I Bytes Energy Industry

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I-Bytes
Energy
November Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................53
3. Rewards and Recognition Updates...................................................................................................................56
4. Customer Success Updates................................................................................................................................63
5. Partnership Ecosystem Updates.......................................................................................................................66

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Financial, M & A
Updates Energy Industry

Financial, M&A Updates
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Occidental (USA) Announces 3rd Quarter 2020 Results
• Oil and gas pre-tax loss on continuing operations for the third quarter was $1.1 billion, compared
to a pre-tax loss of $7.7 billion for the second quarter of 2020. The third quarter results included
pre-tax losses of $795 million associated with the announced divestitures of onshore Colombia and
mineral and surface acreage in Wyoming, Colorado and Utah.
• Despite a disruptive domestic Gulf of Mexico storm season, total average daily global production
of 1,237 thousand of barrels of oil equivalent per day (Mboed) for the third quarter exceeded the
midpoint of guidance by 12 Mboed. Permian Resources exceeded the high end of guidance by 3
percent with production of 420 Mboed. International average daily production volumes of 277 Mboed
came in at the high end of guidance.
• Chemical pre-tax income of $178 million for the third quarter exceeded guidance by 23 percent.
Compared to prior quarter income of $108 million, the improvement in third quarter income resulted
primarily from improved realized caustic soda and PVC prices, along with higher chlorovinyl sales
volumes.
• Midstream and marketing pre-tax loss for the third quarter was $2.8 billion, compared to a loss
of $7 million for the second quarter of 2020. Excluding items affecting comparability, which included
the write-down of Occidental's equity-method investment in WES, midstream and marketing pre-tax
third quarter results did not materially change from the second quarter. Excluding WES equity
income, midstream and marketing pre-tax loss for the third quarter was $143 million.
Executive Commentary
"We delivered improved operating cash flow in the third quarter and achieved the highest
quarterly free cash flow since 2011, driven by the strong performance of our businesses and our
laser focus on margin preservation, reflecting our leadership as a low-cost operator,” said
President and Chief Executive Officer. “We continued to advance our divestiture program,
exceeding our $2.0 billion plus target for 2020, with additional transactions anticipated as we
continue our deleveraging progress."
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Key Financial Highlights

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Apache Corporation (USA) Announces Third-Quarter 2020 Financial
and Operational Results
Key Takeaways
• Upstream capital investment significantly below guidance in the third quarter; reduced full-year 2020
capital outlook to $1.0 billion;
• Increased estimated annual run-rate cost savings associated with organizational redesign to $400 million
from $300 million;
• Reported third-quarter production of 445,000 barrels of oil equivalent (BOE) per day; adjusted production
unchanged from the second quarter at 394,000 BOE per day;
• Issued 2020 Sustainability Report, highlighting the company’s ESG strategy and performance; and
• In Block 58 offshore Suriname, announced Kwaskwasi discovery, finalized appraisal plans for Sapakara
discovery, and initiated drilling at fourth exploration target, Keskesi.
Third-quarter commentary and outlook
• Third-quarter reported production was 445,000 BOE per day, and adjusted production, which excludes
Egypt noncontrolling interest and tax barrels, was 394,000 BOE per day, unchanged from the second quarter.
• Third-quarter upstream capital investment totaled $141 million, nearly all of which was attributable to
international operations. Apache is currently focusing its capital investment and rig activity in higher-margin
international assets. Specifically, the company operated a five-rig program in Egypt, one floating rig and one
platform crew in the North Sea, and one drillship offshore Suriname in the third quarter.
• The company’s organizational redesign, launched in the fall of 2019, is delivering cost efficiencies well in
excess of original expectations. The associated estimated annual run-rate cost savings is now $400 million, up
33% from the previous estimate of $300 million.
“Apache made excellent progress on its cost initiatives and returned the majority of its curtailed volumes to
production during the third quarter as commodity prices improved. This generated a substantial
improvement in financial results compared to the second quarter. While significant macro headwinds
continue to persist, our strategic approach to creating shareholder value remains unchanged: we are
prioritizing long-term returns over growth; generating free cash flow; strengthening our balance sheet
through debt reduction; and advancing a large-scale opportunity in Suriname,” said Apache’s chief
executive officer and president. “We are allocating capital to the best return opportunities across our
diversified portfolio, aggressively managing our cost structure, and progressing important emissions
reduction and other ESG initiatives.
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bp (UK) reports Third quarter 2020 results
Financial results and progress
• Underlying replacement cost profit for the quarter was $0.1 billion, compared with a loss of $6.7 billion for the second
quarter of 2020 and $2.3 billion profit for the third quarter of 2019. Compared to the previous quarter, the result benefitted from
the absence of significant exploration write-offs and recovering oil and gas prices and demand. This was partly offset by a
significantly lower oil trading result.
• Reported loss for the quarter was $0.5 billion, compared with losses of $16.8 billion for the previous quarter of 2020,
reflecting absence of significant exploration write-offs and impairment charges, and $0.7 billion for the third quarter of 2019.
• Operating cash flow for the quarter, excluding Gulf of Mexico oil spill payments, was resilient at $5.3 billion, including
$0.9 billion working capital release (after adjusting for net inventory holding gains). Gulf of Mexico oil spill payments in the
quarter were $0.1 billion post-tax.
• Organic capital expenditure in the first three quarters of 2020 was $9.1 billion, in line with the full-year target of around
$12 billion.
• BP continues to make progress towards its target of $2.5 billion in annual cash cost savings by end-2021 compared with
2019, with its new organization on schedule to be in place by start of 2021.
• Proceeds from divestments and other disposals in the quarter were $0.6 billion. BP has already completed or agreed
transactions for approaching half its target of $25 billion in proceeds by 2025, including the agreed $5 billion sale of BP’s
petrochemicals business, expected to complete by year end.
• Net debt at quarter-end was $40.4 billion, down $0.5 billion. This includes the impact of the $1.1 billion payment for the
completion of the joint venture with Reliance. Net debt is expected to fall in the fourth quarter as proceeds from divestments
are received.
• A dividend of 5.25 cents per share was announced for the quarter.
“Having set out our new strategy in detail, our priority is execution and, despite a challenging environment, we are doing
just that – performing while transforming. Major projects are coming online, our consumer-facing businesses are really
delivering and we remain firmly focused on cost and capital discipline. Importantly, net debt continues to fall. We are
firmly committed to our updated financial frame, including the dividend – the first call on our funds.” Said chief executive
officer
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Cenovus (Canada) delivers strong third-quarter operating results
Cenovus Energy Inc. continued to deliver strong operational
performance and further improved its financial resilience in the
third quarter by remaining committed to disciplined capital
investment, cost leadership and leveraging the flexibility of its
assets and marketing strategy to generate positive free funds flow.
The company took advantage of the higher commodity prices by
ramping up production from its oil sands assets and selling barrels
stored in the preceding quarter. Higher crude oil prices and
increased sales volumes allowed the company to achieve free funds
flow for the third quarter of $266 million, which contributed to a
reduction in net debt to $7.5 billion at the end of the period.
“The third quarter clearly demonstrated the strength and
reliability of our operations and our ability to effectively manage
production and sales by storing barrels when prices declined and
then capitalizing on a price recovery to optimize returns,” said
Cenovus President & Chief Executive Officer. “We continue to
find ways to optimize our cost structure, expand our market
access, and strengthen the balance sheet. We believe the
proposed transaction with Husky Energy, announced earlier this
week, will address these priorities, positioning us to come
through this period more resilient, with increased and stable free
funds flow, supporting accelerated deleveraging and returns to
shareholders.”
Description
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Cenovus (Canada) reaches agreement to accelerate development of its Marten
Hills oil assets
Cenovus Energy Inc. through a wholly owned partnership, has entered into a
definitive agreement to sell its Marten Hills oil assets in northern Alberta to
Headwater Exploration Inc. for initial cash and common share equity consideration
of approximately $100 million. Total consideration paid to Cenovus consists of $35
million in cash and 50 million common shares of Headwater, plus 15 million share
purchase warrants. Each warrant will entitle the holder to acquire one Headwater
common share for a period of three years following the completion of the transaction
at an exercise price of $2 per share. Upon closing, Kam Sandhar, Senior
Vice-President, Conventional and Sarah Walters, Senior Vice-President, Corporate
Services will represent Cenovus on the Board of Directors of Headwater. In addition
to the initial consideration, Headwater has agreed to a Gross Overriding Royalty
(GORR) agreement that gives Cenovus the opportunity to benefit from future
development of the Clearwater formation at Marten Hills. Headwater has committed
to spending at least $100 million on the acquired lands by the end of 2022. The sale
is expected to close on or about December 22, 2020, subject to customary closing
conditions.
“This is a unique opportunity for us to partner with a well-capitalized and highly
respected management team to accelerate development at Marten Hills,”
saidCenovus President & Chief Executive Officer. “These are high-quality assets
that were unlikely to receive near-term funding from Cenovus, and we believe
this transaction will provide compelling value for Cenovus shareholders over the
long term.”
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Chaparral Energy (USA) Successfully Completes Financial Restructuring and
Raises $35 Million in New Capital
Chaparral Energy, Inc. announced that it successfully completed its financial restructuring and emerged from
Chapter 11 as a private, non-SEC filing company. Through the efficient execution of its pre-packaged plan of
reorganization, which received broad support from its creditors, the Company has equitized all $300 million of its
unsecured 8.75% Senior Notes due 2023, reduced its annual interest expense by more than $25 million, and
significantly enhanced its financial flexibility. Importantly, as a result of the plan of reorganization the lenders
received a full recovery of their claims through a combination of paydown and participation in an amended and
restated credit facility, and trade and other general unsecured claims were unimpaired and reinstated. During the
course of its restructuring, Chaparral continued to operate without interruption while satisfying all customer,
employee, royalty owner and working interest owner claims, preserving its strong relationships for the next phase
of the Company’s future.The Company has bolstered its liquidity position through equitizing the Senior Notes
and obtaining a $300 million exit revolving credit facility with an initial borrowing base of $175 million and a
$35 million second lien convertible note. Upon the Company’s emergence from Chapter 11, the borrowings under
its first lien revolving credit agreement were partially repaid using a portion of cash on hand and the proceeds
from the $35 million second lien convertible note. The resulting liquidity position of the Company upon exit is
approximately $58 million, comprised of availability under the exit facility borrowing base and approximately
$10 million of cash on hand. At emergence, each holder of Senior Notes received its pro rata share of 100% of
new common equity issued by the reorganized Company, subject to terms provided under the plan of
reorganization. Equity outstanding prior to the reorganization was canceled and its holders were provided
consideration of $1.2 million in cash as well as warrants to acquire up to an aggregate of 10% of the restructured
company or, in some cases, additional cash in lieu thereof.
“We are very pleased to have completed this efficient and consensual reorganization in under 60 days, and
we look forward to working with our stakeholders and newly-appointed board members in charting a course
as a private company with firmer financial footing,” said Chief Executive Officer. “As a result of the
consensual and expedited process, we have preserved the value of the restructured enterprise and the
opportunity for success in a dynamic energy environment. I would like to thank our customers, vendors and
other business partners and a special thanks to our employees whose dedication, patience and hard work
have been exceptional throughout. We believe that as a result of this process we are better positioned to
compete and will look to capitalize on future opportunities with an improved financial and cost structure.
We are focused on operating efficiently and effectively, delivering strong operating results, and maintaining
a strong balance sheet that will continue to de-lever at the current strip pricing.”
Description
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Cheniere (USA) Reports Third Quarter 2020 Results and Provides
Guidance Update
Recent Highlights
Operational
• As of October 31, 2020, more than 1,250 cumulative LNG cargoes totaling over 85 million tonnes of LNG have been produced, loaded and exported
from our liquefaction projects.
• In August and September 2020, we coordinated across our liquefaction facilities and with our counterparties to fulfill all of our commercial
obligations despite the operational impacts of Hurricane Laura, which included a temporary suspension of operations at the SPL Project.
• In October 2020, as part of the commissioning process, feed gas was introduced to Train 3 of the CCL Project.
Financial
• For the nine months ended September 30, 2020, we reported net income1 of $109 million, Consolidated Adjusted EBITDA2 of approximately $2.9
billion, and Distributable Cash Flow2 of over $1.0 billion.
• During the three months ended September 30, 2020, in line with our previously announced capital allocation priorities, we prepaid $100 million of
outstanding borrowings under the three-year Cheniere Term Loan Facility with available cash. During the nine months ended September 30, 2020, we
repurchased an aggregate of 2.9 million shares of our common stock for $155 million under our share repurchase program.
• In July 2020, the Cheniere Term Loan Facility was increased from $2.62 billion to $2.695 billion, and we used borrowings under the facility to (1)
redeem all of the remaining outstanding principal amount of the 11.0% Convertible Senior Secured Notes due 2025 issued by Cheniere CCH Holdco II, LLC
subsequent to the $300 million redemption in March 2020, with cash at a price of $1,080 per $1,000 principal amount of notes, (2) repurchase $844 million
in aggregate principal amount of outstanding 4.875% Convertible Senior Notes due 2021 issued by Cheniere (the “2021 Convertible Notes”) at individually
negotiated prices from a small number of investors, and (3) pay related fees and expenses of the Cheniere Term Loan Facility. The remaining borrowing
capacity under the Cheniere Term Loan Facility, approximately $372 million, is expected to be used to repay and/or repurchase a portion of the remaining
outstanding principal amount of the 2021 Convertible Notes and for the payment of related fees and expenses.
• In August 2020, Cheniere Corpus Christi Holdings, LLC (“CCH”) issued an aggregate principal amount of $769 million of 3.52% Senior Secured
Notes due 2039. The net proceeds of these notes were used to repay a portion of the outstanding borrowings under the CCH Credit Facility, pay costs
associated with certain interest rate derivative instruments that were settled, and pay certain fees, costs and expenses incurred in connection with the
transactions contemplated thereby.
• In August 2020, Moody’s Investors Service upgraded its rating of CCH’s senior debt from Ba1 (Positive Outlook) to Baa3.
• In September 2020, we issued an aggregate principal amount of $2.0 billion of 4.625% Senior Secured Notes due 2028 (the “2028 Senior Secured
Notes”) and used net proceeds to prepay approximately $2.0 billion of the outstanding borrowings under the Cheniere Term Loan Facility.
“We are once again delivering strong results in the face of challenges, including two major hurricanes which recently impacted the Sabine Pass area,
further cementing our reputation for resilience and operational excellence,” said Cheniere’s President and Chief Executive Officer. "The stability in
our operations, along with a strengthening of LNG market conditions, supports our ability to reconfirm our full year 2020 financial guidance and
provide robust financial guidance for full year 2021.”
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Chevron (USA) Announces Third Quarter 2020 Results
• Chevron Corporation reported a loss of $207 million ($(0.12) per
share - diluted) for third quarter 2020, compared with earnings of
$2.6 billion ($1.36 per share - diluted) in third quarter 2019.
• Adjusted earnings of $201 million ($0.11 per share - diluted) in
third quarter 2020 compares to adjusted earnings of $2.9 billion
($1.55 per share - diluted) in third quarter 2019. For a reconciliation
of adjusted earnings/(loss), see Attachment 5.
• Sales and other operating revenues in third quarter 2020 were
$24 billion, compared to $35 billion in the year-ago period.
• Capital spending down 48 percent; operating expenses down 12
percent
• Noble Energy acquisition completed in October 2020
“Third quarter results were down from a year ago, primarily due
to lower commodity prices andmargins resulting from the impact
of COVID-19,” said Chevron’s chairman ofthe board and chief
executive officer. “The world’s economy continues to operate
below prepandemic levels, impacting demand for our products
which are closely linked to economicactivity.”
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Cimarex (USA) Reports Third Quarter 2020 Results
• Cimarex Energy Co. reported a third quarter 2020 net loss of $292.7 million, or $2.94 per share, compared to net income of $123.8 million, or $1.21 per share, in the same period a year ago. Third quarter results
were negatively impacted by non-cash charges related to the impairment of oil and gas properties.
• Third quarter adjusted net income (non-GAAP) was $52.4 million, or $0.51 per share, compared to third quarter 2019 adjusted net income (non-GAAP) of $96.0 million, or $0.94 per share.
• Net cash provided by operating activities was $259.2 million in the third quarter of 2020 compared to $320.1 million in the same period a year ago. Adjusted cash flow from operations (non-GAAP) was $236.7
million in the third quarter of 2020 compared to $360.7 million in the third quarter a year ago.
• Oil production averaged 71.6 thousand barrels (MBbls) per day. Total company production volumes for the quarter averaged 249.4 thousand barrels of oil equivalent (MBOE) per day.
• Realized oil prices averaged $37.94 per barrel, up 94 percent from $19.57 in the previous quarter but down 28 percent from the $52.71 per barrel received in the third quarter of 2019. Realized natural gas prices
averaged $1.14 per thousand cubic feet (Mcf), up 25 percent sequentially from $0.91 per Mcf and up 30 percent from the third quarter 2019 average of $0.88 per Mcf. NGL prices averaged $10.89 per barrel, up 45
percent from $7.52 per barrel in the second quarter of 2020 and up one percent from the $10.80 barrel received in the third quarter of 2019.
• Cimarex's realized oil price was a negative differential to WTI of $2.99 per barrel in the quarter down from $8.28 per barrel in the previous quarter, with a negative oil price differential in the Permian of $2.71 per
barrel in the third quarter, down sequentially from $8.12 per barrel. The company realized a negative differential to Henry Hub on its Permian natural gas production of $1.15 per Mcf in the third quarter of 2020
compared to $1.83 per Mcf in the third quarter of 2019 and $1.09 in the second quarter of 2020. In the Mid-Continent region, the company's average negative differential to Henry Hub was $0.31 per Mcf versus $0.66
per Mcf in the third quarter of 2019 and $0.31 per Mcf in the second quarter of 2020.
• Cimarex invested a total of $83 million during the quarter, of which $52 million was attributable to drilling and completion activities and $3 million to saltwater disposal assets. Third quarter investments were
funded with cash flow from operating activities. Total debt at September 30, 2020 consisted of $2.0 billion of long-term notes, with no debt maturities until 2024. Cimarex had no borrowings under its revolving credit
facility and a cash balance of $273 million at quarter end.
• The company has reduced staff by 20 percent year to date through a combination of an Early Retirement Program (ERIP), further staff reductions completed in the third quarter, and attrition. Cimarex has incurred
$31 million in severance expenses year to date, of which $15 million was expensed in the third quarter. Cost savings are expected to total $40-50 million annually, beginning in 2021.
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Concho Resources Inc. (USA) Reports Third-Quarter 2020 Results
• Concho Resources Inc. announced third-quarter 2020 results, reporting a net loss of $61 million, or $0.31
per share. Adjusted net income (non-GAAP), which excludes certain non-cash and special items, for
third-quarter 2020 was $282 million, or $1.43 per share.
• Third-quarter 2020 oil production volumes averaged 201 thousand barrels per day (MBopd). Natural gas
production for third-quarter 2020 averaged 716 million cubic feet per day (MMcfpd). The Company’s total
production for third-quarter 2020 was 320 thousand barrels of oil equivalent per day (MBoepd).
• Concho’s average realized price for oil and natural gas for third-quarter 2020, excluding the effect of
commodity derivatives, was $39.23 per Bbl and $1.64 per Mcf, respectively.
• For third-quarter 2020, controllable costs totaled $7.06 per Boe, representing a 27% decrease year over year.
Controllable costs include production expenses (consisting of lease operating and workover expenses), cash
general and administrative (G&A) expenses (which excludes non-cash stock-based compensation) and interest
expense.
• Cash flow from operating activities was $608 million, including $60 million in working capital changes.
Operating cash flow before working capital changes (non-GAAP) was $668 million, exceeding third-quarter
capital expenditures of $284 million, and resulting in free cash flow (non-GAAP) of $384 million. Capital
expenditures refers to the Company’s additions to oil and natural gas properties on the Company’s condensed
consolidated statements of cash flows.
• At September 30, 2020, Concho had long-term debt of $3.9 billion with no outstanding debt maturities until
January 2027, no debt outstanding under its credit facility and approximately $400 million in cash and cash
equivalents.
Chairman and Chief Executive Officer, commented, "Despite the challenging market environment, Concho
delivered excellent results that demonstrate the strength of our business, our high-quality asset base and our
ability to execute. On October 19, we announced our intention to merge with ConocoPhillips. We look
forward to closing the transaction in the first quarter of next year.”
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ConocoPhillips (USA) to Acquire Concho Resources in All-Stock Transaction
ConocoPhillips and Concho Resources announced that they have entered into a definitive
agreement to combine companies in an all-stock transaction. Under the terms of the transaction,
which has been unanimously approved by the board of directors of each company, each share of
Concho Resources (Concho) common stock will be exchanged for a fixed ratio of 1.46 shares of
ConocoPhillips common stock, representing a 15 percent premium to closing share prices on
October 13. The transaction combines two high-quality industry leaders to create a company with
an approximately $60 billion enterprise value that will offer stakeholders a superior investment
choice for sustainable performance and returns through cycles. Highlights of the transaction
include:
• Two best-in-class asset portfolios that create a combined resource base of approximately 23
billion barrels of oil equivalent with a less than $40 per barrel WTI cost of supply and an average
cost of supply below $30 per barrel WTI.
• High-quality balance sheet that offers superior sustainability, resilience and flexibility across
price cycles.
• ConocoPhillips and Concho expect to capture $500 million of annual cost and capital savings
by 2022.
• A financial framework that delivers greater than 30 percent of cash from operations via
compelling dividends and additional distributions.
“The leadership and boards of both companies believe today’s transaction is an affirmation
of our commitment to lead a structural change for our vital industry,” said, ConocoPhillips
chairman and chief executive officer. “Concho is a tremendous fit with ConocoPhillips.
Together, ConocoPhillips and Concho will have unmatched scale and quality across the
important value drivers in our business: an enviable low cost of supply asset base, a strong
balance sheet, a disciplined capital allocation approach, ESG excellence and great people.
Importantly, the transaction meets our long-stated and clear criteria for mergers and
acquisitions because it is completely consistent with our financial and operational
framework.”
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Diamondback Energy, Inc. (USA) Announces Third Quarter 2020
Financial and Operating Results
Third Quarter 2020 Highlights
• Generated third quarter cash flow from operating activities of $542 million. Operating Cash Flow Before Working Capital
Changes (as defined and reconciled below) was $434 million
• Generated third quarter Free Cash Flow (as defined and reconciled below) of $153 million
• Q3 2020 cash operating costs of $7.61 per BOE; including cash general and administrative ("G&A") expenses of $0.42 per BOE
and lease operating expenses ("LOE") of $3.86 per BOE
• Declared Q3 2020 cash dividend of $0.375 per share payable on November 19, 2020; implies a 5.8% annualized yield based on
the October 30, 2020 share closing price of $25.96
• Ended the third quarter with a net cash position of $68 million and had no borrowings outstanding on Diamondback's credit
facility. Standalone liquidity of $2,068 million as of September 30, 2020
• Repurchased all $10 million in principal amount of the outstanding 2027 Energen Resources Corporation 7.35% Medium Term
Notes
• Lowering LOE and G&A unit guidance by a combined $0.40 per BOE at the midpoint of each full year 2020 guidance range,
implying estimate of total cash cost savings of over $43 million for the full year 2020
• Current drilling and completion costs in the Midland Basin are ~$450 per lateral foot, with an estimated additional $60 to $80 of
equip cost per lateral foot
• Current drilling and completion costs in the Delaware Basin are between $600 and $700 per lateral foot, with an estimated
additional $100 to $150 of equip costs per lateral foot
• Completed an average of over 3,300 lateral feet per day per completion crew in the Midland Basin using Simul-Frac technology
during the quarter
• Flared 0.5% of net production in the third quarter, down 74% year over year. For the first nine months of 2020, flared 0.9% of net
production, down 54% year over year
• Recycled 25.1% of water used for completion operations in the third quarter, up 24% year over year. For the first nine months of
2020, recycled 21.4% of water used for completion operations, up 53% year over year
“Diamondback continued our trend of cost reductions in the third quarter, with LOE and G&A remaining near all-time lows and
capital costs per lateral foot continuing to decline to new records. Our drilling and completion operations continue to become
more efficient, and we are beginning to see the benefits from high-grading our development program after the downturn began
earlier this year. We are on track to meet our fourth quarter average production target of between 170,000 and 175,000 barrels of
oil per day and expect this to be the baseline for our development plan in 2021. We expect to execute on this maintenance capital
plan with 25% - 35% less capital than 2020 which implies a reinvestment ratio of approximately 70% at $40 WTI,” stated Chief
Executive Officer of Diamondback.”
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Enbridge (Canada) Reports Strong Third Quarter and Reaffirms 2020
Financial Guidance
• GAAP earnings of $990 million or $0.49 earnings per common share, compared with GAAP earnings of $949 million or
$0.47 per common share in 2019
• Adjusted earnings of $961 million or $0.48 per common share, compared with $1,124 million or $0.56 per common share
in 2019
• Adjusted earnings before interest, income tax and depreciation and amortization (EBITDA) of $2,997 million, compared
with $3,108 million in 2019
• Cash Provided by Operating Activities of $2,302 million, compared with $2,735 million in 2019
• Distributable Cash Flow (DCF) of $2,088 million, compared with $2,105 million in 2019
• Reaffirmed 2020 financial guidance range for 2020 of $4.50 to $4.80 DCF/share; expect full year results to be near the
mid-point of the range
• Advancing Line 3: Minnesota Pollution Control Agency (MPCA) contested case hearing concluded with a positive
recommendation from the Administrative Law Judge (ALJ) in advance of November 14th 401 Water Quality Certificate
deadline
• Commenced construction of the 500 MW Fécamp offshore wind farm and 480 MW Saint Nazaire offshore wind farm
construction remains on track for late 2022 in-service date
• Sanctioned $0.2 billion of utility growth capital for the London Line Replacement Project
• Completed 2020 debt funding plan and prefunded a portion of 2021 external debt requirements
• Announced emissions reduction targets, including a 35% reduction in energy intensity by 2030 and net-zero by 2050
• Announced diversity and inclusion goals to increase representation of diverse groups within our workforce by 2025
• Completed installation of first of its kind solar self-powered compressor station on Texas Eastern and initiated
construction on a second facility along the Liquids Mainline System
CEO COMMENT - President and Chief Executive Officer "We are pleased with our third quarter results, which reflected
the resilience of our business and predictability of our cash flows," commented Al Monaco, President and Chief
Executive Officer of Enbridge. "While we are encouraged by the economic activity and recovery in energy demand, we
are assuming a gradual pace of recovery over the balance of 2020 and into 2021. Importantly, the early and decisive
actions we took to protect the health of our people and mitigate both the operational and financial impacts to our
businesses have positioned us for the future. Each of our core businesses performed well in the third quarter. Utilization
levels in our Gas Transmission, Gas Distribution and Storage and Renewable Power businesses all remained strong and
their robust commercial underpinnings continue to deliver reliable cash flows which reflect the low risk pipeline-utility
business we've been talking about.”
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Eni (Italy) results for the third quarter and nine months of 2020
• Adjusted operating profit of €0.54 billion in the third quarter 2020 increased significantly from the second quarter 2020 loss (up by €1
billion). Compared to the year-ago quarter, the quarterly performance (down by 75%) was materially hit by the downturn in energy demand
driven by the COVID-19 pandemic. In the nine months of 2020, adjusted operating profit was €1.41 billion (down by 79% compared to same
period of 2019).
• Net of scenario effects of -€1.6 billion in the quarter (-€5.1 billion in the nine months) and the operational effects of COVID-19 for -€0.3
billion (-€0.8 billion in the nine months)2, the underlying performance was a positive €0.3 billion in the quarter (+€0.5 billion in the nine months).
• Adjusted net result: adjusted net loss at €0.15 billion in the third quarter and €0.81 billion in the nine months.
• Net result: the Group reported a net loss of €0.5 billion in the third quarter of 2020, negatively impacted by lack of recognition of deferred
tax assets for losses of the period. In the nine months, the net loss was €7.84 billion due to the recognition of pre-tax impairment losses at
non-current assets for €2.75 billion mainly relating to oil and gas assets and refinery plants, due to a revised outlook for oil and natural gas prices
and product margins, an inventory loss of €1.4 billion due to the alignment of the book value to current market prices, as well as by the write-off
of deferred tax assets (€0.8 billion).
• Adjusted net cash before changes in working capital at replacement cost: €5.14 billion in the nine months of 2020, down by 44% versus
the nine months of 2019 (€1.77 billion in the third quarter 2020, down by 31%) driven by negative scenario effects for approximately -€4.8
billion, including the impact of dividends from equity accounted entities, operational impacts associated with the COVID-19 for -€0.9 billion,
while the underlying performance was a positive €1.7 billion.
• Net cash from operations: €3.83 billion in the nine months, down by 56% from the nine months 2019.
• Net investments: €3.76 billion, down by 33% due to the curtailment of the capex plan adopted since March 2020, fully funded by the
adjusted cash flow.
• Net borrowings: €19.85 billion (€14.53 billion when excluding lease liabilities), up by €2.7 billion from December 31, 2019.
• Leverage: 0.40, before the effect of IFRS 16, higher than the ratio at December 31, 2019 (0.24) and at June 30, 2020 (0.37). Including IFRS
16, leverage was 0.54.
• On October 6, 2020 two hybrid bonds were successfully issued, rising an overall financing of €3 billion. The proforma leverage as of
September 30, 2020 including this issuance as equity instruments would be 0.29.
Eni's Board of Directors approved the consolidated results for the third quarter and the nine months of 2020 (not subject to audit). Having
examined the results, Eni CEO said: “In a market environment that remains challenging, we are continuing to successfully mitigate the
negative impact of this crisis and making progress with our decarbonization strategy. We achieved excellent results during the quarter,
clearly exceeding market expectations in the face of a 30% decline in oil and gas prices, and a 90% decline in refining margins. In E&P,
even with Brent at 43 $/barrel, we achieved production levels in line with our expectations, and an EBIT of €0.52 billion, double consensus
estimates. In a quarter that is traditionally weaker seasonally, the Global Gas & LNG Portfolio has achieved significant results. R&M has
shown its resilience in a particularly unfavourable scenario for traditional refining, driven by strong marketing performance, particularly
in biofuels, as our two biorefineries allowed us to capture advantageous market opportunities. The growth of gas retail, driven by customer
loyalty, and the stable results of the power and oil products marketing, helped to offset the impact of an extremely negative scenario in
traditional refining and chemicals. Over the last nine months, thanks to the reduction in capex and costs efficiencies implemented earlier
this year, we generated an operating cash flow of over €5 billion, compared to a level of capex equal to €3.8 billion. These results showcase
our robust capital structure that has been further strengthened by the two hybrid bond issues of €3 billion made in October, which have
allowed us to keep leverage below 30%. Faced with a crisis of unprecedented proportions, Eni has demonstrated great resilience and
flexibility. In light of these results, we look forward to a recovery in demand, whilst continuing to pursue our energy transition program.”
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EOG Resources (USA) Reports Third Quarter 2020 Results; Adds Premium
Natural Gas Play in South Texas; Provides Three-Year Outlook
• EOG Resources, Inc. (EOG) reported a third quarter 2020 net loss of $42 million, or $0.07 per share, compared with third
quarter 2019 net income of $615 million, or $1.06 per share.
• Adjusted non-GAAP net income for the third quarter 2020 was $252 million, or $0.43 per share, compared with adjusted
non-GAAP net income of $654 million, or $1.13 per share, for the same prior year period.
• EOG continued to respond aggressively to adverse market conditions by sharply lowering operating and capital costs as
well as deferring production volumes to future periods. Reductions to operating costs were offset by lower commodity prices
and production volumes, resulting in lower earnings in the third quarter 2020 compared with the same prior year period.
Realized crude oil prices were $40.15 per barrel in the third quarter, down 29 percent from the same prior year period, while
natural gas prices declined 21 percent, to $1.68 per thousand cubic feet. These declines were partially offset by an increase in
natural gas liquids prices in the third quarter to $14.34 per barrel, up 13 percent compared with the same prior year period.
• Compared with the third quarter 2019, total company crude oil volumes were 19 percent lower, at 377,600 barrels of oil
per day (Bopd). Natural gas liquids production was one percent lower and natural gas volumes were 13 percent lower,
contributing to 14 percent lower total company daily production. EOG continued to return shut-in wells to production during
the third quarter, and nearly all shut-in wells were back on production by the end of September. On average, 28,000 Bopd was
shut-in during the third quarter. EOG also began initial production from approximately 100 net new wells in the third quarter,
after deferring such activity earlier in the year in response to lower oil prices.
• Lease and well costs declined 24 percent on a per-unit basis compared with the same prior year period, driving an overall
reduction in per-unit operating costs. Most of the lease and well cost savings were based on sustainable efficiency
improvements in well-site maintenance, equipment repair, managing offset completions and other production operations.
• Net cash provided by operating activities was $1.2 billion. Excluding changes in working capital and certain other items,
EOG generated $1.3 billion of discretionary cash flow. The company incurred total expenditures of $646 million, including
$499 million of capital expenditures before acquisitions, non–cash transactions and asset retirement costs, resulting in $762
million of free cash flow.
"Our operational execution continues to be excellent," said Chairman and Chief Executive Officer. "I'm grateful to all
EOG employees during these unusual times. We continue to exceed expectations by optimizing production volumes and
reducing costs while maintaining our strong safety and environmental performance.Notably, we are not playing defense
in the current challenging environment. In fact, the opposite is true: we are aggressively moving EOG forward, advancing
new plays, identifying innovative solutions to lower costs and improve well productivity, sharpening our technological
edge and further demonstrating our commitment to sustainability. All of this is driven from the bottom up by a
decentralized organization and a unique culture. This year more than ever, we are focused on investing in our people and
enhancing our culture to sustain our competitive advantage and enable EOG to play an increasingly vital role in meeting
the long-term global energy needs."
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EQT Infrastructure (USA) V to co-invest in Deutsche Glasfaser
EQT Infrastructure V has signed an agreement to co-invest alongside EQT Infrastructure IV in Deutsche Glasfaser. Post the closing of the transaction,
EQT Infrastructure V will hold a 12 percent stake in the Company. After the acquisition of inexio late last year and of Deutsche Glasfaser (closed in
May 2020), EQT Infrastructure IV combined the two companies into the new Deutsche Glasfaser Group. Following the merger of the two companies,
additional growth and development opportunities have been identified. EQT Infrastructure V’s participation will help to capture these opportunities
and secure support for the new Deutsche Glasfaser Group’s full potential plan. Deutsche Glasfaser Group will continue to execute, and accelerate, the
strategy announced in connection with the closing of the acquisition in May 2020. In short, the strategy includes growth of the Company by pursuing
a large-scale deployment of “fiber-to-the-home” internet access in rural Germany. The closing of the transaction is expected in Q4 2020. With the
acquisition of a stake in Deutsche Glasfaser, EQT Infrastructure V is expected to be 10-15 percent invested based on its target fund size, and EQT
Infrastructure IV is expected to be 80-85 percent invested.EQT is a differentiated global investment organization with more than EUR 62 billion in
raised capital and around EUR 40 billion in assets under management across 20 active funds. EQT funds have portfolio companies in Europe,
Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio
companies to achieve sustainable growth, operational excellence and market leadership.
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Sale of EQT (USA) Credit to Bridgepoint completed
Following the signing of a definitive agreement in June 2020 to sell the Credit business segment to Bridgepoint announces that the
Transaction has been completed. All necessary closing conditions, including regulatory, anti-trust and fund investor clearances, have
been achieved. The Transaction concludes the review of future strategic options for the business segment and gives Credit a new
owner to support its growth prospects. It also permits EQT to further focus its efforts on building scalable value-add strategies
focused on active ownership.The proceeds will be used to continue to deliver on EQT’s defined growth strategy. The Credit business
segment was reported as discontinued operations in the half year 2020 report.JP Morgan has acted as financial advisor and Kirkland
& Ellis and Travers Smith as legal advisors to EQT on the Transaction.EQT is a purpose-driven global investment organization with
a 25-year track-record of consistent investment performance across multiple geographies, sectors, and strategies. EQT has raised
more than EUR 75 billion since inception and currently more than EUR 46 billion in assets under management across 16 active
funds within two business segments – Private Capital and Real Assets.
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EQT (USA) Public Value to invest in BioGaia, a world leader in probiotic food
supplements
The EQT Public Value fund (“EQT Public Value”) announces its commitment to participate in a
directed issue in BioGaia AB (“BioGaia” or “the Company”). As part of the directed issue, which is
subject to the approval of an extraordinary general meeting, EQT Public Value intends to acquire
1,625,000 B shares representing a consideration of SEK 650 million. Founded in Sweden in 1990 by
entrepreneurs Peter Rothschild and Jan Annwall, BioGaia has built a world-leading position in the
probiotic food supplements space. The Company has created networks of leading, independent
researchers and specialists, manufacturing experts and local distribution partners worldwide.
BioGaia’s clinically proven products are recommended by pediatricians and other healthcare
professionals and sold across more than 100 countries. BioGaia is listed in the Mid Cap segment on
Nasdaq Stockholm and reported net sales of SEK 768 million and EBIT of SEK 243 million in 2019.
The Company has a market capitalisation of SEK 7.3 billion pre directed issue, based on the closing
price on Friday 30 October 2020 of SEK 423.5 per share. BioGaia operates in an attractive and
growing market underpinned by secular trends, such as an increased focus on health, a broadened use
of probiotics in new fields, and an increased inclination towards preventive care. Following the
approval of an extraordinary general meeting, BioGaia is expected to leverage on EQT’s long
experience from developing strong healthcare assets, its global advisory network and in-house digital
and sustainability teams. Moreover, BioGaia’s has a solid platform from which EQT Public Value
foresees many opportunities for further organic growth and acquisitions.
Co-Head of Public Value and Partner at EQT Partners, said: “We have followed BioGaia for a
long time and are impressed with the company’s 30-year long track record of probiotic
innovation, growth and recent initiatives to digitalize its business, an area where EQT has vast
experience. Biogaia’s focus on making a positive societal impact is also well aligned with EQT’s
strategy of making purpose-driven investments. EQT Public Value looks forward to working
together with shareholders, board and management on the next phase of BioGaia’s growth
journey.”
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EQT (USA) to sell Tia Technology to Sapiens
EQT announced that the EQT Mid-Market fund has agreed to sell Tia Technology
A/S to Sapiens International Corporation, a leading global provider of software
solutions for the insurance industry. Founded in 1997 in Denmark, Tia is a leading
provider of standardized insurance software solutions in Europe and South Africa.
The Company addresses the migration trend from legacy systems to standardized
software and offers flexible and comprehensive suites of core insurance applications
primarily for Property & Casualty insurers, Life & Pension, Health and a number of
innovative extension modules. EQT Mid Market acquired Tia in 2014 and the
Company is positioned in the FinTech/InsurTech space, which is one of EQT's
prioritized subsectors within TMT. With its domain expertise, EQT has supported
significant investments in developing Tia’s robust and competitive software offering,
while strengthening the organization and more than doubling its employee base to
200 people. Tia has fast-tracked the development of its cloud offering, which is
attracting significant interest among new and existing customers. In 2019, Tia had
revenues of DKK 194 million and a 14 percent normalized Non-Gaap operating
profit margin.
Partner at EQT Partners, said: “Tia plays an important role in the digital
transformation of the insurance industry and EQT is proud to have supported its
mission in bringing speed and agility to the insurance ecosystem. It has been a
pleasure to partner with the dedicated management team, led by Anders S.
Rosenbeck, who has done a fantastic job executing on the strategic vision and
creating a future-proofed platform, well-positioned for growth and success in the
years to come. We believe that Sapiens is a good long-term home for Tia and wish
them best of luck in the future”.
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ExxonMobil (USA) reports results for third quarter 2020
• Exxon Mobil Corporation announced an estimated third quarter 2020 loss of $680 million, or $0.15 per
share assuming dilution. Third quarter capital and exploration expenditures were $4.1 billion, bringing
year-to-date spending to $16.6 billion, more than $6 billion lower than the prior year period.
• Third quarter results improved by $400 million from the second quarter, primarily driven by early stages of
demand recovery; excluding identified items, results improved by $2.2 billion
• On track to exceed reduction targets for 2020 capital and cash expenses; further reductions anticipated in
2021
• Continued Guyana progress with third major deepwater development approval and two new discoveries
Upstream
• Average third quarter realizations for crude oil improved significantly, as market prices increased following
the second quarter's challenging environment. Natural gas realizations declined, primarily due to a lag in
crude-linked LNG contract pricing.
• Improved market conditions enabled full recovery of production impacted by economic curtailments.
Government mandated curtailments negatively impacted third quarter results and are anticipated to continue in
the fourth quarter.
Downstream
• Supply chain optimization, higher product sales due to increased demand, and higher marketing margins
more than offset lower industry fuels margins driven by market oversupply and high product inventory levels.
• Third quarter saw the best reliability and process performance in the last 10 years, while average refinery
utilization increased about 6 percent from the second quarter on demand recovery. Refining capacity sparing
decreased to about 25 percent.
“We remain confident in our long-term strategy and the fundamentals of our business, and are taking the
necessary actions to preserve value while protecting the balance sheet and dividend,” said chairman and
chief executive officer. “We are on pace to achieve our 2020 cost-reduction targets and are progressing
additional savings next year as we manage through this unprecedented down cycle.”
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Galp (Portugal) agrees GGND stake sale to Allianz Capital Partners
Galp has reached an agreement with Allianz Capital Partners, acting on behalf of Allianz insurance companies and the
Allianz European Infrastructure Fund, for the sale of 75.01% from its current 77.5% stake in Galp Gás Natural
Distribuição, S.A. (GGND). Based on the agreed price of €368 m for 75.01%, the implicit enterprise value (EV) for
100% of GGND, which holds nine regional gas distribution companies in Portugal, is c.€1.2 bn, equivalent to an EV
multiple of c.13x over 2020 estimated Ebitda. The transaction is subject to customary regulatory and third parties’
consents, with completion expected to take place during the first quarter of 2021.The agreement comprises the sale of
75.01% from Galp’s current 77.5% stake in Galp Gás Natural Distribuição. The agreed price of €368 million for the
stake values the whole of GGND at c.€1.2 bn, or c.13x the estimated 2020 Ebitda.
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Hellenic Petroleum (Greece): Third Quarter / 9M 2020 Financial Results
Key Highlights in 3Q20:
• Positive operating results, despite adverse refining environment, with adjusted EBITDA
coming in at €256m in 9M20, due to efficient operation, exports increase and exploitation of
international market opportunities
• Extended period of negative benchmark refining margins internationally, historically the
most adverse environment for refining companies
• Focus on fighting the COVID-19 pandemic, prioritizing employee health and safety and
smooth operation in all core business activities
• Exports increase by 10% partially compensating for domestic fuel market demand decline –
Total sales at €3,7m tons
• Strong balance sheet, further reduction of financing cost
• Safe and successful completion of the turnaround program of refinery in Aspropyrgos – Over
€130m investment, focusing on improved safety and environmental performance of the refinery
• Completion of 204MW PV project acquisition in Kozani, financing through a new bond
issuance – Tangible support by international markets and EBRD for Group’s strategy
• Substantial contribution to national crisis management, by strengthening the NHS system
against the COVID-19 pandemic
Group CEO, commented on results:“During 3Q20, we faced the most adverse industry
environment in history. Already many refineries in the region have reduced utilization, while
some are curtailing or terminating activities. Despite the partial recovery of the world
economy vs 2Q20, the fuels market remains at significantly lower levels, as the pandemic
affects tourism and travel in general. Operating environment remains challenging, with the
health and safety of our employees, as well as the uninterrupted operation of the supply
chain, being top priorities.In this environment, we managed to sustain our production at high
levels, increasing our exports, while taking advantage of the international market
opportunities, in order to mitigate, to the extent possible, the negative impact.The safe and
successful completion of the turnaround program of our largest refinery in Aspropyrgos,
which was a demanding project, due to the very large scale of works in a short time frame
and the additional health and safety challenges due to COVID-19, was particularly important
for us. On behalf of the Management, I would like to congratulate all the colleagues that
were involved. The full restart of the refinery in the coming days will result in improved
financials and environmental performance.”
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Hess (USA) Reports Estimated Results for the Third Quarter Of 2020
Third Quarter Financial and Operational Highlights:
• Net loss was $243 million, or $0.80 per common share, compared with a net loss of $212 million, or $0.70 per
common share in the third quarter of 2019
• Adjusted net loss1 was $216 million, or $0.71 per common share, compared with an adjusted net loss of $105
million, or $0.35 per common share in the prior-year quarter
• Oil and gas net production, excluding Libya, averaged 321,000 barrels of oil equivalent per day (boepd), up from
290,000 boepd in the third quarter of 2019; Bakken net production was 198,000 boepd, up 21% from 163,000 boepd in
the prior-year quarter
• Crude oil put option contracts are in place for more than 80% of forecast net oil production for the remainder of
2020 with a fair value of approximately $205 million at September 30, 2020; realized settlements on crude oil put
option contracts during the first nine months of 2020 were approximately $700 million
• E&P capital and exploratory expenditures were $331 million, compared with $661 million in the prior-year quarter
• Cash and cash equivalents, excluding Midstream, were $1.28 billion at September 30, 2020
2020 Updated Full Year Guidance:
• Net production, excluding Libya, is expected to be approximately 325,000 boepd, down from previous guidance
of approximately 330,000 boepd primarily due to hurricane-related downtime in the Gulf of Mexico
• Bakken net production is expected to be approximately 190,000 boepd, up from the previous guidance of
approximately 185,000 boepd due to strong year to date performance
• E&P capital and exploratory expenditures are projected to be approximately $1.8 billion, down from previous
guidance of approximately $1.9 billion
“We continue to execute our strategy and achieve strong operational performance while prioritizing the
preservation of cash, capability and the long term value of our assets during this low price environment,” CEO
Hess said. “Our differentiated portfolio of assets, including multiple phases of low cost Guyana oil developments,
positions us to deliver industry leading cash flow growth and drive our company’s breakeven price to under $40
per barrel Brent by mid decade.”
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Hess (USA) Completes Sale of Interests in Shenzi Field, Gulf of Mexico
Hess announced that it has completed the previously
announced sale of its 28% working interest in the Shenzi
Field in the deepwater Gulf of Mexico to BHP, the field’s
operator, for a total consideration of $505 million, subject to
customary adjustments, with an effective date of July 1,
2020.Hess Corporation is a leading global independent
energy company engaged in the exploration and production
of crude oil and natural gas.
“This transaction brings value forward in the current low
price environment and further strengthens our cash and
liquidity position,” CEO Hess said. “Proceeds will be
used to fund our world class investment opportunity in
Guyana.”
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HPCL (India) Second Quarter Financial Results 2020-21
• Gross sales revenue for the corporation stood at Rs 61,340 crore during July- September quarter versus Rs 66,165 crore for the same period last year. Gross sales Revenue for the half year April – September 2020 was Rs 1,07,225 crore
as compared to Rs 1,40,694 crore for corresponding period of the previous year
• The nationwide lock down to contain the spread of the pandemic in India lead to significant demand contraction of petroleum products in April 2020 and the sales were down by over 48.5% as compared to April 2019. However, with
the subsequent relaxations announced by the Central & State Governments and gradual opening up of economy, the demand of petroleum products picked up sharply. Overall sales of Petroleum Products has reached to the level of 98% in
September 2020 compared to the sales in September 2019.
• Domestic sales volume during the quarter July-September 2020 was 8.10 MMT compared to 8.95 MMT last year, which was 90.5% of the last year volume during the same period. The domestic sales for HPCL for the half year
April-September 2020 was 15.34 MMT compared to 18.77 MMT which was 81.7% of the sales volume last year same period.
• During such challenging times, the Corporation also achieved an overall combined capacity utilization of over 100% at its refineries by optimizing the day to day crude run rate and regulating the product procurements from other sources.
• The HPCL refineries processed 8.03 million metric tonnes of crude during April-September, 2020 as against 8.48 million metric tonnes during the same period last year. The thruput for the quarter July to Sept 2020 was 4.06 MMT
compared to 4.56 MMT last year
• The combined GRM for the period July-September 2020 is US$ 5.11 per barrel as compared to US$ 2.83 per barrel in the corresponding previous period. The combined GRM for the half-year April- September 2020 works out to US$
2.58 per barrel compared to US$ 1.87 per barrel in the corresponding previous period.
• HPCL recorded 22.5% jump in Lube sales during the quarter July to September 2020 compared to same quarter last year and continued to be largest lube Marketer of India among OMCs. HPCL also exported 9 TMT of Lubes during
the period and added new geographies to its market reach.
• During the quarter, 464 new retail outlets were commissioned taking the total retail outlet network to 17,171 as of September 2020. HPCL also commissioned 24 new LPG distributorships during the quarter taking the total LPG
distributorships to 6,153 as of September 2020.
• To ensure availability of alternate fuels and offering more choices to customers, CNG dispensing facilities were commissioned at 103 retail outlets during April to September 2020, taking the total number of retail outlets with CNG
facilities to 574. With commissioning of 42 mobile dispensing equipment during the period to for Door-to-Door delivery of diesel, the total number of mobile dispensing equipment were enhanced to 60. EV charging facility has been provided
at 36 outlets.
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HollyFrontier Corporation (USA) Reports Quarterly Results
• The third quarter results reflect special items that collectively increased net income by a total of $64.5 million. On a
pre-tax basis, these items include HollyFrontier's pro-rata share of a gain recognized upon the settlement of the Company's
business interruption claim with its insurance carrier related to a loss at the Woods Cross Refinery totaling $77.1 million and a
lower of cost or market inventory valuation adjustment of $62.8 million, partially offset by charges related to the Cheyenne
Refinery conversion to renewable diesel production, including last-in, first-out (“LIFO”) inventory liquidation costs of $33.8
million, decommissioning charges of $12.3 million and severance charges totaling $2.4 million.
• The Refining segment reported adjusted EBITDA of $(53.6) million for the third quarter of 2020 compared to $424.6
million for the third quarter of 2019. This decrease was primarily due to continued weak demand for gasoline and diesel
coupled with compressed crude differentials. Refinery gross margin for the third quarter of 2020 was $4.93 per produced barrel,
a 71% decrease compared to $17.23 for the third quarter of 2019. Crude oil charge averaged 390,580 barrels per day (“BPD”)
for the current quarter compared to 476,030 BPD for the third quarter of 2019.
• The Lubricants and Specialty Products segment reported EBITDA of $60.6 million for the third quarter of 2020 compared
to $38.0 million in the third quarter of 2019. This increase was driven by the strong recovery in global demand for finished
lubricants and base oils, resulting in higher sales volumes and margins during the quarter.
• Holly Energy Partners, L.P. (“HEP”) reported EBITDA of $55.3 million for the third quarter of 2020 compared to $123.1
million in the third quarter of 2019. Reported EBITDA for the third quarter of 2020 included a $35.7 million goodwill
impairment charge, and reported EBITDA for the third quarter of 2019 included a $35.2 million gain on sales-type leases, both
of which eliminated on the Company's consolidation.
• For the third quarter of 2020, net cash provided by operations totaled $81.7 million. During the period, HollyFrontier
declared and paid a dividend of $0.35 per share to shareholders totaling $57.2 million. At September 30, 2020, the Company's
cash and cash equivalents totaled $1,524.9 million, a $622.4 million increase over cash and cash equivalents of $902.5 million
at June 30, 2020. Additionally, the Company's consolidated debt was $3,176.3 million.
HollyFrontier’s President & CEO, commented, “Despite the difficult operating environment, HollyFrontier delivered
solid results in the third quarter, led by resilient financial performances from our lubricants and midstream businesses. In
August, we ran the last barrel of crude oil at Cheyenne and began the conversion to renewable diesel production. I would
like to thank all of the employees at Cheyenne for safely achieving this milestone. In September, we reinforced our strong
liquidity position through the successful $750.0 million bond offering, providing us the necessary capital to fully fund the
previously announced renewable diesel projects at our Artesia, New Mexico and Cheyenne, Wyoming facilities.”
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Husky Energy (Canada) Reports Third Quarter 2020 Results
Third Quarter Summary
• Funds from operations were $148 million compared to $1 billion in the third quarter of 2019.
• Cash flow from operating activities was $79 million, including changes in non-cash working capital, compared to
$800 million in Q3 2019.
• The net loss was $7 billion, reflecting non-cash impairments of $6.7 billion (after tax), which were related to lower
long-term commodity price assumptions and reduced capital investment. In addition, higher discount rates were used
based off of a number of factors and market indicators, including the recently announced combination with Cenovus.
• Capital expenditures were $354 million, including $79 million in Superior Refinery rebuild capital.
• Net debt at the end of the third quarter was $5.4 billion. Total liquidity was $5.5 billion, comprised of $1 billion in
cash and $4.5 billion in available credit facilities. Liquidity was improved with a $1.25 billion public notes offering at
a coupon of 3.5%. Net proceeds were used, in part, to repay revolving debt and the Company’s $500 million term loan
in early October.
• Total upstream production averaged 258,400 barrels of oil equivalent per day (boe/day) compared to 294,800
boe/day in the third quarter of 2019 and 246,500 boe/day in the second quarter of 2020. This reflects the ramp-up of
production at Lloydminster thermal projects and the Sunrise Energy Project, partially offset by a third-party condensate
pipeline outage in September, a planned turnaround on the SeaRose floating production, storage and offloading (FPSO)
vessel and a planned turnaround at the Tucker Thermal Project that began in September and is now completed.
• Integrated Corridor production averaged 194,500 boe/day, compared to 175,400 boe/day in the second quarter of
2020.
• Downstream throughput averaged 300,100 bbls/day, compared to 281,300 bbls/day in the second quarter of 2020.
This takes into account a planned turnaround at the Lloydminster Upgrader, which is now completed.
• Offshore production averaged 63,900 boe/day, compared to 71,100 boe/day in the second quarter of 2020, Husky
working interest.
“We are continuing to take steps to protect our balance sheet and generate free cash flow, with a priority of
returning cash to our shareholders,” said CEO. “While oil prices showed gradual improvement during the third
quarter, we were impacted by lagging U.S. refining margins, turnarounds at several facilities and a significant
non-cash impairment related to lower long-term commodity price assumptions and market indicators, including
the recently announced transaction. However, the startup of a number of projects will increase funds from
operations and provide for further stability in this challenging market environment.”
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Kinder Morgan (USA) Announces Results for Third Quarter of 2020;
Maintains $0.2625 Per Share Dividend
• Kinder Morgan, Inc.’s board of directors approved a cash dividend of $0.2625 per share for the third quarter ($1.05
annualized), payable on November 16, 2020, to common stockholders of record as of the close of business on
November 2, 2020. This dividend represents a 5% increase over the third quarter of 2019.
• KMI is reporting third quarter net income attributable to KMI of $455 million, compared to net income attributable
to KMI of $506 million in the third quarter of 2019; and distributable cash flow (DCF) of $1,085 million, a 5% decrease
from the third quarter of 2019.
2020 Outlook
• For 2020, KMI’s original budget contemplated DCF of approximately $5.1 billion ($2.24 per common share) and
Adjusted EBITDA of approximately $7.6 billion. Because of the pandemic-related reduced energy demand and the
sharp decline in commodity prices, the company expects DCF to be below plan by slightly more than 10% and Adjusted
EBITDA to be below plan by slightly more than 8%. As a result, KMI expects to end 2020 with a Net Debt-to-Adjusted
EBITDA ratio of approximately 4.6 times.
• Market conditions also negatively impacted a number of planned expansion projects such that they are not needed
at this time or no longer meet our internal return thresholds. We therefore expect the budgeted $2.4 billion of expansion
projects and contributions to joint ventures for 2020 to be lower by approximately $680 million. With this reduction,
DCF less expansion capital expenditures is improved by approximately $135 million compared to budget, helping to
keep our balance sheet strong.
• KMI expects to use internally generated cash flow to fully fund its 2020 dividend payments, as well as all of its
2020 discretionary spending.
• As of September 30, 2020, we had over $3.9 billion of borrowing capacity under our $4 billion credit facility and
$632 million in cash and cash equivalents. We believe this borrowing capacity, current cash on hand, and our cash from
operations are more than adequate to allow us to manage our cash requirements, including maturing debt, through 2021.
“We are now in the seventh month of an unprecedented reduction in energy demand due to the pandemic,” said
KMI Executive Chairman. “Yet our company continued to produce considerable earnings and robust coverage of
this quarter’s dividend.We generate substantial cash and we remain committed to funding our capital needs
internally, maintaining a healthy balance sheet and returning excess cash to our shareholders through dividend
increases and/or share repurchases. Once we have completed our 2021 budget process, the board will determine
the fourth quarter 2020 dividend and our dividend policy for 2021.”
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MOL Group (Hungary) 3rd Quarter EBITDA Bounced Back Despite
The Crisis, Challenges Ahead
• Clean CCS EBITDA strongly rebounded from the Q2 lows and came in at USD
610mn in Q3 2020, only 12% lower than last year.
• All segments continued to generate positive simplified free cash-flow in both Q3
and the year to date, despite the pandemic and economic crises.
• Upstream EBITDA improved in Q3 compared to Q2, but decreased by 10%
year-on-year at USD 212mn, due to depressed oil and gas prices, ACG contribution
partly offset the negative effects.
• Downstream Clean CCS EBITDA recovered from the Q2 lows to USD 202mn,
but it was 26% under last year’s results, due to the very poor refinery margins.
• Consumer Services returned to double-digit EBITDA growth in Q3, as EBITDA
grew by 14% year-on-year to USD 183mn. This segment became the strongest free
cash flow contributor of the Group in the first three quarters of 2020.
• As the progression of the pandemic increases in severity within the core region,
mobility restrictions and lockdowns are clouding the outlook.
Chairman-CEO commented the results: “Earnings strongly rebounded in the
third quarter from the Q2 lows, which will in all probability allow us to deliver
full - year 2020 EBITDA at the higher end of our guidance range, around USD
1.9 bn. All business segments generated positive free cash flow so far this year
despite the pandemic, clear evidence of the robustness and resilience of our
operations. Consumer services stood out with new all-time high quarterly
EBITDA in Q3, but other segments also did relatively well, despite depressed
commodity prices and margins: Upstream benefited from the ACG acquisition,
while Downstream improved on the back of outstanding asset availability and
higher refinery throughput. Yet, we have to remain vigilant, as the pandemic is
not yet over, and the coming months may well put all of us to the test again.”
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National Oilwell Varco (USA) Reports Third Quarter 2020 Results
Wellbore Technologies
• Wellbore Technologies generated revenues of $361 million in the third quarter of 2020, a decrease of 18 percent from the second quarter
of 2020 and a decrease of 54 percent from the third quarter of 2019.
• Operating loss was $50 million, or -13.9 percent of sales, and included $26 million of other items.
• Adjusted EBITDA was $21 million, or 5.8 percent of sales, as cost-savings initiatives limited decremental leverage (the change in Adjusted
EBITDA divided by the change in revenue) to 26 percent.
Completion & Production Solutions
• Completion & Production Solutions generated revenues of $601 million in the third quarter of 2020, a decrease of two percent from the
second quarter of 2020 and a decrease of 17 percent from the third quarter of 2019.
• Operating profit was $25 million, or 4.2 percent of sales, and included $23 million in other items. Strong execution on international and
offshore project backlogs partially offset declines in shorter-cycle businesses.
• Adjusted EBITDA decreased seven percent sequentially to $63 million, or 10.5 percent of sales.
• New orders booked during the quarter totaled $169 million, representing a book-to-bill of 43 percent when compared to the $394 million
of orders shipped from backlog.
Rig Technologies
• Rig Technologies generated revenues of $449 million in the third quarter of 2020, a decrease of six percent from the second quarter of 2020
and a decrease of 31 percent from the third quarter of 2019.
• Operating loss was $3 million, or -0.7 percent of sales, and included $12 million of other items.
• Adjusted EBITDA increased $14 million sequentially to $28 million, or 6.2 percent of sales.
• New orders booked during the quarter totaled $57 million, representing a book-to-bill of 29 percent when compared to the $199 million of
orders shipped from backlog. At September 30, 2020, backlog for capital equipment orders for Rig Technologies was $2.66 billion.
Other Corporate Items
• During the third quarter, NOV generated $323 million in cash flow from operations and invested $49 million in capital expenditures.
Additionally, NOV recognized $62 million in restructuring charges, primarily due to severance costs, facility closures and inventory reserves.
• On August 25, 2020, NOV completed a cash tender offer for $217 million of its 2.6 percent Unsecured Notes due 2022 using cash on hand.
As of September 30, 2020, NOV had total debt of $1.82 billion, with $2.00 billion available on its primary revolving credit facility, and $1.49
billion in cash and cash equivalents.
“Despite the sharp contraction in demand for oil and gas-related products and services caused by the global pandemic, our team’s solid
execution on cost reduction and working capital initiatives continues to exceed expectations, resulting in $323 million in cash flow from
operations and a reduction in net debt to $339 million during the third quarter of 2020,” commented Chairman, President and CEO.While
our third quarter bookings were light and market conditions remain challenging, we are seeing some encouraging signals in the
marketplace. In North America, we believe drilling activity has bottomed and is likely to rise modestly from current levels. In our
international markets, we are seeing more of our customers return to work and fewer COVID-19-related logistical disruptions. As a result,
our Rig Technologies and Completion & Production Solutions segments have both seen significant increases in tendering activity, giving
us confidence that order intake is likely to improve in the fourth quarter.”
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NOVATEK (Russia) Announces Consolidated IFRS Results for the
Third Quarter and the Nine Months 2020
• In the third quarter 2020, total revenues and Normalized EBITDA, including share in EBITDA of joint ventures, amounted to RR 163.8 billion and RR 93.9
billion, respectively, representing decreases of 13.4% and 10.2% as compared to the prior year corresponding period.
• In the nine months ended 30 September 2020, total revenues and Normalized EBITDA, including share in EBITDA of joint ventures, amounted to RR 492.3
billion and RR 265.8 billion, respectively, representing decreases of 23.3% and 21.4%, as compared to the corresponding period in 2019.
• Profit attributable to shareholders of PAO NOVATEK amounted to RR 13.2 billion (RR 4.39 per share) in the third quarter 2020 and to RR 24.1 billion (RR
8.01 per share) in the nine months 2020 as compared to RR 370.0 billion and RR 820.9 billion, respectively, in the corresponding periods in 2019.
• Excluding the effects from the disposal of interests in subsidiaries and joint ventures, as well as foreign exchange differences, Normalized profit attributable
to shareholders of PAO NOVATEK totaled RR 35.7 billion (RR 11.89 per share) in the third quarter 2020 and RR 110.5 billion (RR 36.77 per share) in the nine
months 2020, representing decreases of 26.4% and 38.1%, respectively, as compared to the corresponding periods in 2019.
• cash used for capital expenditures amounted to RR 39.8 billion in the third quarter 2020 and to RR 142.3 billion in the nine months 2020 as compared to RR
36.5 billion and RR 110.2 billion, respectively, in the prior year corresponding periods.
• In the third quarter and the nine months 2020, liquid hydrocarbons sales volumes totaled 3.8 million and 11.9 million tons (mt), representing decreases of
5.7% and 1.4%, respectively, as compared to the corresponding periods in 2019.
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ONGC Videsh (India) to acquire 13.6667% Participating Interest in Exploitation Area and 15% Participating
Interest in Exploration Area under RSSD Production Sharing Contract , Offshore Senegal
ONGC Videsh through its wholly owned subsidiary has signed definitive binding agreements with FAR Senegal RSSD SA (Seller), a wholly owned subsidiary of FAR
Limited (FAR) on –10th November 2020 for acquiring 13.6667% participating interest in Exploitation Area and 15% participating interest in Remaining Contract Area
of Rufisque, Sangomar Offshore and Sangomar Deep Offshore (RSSD) Block, Offshore Senegal. Woodside Energy BV (Woodside), Capricorn Senegal Limited
(Cairns) and Le Société des Pétroles du Sénégal are other partners in the RSSD Block. The acquisition by ONGC Videsh is subject to satisfaction of customary
conditions precedents including approvals of Senegal regulatory authorities, FAR shareholders’approval, non-exercise / waiver of pre-emption by joint venture partners
and termination of certain third-party agreement. The Sangomar Field, currently under development, is located in the deep waters of Mauritania, Senegal, Gambia,
Guinea-Bissau and Guinea-Conakry Basin (MSGBC Basin), Offshore Senegal, covering an area of 772 sq. kms. and is planned to go on production in 2023 under
Phase-1 development. The acquisition involves an upfront consideration of USD 45 million with customary adjustments including the opening working capital as of
1st January 2020 and the cash calls paid or to be paid from January 2020 onwards until completion. This shall be payable upon completion; and (ii) Contingent
payments payable annually depending upon the Brent Oil price from First Oil until the earlier of 3 years from First Oil or 31st December 2027. Total investment
involved including the development cost until the first oil is expected to be around USD 600 Million. Woodside is the operator of the Block and has recently exercised
its pre-emption rights to acquire the participating interest held by Cairns in the RSSD Block. Post completion of acquisition of Cairns stake by Woodside, Woodside
shall hold 68.3333% participating interest in Sangomar Field and 75% participating interest in Exploration Area while Petrosen shall hold 18% participating interest in
Sangomar Field and 10% participating Interest in Exploration Area of the RSSD Block.
Description
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OMV (Austria) and Mubadala complete Borealis transaction
OMV, the international integrated oil and gas company headquartered in Vienna and
Mubadala Investment Company, the Abu Dhabi-based strategic investment company,
have completed the transaction for OMV to acquire an additional 39% stake in
Borealis, a leading, global chemicals company, from Mubadala. Following the initial
agreement announced in March this year, the transaction was completed in line with
the expected timeline and in accordance with all regulatory requirements. OMV now
holds a 75% interest in Borealis and Mubadala retains a 25% interest in the company.
OMV is entitled to all dividends in relation to the additional shares in Borealis
distributed after December 31, 2019. OMV will fully consolidate the results of
Borealis in its financial statements. In 2019, Borealis generated total sales of EUR
9.8 bn and a net profit of EUR 872 mn. The operating cash flow of Borealis –
including dividends from its joint venture Borouge –amounted to EUR 1.5 bn in
2019. In the first nine months of 2020, Borealis achieved an operating cash flow
including Borouge dividends of EUR 1.1 bn, 6 percent higher than the same period
of last year, despite the difficult market environment due to the COVID-19
pandemic.
CEO, Petroleum & Petrochemicals, Mubadala Investment Company: “This
transaction is well aligned with our strategy as a responsible investor and we are
confident in the value this partnership will create for all three companies. Both
OMV and Borealis are champions of the Mubadala portfolio, and this decision is
consistent with our asset management model and our commitment to partner with
like-minded players.”
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Oneok (USA) Announces 14% Year-Over-Year Increase In Third
Quarter 2020 Operating Income
Third Quarter 2020 Results, Compared With The Third Quarter 2019:
• Net income of $312.3 million, resulting in 70 cents per diluted share.
• 15% increase in adjusted EBITDA to $747.0 million.
• 14% increase in operating income to $550.4 million.
• 16% decrease in operating costs.
• 1.30 times distributable cash flow coverage of dividend.
• 7% increase in NGL raw feed throughput volumes.
• 94 cents per MMBtu average fee rate in the natural gas gathering and processing segment.
Third Quarter 2020 Results, Compared With The Second Quarter 2020:
• 55% increase in operating income.
• 40% increase in adjusted EBITDA.
• 33% increase in Rocky Mountain Region NGL raw feed throughput volumes.
• 25% increase in Rocky Mountain Region natural gas volumes processed.
• 9% decrease in operating costs.
Updated 2020 Outlook:
• Given the recovery of curtailed volumes in the regions where ONEOK operates, 2020 net income
and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) are
now expected to approach the midpoint of the ranges provided on April 28, 2020, of $500 million to
$900 million, and $2,600 million to $3,000 million, respectively.
"Third quarter results were driven by curtailed volume returning to our system resulting in
improved earnings," said ONEOK president and chief executive officer. "NGL volumes across
all of our operating areas have exceeded pre-pandemic levels, and natural gas volumes processed
in the Rocky Mountain region have exceeded 1.2 billion cubic feet per day. Volumes achieved in
September were more in-line with our original pre-pandemic 2020 expectations.We remain
focused on operating safely and environmentally responsibly. "Reliable service and value
creation continue to guide our strategy as we evaluate the opportunities ahead of us."
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Ørsted (Denmark) enters into agreement on sale of natural gas to PST
Ørsted has entered into a multi-year agreement on the sale of natural gas to Polish PGNiG Supply & Trading (PST). Under the agreement, Ørsted will, in 2023
to 2028, resell some of the natural gas that Ørsted receives from the Danish part of the North Sea to PST.From mid-2022, when production is expected to resume
in the Tyra field in the North Sea, production of natural gas in the Danish part of the North Sea will exceed Denmark’s demand for natural gas. And while the
consumption of natural gas in Denmark is decreasing, the Danish production of biogas is increasing.The agreement is based on existing natural gas purchase
agreements that Ørsted is still party to.Ørsted invests exclusively in clean energy and does no longer have any oil and natural gas production. Ørsted does not
enter into new gas purchase agreements and does not renew existing long-term gas purchase agreements.
Facts about the agreement
• In the period from 1 January 2023 to 1 October 2028, PGNiG Supply & Trading (PST) expects to buy approx. 70 TWh of the natural gas that Ørsted purchases
from the Danish part of the North Sea. By comparison, the Danish Energy Agency expects the North Sea production to be approx. 234 TWh, the production of
biogas to be approx. 46 TWh, and the total gas consumption in Denmark to be approx. 115 TWh in the same period.
• PST is wholly owned by the Polish natural gas company PGNiG, which is 72 % owned by the Polish state.
• Under long-term gas purchase agreements, Ørsted buys some of the natural gas produced by Dansk Undergrunds Consortium (DUC) in the Danish part of the
North Sea.
Description
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PBF Energy (USA) Announces East Coast Refining Reconfiguration and
Reports Third Quarter 2020 Results
• PBF Energy Inc. reported a third quarter 2020 loss from operations of $342.7
million as compared to income from operations of $151.9 million for the third
quarter of 2019. Excluding special items, third quarter 2020 loss from operations
was $374.2 million as compared to income from operations of $165.8 million for the
third quarter of 2019.
• The company reported third quarter 2020 net loss of $397.8 million and net loss
attributable to PBF Energy Inc. of $417.2 million or $(3.49) per share. This
compares to net income of $86.3 million, and net income attributable to PBF Energy
Inc. of $69.5 million or $0.57 per share for the third quarter 2019.
• Non-cash special items included in the third quarter 2020 results, which
decreased net income by a net, after-tax charge of $73.2 million, or $0.62 per share.
• Adjusted fully-converted net loss for the third quarter 2020, excluding special
items, was $346.6 million, or $(2.87) per share on a fully-exchanged, fully-diluted
basis, as described below, compared to adjusted fully-converted net income of $80.1
million or $0.66 per share, for the third quarter 2019.
PBF Energy's Chairman and CEO, said, " we announced the reconfiguration of
our Delaware City and Paulsboro refineries. With this reconfiguration, we will
operate the most profitable components of our East Coast refining system at
lower cost. This is another step in our broader strategic process aimed at
increasing the competitive position of our entire refining portfolio.PBF's third
quarter financial results reflect the challenging market conditions brought on by
the global pandemic and government measures taken to mitigate its spread. We
exited the third quarter with approximately $1.3 billion in cash and other sources
of liquidity that we believe will support our business through the current crisis.
We expect demand to remain depressed until there is a widely available medical
solution for the COVID-19 virus that will allow everyone to return to their
normal routines." Until that time, we will focus on the safety and health of our
employees and the reliability of our operations. We are committed to executing
our cost reduction initiatives and to continuing the strategic review of our entire
portfolio."
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Pembina Pipeline Corporation (Canada) Reports Third Quarter Results
Financial & Operational Highlights
• Earnings in the third quarter of $318 million represent a 14 percent decrease over the same period in the prior year. Earnings were positively impacted by higher gross profit in Pipelines and
Facilities, as the contribution from additional assets following the acquisition of Kinder Morgan Canada Limited and the U.S. portion of the Cochin Pipeline offset weaker global energy demand
resulting from the ongoing COVID-19 pandemic.
• Third quarter adjusted EBITDA of $796 million represents an eight percent increase over the same period in the prior year.
• Cash flow from operating activities of $434 million for the third quarter was a decrease of 19 percent over the same period in the prior year.
• Adjusted cash flow from operating activities of $524 million in the third quarter represents a one percent decrease over the same period in the prior year. The same factors impacting cash flow
from operating activities, discussed above, were largely offset by the change in taxes paid, net of the change in non-cash working capital.
• Total volume of 3,451 mboe/d for the third quarter was consistent with the same period in the prior year.
Divisional Highlights
• Pipelines reported adjusted EBITDA for the third quarter of $541 million, which represents an 18 percent increase compared to the same period in the prior year.
• Pipelines volumes of 2,580 mboe/d in the third quarter were consistent with the same period in the prior year.
• Facilities reported third quarter adjusted EBITDA of $251 million, which represents an eight percent increase compared to the same period in the prior year.
• Facilities volumes of 871 mboe/d in the third quarter represent a one percent increase compared to the same period in the prior year.
• Marketing & New Ventures reported third quarter adjusted EBITDA of $34 million, which represents a 59 percent decrease compared to the same period in the prior year.
• Marketed NGL volumes of 169 mboe/d in the third quarter, represent a four percent decrease compared to the same period in the prior year.
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Phillips 66 (USA) Reports Third-Quarter 2020 Financial Results
• Phillips 66 announces a third-quarter 2020 loss of $799 million, compared with a loss of $141 million
in the second quarter of 2020. Excluding special items of $798 million in the third quarter, primarily an
impairment related to the planned conversion of the San Francisco Refinery to a renewable fuels plant, the
company had an adjusted loss of $1 million, compared with a second-quarter adjusted loss of $324 million.
• Midstream third-quarter pre-tax income was $146 million, compared with $324 million in the second
quarter. Midstream results in the third quarter included a $120 million impairment of pipeline and terminal
assets related to the planned conversion of the San Francisco Refinery to a renewable fuels plant, an $84
million impairment related to the cancellation of the Red Oak Pipeline project, $3 million of pension
settlement expense and $1 million of hurricane-related costs. Second-quarter results included an $84
million gain related to Phillips 66 Partners’ prior-year sale of an interest in the Gray Oak Pipeline, as well
as $5 million of pension settlement expense.
• Transportation third-quarter adjusted pre-tax income of $202 million was $72 million higher than the
second quarter. The increase was primarily due to higher pipeline and terminal volumes, including ramp-up
of volumes on the Gray Oak Pipeline.
• NGL and Other adjusted pre-tax income was $102 million in the third quarter, compared with $83
million in the second quarter. The improvement was mainly due to higher Sweeny Hub volumes and
inventory impacts.
• The company’s equity investment in DCP Midstream, LLC generated third-quarter adjusted pre-tax
income of $50 million, an $18 million increase from the prior quarter, mainly reflecting hedging impacts.
“Our diversified, integrated portfolio helped us navigate a challenging market environment in the third
quarter,” said chairman and CEO of Phillips 66. “Our Midstream, Chemicals and Marketing
businesses benefited from improved market conditions, while Refining continued to be impacted by
weak margins. We advanced our growth strategy with the recent startup of Sweeny Fracs 2 and 3,
marking completion of the Sweeny Hub phase 2 expansion. Also, we announced Rodeo Renewed, a
project to reconfigure our San Francisco Refinery into the world’s largest renewable fuels plant,
making investments that advance a lower carbon future.”
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