Page 11 - NorthAmOil Week 04

NorthAmOil
NEWS IN BRIEF
NorthAmOil
POLICY
Regional assessment
of offshore oil and gas
exploratory drilling east of
Newfoundland and Labrador
– comment period on the
Draft Regional Assessment
Report
The Regional Assessment Committee is seeking public comments on the Draft Regional Assessment Report for the Regional Assessment of Offshore Oil and Gas Exploratory Drilling East of Newfoundland and Labrador.
The committee invites the public, indigenous and stakeholder groups, governments and other participants to submit comments in writing on the Draft Regional Assessment Report. The Draft Report addresses the various requirements
of the Regional Assessment Agreement, which was finalised in April 2019. The
Report describes the approach, methods and activities undertaken by the committee to conduct the assessment, provides an overview of the existing environmental setting of the study area, and discusses potential effects
and their management. The report also includes information on cumulative effects, the integration of indigenous knowledge, sustainability, climate change and other
considerations.
The draft report provides the committee’s
recommendations on required mitigation and follow-up measures for future exploratory drilling activities in the study area, and how key information gaps should be addressed.
Written comments in either official language will be accepted until February 21, 2020.
Comments can be submitted online by visiting the Regional Assessment page on
the Canadian Impact Assessment Registry (reference number 80156). All comments received will be published online as part of the project file.
IMPACT ASSESSMENT AGENCY OF CANADA, January 23, 2020
UPSTREAM
Parsley Energy increases quarterly dividend by 67%; lowers 2020 capital budget and provides 2020 guidance
Parsley Energy today announced that its board of directors increased the company’s quarterly dividend from $0.03 per share
to $0.05 per share. Additionally, Parsley provided an overview of its 2020 development programme and updated expectations for certain full-year 2019 results.
“Parsley’s 2019 action plan was a
resounding success as our team delivered
a step-change improvement in capital efficiency and inflected to free cash flow generation ahead of schedule,” commented Matt Gallagher, Parsley’s president and CEO. “We remain committed to an enhanced free cash flow profile in 2020, and, importantly, we have reinforced this commitment with a meaningful increase to our regular dividend program. Integration of our Jagged Peak acquisition has our urgent focus and I am proud of our teams’ collective dedication and efforts out of the gate. Ultimately, though, ‘well done’ is better than ‘well said’. We look forward to delivering on our 2020 objectives in the coming quarters.”
Parsley is reiterating the development
plan outlined in its preliminary 2020 outlook issued on October 14, 2019, and plans to deploy 15 development rigs and four-to-five frac spreads on average in 2020. Parsley is also reaffirming its pro forma 2020 oil production outlook, but is decreasing its pro forma
2020 capital budget range at the midpoint, reflecting continued efficiency gains and savings on services following a comprehensive integrated budgeting process. Parsley is also providing initial guidance on its projected unit costs for 2020.
Parsley’s baseline capital budget assumes
a $50 WTI oil price. In this context, the company would expect to generate free cash flow of at least $200mn during 2020. In a higher oil price scenario, Parsley would expect to generate additional free cash flow and would not plan to increase its development activity in 2020.
PARSLEY ENERGY, January 23, 2020
MIDSTREAM
Sentinel Midstream and
Freepoint Commodities
execute agreements on
Texas GulfLink’s deepwater
crude oil export facility
Sentinel Midstream, through its subsidiary Texas GulfLink, today announced its alignment with Freepoint Commodities in furtherance of the construction, operation, and utilisation of Texas GulfLink. Texas GulfLink is a deepwater crude oil export facility that will be located off the coast of Freeport, Texas, and will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.
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