Page 16 - NorthAmOil Week 44 2020

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM period a year ago. Third quarter results were the third quarter of 2020, compared with net
negatively impacted by non-cash charges income of $1.1bn, or $1.66 per diluted share,
ARC Resources reports related to the impairment of oil and gas for the third quarter of 2019.
Third-quarter 2020 results include net
properties. Third quarter adjusted net income
third-quarter 2020 financial (non-GAAP) was $52.4mn, or $0.51 per share, pre-tax charges of $525mn as shown in the
accompanying release tables. Adjusted net
compared to third quarter 2019 adjusted net
and operational results and income (non-GAAP) of $96.0mn, or $0.94 loss was $649mn, or $(1.00) per diluted share,
for the third quarter of 2020, compared with
per share. Net cash provided by operating
announces 2021 capital activities was $259.2mn in the third quarter adjusted net income of $1.1bn, or $1.63 per
diluted share, for the third quarter of 2019.
of 2020 compared to $320.1mn in the same
budget of CAD375-425mn period a year ago. Adjusted cash flow from continued through the third quarter,” said
“The challenges created by COVID
operations (non-GAAP) was $236.7mn in the
ARC Resources today reported its third third quarter of 2020 compared to $360.7mn president and chief executive officer Michael
quarter 2020 financial and operational results in the third quarter a year ago1. J. Hennigan. “Despite some recovery, global
and announced its 2021 capital budget that Oil production averaged 71.6 thousand demand for our products and services
will range from CAD375-425mn. ARC’s barrels (mbbls) per day. Total company remains significantly below historical levels,
unaudited condensed interim consolidated production volumes for the quarter averaged which continues to pressure profitability for
financial statements and notes and ARC’s 249.4 thousand barrels of oil equivalent both our company and the industry.
management’s discussion and analysis as at (mboe) per day. “As we navigate these challenges, we
and for the three and nine months ended Realised oil prices averaged $37.94 per remain focused on the aspects of our business
September 30, 2020, are available on ARC’s barrel, up 94% from $19.57 in the previous within our control. First, we strengthened
website. quarter but down 28% from the $52.71 per the competitive position of our assets by
ARC delivered average daily production barrel received in the third quarter of 2019. advancing our investments in renewables.
of 158,444 barrels of oil equivalent (boe) per Realized natural gas prices averaged $1.14 Our Dickinson renewable fuels facility is
day to generate funds from operations of per thousand cubic feet (mcf), up 25% starting up. With respect to the conversion
CAD144.6mn (CAD0.41 per share) during sequentially from $0.91 per Mcf and up 30% of our Martinez refinery into a renewable
the three months ended September 30, from the third quarter 2019 average of $0.88 diesel facility, we filed for permits, progressed
2020. With funds from operations generated per Mcf. NGL prices averaged $10.89 per feedstock supplier discussions, and began
during the period, ARC declared dividends of barrel, up 45% from $7.52 per barrel in the detailed engineering activities. Second, we
CAD21.2mn (CAD0.06 per share), invested second quarter of 2020 and up one% from the continued working toward a first-quarter
CAD52.6mn in development activities, and $10.80 barrel received in the third quarter of 2021 closing for the Speedway sale and
strengthened its financial position by reducing 2019. remain committed to using the proceeds
net debt by CAD93.3mn or 10%. CIMAREX ENERGY, November 04, 2020 to strengthen our balance sheet and return
ARC RESOURCES, November 05, 2020 capital to shareholders. And third, we took
incremental steps to reduce our cost structure,
Cimarex reports third- DOWNSTREAM including the implementation of a workforce
reduction plan. The difficult decision to
quarter 2020 results Marathon Petroleum reports reduce our workforce was not made lightly,
and we are committed to treating our
Cimarex Energy today reported a third third-quarter 2020 results employees with integrity and respect as we
quarter 2020 net loss of $292.7mn, or $2.94 take these necessary steps to position the
per share, compared to net income of Marathon Petroleum today reported a net company for through-cycle resiliency.”
$123.8mn, or $1.21 per share, in the same loss of $1.0bn, or $(1.57) per diluted share, for MARATHON PETROLEUM, November 02, 2020

PBF Energy announces
East Coast refining

reconfiguration and reports

third-quarter 2020 results

PBF Energy today reported a third quarter
2020 loss from operations of $342.7mn as
compared to income from operations of
$151.9mn for the third quarter of 2019.
Excluding special items, third quarter
2020 loss from operations was $374.2mn
as compared to income from operations
of $165.8mn for the third quarter of 2019.
PBF Energy’s financial results reflect the
consolidation of PBF Logistics LP (NYSE:

P16 www. NEWSBASE .com Week 44 06•November•2020