QatarEnergy

Excelerate Energy Reports Strong Full Year 2023 Results and Announces New $50 Million Share Repurchase Program

Retrieved on: 
Wednesday, February 28, 2024

In January 2024, Excelerate signed a 15-year LNG Sales and Purchase Agreement (“SPA”) with QatarEnergy.

Key Points: 
  • In January 2024, Excelerate signed a 15-year LNG Sales and Purchase Agreement (“SPA”) with QatarEnergy.
  • Under the agreement, Excelerate will purchase 0.85 to 1.0 million tonnes per annum ("MTPA") of LNG from QatarEnergy on a delivered ex-ship basis beginning in January 2026.
  • As of December 31, 2023, Excelerate had $555.9 million in cash and cash equivalents, $49.4 million of letters of credit issued and no outstanding borrowings under its $350 million revolving credit facility.
  • The Excelerate Board of Directors has authorized a share repurchase program under which the Company may repurchase up to $50 million of its outstanding Class A common stock through February 2026.

QatarEnergy, CPChem celebrate construction start for Ras Laffan Petrochemicals Project

Retrieved on: 
Monday, February 19, 2024

QatarEnergy and Chevron Phillips Chemical today celebrated the commencement of construction of a $6 billion integrated polymers complex in Ras Laffan Industrial City, Qatar.

Key Points: 
  • QatarEnergy and Chevron Phillips Chemical today celebrated the commencement of construction of a $6 billion integrated polymers complex in Ras Laffan Industrial City, Qatar.
  • Executives from QatarEnergy, CPChem and its owner companies, Chevron U.S.A. Inc. and Phillips 66 Company, attended the ceremony.
  • CPChem is providing project management services to oversee the engineering, procurement and construction of the facility.
  • CPChem and QatarEnergy successfully operate three joint ventures in Qatar – Qatar Chemical Company Ltd., Qatar Chemical Company II Ltd. and Ras Laffan Olefins Company.

Europe's $800 Billion Energy Crisis Sparks Investment Frenzy

Retrieved on: 
Monday, March 4, 2024

LONDON, March 4, 2024 /PRNewswire/ -- The energy crisis that engulfed Europe after Western sanctions punished Russia's invasion of Ukraine cost the continent hundreds of billions of dollars. Now, the Middle East crisis and the Houthi war on the Red Sea could threaten future energy supplies.  Companies mentioned in this release include: TotalEnergies, MCF Energy, Halliburton Company (NYSE:HAL), Schlumberger Limited (NYSE:SLB), Enbridge Inc. (NYSE:ENB), Golar LNG Limited (NASDAQ:GLNG), Transocean Ltd (NYSE:RIG).

Key Points: 
  • Now, the Middle East crisis and the Houthi war on the Red Sea could threaten future energy supplies.
  • In early February, Germany earmarked $16 billion for the construction of four natural gas power plants to complement a renewable energy expansion push.
  • #2 MCF Energy ( MCF .V; MCFNF .QX)
    Small-cap MCF Energy, backed by veteran explorer and producer, Ford Nicholson, is convinced that this is the right atmosphere in which to foster European energy security through domestic natural gas production.
  • Thanks to its 100% acquisition of German Genexco last year, MCF Energy is now ready to drill down for some much-needed domestic energy resources for Germany.

Europe's $800 Billion Energy Crisis Sparks Investment Frenzy

Retrieved on: 
Monday, March 4, 2024

LONDON, March 4, 2024 /PRNewswire/ -- The energy crisis that engulfed Europe after Western sanctions punished Russia's invasion of Ukraine cost the continent hundreds of billions of dollars. Now, the Middle East crisis and the Houthi war on the Red Sea could threaten future energy supplies.  Companies mentioned in this release include: TotalEnergies, MCF Energy, Halliburton Company (NYSE:HAL), Schlumberger Limited (NYSE:SLB), Enbridge Inc. (NYSE:ENB), Golar LNG Limited (NASDAQ:GLNG), Transocean Ltd (NYSE:RIG).

Key Points: 
  • Now, the Middle East crisis and the Houthi war on the Red Sea could threaten future energy supplies.
  • In early February, Germany earmarked $16 billion for the construction of four natural gas power plants to complement a renewable energy expansion push.
  • #2 MCF Energy ( MCF .V; MCFNF .QX)
    Small-cap MCF Energy, backed by veteran explorer and producer, Ford Nicholson, is convinced that this is the right atmosphere in which to foster European energy security through domestic natural gas production.
  • Thanks to its 100% acquisition of German Genexco last year, MCF Energy is now ready to drill down for some much-needed domestic energy resources for Germany.

H.E. Minister Al-Kaabi announces raising Qatar's LNG production capacity to 142 MTPA before the end of 2030

Retrieved on: 
Monday, February 26, 2024

Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, made the announcement during a press conference held today at QatarEnergy's Headquarters in Doha.

Key Points: 
  • Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, made the announcement during a press conference held today at QatarEnergy's Headquarters in Doha.
  • Minister Al-Kaabi announced that extensive appraisal drilling and testing have confirmed that productive layers of Qatar's giant North Field extend towards the west, which allows for developing a new LNG production project in Ras Laffan.
  • As such, the State of Qatar's total LNG production will reach about 142 MTPA when this new expansion is completed before the end of this decade.
  • With the completion of this project, the State of Qatar's total hydrocarbon production will exceed 7.25 million barrels of oil equivalent per day."

H.E. Minister Al-Kaabi announces raising Qatar's LNG production capacity to 142 MTPA before the end of 2030

Retrieved on: 
Monday, February 26, 2024

Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, made the announcement during a press conference held today at QatarEnergy's Headquarters in Doha.

Key Points: 
  • Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, made the announcement during a press conference held today at QatarEnergy's Headquarters in Doha.
  • Minister Al-Kaabi announced that extensive appraisal drilling and testing have confirmed that productive layers of Qatar's giant North Field extend towards the west, which allows for developing a new LNG production project in Ras Laffan.
  • As such, the State of Qatar's total LNG production will reach about 142 MTPA when this new expansion is completed before the end of this decade.
  • With the completion of this project, the State of Qatar's total hydrocarbon production will exceed 7.25 million barrels of oil equivalent per day."

Weatherford Announces Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Tuesday, February 6, 2024

HOUSTON, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the fourth quarter of 2023 and full year 2023.

Key Points: 
  • Operating income was $216 million in the fourth quarter of 2023, compared to $218 million in the third quarter of 2023 and $169 million in the fourth quarter of 2022.
  • Basic income per share was $1.94, compared to $1.70 in the third quarter of 2023 and $1.01 in the fourth quarter of 2022.
  • Fourth quarter 2023 cash flows provided by operating activities were $375 million, compared to $172 million in the third quarter of 2023 and $193 million in the fourth quarter of 2022.
  • Capital expenditures were $67 million in the fourth quarter of 2023, compared to $42 million in the third quarter of 2023 and $49 million in the fourth quarter of 2022.

Phillips 66 Delivers Strong 4Q 2023 Results, Advances Strategic Priorities

Retrieved on: 
Wednesday, January 31, 2024

Phillips 66 generated $2.2 billion in cash from operations in the fourth quarter of 2023.

Key Points: 
  • Phillips 66 generated $2.2 billion in cash from operations in the fourth quarter of 2023.
  • During the fourth quarter, Phillips 66 funded $634 million of capital expenditures and investments, $1.2 billion of share repurchases and $457 million in dividends.
  • Phillips 66 is executing its strategic priorities to increase mid-cycle adjusted EBITDA by $4 billion to $14 billion by 2025 and grow shareholder distributions.
  • Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s fourth-quarter performance.

McDermott Secures Two EPCIC Contracts for North Oil Company's Ruya Development Project

Retrieved on: 
Thursday, February 1, 2024

HOUSTON, Feb. 1, 2024 /PRNewswire/ -- McDermott has been awarded two contracts from North Oil Company (NOC) to deliver engineering, procurement, construction, installation and commissioning (EPCIC) for packages 11 and 13 of the Ruya Development Project, as part of the expansion of the Al-Shaheen field, Qatar's largest oil field.

Key Points: 
  • HOUSTON, Feb. 1, 2024 /PRNewswire/ -- McDermott has been awarded two contracts from North Oil Company (NOC) to deliver engineering, procurement, construction, installation and commissioning (EPCIC) for packages 11 and 13 of the Ruya Development Project, as part of the expansion of the Al-Shaheen field, Qatar's largest oil field.
  • The Package 11 mega* contract scope, awarded to a consortium of McDermott and Qingdao McDermott Wuchuan (QMW), includes installation of nine satellite wellhead platforms and jackets in two offshore campaigns.
  • The Package 13 substantial* contract, awarded to a consortium of McDermott and Hyundai Heavy Industry (HHI), is for EPCIC of one 25,000 metric ton central processing platform, flare platform and bridges.
  • McDermott defines a mega contract as being over USD 1.5 billion, and a substantial contract as being between USD $500 and $750 million.

Excelerate Energy Signs 15-Year LNG Supply Deal with QatarEnergy

Retrieved on: 
Monday, January 29, 2024

Excelerate Energy, Inc. (NYSE: EE) (the Company or Excelerate) and QatarEnergy announced today the execution of a 15-year liquefied natural gas (“LNG”) Sales and Purchase agreement (“SPA”).

Key Points: 
  • Excelerate Energy, Inc. (NYSE: EE) (the Company or Excelerate) and QatarEnergy announced today the execution of a 15-year liquefied natural gas (“LNG”) Sales and Purchase agreement (“SPA”).
  • Under the SPA, Excelerate has agreed to purchase up to 1.0 million tonnes per annum (“MTPA”) of LNG from QatarEnergy on a delivered ex-ship basis in Bangladesh for 15 years, beginning January 2026.
  • Excelerate will purchase 0.85 MTPA of LNG in 2026 and 2027 and 1.0 MTPA from 2028 to 2040.
  • View the full release here: https://www.businesswire.com/news/home/20240129303107/en/
    “This inaugural long term supply agreement with the world’s largest LNG supplier marks a new milestone in our collaboration with QatarEnergy.