Curtailment (electricity)

Chevron Announces $16 billion 2024 Capex Budget

Retrieved on: 
Wednesday, December 6, 2023
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Chevron Corporation (NYSE: CVX) today announced an expected organic capital expenditure range of $15.5 to $16.5 billion for consolidated subsidiaries (capex) and an affiliate capital expenditure (affiliate capex) budget of approximately $3 billion for 2024.

Key Points: 
  • Chevron Corporation (NYSE: CVX) today announced an expected organic capital expenditure range of $15.5 to $16.5 billion for consolidated subsidiaries (capex) and an affiliate capital expenditure (affiliate capex) budget of approximately $3 billion for 2024.
  • Downstream capex is expected to be roughly $1.5 billion, with 80 percent allocated to the United States.
  • Included in the upstream and downstream budgets is approximately $2 billion in lower carbon capex to lower the carbon intensity of traditional operations and grow new energy business lines.
  • Following closing of the acquisition, Chevron’s annual capex budget is expected to be between $19 and $22 billion.

Chevron, Trafigura and Papé Group Close Investment in Downstream Hydrogen Business OneH2

Retrieved on: 
Wednesday, September 6, 2023
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Hydrogen distribution and fueling business OneH2 has closed its latest funding round with investments led by Chevron U.S.A. Inc. and current investors Trafigura and The Papé Group.

Key Points: 
  • Hydrogen distribution and fueling business OneH2 has closed its latest funding round with investments led by Chevron U.S.A. Inc. and current investors Trafigura and The Papé Group.
  • By investing in OneH2, Chevron aims to play a key role in driving hydrogen as a viable, pragmatic and economical energy source.
  • Jordan Papé, president and CEO of The Papé Group, added, “Papé provides solutions that maximize our customers’ uptime while staying abreast of regulatory trends in the lower carbon energy sector.
  • OneH2 produces and delivers hydrogen fuel across the U.S. and maintains a growing network of on-site hydrogen generators and delivery locations.

Chevron Elects to Terminate Exchange Offer and Consent Solicitation

Retrieved on: 
Monday, August 21, 2023
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Chevron and CUSA do not expect that a majority of the outstanding Old Notes will be tendered prior to the expiration date of the Exchange Offer and, as a result, have elected to terminate the Exchange Offer.

Key Points: 
  • Chevron and CUSA do not expect that a majority of the outstanding Old Notes will be tendered prior to the expiration date of the Exchange Offer and, as a result, have elected to terminate the Exchange Offer.
  • The Exchange Offer was being made upon the terms and conditions set forth in the preliminary prospectus dated August 3, 2023, as amended by Amendment No.
  • Since the Exchange Offer is being terminated, the total consideration will not be paid or become payable to holders of the Old Notes who have validly tendered (and not validly withdrawn) their Old Notes for exchange in the Exchange Offer, and the Old Notes validly tendered (and not validly withdrawn) for exchange pursuant to the Exchange Offer will be promptly returned to the tendering holders.
  • King & Co., Inc. served as information and exchange agent for the now terminated Exchange Offer.

HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Definitive Merger Agreement

Retrieved on: 
Wednesday, August 16, 2023
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HF Sinclair Corporation (NYSE: DINO) (“HF Sinclair”) and Holly Energy Partners, L.P. (“HEP” or the “Partnership”) (NYSE: HEP) announced today that they have entered into a definitive merger agreement for HF Sinclair to acquire all of the outstanding common units (“Common Units”) of HEP not owned by HF Sinclair or its affiliates in exchange for a combination of common stock, par value $0.01 per share, of HF Sinclair (“Common Stock”) and cash.

Key Points: 
  • HF Sinclair Corporation (NYSE: DINO) (“HF Sinclair”) and Holly Energy Partners, L.P. (“HEP” or the “Partnership”) (NYSE: HEP) announced today that they have entered into a definitive merger agreement for HF Sinclair to acquire all of the outstanding common units (“Common Units”) of HEP not owned by HF Sinclair or its affiliates in exchange for a combination of common stock, par value $0.01 per share, of HF Sinclair (“Common Stock”) and cash.
  • The Proposed Transaction consideration represents an approximate 2% premium to the closing price of HEP’s Common Units as of August 15, 2023.
  • The Proposed Transaction is expected to close in the fourth quarter of 2023, subject to the approval of HF Sinclair stockholders and HEP unitholders and the satisfaction of certain customary closing conditions.
  • Barclays is acting as financial advisor to HF Sinclair, and Vinson & Elkins L.L.P.

Chevron Extends Early Participation Date to August 18, 2023 and Expiration Date to September 1, 2023 of its Offer to Exchange 5.750% Senior Notes Due 2026 Issued by PDC Energy, Inc.

Retrieved on: 
Monday, August 14, 2023
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The exchange offer and consent solicitation may be made solely pursuant to the terms and conditions of the Preliminary Prospectus and the other related materials.

Key Points: 
  • The exchange offer and consent solicitation may be made solely pursuant to the terms and conditions of the Preliminary Prospectus and the other related materials.
  • Any person who is not a relevant person should not act or rely on this document or any of its contents.
  • The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release.
  • Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Chevron Offers to Exchange 5.750% Senior Notes due 2026 Issued by PDC Energy, Inc.

Retrieved on: 
Thursday, August 3, 2023
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Tenders of Old Notes in connection with the exchange offer may be withdrawn at any time prior to the Expiration Date.

Key Points: 
  • Tenders of Old Notes in connection with the exchange offer may be withdrawn at any time prior to the Expiration Date.
  • Following the Expiration Date, tenders of Old Notes may not be validly withdrawn unless Chevron and CUSA are otherwise required by law to permit withdrawal.
  • Consents may be revoked only by validly withdrawing the associated tendered Old Notes.
  • Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

NOG Provides Update on 2023 Guidance and Preliminary Second Quarter Financial and Operational Update

Retrieved on: 
Wednesday, July 26, 2023
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Production from the Forge and Novo acquisitions are reflected in the updated 2023 guidance, based on June 30 and August 15 (estimated) closings, respectively.

Key Points: 
  • Production from the Forge and Novo acquisitions are reflected in the updated 2023 guidance, based on June 30 and August 15 (estimated) closings, respectively.
  • The Company and its operating partners are adjusting 2023 activity and shifting select development into late 2023 and early 2024.
  • A portion of TIL deferrals relate to the Mascot project, where NOG and its partner have modified the completion schedule.
  • NOG expects capital expenditures for the second half of 2023 to be equally weighted by quarter.

Norsk Hydro: Well positioned in declining markets, low-carbon aluminium gaining ground

Retrieved on: 
Friday, July 21, 2023
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Demand for primary aluminium is declining in the short-term, while Chinese supply is returning, leading to the global primary balance weakening in recent months.

Key Points: 
  • Demand for primary aluminium is declining in the short-term, while Chinese supply is returning, leading to the global primary balance weakening in recent months.
  • A stronger market position through our greener aluminium product offering separates us from our peers and makes us attractive for partnerships,” says Aasheim.
  • A key pillar within the Hydro 2025 strategy to strengthen the position in low-carbon aluminium is recycling.
  • Hydro is gaining further ground on low-carbon aluminium, and achievements have been made across the value chain to meet the increasing demand for greener products.

Chevron Updates Stockholders at Annual Meeting

Retrieved on: 
Wednesday, May 31, 2023
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Chevron Corporation (NYSE: CVX) today provided an overview of the company’s business plans and operations at its annual meeting of stockholders.

Key Points: 
  • Chevron Corporation (NYSE: CVX) today provided an overview of the company’s business plans and operations at its annual meeting of stockholders.
  • “We’re always pleased to be able to address our stockholders and the important questions on their minds.
  • Chevron completed the acquisition of Renewable Energy Group, Inc. last year to become the second-largest producer of bio-based diesel fuels in the United States.
  • Specific information about the proposals before Chevron stockholders this year may be found in the “Investors” section of the company’s website under “Stockholder Services – Annual Meeting Materials.”
    Chevron is one of the world’s leading integrated energy companies.

HF Sinclair Corporation Announces Proposal to Acquire All Outstanding Common Units of Holly Energy Partners, L.P.

Retrieved on: 
Thursday, May 4, 2023
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HF Sinclair Corporation (NYSE: DINO) (“HF Sinclair”) announced today that it has submitted a non-binding proposal to acquire all of the outstanding common units (“Common Units”) of Holly Energy Partners, L.P. (NYSE: HEP) (“HEP”) not beneficially owned by HF Sinclair or its affiliates in exchange for common stock, par value $0.01 per share (“Common Stock”), of HF Sinclair.

Key Points: 
  • HF Sinclair Corporation (NYSE: DINO) (“HF Sinclair”) announced today that it has submitted a non-binding proposal to acquire all of the outstanding common units (“Common Units”) of Holly Energy Partners, L.P. (NYSE: HEP) (“HEP”) not beneficially owned by HF Sinclair or its affiliates in exchange for common stock, par value $0.01 per share (“Common Stock”), of HF Sinclair.
  • The proposal has been made to the board of directors of the ultimate general partner of HEP.
  • The Proposed HEP Transaction is subject to the negotiation and execution of a definitive agreement.
  • There can be no assurance that a definitive agreement will be executed or that any transaction will be approved or consummated.