Page 12 - NorthAmOil Week 21 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM efficiency. Third, preserve the balance sheet, MIDSTREAM
which led the industry before the pandemic
Chevron updates and continues to do so today. Finally, when Berkshire Hathaway Energy
the first three priorities are met, Chevron has
stockholders at annual a track record of repurchasing shares, as it has Compression Services’
done in 13 of the last 17 years.
meeting good times and in tough ones,” Wirth said. CleanMachine™ achieves
“We’re a company you can count on in

Chevron Corporation today provided an CHEVRON, May 26, 2021 Project Canary’s first-ever
overview of the company’s business priorities
and outlook at its annual stockholders BHP divests ownership TrustWell™ certification for
meeting, held virtually to provide convenient
access for all stockholders and eliminate interest in Neptune midstream equipment
public health concerns around the COVID-19
pandemic, as well as the significant costs BHP today announced that it has completed BHE Compression Services and Project
associated with holding an in-person meeting. a transaction with EnVen Energy Ventures, Canary are pleased to announce the
For the past year, Chevron’s portfolio LLC (EnVen) to transfer its 35% ownership CleanMachine™ compressor package has
showed resilience, adjusting to extreme interest and operatorship of the Neptune field received the first-ever equipment-specific
market conditions to balance short-term in the deepwater Gulf of Mexico. Neptune is TrustWell™ Responsibly Sourced Gas
cashflow with preserving long-term value. structured as a joint venture and is operated certification for midstream equipment. The
“Chevron has navigated through the by BHP (35%) with co-owners EnVen Energy TrustWell™ certification has long been the
challenges of the last year better than most in Ventures (30%), W&T Energy VI (20%) and recognized standard for operational excellence
our industry,” said Michael Wirth, Chevron’s 31 Offshore (15%). and environmental stewardship in upstream
chairman and CEO. “We’re optimistic about BHP President Petroleum Operations, oil and gas operations.
the future as we work to deliver higher returns Geraldine Slattery said: “As a reputable “We are excited that BHE Compression
and lower carbon.” operator with deepwater experience in the Services has received this certification,”
Chevron is taking action to reduce the Gulf of Mexico, EnVen is ideally-placed said Will Foiles, chief operating officer
carbon intensity of its operations and assets, to take operatorship of Neptune and we’re of Project Canary. “The company has
increase the use of renewables and offsets in committed to a safe and smooth transition of clearly demonstrated its commitment
support of its business, and invest in low- operations. to environmental stewardship as supply
carbon technologies to enable commercial We’re proud of the safety performance, chains across all industries work to reduce
solutions. high uptime and operational excellence we’ve emissions.”
Wirth told stockholders about three core achieved over the last ten years as operator of BHE Compression Services’
elements of Chevron’s business strategy: Neptune. CleanMachine™ design now includes Project
consistency, preparation and adaptability. This divestment enables BHP to further Canary’s continuous monitoring sensors
“Consistent values, because the world reshape our portfolio in line with our long- and technology, enabling CleanMachine™
changes, but our foundation doesn’t. Staying term strategy. The Gulf of Mexico remains a to provide real-time data on raw methane
prepared, because our business has cycles, and heartland for BHP and we continue to look emissions. These types of groundbreaking
adaptive, because we live in a dynamic world.” for opportunities to grow and further develop advancements reinforce BHE Compression
Chevron’s financial priorities remain our business in the region.” Services as an industry leader and position the
consistent. First, protect the dividend, which BHP will continue to operate Neptune company as much more than a conventional
is on track for the 34th consecutive year with under contract as part of the transition contract compression provider.
an increase in annual dividend payout per agreement until transfer of both operatorship “BHE Compression Services is excited
share. Second, invest at a lower reinvestment and ownership are approved by the regulator. to find a like-minded and action-oriented
rate because of vastly improved capital BHP, May 22, 2021 partner in Project Canary and TrustWell™,”
said Michael Robbins, president and CEO of
BHE Compression Services. “Service quality
and new equipment are no longer the only
key differentiators in the compression services
business. We are leading the way in setting
the new expectation for compression services
using technology to eliminate and capture raw
methane emissions.”
Peter Strezo, vice president technology and
environmental at BHE Compression Services,
added: “With full transparency on real-time
performance via Project Canary’s continuous
monitoring solution, as well as a third-party
verification and certification process through
TrustWell™, we are well-positioned to deliver
results. BHE Compression Services is raising
the bar for what customers expect from their

P12 www. NEWSBASE .com Week 21 27•May•2021