Post Tagged with: "investing"

Source: Houston Chronicle

Goldman Sachs to invest $750 billion in clean energy, ‘sustainable’ industries

Houston Chronicle WASHINGTON – The investment bank Goldman Sachs is committing to make available $750 billion over the next decade to invest in and finance cleaning up the energy industry, along with making farming more sustainable and reducing poverty, the company said Monday. In an op-ed in the Financial Times, Goldman CEO David Solomon wrote, “companies have traditionally treated sustainability as a peripheral issue, focusing narrowly on the way they manage their impact on the environment.” “We don’t have the luxury of that limited perspective any more. The evidence of climate change is clear,” he said. “Profitability will always matter… But finance must also address climate transition and inclusive growth while achieving and sustaining those returns.” The move comes amidst increasing calls from corporate America to move on reducing the use of oil and other fossil fuels to address climate change. Solomon echoed call from many other CEOs for the[Read More…]

December 16, 2019 - 3:00 pm Capital Markets, Closing Bell Story, Energy News, ESG
How Techstars’ Founder Turned a $50-Thousand Ubercab investment into $250 Million

How Techstars’ Founder Turned a $50-Thousand Ubercab investment into $250 Million

From BusinessDen Boulder’s David Cohen invested $50,000 in 2009 in what was then called “Ubercab.” This month, Uber went public at $45 per share, making that initial investment worth $248.3 million, according to analysis by The Wall Street Journal. Why he invested in Ubercab Cohen said he invested in Uber after meeting Ryan Graves, one of the company’s first employees, while Graves was driving through Boulder on his way to start his job. “Ryan ‘gave first’ by spending a day mentoring Techstars companies in the accelerator, with no expectation of anything,” Cohen told BusinessDen in an email. “His insights were tremendous, so when he told me about ‘Ubercab’ (original name) I knew I had a smart, give-first person on my hands with a tremendous vision of the future.” Cohen said he tried to invest $100,000, but he could get in the round only for half that — and never again invested in[Read More…]

May 24, 2019 - 11:06 am Closing Bell Story, Energy News, Transportation
Total and Aramco will Build a $9 Billion Petrochem Complex Next Door to SATORP Refinery

Total and Aramco will Build a $9 Billion Petrochem Complex Next Door to SATORP Refinery

Saudi Aramco and Total (ticker: TOT) have signed a memorandum of understanding to build a giant petrochemical complex in Jubail, Saudi Arabia. Located next to the SATORP refinery in the same industrial area, the complex will comprise a mixed-feed steam cracker (50% ethane and refinery off-gas) with a capacity of 1.5 million tons per year of ethylene and related high-added-value petrochemical units. The project will represent an investment of around $5 billion. The two partners are planning to start the front-end engineering and design (FEED) in the third quarter of 2018. The cracker will feed other petrochemical and specialty chemical plants, representing an overall amount of $4 billion investment by third-party investors. In total, $9 billion will be invested, creating 8,000 local direct and indirect jobs. The project will produce more than 2.7 million metric tons of high value chemicals. The complex will be integrated downstream of the SATORP refinery,[Read More…]

Energen Approaches 100 MBOEPD

Energen Approaches 100 MBOEPD

Energen Corporation (ticker: EGN) released financial and operating results for the fourth quarter and calendar year ended December 31, 2017. “Over the last five years, the board and management have strategically divested non-core assets and transformed Energen into a low-cost Permian pure-pay with a strong foundation for profitable growth,” said CEO James McManus. “We begin 2018 with a portfolio of high quality, oil-focused assets in the Delaware and Midland basins. The company is delivering strong returns with the continued implementation of Generation 3 frac designs that are driving significant production growth.” Q4 2017 Energen turned to production 20 gross (16 net) wells in the Midland Basin and 5 gross (5 net) wells in the Delaware Basin. During the quarter, Energen operated 6 horizontal drilling rigs and 2 frac crews. For the 3 months ended December 31, 2017, Energen reported GAAP net income from all operations of $262.4 million, or $2.68[Read More…]

Challenges for Western Canada Heavy Oil Point to Continued Export to U.S. Gulf Coast

Challenges for Western Canada Heavy Oil Point to Continued Export to U.S. Gulf Coast

IHS Markit has released a new study called, “A New Look: Extracting Value from the Canadian Oil Sands.” The report presents a post-oil price collapse update to a 2013 analysis on the economics of processing heavy oil in Alberta and other select jurisdictions. Bitumen-related problems: too heavy for pipelines Bitumen is the extra-heavy oil found in the oil sands. Making it marketable requires capital-intensive heavy oil conversion units to transform it into refined products such as gasoline or diesel. Bitumen is also too heavy and viscous for pipeline transport, HIS pointed out. Oil sands producers historically faced two options to deliver their product to market: Blend bitumen with lighter hydrocarbons to reduce its viscosity, allowing it to be moved via pipeline to refiners that have made specific investments in heavy oil processing capacity; Invest in heavy processing units near or at producing facilities that convert the extra-heavy oil into lighter[Read More…]

November 28, 2017 - 5:10 pm Canada, Closing Bell Story, Oil and Gas 360 Articles, Oil Sands
Manitok Energy Inc. Announces Financial Results for the First Quarter of 2016 and an Operational Update

Manitok Energy Inc. Announces Financial Results for the First Quarter of 2016 and an Operational Update

CALGARY, ALBERTA–(Marketwired – May 31, 2016) Manitok Energy Inc. (the “Corporation” or “Manitok“) (TSX VENTURE:MEI) announces its financial and operating results for the first quarter of 2016 and provides an operational update. The full text of Manitok’s first quarter results are contained in its unaudited condensed interim financial statements as at and for the three months ended March 31, 2016 and the related management’s discussion and analysis, copies of which are available electronically on Manitok’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR“) at www.sedar.com and also on Manitok’s website at www.manitokenergy.com. First Quarter 2016 Results: Production averaged 4,407 boe/d (46% light oil and liquids) as compared to 4,504 boe/d (52% light oil and liquids) in the first quarter of 2015. Recorded funds from operations of $13.0 million, which included monetized crude oil derivative financial instruments for a portion of 2016 and all of 2017 for a cash[Read More…]

May 31, 2016 - 11:59 am 360 Profile Member, Canada, Closing Bell Story, Earnings
Americas Petrogas Announces First Quarter 2016 Results

Americas Petrogas Announces First Quarter 2016 Results

CALGARY, ALBERTA–(Marketwired – May 30, 2016) – Americas Petrogas Inc. (“Americas Petrogas” or the “Company”) (TSX VENTURE:BOE) announces that it has filed its condensed interim consolidated financial statements and Interim MD&A – Quarterly Highlights relating to its first quarter 2016 results. These filings can be accessed on SEDAR’s website at www.sedar.com and on the Company’s website at www.americaspetrogas.com. The following Summary of Selected Financial and Operational Highlights have been derived from the condensed interim consolidated financial statements and Interim MD&A – Quarterly Highlights. Readers are strongly encouraged to review the entire condensed interim consolidated financial statements and Interim MD&A – Quarterly Results. All amounts are in Canadian dollars unless otherwise stated. Summary of Selected Financial and Operational Highlights ($ in thousands) March 31, 2016 December 31, 2015 Cash and cash equivalents $ 44,353 $ 56,671 Working capital(1) $ 56,126 $ 62,594   ($ in thousands, except share and per share[Read More…]

May 31, 2016 - 11:48 am Canada