cement business based in Gillette, Wyoming.” QUINTANA ENERGY SERVICES, August 19, 2019
Crusoe Energy Systems reduces flaring of natural gas by 25mn cf using oilfield data centres in North Dakota, Wyoming and Colorado
Crusoe Energy Systems, a technology-driven are mitigation provider, is now operating ve Digital Flare Mitigation (DFM) systems in North Dakota, Wyoming and Colorado, and has agreed to provide up to ten additional systems for deployments in Montana, Wyoming and North Dakota by the end of 2019. Across its existing projects, Crusoe
has already eliminated more than 25 million cubic feet of natural gas aring, signi cantly reducing air emissions for local communities as well as regulatory challenges faced by oil and gas companies.
Crusoe marries technology-empowered solutions with one of the booming oil industry’s greatest environmental challenges. Crusoe uses gas that would have otherwise been burned in the air as a “ are,” and instead powers modular, mobile data centers designed speci cally for the oil eld. In addition to reducing waste, this solution can also help both oil companies and pipeline operators to signi cantly reduce emissions.
CRUSOE ENERGY SYSTEMS, August 16, 2019
MOVES
Cemvita Factory and Oxy Low Carbon Ventures announce investment agreement to advance
innovative low-carbon technology
Cemvita Factory and Oxy Low Carbon Ventures (OLCV), a subsidiary of Occidental, today announced that they have reached an investment agreement. OLCV’s investment will advance the development of new bio-engineered pathways that use CO2 as feedstock for sustainable production of intermediate chemicals and polymers.
Cemvita Factory is a Houston-based biotechnology startup focused on creating economical solutions for a sustainable
future. e company’s technology includes
a CO2 utilization platform that mimics photosynthesis and other natural processes to produce industrial chemicals and polymers for energy sustainability.
“One of OLCV’s strategic priorities is to develop and commercialize CO2 utilisation technologies that complement Occidental’s core businesses and product lines, with
the goal of helping Occidental nd value
in new markets and attain its aspiration of becoming carbon neutral,” OLCV President Richard Jackson said. “Cemvita Factory’s CO2 utilisation platform has the potential to harness the power of nature and create new, sustainable pathways for the bio- manufacturing of our products.”
“With the investment received from Oxy Low Carbon Ventures, we plan to demonstrate that our technology can economically scale from test tube to the eld,” said Moji Karimi, co-founder and CEO of Cemvita Factory. “We have an ambitious goal to take one gigaton
of CO2 out of the carbon cycle in the next decade and are very excited about being a
part of Occidental’s journey to become a carbon-neutral company,” said Tara Karimi, co-founder and chief scientist.
Cemvita Factory’s bio-manufacturing platform mitigates emissions resulting from traditionally energy-intensive chemical and catalytic conversion processes by operating under ambient temperature and pressure. is same technology is able to turn polymer production into a low carbon activity by utilising CO2 as a feedstock, a crucial step in building a circular carbon economy. Cemvita Factory is currently working with a number of clients in the energy industry to help them use CO2 as a resource to lower their carbon footprint.
CEMVITA FACTORY AND OXY LOW CARBON VENTURES, August 15, 2019
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