Page 15 - NorthAmOil Week 17 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

fundamentals, financial strength and capital
allocation approach will enable us to continue
delivering significant long-term value for our
investors.”
MAGELLAN MIDSTREAM PARTNERS, April 29,
2021

SERVICES
Oceaneering reports first-

quarter 2021 results

Oceaneering International today reported
a net loss of $9.4mn, or $(0.09) per share,
on revenue of $438mn for the three months
Magellan Midstream reports was $2.8mn, or $0.03 per share, reflecting,
MIDSTREAM ended March 31, 2021. Adjusted net income
Navigator Holdings first-quarter 2021 financial among other things, the impact of $3.2mn
of pre-tax adjustments associated with
announces it has been results and raises 2021 restructuring and other expenses and foreign
exchange losses recognised during the quarter,
awarded four handysize annual guidance and $9.6mn of discrete tax adjustments.
During the prior quarter ended December
time charter contracts to Magellan Midstream Partners today reported 31, 2020, Oceaneering reported a net
loss of $25mn, or $(0.25) per share, on
net income of $221.3mn for first quarter 2021
load ambient LPG from the compared to $287.6mn for first quarter 2020. revenue of $424mn. Adjusted net income
was $1.8mn, or $0.02 per share, reflecting,
Diluted net income per common unit was 99
new LPG export terminal cents in first quarter 2021 and $1.26 in first among other things, the impact of $9.8mn
of pre-tax adjustments associated with asset
quarter 2020.
in Prince Rupert, British mark-to-market (MTM) commodity- impairments and write-offs, restructuring and
Diluted net income per unit excluding
other expenses, and foreign exchange losses
Columbia, Canada related pricing adjustments, a non-generally recognized during the quarter, and $9.6mn of
accepted accounting principles (non-GAAP)
discrete tax adjustments.
Navigator Holdings, today announced it has financial measure, was $1.09 for first quarter OCEANEERING INTERNATIONAL, April 28, 2021
agreed four 12-month time charter contracts 2021. These results were higher than the
with Mitsui & Co. Energy Trading Singapore 75-cent guidance provided by management
to be used for Pembina Pipeline Corporation’s in early February primarily due to higher- ENERGY TRANSITION
new LPG export facility at Prince Rupert, than-expected commodity margins from an
British Columbia, Canada. The four semi- improved pricing environment, an overall Enbridge partners with
refrigerated handysize vessels are expected to favourable impact from the recent winter
commence their charters to Mitsui from the storms and other one-time positive items. Walker Industries and
second half of May 2021. Navigator’s semi- Distributable cash flow (DCF), a non-
refrigerated vessels are capable of loading GAAP financial measure that represents the Comcor Environmental to
ambient propane from the rail-supplied amount of cash generated during the period
export terminal, negating the need for capital that is available to pay distributions, was develop renewable natural
intensive on-shore chillers. The vessels will $276.5mn for first quarter 2021 compared to
provide an essential part of the Canadian $306.5mn for first quarter 2020. gas projects across Canada
LPG value chain from production to final “Magellan started the year with stronger-
customer. Navigator will connect the last leg than-expected results, underscoring the Today, Enbridge, Walker Industries and
of this value chain by delivering safe, reliable essential nature of our services and the Comcor Environmental, announced a
and efficient seaborne transportation services flexibility of our asset portfolio to respond partnership to jointly develop renewable
connecting the export terminal to customers to changing market dynamics,” said Michael natural gas (RNG) projects across Canada.
across the Pacific Ocean. The vessels, together Mears, chief executive officer. “Although The partnership aims to transform landfill
with Pembina’s new export terminal in Prince our nation continues to recover from the waste into carbon-neutral energy, which will
Rupert, and Mitsui’s trading network in the pandemic, Magellan’s outlook for the full year be injected into local natural gas distribution
global LPG market, will enable Canadian has improved based on our outperformance networks across Canada, reducing the overall
produced LPG to be exported outside the during the first quarter and a more carbon emission of the gas supply used to
traditional North American markets. favorable commodity pricing environment heat homes, power businesses and fuel vehicle
NAVIGATOR HOLDINGS, April 23, 2021 for our gas liquids blending activities. We fleets.
remain confident that Magellan’s business The partnership brings together industry

Week 17 29•April•2021 www. NEWSBASE .com P15