Page 12 - NorthAmOil Week 18 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

POLICY reduction targets by adopting greener by Osum shareholders represented at the
technologies and maintaining jobs in the meeting (holding 89.8% of all issued and
Canada and PRNL announce sector. outstanding Osum Shares) voting in favour
Along with the CAD53 billion invested in
of the amalgamation. The amalgamation
project recipients of ERF a green recovery through the Fall Economic received “minority approval” in accordance
Statement, Canada’s Strengthened Climate
with Multilateral Instrument 61-101. The
offshore RD&D funding Plan and Budget 2021, the Emissions amalgamation was completed following the
Reduction Fund will help Canada reach
meeting. The amalgamated entity is now
The Government of Canada is driving its target of lowering emissions by 40-45% wholly-owned by WEF and will continue on
innovation in the Newfoundland and below 2005 levels by 2030, and reach net- business under the name “Osum Oil Sands
Labrador offshore oil and gas industry to zero emissions by 2050. Supporting research, Corp.”.
accelerate emissions reduction and achieve development and demonstration activities Pursuant to the terms of the amalgamation
net-zero emissions by 2050. will lower emissions in Canada’s offshore and agreement between Osum and WOAC
Today, the Minister of Natural Resources, advance future clean technology in the sector. dated April 6, 2021, each holder of common
the Honourable Seamus O’Regan Jr., with NATURAL RESOURCES CANADA, May 05, 2021 shares of Osum (other than WOAC, WEF
Dave Finn, CEO of Petroleum Research and any dissenting Osum shareholders) has
Newfoundland and Labrador (PRNL), received one Series A preferred share of the
announced project recipients of the Emissions UPSTREAM amalgamated entity for each Osum share.
Reduction Fund’s Offshore Research, Immediately following the effective time of
Development and Demonstration (RD&D) Waterous Energy Fund the amalgamation, the redeemable preferred
programme. shares were redeemed by the amalgamated
Sixteen offshore RD&D projects will announces the completion entity for $3.00 in cash per redeemable
receive a total of CAD24.4 million to innovate preferred share. The redemption consideration
emissions reduction technology in the of the final step of its is the same as the consideration that was
Newfoundland and Labrador offshore oil and offered and paid to Osum shareholders under
gas industry. Funded by Natural Resources acquisition of Osum Oil the take-over bid for up to 57,000,000 Osum
Canada and managed by PRNL, the projects shares, which was completed on March 15,
include companies that facilitate research, Sands 2021.
technology development and innovation WATEROUS ENERGY FUND AND OSUM OIL
for Canada’s offshore. They explore ways to Waterous Energy Fund (WEF) and Osum SANDS CORP., April 30, 2021
decarbonise offshore operations, including Oil Sands Corp. are pleased to announce
drilling, production and transportation. that a special meeting of shareholders of
This funding is part of the CAD750- Osum was held earlier today to approve the DOWNSTREAM
million Emissions Reduction Fund, which amalgamation of Osum and WEF Osum
was launched by the Government of Canada Acquisition Corp. (WOAC), an entity Marathon Petroleum reports
to help the oil and gas industry overcome the wholly-owned by WEF. Osum shareholders
economic impacts of COVID-19. Through overwhelmingly voted to approve the first-quarter 2021 results
the fund, companies can meet their emissions Amalgamation, with 97.7% of votes cast
Marathon Petroleum today reported a net loss
of $242 million, or $(0.37) per diluted share,
for the first quarter of 2021, compared with a
net loss of $9.2 billion, or $(14.25) per diluted
share, for the first quarter of 2020.
Adjusted net loss was $132 million, or
$(0.20) per diluted share, for the first quarter
of 2021, compared with an adjusted net loss of
$106 million, or $(0.16) per diluted share, for
the first quarter of 2020. First-quarter 2021
and first-quarter 2020 results include pre-tax
charges of $70 million and $12.4 billion,
respectively, as shown in the accompanying
release tables.
“During the first quarter, our industry
continued to struggle with effects of the
pandemic,” said Michael J. Hennigan,
president and chief executive officer. “With
the COVID-19 vaccination roll-out, we are
beginning to see increases in global mobility
and demand for transportation fuels. For
the first time since the pandemic began our
Refining and Marketing business generated
positive adjusted EBITDA.

P12 www. NEWSBASE .com Week 18 06•May•2021