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The WellBoss Company announces finalisation of Downhole Technology and Resource Well Completion Technologies merger
The WellBoss Company announced today the finalisation of the previously announced merger between Downhole Technology and Resource Well Completion Technologies.
The WellBoss Company will be focused on providing operators with full well completion solutions while reducing inefficiencies in multi-stage fracturing equipment, such as rig idle time, wireline, coiled tubing, and water usage. Downhole Technology, known for its industry leading series of Boss Hog composite frack plugs, brings to the merger its highly- optimized manufacturing capabilities and large footprint in the most active US basins, including the Permian, Marcellus, Utica, Eagle Ford, Rockies, Bakken, and Mid-Continent, among others.
Resource Well Completion Technologies brings its highly-diverse range of completion, well construction, multi-stage stimulation, and well-servicing products as well as its customer solution engineering approach in the Canadian and International markets.
“Our goal is simple: leverage the strengths of both companies to increase the value we bring to our customers,” said Jeff McNamara, president of the WellBoss Company.
“By reducing inherent inefficiencies and optimising completions, we will lower the total cost of ownership for operators and ultimately getting them online faster.”
THE WELLBOSS COMPANY, October 01, 2019
Hess Midstream Partners announces acquisition
of Hess Infrastructure Partners, IDR simplification and conversion to an
Up-C corporate structure; provides 2020 guidance
Hess Midstream Partners (HESM) today announced execution of a definitive agreement to acquire Hess Infrastructure Partners (HIP), including HIP’s outstanding economic general partner interest and incentive distribution rights (IDRs) in HESM.
In addition, HESM’s organisational structure will be converted into an “Up-C” structure
in which IDR payments to sponsors are eliminated.Commenting on the strategic transaction, John Hess, chief executive
officer of HESM said: “These changes will create unitholder value by combining the strengths of our existing business model with the benefits of a new structure. As a result, HESM will transition from a small-cap MLP into a company with an enterprise value of more than $7.25 billion, no sponsor incentive distribution rights and a sustainable long-term structure.”
“This accretive transaction provides a more attractive long term growth platform for our portfolio,” Jonathan Stein, Chief Financial Officer of HESM said, “We can continue to generate strong free cash flow growth and fund our capital programme and consistent 15% distribution per unit growth at an increased coverage level with conservative leverage and no need for equity funding to meet our targeted growth.”
HESS MIDSTREAM PARTNERS, October 04, 2019
ConocoPhillips announces 38% increase in quarterly dividend; expects to repurchase $3bn of shares in 2020; reiterates continued commitment
to return more than 30% of cash from operations annually via dividend and buybacks
ConocoPhillips today announced an increase in its quarterly dividend of 38%, to $0.42
per share. This represents an annualised increase in the dividend of approximately $500mn. The dividend is payable Dec. 2, 2019, to stockholders of record at the close of business on October 17, 2019. The company also announced that it expects to repurchase $3bn of its shares in 2020. “This increase in our ordinary dividend reflects the significant transformation our company has undergone over the past few years,” said Ryan Lance, chairman and chief executive officer. “Since announcing our returns-focused value proposition in 2016, we have improved our underlying performance drivers and lowered
our sustaining price for the business. Given these enhancements, we are confident we can fund a higher, growing cash dividend, while maintaining a substantial, consistent buyback program. Since 2016 we have returned about 45% of cash from operations to shareholders and we remain committed to delivering peer- leading return of capital annually.”
ConocoPhillips will hold an analyst and investor meeting on November 19, 2019 in Houston, Texas. The company will present a 10-year outlook that includes a capital investment plan, a detailed portfolio review, a financial framework focused on free cash flow generation, and a commitment to both returns on capital employed and returns of capital to shareholders.
CONOCOPHILLIPS, October 07, 2019
Phillips 66 announces new $3bn share repurchase programme and quarterly dividend
Phillips 66 announced that the board of directors has approved a new share repurchase programme that authorises the company to repurchase up to $3bn of its common stock, bringing the total amount of share repurchase programs authorised by the board since 2012 to an aggregate of $15bn. The board also declared a quarterly dividend of 90 cents
per share on Phillips 66 common stock. The dividend is payable on December 2, 2019,
to shareholders of record as of the close of business on November 18, 2019.
“The new share repurchase programme demonstrates our ongoing commitment to return capital to our shareholders,” said Greg Garland, chairman and CEO of Phillips 66. “Disciplined capital allocation is fundamental to our strategy and our long-term objective
is to reinvest 60% of our operating cash flow back into the business and return 40% to shareholders. Since 2012, we have returned over $24bn through dividends and share repurchases and exchanges and have reduced our initial shares outstanding by 32%.”
Under the new share repurchase programme, shares will be repurchased
from time to time in the open market at
the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements.
The company may commence, suspend or discontinue purchases of common stock under this authorisation at any time or periodically without prior notice. Shares of stock repurchased will be held as treasury shares. PHILLIPS 66, October 04, 2019
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Week 40 08•October•2019