Page 12 - NorthAmOil Week 04

NorthAmOil
NEWS IN BRIEF
NorthAmOil
Texas GulfLink will include an onshore
oil storage terminal connected by a 42” pipeline to a manned offshore platform approximately 30 miles off the Gulf Coast. From the platform, the oil will be transported to two Single Point Mooring buoys to allow for VLCCs to receive 2mn barrels of crude oil with loading rates up to 85,000 barrels
per hour. Designed around safety, the offshore platform will have around-the-clock monitoring, which will provide shippers with a safe and reliable mooring operation for VLCCs and other crude carrier vessels.
“We are pleased with the additional level
of commercial support that Freepoint’s involvement will provide to Texas GulfLink. As the project continues to move forward with the deepwater crude oil license application process, Sentinel is excited that Freepoint has chosen to align with Texas GulfLink and will utilise their substantial global and commercial resources to create value for their customers,” said Sentinel Midstream president and CEO, Jeff Ballard. “Through their Asian market focus, Freepoint will lead efforts to meet the growing demand from Asian refineries for US produced crude oil.”
“Freepoint recognises the significant experience that the Texas GulfLink team has in deepwater port projects and the team’s ability to construct and operate to the highest standards,” said Freepoint CEO David Messer. “The Texas GulfLink project will help meet the demands our customers have to reliably source US crude oil through a neutral infrastructure export option.”
SENTINEL MIDSTREAM, January 23, 2020
DOWNSTREAM
Cheniere Energy celebrates 1000th LNG cargo milestone
Cheniere Energy announced today that it has
produced and exported its 1000th cargo of liquefied natural gas (LNG). The 1000th cargo was exported within a four-year time period after startup, setting an industry record and making Cheniere the fastest producer in the world to reach this milestone. Cheniere has produced these 1,000 cargoes from both the Sabine Pass Liquefaction Project (SPL Project) and the Corpus Christi Liquefaction Project (CCL Project).
“Reaching 1,000 cargoes of LNG faster than any producer in history is a testament to the performance of our people and the culture of our company. Our focus on reliability and safety through the entire LNG production process enabled us to reach this milestone, while fulfilling our commitments to our foundation customers,” said Jack Fusco, Cheniere’s President and CEO. “Cheniere will continue to focus on operational excellence
to help meet growing demand for reliable, flexible, and cleaner sources of energy around the world. This achievement would not be possible without the dedication and diligence of Cheniere’s employees, our partners and customers, and we look forward to celebrating cargo 10,000.”
Cheniere’s 1000th cargo departed on the vessel Hoegh Galleon on January 26, 2020 from Cheniere’s CCL Project. Cheniere also celebrated the 100th cargo produced at the CCL Project, which departed on the vessel Yari LNG on January 13, 2020.
The SPL Project consists of six natural
gas liquefaction trains, five of which are fully operational and one is under construction. The CCL Project, located in south Texas, consists of three trains, two of which are fully operational and one is under construction and expected to be operational in 2021. Adjacent to the CCL Project, Cheniere is developing and commercialising its Stage 3 expansion, which recently received federal regulatory authorisation.
CHENIERE ENERGY, January 27, 2020
SERVICES
Calfrac provides
operational update and
announces timing for fourth
quarter 2019 earnings
release and conference call
Calfrac Well Services is pleased to provide
an operational update with respect to its fourth quarter of 2019 preliminary results
(all amounts are in Canadian dollars). In addition, Calfrac is announcing the timing for its fourth-quarter 2019 earnings release and conference call.
Results for the three months ended December 31, 2019 are expected to be in-line with the outlook that was communicated
in Calfrac’s Q3 2019 interim management’s discussion and analysis. At that time, Calfrac expected a slowdown in North American activity over the second half of the quarter,
as customers completed their 2019 capital programs. As well, the onset of winter weather conditions was expected to impact schedules and costs during the fourth quarter in Calfrac’s Canadian and Russian operations,
as well as in North Dakota. The significant depreciation in the Argentinean peso following the election of a new government
in that country was cited to likely result in lower oil and gas industry capital spending in Argentina. In Russia, the company indicated that drilling rig count increases were not expected to impact completion activities during the fourth quarter.
Calfrac estimates, on a preliminary basis, that for the three months ended December 31, 2019, revenue will be between CAD310mn and CAD325mn; Adjusted EBITDA will be between CAD26mn and CAD31mn; and
the loss before income taxes will be between CAD69mn and CAD74mn. For the year ended December 31, 2019, Calfrac estimates, on a preliminary basis, that revenue will
be between CAD1.60 billion and CAD1.65 billion; Adjusted EBITDA will be between CAD159mn and CAD164mn; and the
loss before income taxes will be between CAD204mn and CAD209mn. The Adjusted EBITDA amounts for the three months and year ended December 31, 2019 include the full-year impact of a change in capitalisation thresholds for the rebuild and replacement of major components of fixed assets. The change in thresholds lowers the level at which rebuild and replacement costs are capitalised, and the company estimates the impact of this change
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Week 04 29•January•2020