Page 10 - NorthAmOil Week 45 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

POLICY commitments made at COP26 in Glasgow, since the company’s formation in 2012, in
the importance of countries implementing large part from our uniquely integrated and
Canada and the United concrete actions to reach their climate goals, diversified assets in Midstream, Chemicals,
Refining and Marketing.”
and limiting global warming to 1.5 degrees
States to take further Celsius. return an additional $10bn to $12bn to
Lashier said that the company plans to
Cutting oil and gas methane emissions
actions to address is one of the fastest and most cost-effective shareholders between mid-year 2022 and
ways to combat climate change. Methane is a
the end of 2024 through a combination
emissions from North potent, but relatively short-lived, greenhouse of dividends and share repurchases. The
gas, and is eighty-six times more harmful than
company’s Board of Directors approved
American oil and gas sector carbon dioxide over a twenty-year period. a $5bn increase to its authorization to
repurchase its common stock, which brings
Now that profit margins are robust and energy
Today at the United Nations Climate Change prices are high, the time is right to invest to the total amount of share repurchases
Conference (COP27), the Honourable Steven reduce emissions in the oil and gas sector. authorised by the board since 2012 to an
Guilbeault, Minister of Environment and Making investments now will position the aggregate of $20bn.
Climate Change, and John Kerry, Special North American oil and gas industry among Phillips 66 is enhancing Refining
Presidential Envoy for Climate, together the cleanest in the world and enable it to performance by taking necessary actions to
welcomed continued close collaboration compete in an increasingly decarbonising increase reliability, improve market capture
between Canada and the United States to industry. and reduce costs.
further reduce methane emissions from their ENVIRONMENT AND CLIMATE CHANGE Phillips 66 plans to increase adjusted
respective oil and gas operations. CANADA, November 10, 2022 EBITDA by $3bn over the next three years.
Both countries agree that significant The company expects to achieve this growth
opportunities exist to eliminate routine through its proposed 87% interest in DCP
venting and flaring, enhance leak detection DOWNSTREAM Midstream, execution of Rodeo Renewed
and repair, and address problems such as and other projects, as well as sustainable cost
blow-downs and other potentially large Phillips 66 outlines plans reductions from its Business Transformation.
releases. These actions will enable the company to
This builds on existing work on both sides to increase shareholder increase distributions to shareholders, Lashier
of the border. In Canada, earlier this year, said, adding that the company is committed
Minister Guilbeault committed to working distributions to disciplined growth and financial flexibility
with the Canadian oil and gas industry to to drive returns and reward shareholders, now
identify pathways to achieving net-zero Phillips 66 will provide a plan to deliver and in the future.
emissions by 2050 and reaffirmed Canada’s higher shareholder distributions and increase PHILLIPS 66, November 09, 2022
commitment to reduce methane emissions by shareholder value at its investor day meeting
at least seventy-five percent by 2030. Today, in New York today.
Environment and Climate Change Canada “We are announcing a number of priorities SERVICES
published a proposed framework outlining designed to reward shareholders,” said Mark
the main elements of the new regulations. The Lashier, president and CEO of Phillips 66. Dawson Geophysical
draft regulations will be published early next “Thanks to our clear vision, core values
year. and dedicated employees, we’ve enjoyed reports third-quarter 2022
During their meeting on the sidelines tremendous success since our inception 10
of COP27, Minister Guilbeault and Special years ago. We will continue our track record results
Envoy Kerry took note of the pivotal of strong returns and growing distributions in
moment in time with respect to climate. Both a competitive and sustainable way. We have Dawson Geophysical today reported
underscored the need to avoid backsliding on returned more than $30bn to shareholders unaudited financial results for its third quarter
ended September 30, 2022.
For the quarter ended September 30, 2022,
the company reported revenues of $3,538,000,
an increase of approximately 85% compared
to $1,914,000 for the comparable quarter
ended September 30, 2021. For the third
quarter of 2022, the company reported a net
loss of $7,603,000 or $0.32 loss per common
share compared to a net loss of $7,865,000
or $0.33 loss per common share for the third
quarter of 2021. The company reported
negative EBITDA of $5,332,000 for the
quarter ended September 30, 2022 compared
to negative EBITDA of $4,662,000 for the
quarter ended September 30, 2021.
For the nine months ended September
30, 2022, the company reported revenues of

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