Page 19 - NorthAmOil Week 32

NorthAmOil NEWS IN BRIEF NorthAmOil

ExxonMobil and Global Eagle LNG and Crowley SERVICES

Clean Energy Holdings sign celebrate 100th LNG Superior Energy Services
agreement for renewable bunkering for CONRO Ships announces second-quarter

diesel at JAXPORT 2020 results

ExxonMobil has signed an agreement with Last Friday, Eagle LNG Partners celebrated Superior Energy Services today announced
Global Clean Energy Holdings to purchase the 100th bunkering event of liquefied natural a net loss from continuing operations for
2.5mn barrels of renewable diesel per year for gas (LNG) from its Talleyrand LNG Bunker the second quarter of 2020 of $58.9mn, or
five years from a converted California refinery Station, located at Jacksonville Port Authority $3.97 per share, on revenue of $183.9mn.
starting in 2022. (JAXPORT), with Crowley Maritime. Eagle This compares to a net loss from continuing
The renewable diesel will be sourced from LNG is proud of this accomplishment having operations of $32.3mn, or $2.18 per share,
a refinery acquired by Global Clean Energy delivered on its weekly LNG bunkering for the first quarter of 2020, on revenue of
in Bakersfield, California, which is being commitment regardless of COVID-19 $321.5mn and a net loss from continuing
retooled to produce renewable diesel from constraints or shipping challenges. operations of $18.4mn, or $1.18 per share,
Global Clean Energy’s patented varieties “Since March, our operations staff for the second quarter of 2019, on revenue of
of camelina, a fallow land crop that does have continued working with Crowley’s $367.4mn.
not displace food crops, and other non- ship management teams to maintain safe The company reported $9.1mn in
petroleum feedstocks. Following scheduled bunkering of their ships, MV Taíno and severance and other related costs, and $8.6mn
production start-up in 2022, ExxonMobil MV El Coquí, while adhering to public of merger-related transaction costs. The
plans to distribute the renewable diesel within health guidelines. This is a testament to the resulting adjusted net loss from continuing
California and potentially to other domestic operating procedures we developed together operations for the second quarter of 2020 was
and international markets. in the spirit of partnership to keep cargo $45.3mn, or $3.06 per share.
“Our agreement with Global Clean Energy moving,” reports Sean Lalani, president of David Dunlap, president and CEO,
builds on ExxonMobil’s longstanding efforts Eagle LNG. With multiple layers of safety commented: “We expected a significant
to develop and offer products that help and environmental precautions in place, we reduction in oil field activity resulting from
meet society’s energy needs while reducing have safely surpassed 100 bunkering events. the COVID-19 related economic slow-down
environmental impacts,” said Bryan Milton, Eagle LNG is proud of the safety practices during the second quarter, and our sequential
president of ExxonMobil Fuels and Lubricants jointly created with the U.S. Coast Guard revenue decline of 43% was in line with those
Company. “Chemically similar to petroleum- Sector Jacksonville, the Jacksonville Fire and expectations.
based diesel, renewable diesel can be readily Rescue Department, Crowley and JAXPORT “As we manage these troubling and
blended for use in engines on the market – practices that are now a standard for others uncertain times, we have prioritised our
today.” in the LNG industry. LNG has been shown balance sheet and cost structure. Measures
“Our relationship with ExxonMobil to be both safe and reliable, in addition taken during the quarter include lower levels
is a perfect fit for Global Clean Energy to being the best fuel solution to deliver of spending, structural cost reductions, and
and the Bakersfield biorefinery because it environmental performance and cost savings. disciplined operations, resulting in a 10%
leverages ExxonMobil’s scale and unrivalled We look forward to serving the maritime sequential increase of our cash balance,
market perspective to unlock value for industry throughout the country with clean which grew to $278mn. Our cash balance at
both companies,” said Richard Palmer, burning, low-cost, U.S. LNG and bringing quarter-end does not reflect a tax refund of
CEO of Global Clean Energy Holdings. “By these remarkable benefits to countries in the approximately $30mn, which was received in
combining upstream feedstock supply and Caribbean basin.” July.
downstream production, we are moving Eagle LNG Talleyrand, which provides safe “Despite an uncertain forward outlook,
toward the fully integrated production model and reliable on-site storage for over 500,000 we are observing signals that oil field activity,
pioneered by ExxonMobil.” gallons of LNG, has successfully delivered over particularly completion related operations,
In addition to camelina, various non- 30 million gallons or almost 50,000 metric will increase during the second half of the year
petroleum feedstocks, including used cooking tons over the last 100 bunkering activities to as broader economic activity improves. We
oil, soybean oil, distillers’ corn oil and other these first-in-class ships. The facility is the expect the impact of the COVID-19 pandemic
renewable sources will be refined to produce first of its kind in North America to provide to persist well into the future, and we will
the renewable diesel. shoreside storage and bunkering equipment continue to be agile in our approach as the
Based on analysis of California Air to deliver the cleaner energy source for the landscape evolves.”
Resources Board (CARB) data, renewable Commitment Class, combination container/ SUPERIOR ENERGY SERVICES, August 10,
diesel from various non-petroleum feedstocks roll-on roll-off (ConRo) ships, which provide 2020
can provide life-cycle greenhouse gas ocean transportation of dry, refrigerated and
emissions reductions of approximately 40% to vehicle cargoes under the Jones Act.
80% compared to petroleum-based diesel. EAGLE LNG PARTNERS, August 10, 2020
EXXONMOBIL, August 11, 2020

Week 32 13•August•2020 www. NEWSBASE .com P19