CM - People & Companies - June 26, 2020Carbon Energy Corp. named Erich William Kirsch principal financial officer and principal accounting officer, effective June 11. Kirsch has served as SVP, finance and accounting since August 2019. Clean Energy Fuels Corp. elected Parker A. Weil director. Weil is vice chairman of investment banking at Cowen & Co. CONSOL Energy Inc. appointed Mitesh Thakkar CFO after his having served on an interim basis since Jan. 1. Mark Maki resigned from the board of DCP Midstream...
Jun 26, 2020
CS - People & Companies - April 1, 2020Bonterra Energy Corp. announced Dan Reuter resigned from the board of directors on March 10. Gary Drummond also advised the company he does not plan to stand for re-election to the board at the next annual general meeting. Drummond has more than 20 years of service with Bonterra. Replacements for the outgoing board members have not been announced. Australia-based, Montney-focused Calima Energy is appointing Michael Dobovich as its president. Dobovich is based in Calgary and was...
Apr 01, 2020
IS - Petronas and Exxon mull sale of Chad-Cameroon oil project - March 2020Petronas and ExxonMobil are working with advisers on a proposed sale of their stakes in the Chad-Cameroon Petroleum Development and Pipeline project that could fetch a total of more than $1 billion, Japanese wealth management firm Osaka Matsui Management said in a March 10 statement. The joint project consists of oil fields in southern Chad’s Doba Basin and a major pipeline transporting crude to a marine terminal for exportation in Cameroon. Exxon has retained Standard Chartered to sell...
Mar 24, 2020
IS - Industry presses on as it rides out impact of coronavirus - March 2020Shockwaves from the spread of the coronavirus continue dealing blows to the global oil market. In response, Saudi Arabia has asked fellow OPEC producers and Russia to cut an additional 1 MMbo/d as oil demand continues to cool (PG.1). While industry participants and observers continue to keep an eye on the ongoing ramifications of the quickly spreading health crisis, companies continue pressing forward with their 2020 initiatives. There have been a number of exploration and production...
Mar 03, 2020
CM - BlackRock considers climate key to investment philosophy - January 2020BlackRock, the world’s largest asset manager with over $7 trillion under management, told investors that climate change and sustainability are now two pillars of its corporate strategy and mission. In CEO Larry Fink’s annual letter to shareholders published Jan. 14, he said the group would avoid investments in companies that have high sustainability-related risk, exit investments in coal, create new funds that ban fossil fuel stocks and use its voting power to influence climate change policies...
Jan 31, 2020
OFS - People & Companies - January 14, 2020Basic Energy Services appointed Keith Schilling as president, CEO and director. Schilling had been president of Baker Hughes Canada since November 2018. He replaces Roe Patterson, who announced in September he would resign after a successor was named. Borr Drilling has appointed Francis Millet as its new CFO and Neil Glass as a new director of the board. Magnus Vaaler, who has been at Boor since 2018, was also appointed VP of investor relations and treasury. Millet has 30 years of...
Jan 14, 2020
A&D - Alussa aims to acquire oil & gas businesses worth up to $1B
- December 2019Alussa Energy Acquisition Corp. completed its $250 million initial public offering Nov. 29, becoming the third oil and gas-focused blank-check company to go public in 2019. The company plans to acquire one or more businesses with an aggregate enterprise value of about $500 million to $1 billion, focusing on companies involved in the operation and development of upstream oil and gas production and related infrastructure. The Grand Cayman-based company has not yet selected or initiated...
Dec 19, 2019
OFS - People & Companies - December 17, 2019Oilfield mechanical and electrical services company Scotland-based EnerMech appointed Chris Brown as its new CEO starting Jan.1. Brown was previously CEO of engineering and construction company Kentz. He became corporate development officer with SNC Lavalin after it acquired Kentz in 2014. EnerMech founder Doug Duguid returned to the CEO role in September on an interim basis after his initial replacement, John Guy, resigned for personal family reasons. Private equity firm The Carlyle Group owns...
Dec 17, 2019
CM - McDermott OK’d for Tranche B of $1.7B superpriority loan - December 2019McDermott International has been cleared by lenders to access the second tranche of its $1.7 billion superpriority senior secured credit facility, which was signed in October. The company expects to utilize the $250 million term loan facility and $100 million letter of credit attached to Tranche B to finance working capital and support the issuance of required performance guarantees on new projects. According to initial terms of the superpriority credit facility, the company had to get...
Dec 13, 2019
CM - People & Companies - November 15, 20193Bear Energy, LLC named Craig Harris CEO to succeed founder Bob Clark, who will remain as chairman of the board. Harris is former EVP and COO of Enable Midstream Partners, and has held various managerial roles at Columbia Pipeline Group, Ni Source, and El Paso Corp. Antero Resources Corp. elected Vicky Sutil and Tom Tyree as Class III and Class I directors, respectively. Sutil was VP of commercial analysis for a California Resources Corp. marketing unit and also worked with Occidental...
Nov 15, 2019
CS - Algonquin closes $331MM buy of Enbridge Gas New Brunswick - October 2019Ontario-based Algonquin Power & Utilities Corp. completed the $331 million acquisition of Enbridge subsidiary Enbridge Gas New Brunswick Ltd. on Oct. 1. The deal gave Algonquin its first utility operation in Canada, while Enbridge said it aligned with its focus on expanding its midstream business in core markets in Canada and the US. Enbridge Gas New Brunswick operates 1,200 km of natural gas distribution pipeline in 12 communities in southern New Brunswick, serving 12,000...
Oct 23, 2019
MI - Hunter in $180MM sale & leaseback deal with SFL for 3 VLCCs - September 2019Ship Finance International Ltd., which owns and charters out marine vessels, agreed to acquire three of Hunter Group’s eight very large crude carriers with scrubbers currently under construction at Daewoo Shipbuilding & Marine Engineering in South Korea for $180 million. Delivery is expected within two months, after which the vessels will be chartered back to Oslo-listed Hunter under 5-year bareboat contracts with purchase options. Ship Finance, which subsequently completed a name change to...
Sep 26, 2019
MI - People & Companies - September 26, 2019Ardmore Shipping Corp. announced the appointment of Kirsi Tikka to the company’s directors as a Class I director where the Bermuda-based company intends to nominate her to stand for reelection at its 2020 annual meeting of shareholders. Tikka has over 30 years of shipping experience and retired from the American Bureau of Shipping Classification Society in July. Oscar Brown exited the PAA GP Holdings board on Sept. 23 with the close of Occidental Petroleum’s concurrent secondary...
Sep 26, 2019
OFS - Finance Briefs - June 10, 2020Axxis Geo Solutions’ revenue rose by 82% YOY and it turned a profit in Q1, a quarter that included the completion of its first ocean bottom node survey in Brazil. Axxis also said that it had agreed to “overall terms” for a liquidity plan with its creditors, with discussions to be completed soon. Revenue was $45.1 million in Q1, $35.4 million in 4Q19 and $24.8 million in 1Q19. Axxis posted a net profit of $6.9 million in Q1, compared with net losses of $46.6 million in 4Q19 and $3.9 million in...
Jun 10, 2020
IS - Asia Briefs - November 26, 2019Abu Dhabi Future Energy Co., also known as Masdar, bought a 20% stake in India’s Hero Future Energies for $150 million. Masdar is owned by Mubadala, the emirate’s sovereign wealth fund. Hero will use the funds to expand its renewable energy portfolio into Africa and within India and Southeast Asia. International Finance Corp.is an existing Hero shareholder, having invested $125 million in the company in 2017. ]Beijing’s Asia Infrastructure Investment Bank invested $50 million in the...
Nov 26, 2019