BOE Report

Labor Unions, Enbridge Sign Project Labor Agreement

LINO LAKES, Minn. - The Line 3 Replacement Project, the largest privately financed construction project in Minnesota history, has celebrated a major milestone. Representatives from four trade and labor unions held a ceremonial signing of a project labor agreement with Enbridge guaranteeing it will be built solely by union labor. The Line 3 Replacement project will create more than 4,000 quality jobs that will be filled primarily by local workers who will use the highest level of industry [Read more]

Joseph Hooley Elected to ExxonMobil Board of Directors

IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM) said today that Joseph L. Hooley has been elected to its board of directors, effective Jan. 1, 2020. Hooley currently serves as the non-executive board chairman of State Street Corporation and was its chief executive officer from 2010 to 2018. With the election of Hooley, the ExxonMobil board stands at 11 directors, 10 of whom are non-employee directors. Hooley’s previous experience leading a large global financial services [Read more]

Chevron Reports Third Quarter Net Income of $2.6 Billion

Cash flow from operations of $7.8 billion Share repurchases of $1.25 billion SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today reported earnings of $2.6 billion ($1.36 per share - diluted) for third quarter 2019, compared with $4.0 billion ($2.11 per share - diluted) in the third quarter 2018. Included in the current quarter was a tax charge of $430 million related to a cash repatriation. Foreign currency effects increased earnings in the third quarter 2019 by $74 [Read more]

Kinder Morgan Declares $0.25 Per Share Dividend and Announces Results for Third Quarter of 2019

Kinder Morgan, Inc. today announced results for the third quarter of 2019: 13 percent year-over-year growth in natural gas transport volumes, the seventh consecutive quarter to exceed 10 percent growth $506 million or $0.22 per share of net income available to common stockholders $1.14 billion or $0.50 per share of distributable cash flow (DCF) $571 million of excess DCF above declared dividend Year-to-date 2019 Adjusted EBITDA effectively flat to 2018 despite Trans Mountain [Read more]

Rangeland Midstream Canada Begins Construction of Marten Hills Pipeline System

Rangeland Midstream Canada, Ltd. (”Rangeland Canada”), a wholly owned subsidiary of Rangeland Energy III LLC, today announced it has commenced the construction of its Marten Hills Pipeline System. The system consists of new crude oil and condensate pipelines located in the Marten Hills region of north central Alberta. The Marten Hills Pipeline System will extend approximately 85 kilometres (52.8 miles), terminating at an interconnect with Plains Midstream Canada’s Rainbow Pipeline System, which [Read more]

ConocoPhillips Announces 38 Percent Increase in Quarterly Dividend; Expects to Repurchase $3 Billion of Shares in 2020; Reiterates Continued Commitment to Return More Than 30 Percent of Cash From Operations Annually Via Dividend and Buybacks

ConocoPhillips (NYSE: COP) today announced an increase in its quarterly dividend of 38 percent, to 42 cents per share. This represents an annualized increase in the dividend of approximately $500 million. The dividend is payable Dec. 2, 2019, to stockholders of record at the close of business on Oct. 17, 2019. The company also announced that it expects to repurchase $3 billion of its shares in 2020. “This increase in our ordinary dividend reflects the significant transformation our company [Read more]

Baker Hughes, a GE company Announces September 2019 Rig Counts

HOUSTON & LONDON--(BUSINESS WIRE)--Baker Hughes, a GE company (NYSE:BHGE) announced today that the Baker Hughes international rig count for September 2019 was 1,131, down 7 from the 1,138 counted in August 2019, and up 127 from the 1,004 counted in September 2018. The international offshore rig count for September 2019 was 242, down 2 from the 244 counted in August 2019, and up 38 from the 204 counted in September 2018. The average U.S. rig count for September 2019 was 878, down 48 from [Read more]

Imperial Oil Ltd. appoints new president; CEO R.M. Kruger announces retirement

The board of directors of Imperial Oil Limited is pleased to announce the appointment of B.W. (Brad) Corson as president, effective September 17, 2019. Chairman and chief executive officer, R.M. (Rich) Kruger, has declared his plans to retire at the end of December, 2019. Mr. Corson will assume the role of chairman, president and CEO of Imperial Oil Limited on January 1, 2020. “On behalf of the Imperial board of directors, I would like to thank Rich Kruger for his outstanding leadership and [Read more]

PwC Canada and Quorum Software to Accelerate Digital Transformation for Midstream Companies

New software and consulting will increase technology automation and efficiency for midstream companies. PwC Canada, a leader in providing advisory services, and Quorum Software, the leader in digital transformation for the oil and gas industry, today announced the signing of a Joint Business Agreement. Quorum and PwC Canada are collaborating on digital transformation initiatives for the midstream sector of Canada’s oil and gas industry. The new joint business agreement makes it possible for [Read more]