Page 14 - NorthAmOil Week 06 2023

NorthAmOil NEWS IN BRIEF NorthAmOil

to the prior year first quarter. There is still compared to the prior year. of Upstream since 2017. He led Suncor’s oil
a significant amount of the heating season SUBURBAN PROPANE PARTNERS, February 03, sands, in situ, and exploration and production
ahead and, while the second quarter has 2023 assets. Since joining Suncor in 1996, Mike
started out unseasonably warm, our operating held a variety of leadership roles, including
personnel are well prepared to manage vice president of upgrading, vice president
the things they can control and to deliver ENERGY TRANSITION of strategy and development, and senior vice
exceptional service to our customers.” president of in situ. He more recently served
Stivala continued, “In addition to the Whitecap Resources Inc. as Executive Vice President of Major Projects
strong earnings, subsequent to the end of where he was accountable for the safe and
the first quarter, we closed on the acquisition closes dispositions cost-effective engineering, procurement, and
of two operating renewable natural gas construction activities for Suncor’s growth
production facilities from Equilibrium Whitecap Resources Inc. is pleased to projects in the upstream, downstream, and
Capital Group a leading sustainability-driven announce that it has closed all three renewable energy portfolios. Prior to joining
asset management firm, for $190.0mn. We previously announced dispositions of Suncor, he worked at Betz Process Chemicals
also established a strategic partnership with certain non-strategic assets for aggregate Inc. and Shell Canada Inc.
Equilibrium to identify, develop and operate consideration of CAD419mn, including Crystal Young, President & CEO of MMG,
additional RNG production facilities over the CAD394mn of cash, prior to closing spoke about the announcement: “MMG’s
next three years. These strategic investments adjustments, and producing assets that growth has been exponential. Our objective
provide immediate and meaningful scale to consolidate the working interest in one of our is to be the top provider for multiple oil sands
Suburban’s existing portfolio of renewable core assets. services and support. Mike’s expertise and
energy investments and assets, as well as Proceeds from the dispositions have been connections in the industry will play a vital
a platform for accelerated growth in the used to reduce net debt to CAD1.5bn which role as we implement this strategy.”
renewable fuels sector.” accelerates achieving our net debt target of MCKAY MÉTIS GROUP, February 07, 2023
Retail propane gallons sold in the first CAD1.3bn to mid-2023, based on current
quarter of fiscal 2023 of 108.8mn gallons strip prices. Our plan is to return 75% of EOG Resources appoints
increased 3.3% compared to the prior free funds flow to our shareholders, which
year, primarily due to cooler weather and includes our targeted $0.73 per share annual Lynn A. Dugle to board of
favourable customer base trends. Average base dividend, once this $1.3bn net debt
temperatures (as measured by heating degree milestone is achieved. The remaining 25% directors
days) across all of the Partnership’s service of free funds flow will be used to continue to
territories during the first quarter were 3% reduce debt and strengthen our balance sheet. EOG Resources, Inc. today announced the
warmer than normal and 13% cooler than the We have successfully monetised these appointment of Lynn A. Dugle to its board
prior year first quarter, with the majority of non-strategic assets at strong disposition of directors, effective March 1, 2023. Dugle
the heating degree days coming in the latter metrics and look forward to demonstrating served as chief executive officer of Engility
half of December 2022. strong operational performance on our core Holdings, a publicly traded engineering and
Average propane prices (basis Mont assets in 2023. We expect to grow 2023 annual technology consulting company, from 2016
Belvieu, Texas) for the first quarter of fiscal production to 160,000-162,000 boepd from until the sale of the company in 2019. Dugle
2023 decreased 35.9% compared to the our 2022 annual production of 144,000 boepd previously served more than a decade in
prior year first quarter. Total gross margin (13% production per share growth1) on senior management positions at Raytheon
of $214.8mn in the fiscal 2023 first quarter capital expenditures of CAD900-950mn. Company, including Vice President,
increased $35.7mn, or 20.0%, compared to the WHITECAP RESOURCES, February 6, 2023 Engineering, Technology and Quality, and
prior year first quarter. Gross margin for the President of Intelligence, Information and
first quarter of fiscal 2023 included a $13.7mn Services. Before joining Raytheon in 2004,
unrealised loss attributable to the mark-to- MOVES Dugle held international and officer-level
market adjustment for derivative instruments positions with ADC Telecommunications.
used in risk management activities, compared Oil sands veteran Mike Dugle began her career at Texas Instruments.
to a $33.5mn unrealized loss in the prior year “We are excited to add someone with
first quarter. These non-cash adjustments, Macsween to join board of Lynn’s leadership experience across multiple
which were reported in cost of products information technology disciplines to
sold, were excluded from Adjusted EBITDA McKay Métis Group EOG’s Board of Directors,” said Ezra
for both periods. Excluding the impact Y. Yacob, chairman and chief executive
of the mark-to-market adjustments, total The McKay Métis Group (MMG) is pleased officer. “Lynn’s extensive background across
gross margin increased $15.9mn, or 7.5%, to announce the appointment of Mike several technology markets, including
compared to the prior year first quarter, Macsween to its board of directors. This telecommunications, intelligence, and
primarily due to higher volumes sold and appointment signals the next phase of MMG’s cybersecurity, will be a valuable asset and
higher unit margins. Excluding the impact of growth strategy. a great fit for EOG’s unique position as a
the unrealized mark-to-market adjustments, Mike MacSween retired from Suncor technology leader in the oil and gas sector.”
propane unit margins for the first quarter of Energy in 2022. Previously, he held the EOG RESOURCES, February 08, 2023
fiscal 2023 increased $0.06, or 3.2%, per gallon position of Suncor’s Executive Vice President

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