Page 18 - NorthAmOil Week 30

NorthAmOil NEWS IN BRIEF NorthAmOil

second quarter of 2019. Adjusted net loss for
the second quarter of 2020 was $22.3mn, or
$0.10 adjusted loss per share. Earnings before
interest, taxes, depreciation and amortisation
(EBITDA) for the second quarter of 2020 was
negative $19.4mn, compared to EBITDA of
$51.2mn in the same period of the prior year.
Adjusted EBITDA for the second quarter of
2020 was negative $17.8mn.3
For the six months ended June 30, 2020,
revenues decreased to $333.1mn compared to
$693.2mn last year. Net loss for the six-month
period was $185.5mn, or $0.87 loss per share,
compared to net income of $5.4mn, or $0.02
diluted earnings per share in the same period
last year.
RPC, July 29, 2020
The CER is today releasing full details of ended June 30, 2020. Adjusted net loss was
the CAD40,000 Administrative Monetary $14.2mn, or $(0.14) per share, reflecting the National Oilwell Varco
Penalty (AMP) AMP-001-2020 issued to impact of $9.6mn of pre-tax adjustments
Trans-Northern Pipelines Inc. (TNPI) for associated with restructuring expenses and reports second-quarter
non-compliance with subsection 29(1)(c) foreign exchange losses recognised during
of the Canada Energy Regulator Onshore the quarter and $3.3mn of other discrete tax 2020 results
Pipeline Regulations (OPR). The complete adjustments.
Notice of Violation (NOV), issued on June 25, During the prior quarter ended March National Oilwell Varco today reported second
2020, is now publicly available following the 31, 2020, Oceaneering reported a net loss of quarter 2020 revenues of $1.50bn, a decrease
30-day appeal period. $368mn, or $(3.71) per share, on revenue of 21% compared to the first quarter of 2020
In August 2018, the company was doing of $537mn. Adjusted net income was and a decrease of 30% compared to the second
work on a 17-metre long section of pipeline $3.5mn, or $0.04 per share, reflecting the quarter of 2019. Net loss for the second
as part of regular O&M activities on its 10- impact of $393mn of pre-tax adjustments, quarter of 2020 was $93mn, or -6.2% of sales,
inch Oakville to Clarkson Loop pipeline. A primarily $379mn associated with goodwill which included non-cash, pre-tax charges of
contractor, under the supervision of TNPI, impairments, asset impairments and write- $102mn. Adjusted EBITDA (operating profit
was operating a backhoe when it struck an offs recognised during the quarter. excluding depreciation, amortisation, and
adjacent TNPI-owned 16-inch pipeline. The OCEANEERING INTERNATIONAL, July 29, 2020 other items) decreased $94mn sequentially to
contractor had not properly located and $84mn, or 5.6% of sales.
exposed the 16-inch pipeline before starting RPC reports second-quarter “The oil and gas industry is bearing the
the excavation work, as required by TNPI’s full brunt of the economic damage wrought
maintenance safety manual. At the time of 2020 financial results by the COVID-19 pandemic that has driven
contact, the 16-inch pipeline was active and drilling activity to record lows,” commented
carrying gasoline. The 16-inch pipeline was RPC today announced its unaudited results Clay Williams, Chairman, President, and
damaged and required repair, but there were for the second quarter ended June 30, 2020. CEO. “Against this backdrop, NOV is
no injuries and no loss of product. RPC provides a broad range of specialized continuing to aggressively reduce its cost
Following the incident, TNPI took a oilfield services and equipment primarily to structure and boost cash flow through more
number of steps to improve safety, including independent and major oilfield companies efficient operations and better working capital
updating procedures, revising its training, engaged in the exploration, production management.”
issuing safety bulletins, and hosting internal and development of oil and gas properties “We are determined to re-size the
safety seminars. throughout the United States and in selected organisation to fit lower levels of demand and
THE CANADA ENERGY REGULATOR, July 28, international markets. continue to make good progress executing
2020 For the quarter ended June 30, 2020, the numerous initiatives required to meet
revenues were $89.3mn, a decrease of 75.1% our objective. During the second quarter,
compared with $358.5mn in the second we exceeded our cost reduction targets
SERVICES quarter of 2019. Revenues decreased due to and generated $378mn in cash flow from
lower activity levels and pricing compared operations, further solidifying our balance
Oceaneering reports to the second quarter of the prior year. sheet and positioning us well to capitalise on
future opportunities.”
Operating loss for the second quarter of 2020
second-quarter 2020 was $37.5mn compared to operating profit and oilfield service companies continue to
“To the extent oil and gas companies
of $8.4mn in the same period of the prior
results year. Adjusted operating loss for the second work, we find them gravitating to NOV as
their supplier of choice. They know they can
quarter of 2020 was $35.9mn. Net loss for
Oceaneering International today reported the second quarter of 2020 was $25.1mn, or depend on us for superior quality, technology,
a net loss of $24.8mn, or $(0.25) per share, $0.12 loss per share, compared to net income value, and to be there to support their efforts
on revenue of $427mn for the three months of $6.2mn, or $0.03 earnings per share, in the for the long-term. With our market-leading

P18 www. NEWSBASE .com Week 30 30•July•2020