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NASSAU, BAHAMAS – Powerade endorsee and Bahamian multi-athlete Ken Mullings hosted his first jump clinic last weekend, adding to the list of many firsts...

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Exxon joins Hess in boasting about increased oil profits from Guyana Aug 03, 2024 News Kaieteur News – ExxonMobil has joined Hess Corporation in boasting about increased oil profits as the second quarter of 2024 came to an end. CEO of ExxonMobil, Darren Woods. The company released their second quarter earnings report on Friday (August 2) which saw total earnings being US $9.2 billion. According to the report, this translates to “$2.14 per share assuming dilution.” CEO of the company Darren Woods attributing the profits to their operations in Guyana said that, “We achieved record quarterly production from our low-cost-of-supply Permian and Guyana assets, with the highest oil production since the Exxon and Mobil merger. We also achieved a record in high-value product sales, growing by 10% versus the first half of last year.” While the cash flow from operating activities was $10.6 billion and cash flow from operations excluding working capital movements was $15.2 billion. Shareholder distributions of $9.5 billion included $4.3 billion of dividends and $5.2 billion of share repurchases, consistent with the company’s announced plans. “We delivered our second-highest 2Q earnings of the past decade as we continue to improve the fundamental earnings power of the company. We closed on our transformative merger with Pioneer in about half the time of similar deals. And we’re continuing to build businesses such as ProxximaTM, carbon materials and virtually carbonfree hydrogen, with approximately 98% of CO2 removed, that will create value long into the future,” Woods said. The upstream year to date earnings for 2024 is a whopping $12.7 billion dollars, signifying an increase of $1.7 billion more for the same period last year. “The prior-year period was negatively impacted by tax-related identified items. Excluding identified items, earnings increased $1.5 billion due to advantaged assets volume growth from record Guyana, heritage Permian and Pioneer production,” the report said. Year-to-date net production was 4.1 million oil equivalent barrels per day which the company highlighted is an increase of “9%, or 352,000 oil-equivalent barrels per day. Higher crude realizations and structural cost savings offset lower natural gas realizations, higher expenses mainly from depreciation, and lower base volumes due to divestments of nonstrategic assets and government-mandated curtailments.” Furthermore, “Second-quarter earnings were $7.1 billion, an increase of $1.4 billion from the first quarter driven by the Pioneer acquisition, record Guyana and heritage Permian production, and structural cost savings. Higher crude realizations and divestment gains more than offset lower gas realizations. Net production in the second quarter was 4.4 million oil-equivalent barrels per day, an increase of 15%, or 574,000 oil-equivalent barrels per day compared to the prior quarter due to advantaged volume growth from Pioneer, Guyana and heritage Permian.” On Wednesday, Reuters reported that “Hess beat estimates for second-quarter profit on Wednesday, helped by sharply higher oil production in Guyana and stronger prices. Hess’s production rose 27.6% to 494,000 barrels of oil and gas per day (boepd), on nearly 75% year-over-year increase in Guyana to 192,000 bpd.” “The South American country and its lucrative oil assets are at the center of a dispute between Hess, Chevron https://www.reuters.com/markets/companies/CVX.N and Exxon. Last October, Hess agreed to sell itself to Chevron for $53 billion in stock, but the deal has been stalled by a regulatory review and challenged by Exxon, which claims a right to Hess’s Guyana assets,” Reuters added. Chevron and Exxon are headed to a May 2025 arbitration hearing in the latest chapter of their ongoing dispute over the massive Stabroek Block oilfield off the coast of Guyana. Chevron said Wednesday in a filing with the Securities and Exchange Commission that it expects a decision within three months of the hearing. The Houston-based company added it had expected and requested to hold the hearing earlier, but the common schedules of the parties made it impossible. The companies have been locked in a dispute since February, when Exxon threatened to block Chevron’s acquisition of a 30% stake in the Stabroek Block, which is said to contain at least 11 billion barrels of oil. Ongoing arbitration hinges on the applicability of a “right of first refusal” contained in an operating agreement between subsidiaries of Exxon, Hess and China National Offshore Oil Corporation. An abrogation of the deal could throw into question Chevron’s $53 billion acquisition of competitor Hess, which closed in October. Chevron said in the filing that its views and those of Hess remain unchanged, while claiming that Exxon and CNOOC “continue to ignore the plain language of the operating agreement.”  Exxon operates all production in Guyana, controlling a 45% stake while Hess and CNOOC serve as minority partners. Exxon and CNOOC Ltd filed arbitration claims claiming a pre-emption right to any sale of Hess’ lucrative stake in a Guyana oil-producing joint venture. The challenge threatens to block Chevron’s biggest deal since its 2001 acquisition of Texaco for $36 billion. Exxon and CNOOC have argued Chevron’s bid for Hess triggered a right of first refusal clause in their Guyana joint operating agreement. Chevron and Hess dispute that claim. The all-stock sale, announced last October, has been stalled by a second request for information by antitrust regulator, the U.S. Federal Trade Commission. Its review should be completed this quarter, a spokesman for Hess said. Related Similar Articles

Gunmen escape with millions after duct-taping contractor in E.C.D home  Aug 03, 2024 News Kaieteur News – Three gunmen on bicycles reportedly escaped with $5M worth in cash and gold jewellery on Thursday after invading the Foulis, East Coast Demerara (ECD), home of a contractor. The bandits reportedly used duct tape to bind the contractor identified as Anthony Yakub, while forcing his wife to hand over the cash and gold jewellery at gunpoint. Police said that Yakub was at home with his wife when the gunmen invaded and held them at gunpoint. They then duct taped the contractor’s hands, nose and mouth before ordering the wife to hand over all their valuables. Fearful for their lives, the woman complied. The bandits then left the house and made good their escape on their bicycles. Shortly after the woman untied her husband and he immediately ran out of his house, entered his car and chased the bandits. He was able to catch up with them and even knocked one off his bicycle but the thief still managed to escape with his accomplices. The robbery was reported to the police thereafter and the contractor was taken to a hospital for treatment after he was seen bleeding from the nose. Investigators are reviewing footage from security cameras in the area where the home invasion took place. Investigations are ongoing. Related Similar Articles

Kamala Harris formally chosen as Democratic nominee Aug 03, 2024 News US Vice-President Kamala Harris BBC – US Vice-President Kamala Harris has passed the threshold to clinch the Democratic presidential nomination in a vote of party delegates. Speaking by telephone, Ms Harris said she was “honoured to be the presumptive nominee” as the virtual roll call continues ahead of the Democratic National Convention (DNC) in Chicago later this month. Ms Harris is the first black woman and first South Asian woman to become the White House standard-bearer for a major US political party. If she defeats Donald Trump, the Republican nominee, in November she would be America’s first female president. She ran unopposed in the virtual roll call after President Joe Biden stepped aside last month and quickly endorsed her. Several potential rivals followed his lead. On Friday afternoon, Ms Harris formally became the nominee after securing the support of 2,350 delegates, the threshold required to earn the nomination. “We believe in the promise of America and that’s what this campaign is about,” she said in brief remarks by phone as she crossed the benchmark. “We are in this, we are on the road and it’s not going to be easy, but we’re going to get this done.” In total, Democrats have said 3,923 delegates – or 99% of the participants – plan to vote for her. The roll call began on Thursday and ends on Monday. Presidential and vice-presidential nominees are typically anointed at their party conventions, but the relatively late date of the 2024 DNC risks falling afoul of state ballot access laws. Ms Harris, 59, was born in Oakland, California, and is the first Democratic nominee in the party’s nearly 200-year history to hail from a western state. The many identities of the first woman vice-president She rose through the ranks of state politics from San Francisco district attorney to California attorney general and then US senator. Before dropping out of the race, Mr Biden had easily won the Democratic primary. He did not face stiff opposition despite voter concerns about his age and had won backing from 99% of pledged DNC delegates. But the 81-year-old faced escalating pressure from within the party to withdraw after a poor June debate performance against Trump. The decision to hold a virtual nominating process ahead of the 19-22 August convention was made while Mr Biden was still the presumptive candidate. It came in response to rules for ballot access in the state of Ohio, which requires that candidates for the November ballot be formally selected 90 days before the election – or by 7 August. Republican leaders in the state had warned they would enforce the law and, though lawmakers eventually created an exemption as they have done in the past, Democrats said an early rollcall would pre-empt further risks of their candidates being excluded from the ballot. Delegates do not need to vote on the vice-presidential pick. Ms Harris is expected to name her running mate by Monday. The Trump campaign and some Republicans have criticised the replacement of Mr Biden with Ms Harris, arguing she is the first major party candidate to secure the nomination without holding a press conference or a sit-down interview. Some have referred to the substitution as a “coup”. But Ms Harris has hit the campaign trail hard since Mr Biden’s endorsement, making the case against Trump in multiple campaign rallies and fundraisers across battleground states. On Friday, the campaign announced it had raised more than $310m (£242m) in the month of July, with more than two-thirds of people donating money for the first time. That figure is more than double the $138m raised by the Trump campaign last month and marks the biggest haul of the 2024 election cycle so far. Related Similar Articles