Page 10 - NorthAmOil Week 17 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

POLICY our offshore resources in a sustainable and during the first quarter, including attaining
responsible way to ensure the protection investment grade credit ratings, paying
Moratorium extended on of our environment and our economy. The down all of our 2022 senior note maturities,
Georges Bank moratorium is an example of
repurchasing a significant amount of shares
oil and gas activities in that commitment in action. under our buyback authorisation and
returning cash to our shareholders through
NATURAL RESOURCES CANADA, April 27, 2022
Georges Bank our recently instated base dividend. Given the
positive fundamental backdrop for natural
Healthy oceans and waterways ensure UPSTREAM gas prices, we are raising the mid-point of our
prosperous local economies for communities 2022 free cash flow outlook by approximately
from coast to coast to coast. The Government Yangarra announces 2022 50% to $2.35bn.”
of Canada is focused on protecting diverse Rice continued: “We also unveiled our
ecosystems and the good jobs that rely on first-quarter financial and Unleash US LNG plan, which has been met
them. with resoundingly positive feedback from our
Today, the Honourable Jonathan operating results stakeholders. Growing US LNG exports is
Wilkinson, Minister of Natural Resources, the largest green initiative on the planet, with
and the Honourable Tory Rushton, Nova Yangarra Resources announces its financial the ability to lower emissions at a rate equal
Scotia’s Minister of Natural Resources and and operating results for the three months to the combined impact of every domestic
Renewables, announced that they have ended March 31, 2022. mainstream green solution while providing
decided to extend the statutory moratorium During the first quarter of 2022, Yangarra energy security to the world. EQT is uniquely
on oil and gas activities in the Canadian generated funds flow from operations of positioned to play a key role in meeting global
portion of Georges Bank to December 31, $39.8mn ($0.46 per basic share), while energy demand growth as the largest natural
2032. generating net income of $22.7mn ($0.26 per gas producer in the US with an investment
Georges Bank, a large ocean bank at the basic share). By maintaining a disciplined grade balance sheet, multi-decade inventory
edge of the Atlantic continental shelf between capital program and only spending $21.3mn, and a leading emissions profile. We have
Cape Cod and Nova Scotia, provides habitat the company was able to reduce adjusted net made additional progress on our ESG strategy
for a wide range of fish, marine mammals and debt by $18.3mn. The company generated this year and feel confident in our ability to
corals. As one of the world’s most productive $20.20/boe of free funds flow. Yangarra achieve our emissions reduction goals by or
fishing grounds, Georges Bank also supports expects to maintain its previously guided before 2025. We will continue to demonstrate
thousands of jobs and vital commercial capital budget for the remainder of the year stewardship in delivering a sustainable energy
fisheries. and at prevailing commodity prices, adjusted source that meets the world’s growing energy
The Canada-Nova Scotia Offshore net debt should continue to improve on a demands with affordable, reliable and clean
Petroleum Resources Accord Implementation quarterly basis. natural gas.”
Act and its mirror provincial legislation YANGARRA RESOURCES, April 27, 2022 EQT, April 27, 2022
(collectively referred to as the Accord Acts)
provides both federal and provincial ministers EQT reports first-quarter
with authorities to prohibit oil and gas MIDSTREAM
activities in this sensitive area. The Accord 2022 results
Acts also provides for the possibility of further Permian Highway Pipeline
extensions up to a period of 10 years each EQT today announced financial and
through subsequent ministerial notices. operational results for the first quarter 2022. announces binding open
The governments of Canada and Nova President and CEO Toby Rice stated:
Scotia remain committed to developing “We achieved several significant milestones season for expansion

project

Permian Highway Pipeline (PHP) today
announced a binding open season to solicit
commitments for an expansion project on its
system. Upon achieving a final investment
decision (FID), the project will increase PHP’s
capacity by nearly 650mn cubic feet per
day (mmcf per day). A foundation shipper
has already executed long-term binding
transportation agreements for half of this
expansion capacity.
The project will involve primarily
compression expansions on PHP to increase
natural gas deliveries from the Waha area to
multiple mainline connections, Katy, Texas
and various US Gulf Coast markets. Pending
additional customer commitments, the target

P10 www. NEWSBASE .com Week 17 28•April•2022