ARO

Pacific Coast Oil Trust Announces There Will Be No April Cash Distribution

Retrieved on: 
Tuesday, April 30, 2024
Professional Services, Mining, Minerals, Oil, Gas, Energy, Finance, Natural Resources, Net, State, Trustee, Barrel (unit), Conveyance, Court, Face, ARO, Moss Adams, Business analyst, Internet, Hearing, Dissolution, Annual report, Hand, Accounting Standards Codification, County, Federal district, Calendar, Phillips 66, Report, Transport, Consultant, Motion, Retirement, Bank, Special, Connection, Marketing, File, Sale, Prejudice, Security (finance), COVID-19, Panel, Form 10-K, Bank statement, Evergreen, United States district court, Letter, Superior court, Life insurance

The net profits deficit must be recouped from proceeds otherwise payable to the Trust from the Net Profits Interests.

Key Points: 
  • The net profits deficit must be recouped from proceeds otherwise payable to the Trust from the Net Profits Interests.
  • Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”).
  • Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period.
  • Any differences in actual cash receipts by the Trust could affect this distributable amount.

Valaris Reports First Quarter 2024 Results

Retrieved on: 
Wednesday, May 1, 2024
Oil, Gas, Energy, LTI, Capital, Safety, Capital expenditure, Public expenditure, Drillship, ARO, Adjustment, Longevity, Growth, Limited, Arms industry

Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today reported first quarter 2024 results.

Key Points: 
  • Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today reported first quarter 2024 results.
  • Our financial results also benefited from more operating days for our most recent drillship reactivation, VALARIS DS-8.
  • Excluding reimbursable items, revenues increased to $491 million from $453 million in the fourth quarter primarily due to VALARIS DS-8, which commenced a contract in late December following its reactivation, and higher revenue efficiency across the floater fleet in the first quarter compared to the fourth quarter.
  • Revenues increased to $138 million from $134 million in the fourth quarter 2023 primarily due to a full quarter of operations for newbuild jackup Kingdom 1, which commenced its maiden contract during the fourth quarter.

New SWaP Optimized Nuclear Event Detector Provides 4X Greater Sensitivity and Added Functionality

Retrieved on: 
Monday, April 8, 2024
PIN, Radiation, ASIC, Scottish Government, Swap, Electronics, Engineering, ARO, Safety, NED, Soil, Medical imaging

Applications include missiles, satellites, ground vehicles, or any system which needs to potentially survive a nuclear event.

Key Points: 
  • Applications include missiles, satellites, ground vehicles, or any system which needs to potentially survive a nuclear event.
  • This new Nuclear Event Detector IC is manufactured on US soil in the Jazz Semiconductor Trusted Foundry, Inc. (JSTF), a wholly owned subsidiary of Tower Semiconductor NPB.
  • Customized NEDs can be optimized for the fastest response time, highest sensitivity, broadest dynamic range, reduced size and weight, or the most optimal combination of these features to address your specific requirements.
  • "These new NEDs provide greater safety and security in the protection of critical electronics subjected to a nuclear event, as they are able to recognize events with much greater sensitivity and react much faster to protect electronics than the current decades old NED devices."

Valaris Announces Contract Suspension for Jackup VALARIS 143

Retrieved on: 
Thursday, April 4, 2024
Engineering, Other Energy, Maritime, Oil, Gas, Transport, Manufacturing, Energy, Saudi Aramco, Limited, ARO, Valaris

Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) announced today that ARO Drilling (“ARO”), its joint venture in Saudi Arabia, received a notice of suspension from Aramco for one of its 19 contracted rigs, jackup VALARIS 143 (EXL I).

Key Points: 
  • Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) announced today that ARO Drilling (“ARO”), its joint venture in Saudi Arabia, received a notice of suspension from Aramco for one of its 19 contracted rigs, jackup VALARIS 143 (EXL I).
  • The suspension notice is for a period of up to twelve months and ARO is in discussions with Aramco to determine the effective date of the suspension.
  • During the suspension period, ARO will have the right to terminate the drilling contract with Aramco.
  • Valaris leases VALARIS 143 (EXL I) to ARO under a bareboat charter agreement.

Pacific Coast Oil Trust Announces There Will Be No March Cash Distribution

Retrieved on: 
Thursday, March 28, 2024
Banking, Energy, Professional Services, Oil, Gas, Letter, Net, Face, Panel, Sale, Transport, Bank statement, Special, Business analyst, Trustee, Marketing, Barrel (unit), Prejudice, Federal district, Accounting Standards Codification, Calendar, Hand, State, Phillips 66, Internet, Conveyance, Security (finance), Moss Adams, Annual report, County, ARO, Retirement, Consultant, Dissolution, Connection, COVID-19, Bank, Motion, United States district court, Evergreen, Superior court, Report, Court, Hearing, Life insurance

The net profits deficit must be recouped from proceeds otherwise payable to the Trust from the Net Profits Interests.

Key Points: 
  • The net profits deficit must be recouped from proceeds otherwise payable to the Trust from the Net Profits Interests.
  • Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”).
  • Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period.
  • Any differences in actual cash receipts by the Trust could affect this distributable amount.

W&T Offshore Announces Fourth Quarter and Full Year 2023 Results Including Year-End 2023 Proved Reserves, Provides Guidance for 2024, and Declares Dividend for First Quarter of 2024

Retrieved on: 
Tuesday, March 5, 2024
Acquisition, Production, Senior, Depreciation, Holy Grail, Balance sheet, Joint venture, ARO, Free cash flow, Natural gas, Cost, Term loan, Debt, British thermal unit, Capital expenditure, Table, Transport, NGL, TTM, Atlas, GAAP, Comparable, Bankruptcy, GOM, LOE, Policy, Tax, Public expenditure, Investment, Hand, G&A, Oil

Detailed guidance for the first quarter of 2024 and full year 2024 was also provided, and W&T announced its dividend for the first quarter of 2024.

Key Points: 
  • Detailed guidance for the first quarter of 2024 and full year 2024 was also provided, and W&T announced its dividend for the first quarter of 2024.
  • We remain committed to enhancing shareholder value and returning value to our shareholders through the quarterly dividend announced in November 2023.
  • The W&T year-end 2023 proved reserves do not include the 18.7 MMBoe of proved reserves acquired in early January 2024 for $72 million.
  • W&T’s reserve life ratio at year-end 2023, based on year-end 2023 proved reserves and 2023 production, was 9.7 years.

Prairie Provident Resources Announces Closing of Asset Sales

Retrieved on: 
Tuesday, March 5, 2024
Evi, AER, ARO

CALGARY, Alberta, March 05, 2024 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) is pleased to announce that it has closed the previously announced sales of its Evi assets in Northern Alberta for net proceeds of $22.5 million after adjustments, based on an effective date of August 1, 2023, and certain non-core assets located in the Provost area of Central Alberta for net proceeds of $1.7 million after adjustments, based on an effective date of July 1, 2023.

Key Points: 
  • CALGARY, Alberta, March 05, 2024 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) is pleased to announce that it has closed the previously announced sales of its Evi assets in Northern Alberta for net proceeds of $22.5 million after adjustments, based on an effective date of August 1, 2023, and certain non-core assets located in the Provost area of Central Alberta for net proceeds of $1.7 million after adjustments, based on an effective date of July 1, 2023.
  • The purchasers have assumed all future abandonment and reclamation obligations (ARO) pertaining to the sold assets, which carry total AER deemed liabilities of approximately $51.0 million gross ($46.4 million net).1
    Of the net proceeds of approximately $24.2 million, $20 million has been used to reduce indebtedness under the Company’s senior secured credit facility, with the remainder to increase its working capital position.
  • Going forward, the Company intends to focus on its inventory of attractive optimization and development opportunities in Central and Southern Alberta and continue with non-core property dispositions to enhance its financial flexibility.

Pacific Coast Oil Trust Announces There Will Be No February Cash Distribution

Retrieved on: 
Thursday, February 29, 2024
Banking, Energy, Professional Services, Oil, Gas, Hearing, Report, Net, Accounting Standards Codification, Sale, Phillips 66, Consultant, Federal district, Bank statement, Barrel (unit), ARO, Special, Moss Adams, Marketing, Bank, Transport, Connection, Prejudice, Trustee, Dissolution, United States district court, Security (finance), Conveyance, State, Panel, Court, Retirement, Calendar, Face, County, Business analyst, Annual report, Evergreen, Letter, COVID-19, Hand, Motion, Internet, Superior court, Life insurance

The net profits deficit must be recouped from proceeds otherwise payable to the Trust from the Net Profits Interests.

Key Points: 
  • The net profits deficit must be recouped from proceeds otherwise payable to the Trust from the Net Profits Interests.
  • Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”).
  • Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period.
  • Any differences in actual cash receipts by the Trust could affect this distributable amount.

Valaris Reports Fourth Quarter 2023 Results

Retrieved on: 
Thursday, February 22, 2024
Oil, Gas, Energy, ARO, TotalEnergies, Limited, Share repurchase, Adjustment, Capital expenditure, Public expenditure, Capital, Video game

Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today reported fourth quarter 2023 results.

Key Points: 
  • Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today reported fourth quarter 2023 results.
  • Net income increased to $829 million from $17 million in the third quarter 2023.
  • Net income for the fourth quarter 2023 included a tax benefit of $790 million discussed below.
  • The increase was primarily due to more operating days across the fleet, including for drillship VALARIS DS-17 that commenced a contract in early September, following its reactivation, and jackup VALARIS 107, which started a contract early in the fourth quarter after being idle for most of the third quarter.

Transformed & Restructured Prospera Transitioning to Profitability in 2024

Retrieved on: 
Wednesday, February 7, 2024
PEI, FRA, ARO, Retirement, CAD, OTC, Barrel, Acquisition, Letter, Calibration, Engineering, Oil

These results enabled Prospera to attain 2023-year end peak rates of 1,800 bblspd with the capability to 2,200bblpd.

Key Points: 
  • These results enabled Prospera to attain 2023-year end peak rates of 1,800 bblspd with the capability to 2,200bblpd.
  • PEI is proposing a robust 2024 capital development and acquisition plan to achieve 2024 year-end exit target rate of 5,000 boepd.
  • Meanwhile, the development teams are preparing for the upcoming 2024 capital program to commence after break-up (in the latter part of Q2 2024).
  • In addition, significant ARO reduction projects are planned for the summer 2024 that include 40+ wells abandonment and lease reclamations.