Oil Companies Receive Report Cards
Analysts' Corner recently announced new research reports highlighting Exxon Mobil Corp., Chevron Corp., Encana Corp., Statoil ASA, and PetroChina Co. Ltd.
On Sept. 13, 2013, Exxon Mobil announced that its Point Thomson project has completed a number of infrastructure milestones during the summer of 2013, as part of an ongoing commitment to Alaska's energy future.
“ExxonMobil is strongly committed to hiring Alaskans and, with its contractors, employed more than 1,100 Alaskans during the 2013 winter work season,” Gina Dickerson, senior project manager at Point Thompson said.
“Point Thomson's infrastructure can help unlock the eastern portion of the North Slope for expanded exploration and development activity. Along with our contractors and partners, we're very proud to be building a project on the North Slope that will significantly contribute to realizing Alaska's full energy potential.”
According to the company, the Point Thomson Unit is estimated to hold 25 percent of known North Slope natural gas and is designed to initially produce 10,000 barrels/day of condensate at startup in the winter of 2015/2016. The Full Research Report on Exxon Mobil – including full detailed breakdown, analyst ratings and price targets – is available at: www.analystscorner.com/r/full_research_report/36c4_XOM
On Aug. 29, 2013, Chevron announced the expansion of its Fuel Your School Program, an innovative collaboration between Chevron and DonorsChoose.org that is designed to help meet the critical need for classroom funding in various communities where Chevron operates. According to the company, the program has expanded to 14 U.S. communities in fall 2013, from nine communities in 2012.
“Effective education in the STEM subjects-science, technology, engineering and math-can help prepare bright young students to be the engineers, geologists and doctors of the future, driving innovation and economic growth,” said Dale Walsh, president of Chevron Americas.
“Fuel Your School provides teachers with essential tools and resources, including hands-on project materials that often do not receive funding from traditional sources. These resources are critical to spurring students' interest in and understanding of the STEM subjects.”
The Full Research Report on Chevron – including full detailed breakdown, analyst ratings and price targets – is available at: www.analystscorner.com/r/full_research_report/d042_CVX
On Sept. 12, 2013, Doug Suttles, president and CEO of Encana Corp. provided an update on the company's strategy development process at the Barclays CEO Energy-Power Conference in New York City. According to a company press release issued earlier on the same day, Encana's strategy will focus on four core competencies: Resource Identification, Market Fundamentals, Capital Allocation, and Operational Excellence.
“Over the coming weeks, we will be finalizing our strategy and building our implementation plans. Many of the building blocks for success are in place, but in several areas significant change is required,” said Suttles. “I am confident that the organization is ready for what lies ahead and I'm fully committed to driving the necessary change that will get Encana back to winning.”
The Full Research Report on Encana – including full detailed breakdown, analyst ratings and price targets – is available at: www.analystscorner.com/r/full_research_report/01ac_ECA
On Sept. 12, 2013, Statoil ASA announced the publication of the investigation report on the In Amenas terrorist attack that took place on Jan. 16, 2013, where 40 people were killed including five Statoil employees. According to the company, an investigation was launched on Feb. 26 and the investigation team submitted its report on Sept. 9, which was discussed by the company's Board on Sept. 11.
“The report provides the basis for learning that we requested. And the report supports and underpins the necessity of the improvement efforts initiated in the company,” said Svein Rennemo, chair of Statoil's Board. “We will see a broad-scale strengthening of Statoil's organization, systems and practice within security.”
As per Statoil, the report provides 19 recommendations within the areas of security at In Amenas and other facilities in Algeria, organization and capabilities, security risk management systems, emergency preparedness and response, and cooperation and networks. Statoil stated that it will now ensure that the recommendations are integrated, while its Board stated that it has endorsed the improvement program, and will continuously follow up program implementation and consider the need for further measures.
The Full Research Report on Statoil ASA – including full detailed breakdown, analyst ratings and price targets – is available at: www.analystscorner.com/r/full_research_report/d198_STO
On Sept. 11, 2013 PetroChina notified its shareholders of the publication of the 2013 Interim Report (Current Corporate Communications). According to PetroChina, both English and Chinese versions of the company's Current Corporate Communications are available at its website and the website of HKExnews.
The company also informed that shareholders may at any time choose to receive free-of-charge Corporate Communications either in printed form, or read the website version. Also, shareholders may call the company's hotline for any queries from Monday to Friday, between business hours 9 a.m. to 6 p.m.
The Full Research Report on PetroChina – including full detailed breakdown, analyst ratings and price targets – is available at: www.analystscorner.com/r/full_research_report/dc96_PTR
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Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.