Page 14 - NorthAmOil Week 17 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

POLICY to finding real solutions to help tackle the consistent asset performance and operational
climate crisis and lower emissions, all while excellence,” said Bill Berry, chief executive
Canada joins US in creating jobs, strengthening the economy and officer.
The company reported net income of
growing the middle class. Since October, the
establishing net-zero Government of Canada has committed to $259.6mn, or $0.72 per diluted share, for the
quarter ended March 31, 2021. In first quarter
invest CAD53.6bn into a green recovery.
producers forum Producers Forum follows yesterday’s 2021, typically excluded items in aggregate
Today’s decision to join the Net-Zero
represented $19.2mn, or $0.05 per diluted
Today, the Minister of Natural Resources, announcement by the Government of share, of Continental’s reported net income.
the Honourable Seamus O’Regan Jr., Canada to increase its Nationally Determined Adjusted net income for first quarter 2021
announced Canada will join the United States Contribution under the Paris Agreement to was $278.9mn, or $0.77 per diluted share
in establishing a new Net-Zero Producers reduce emissions by 40-45% below 2005 levels (non-GAAP). Net cash provided by operating
Forum, a platform for oil and gas–producing by 2030 and move forward on a path to reach activities for first quarter 2021 was $1.04bn
countries to discuss how the sector can net-zero emissions by 2050. and EBITDAX was $962.6mn (non-GAAP).
support the implementation of the Paris NATURAL RESOURCES CANADA, April 23, 2021 CONTINENTAL RESOURCES, April 28, 2021
Agreement on climate change and the goal of
achieving net-zero emissions by 2050. Enerplus transitions bank
In parallel to the Leaders’ Summit on UPSTREAM
Climate, Canada, Norway, Qatar, Saudi credit facility to a $900mn
Arabia and the United States – collectively Continental Resources
representing 40% of global oil and gas sustainability-linked facility
production – came together to create a delivers outstanding 1Q21
cooperative forum to develop pragmatic and extends maturity to
net-zero emission strategies. The forum financial results; reinstates
will discuss ways to improve methane 2025
abatement; advance the circular carbon dividend and accelerates
economy approach; develop and deploy Enerplus today announced that it has
clean-energy and carbon capture, use shareholder returns increased and extended its senior, unsecured
and storage technologies; diversify from bank credit facility to $900mn with a maturity
reliance on hydrocarbon revenues; and Continental Resources today announced its date of October 31, 2025; incorporating
other measures in line with each country’s first-quarter 2021 operating and financial sustainability-linked performance targets to
national circumstances. For its part, Canada results. establish a sustainability-linked credit facility
has already introduced a world-leading price “Continental’s outstanding first quarter (SLL credit facility) with no changes to its
on pollution, which is helping to reduce results and accelerated shareholder returns, existing pricing grid or covenant package.
greenhouse gas emissions and invest in the which includes our reinstated dividend and “We continuously look to further integrate
clean energy future. exceptional progress on debt reduction, the company’s environmental, social
As the world’s fourth-largest oil and underscore Continental’s commitment and governance (ESG) goals and targets
gas producer, Canada is fully committed to delivering strong cash flow generation, into all aspects of our business,” said Jodi
Jenson Labrie, senior vice-president and
chief financial officer. “As the first North
American exploration and production
company to link ESG performance targets to
its principal revolving credit facility, we are
further demonstrating our commitment to
developing our resources responsibly, safely
and profitably. Furthermore, our SLL credit
facility aligns with the performance metrics
in our balanced executive compensation
scorecard and we expect it to enhance our
access to credit markets and support our
cost of capital in the future. In addition, the
increase of our SLL credit facility to $900mn,
from $600mn, provides Enerplus with ample
liquidity to close our recent asset acquisition
and support our ongoing business activities.”
The senior unsecured SLL credit facility
incorporates ESG-linked incentive pricing
terms which reduce or increase the borrowing
costs by up to 5 basis points as Enerplus’
sustainability performance targets (SPT) are
exceeded or missed, respectively.
ENERPLUS, April 29, 2021

P14 www. NEWSBASE .com Week 17 29•April•2021