Page 19 - NorthAmOil Week 46

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MIDSTREAM complete with total capital expenditure to cope with the negative conditions affecting
forecast to be within the previously the US refining sector. We are very thankful
Western Midstream communicated guidance of US$12.8 billion. our Lake Charles employees made it through
the hurricanes safely, and thanks to their
“This milestone safely brings our Lake
releases inaugural ESG Charles Chemicals Project to a close and sets hard work the refinery is now back up and
running.”
the stage for the next step in the evolution of
report our chemicals business,” said Sasol president environment, the company remains focused
In this extremely challenging margin
and chief executive officer Fleetwood
Today Western Midstream Partners Grobler. “The completion of this unit and on optimising operations to improve gross
announced the release of its inaugural its impending transition to our joint venture margin, reducing costs where possible and
Environmental, Social and Governance (ESG) with LyondellBasell will accelerate our deferring discretionary capital to manage
Report. transformation to a more specialty chemicals- liquidity.
“Western Midstream’s first ESG report focused company with a strong presence of CITGO PETROLEUM, November 13, 2020
exemplifies our employees’ dedication to base chemicals in our portfolio.”
cultivating a culture of strong corporate Sasol’s LDPE unit uses ExxonMobil
responsibility while safely and responsibly technology and has a nameplate capacity of SERVICES
managing our daily operations,” said 420,000 tons per year (420 ktpa). LDPE is
President, Chief Executive Officer, and Chief used to manufacture plastic bags, shrink wrap McDermott secures
Financial Officer, Michael Ure. “We’re proud and stretch film, coatings for paper cups and
of the progress we’ve made in reducing our cartons, container lids, squeezable bottles, and $560mn in new capital to
environmental footprint and contributing other applications. The beneficial operation
positively to our local communities, of the final LCCP unit signals that 100% fund future growth
workforce, and other stakeholders. Now, as of total nameplate capacity of the LCCP is
we transition to a stand-alone midstream operational. McDermott International today announced
business, it’s imperative that we introduce The LDPE unit is one of the three that it has secured approximately $560mn in
stakeholders to our approach to ESG issues LCCP plants that will form part of the new capital through a series of transactions
and our successes to date.” Sasol/LyondellBasell Louisiana Integrated expected to close by the end of the year.
As detailed in the report, Western Polyethylene joint venture. McDermott has secured commitments from
Midstream’s ESG strategy focuses on three SASOL, November 16, 2020 certain existing lenders and shareholders for
pillars: supporting sustainable environments, these transactions, as well as approval from
focusing on people, and operating responsibly. Citgo reports third-quarter a steering committee comprised of certain
Ure continued, “These pillars are rooted in existing letter of credit and term loan lenders.
our operating philosophy as demonstrated by 2020 results The transactions are designed to further
our direct-to-wellhead pipeline infrastructure strengthen the company’s balance sheet,
and design of our facilities, which significantly The company’s third quarter results were increase liquidity and fund future growth
reduces release risks, eliminates storage driven by the economic effects of the opportunities.
equipment at the well-site, and reduces COVID-19 pandemic, which affected the “The support of the investors and the
emissions. Additionally, we play an important refining industry as a whole, and were further steering committee reflects their confidence
role in delivering natural gas, a lower- affected by an eight-week shutdown at the in our long-term business strategy and
emission bridge fuel that will assist in the Lake Charles, La. refinery due to Hurricanes competitive position,” said David Dickson,
global transition to cleaner energy sources. Laura and Delta. As a result of these factors, president and chief executive officer of
We look forward to strengthening our ESG Citgo Petroleum reported a net loss of McDermott. “Following on the heels of a
performance and reporting as we further $248mn for the third quarter of 2020 along successful restructuring earlier this year, this
enhance the achievements accomplished to with Ebitda of $(212)mn and adjusted Ebitda additional capital will further solidify our
date.” of $(183)mn. liquidity position, enabling us to continue
WESTERN MIDSTREAM PARTNERS, November Operations at the Lake Charles refinery to deliver superior project execution for
19, 2020 were safely shutdown in advance of Hurricane our customers and consistently pursue new
Laura, and the refinery experienced no growth opportunities as demand for our
safety issues or hydrocarbon releases arising expertise and capabilities increases.”
DOWNSTREAM from the direct impact of the storm. When McDermott has received a commitment
Hurricane Delta struck six weeks later, shortly from the investors with respect to a new letter
Sasol announces beneficial after the repaired refinery had restarted, of credit facility that will replace its existing
the facility was secured, shutdown and
cash secured letter of credit facility, permitting
operation of Louisiana low- again experienced no safety or hydrocarbon the release of cash collateral of approximately
$390 million.
releases. Post-Hurricane Delta start-up was
density polyethylene (LDPE) successfully completed in late October. $170mn in gross proceeds from the issuance
Additionally, McDermott will raise
“The ongoing impact of COVID-19 and
unit a category four hurricane made the third of common shares to certain of its existing
quarter particularly difficult,” said president
shareholders that has been backstopped by
Sasol today announced our LDPE unit and CEO Carlos Jordá. “We were able to the Investors. The transactions are expected to
reached beneficial operation on 15 November quickly adjust our operations throughout our close by year end.
2020. The LDPE unit is the seventh and system while Lake Charles was offline, and MCDERMOTT INTERNATIONAL, November 18,
final Lake Charles Chemicals Complex unit at the same time continued to adjust cash 2020
to come online. The LCCP is now 100% spending and aggressively manage expenses

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