Page 12 - NorthAmOil Week 32

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NEWS IN BRIEF
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history. ese modules are key components used in the construction of LNG facilities, and relief is being provided because modules of the size and complexity required for these projects are not available in Canada.
DEPT OF FINANCE CANADA, August 9, 2019
Statement from LNG Canada
on announcement from the
Government of Canada
LNG Canada welcomes Finance Minister
Bill Morneau’s announcement that the Government is providing relief from duties on fabricated steel contained in large complex LNG modules required for construction of our LNG export facility in Kitimat, British Columbia, in the traditional territory of the Haisla Nation.
Canada has the opportunity to produce the cleanest LNG in the world, which in turn o ers importing countries a competitive option to displace coal- red facilities that are large contributors to global warming
and poor air quality. e opportunity is only realized if projects like ours are able to access capacity and expertise that under certain circumstances, can only be provided by suppliers in other parts of the world.
Being able to deliver a competitive project will bring 10,000 jobs during construction and related economic bene ts to First Nations, local communities, B.C. and to all Canadians. LNG Canada will also be a major contributor to the provincial and national economies and a major contributor to provincial and federal tax revenues over the project’s lifetime.
LNG Canada is committed to hiring locally, within B.C. and Canada, and ensuring Canadian companies and skilled Canadian tradespeople have the opportunity to work on and bene t from the Project.
LNG CANADA, August 9, 2019
SERVICES
Nine Energy Service
announces second-quarter
2019 results
Nine Energy Service reported second quarter 2019 revenues of $237.5mn, net income of $6.1mn and adjusted EBITDA of $38.0mn. Second quarter basic earnings per share
was $0.21. Second quarter 2019 adjusted
net incomeD was $8.8mn, or $0.30 adjusted basic earnings per share. e company reported second quarter 2019 adjusted EBITDA of $38.0mn and a second quarter adjusted EBITDA margin of approximately 16%. During the second quarter of 2019, the company generated ROIC of 7%. During the second quarter of 2019, the Company reported net cash provided by operating activities of $11.5mn compared to $5.9mn during the rst quarter, an increase of approximately 95%.
e company had provided original second quarter 2019 revenue guidance between $230.0 and $240.0mn and adjusted EBITDA guidance between $38.0 and $42.0mn,
with actual results for both falling within management’s original guidance range.
“ e rst quarter was in-line with what we anticipated, with both revenue and adjusted EBITDA falling within the range of Management’s original guidance,” said Ann Fox, President and Chief Executive O cer, Nine Energy Service. “Despite a challenging environment, we were able to increase cash ow from operations by approximately
95% and anticipate this trend continuing throughout the rest of the year. Since June 30, 2019, our cash balance has increased signi cantly to approximately $59.0mn as of August 9, 2019, and our revolving credit facility is undrawn.”
NINE ENERGY SERVICE, August 12, 2019
Black Bay Energy Capital announces partnership with Total Operations and Production Services
Black Bay Energy Capital, a private equity rm focused on the oil eld service and equipment sector, is pleased to announce its partnership with and investment in Total Operations and Production Services (TOPS), a leading provider of compression products and services specialising in gas li applications in the Permian Basin.
TOPS is headquartered in Midland, Texas and is led by LD Green, founder and president of TOPS, and Brian Green, Vice President of TOPS. e Company has established itself as a leading innovator in electric compression and is experiencing rapid growth due to strong demand for its electric driven gas li compression systems.
In the Permian Basin, gas li systems continue to gain market share as the preferred form of arti cial li . In addition, with the continuing electri cation of the oil eld, the use of electric compression is experiencing high growth due to improved reliability, functionality and environmental impact. TOPS’ electric compressor system design minimises production downtime, lowers operating cost and reduces emissions for oil and gas operators through its proprietary con guration and real-time automation & controls.
BLACK BAY ENERGY CAPITAL, August 14, 2019
MOVES
Intercontinental Exchange
and Magellan Midstream
Partners announce launch
of dock capacity auction at
multiple marine facilities in
Houston for the ICE Permian
WTI Futures contract
Intercontinental Exchange, a leading operator of global exchanges and clearing houses and provider of data and listings services, and Magellan Midstream Partners announced
the addition of dock capacity auctions for
ICE Permian WTI crude oil futures contracts (HOU) at Magellan’s terminals in Galena Park and Seabrook.
is new monthly auction process will allow customers who purchase an ICE Permian WTI crude futures contract, deliverable at Magellan’s East Houston terminal (MEH), the optionality to load that product directly onto a vessel at Galena Park and Seabrook dock facilities.
Magellan plans to auction dock capacity rights to the Seabrook and Galena Park terminals through ICE’s WebICE platform. e initial auction is scheduled to be held on September 10, 2019 for physical delivery in November. Capacity o ered will be adequate to ll Panamax and Aframax size vessels, with Suezmax size vessels being added in the future.
INTERCONTINENTAL EXCHANGE AND MAGELLAN MIDSTREAM PARTNERS, August 14, 2019
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Week 32 15•August•2019