Hess slashes 2020 budget by $800m amid declining oil prices

first_img US oil and gas firm Hess originally announced a $3bn budget for 2020. (Credit: Hess Corporation) US oil and gas company Hess has reduced its capital and exploratory budget for 2020 by $800m, owing to the sharp decline in oil prices.The company’s budget for the year now stands at $2.2bn, compared to its previously  announced spending of $3bn.Additionally, the company has entered into a new $1bn loan agreement with a term of three years, which was signed with JPMorgan Chase Bank.The term loan has provisions that need the oil and gas producer to reduce the initial funded amount from JPMorgan, which it plans to do by syndicating the loan to other banks.The US oil and gas firm said that its actions are aimed at further bolstering its cash position and financial liquidity amid the falling oil prices. Hess CEO comments on the revised budgetHess CEO John Hess said: “With 80% of our oil production hedged in 2020, our significantly reduced capital and exploratory budget and our new three year loan agreement, our company is well positioned for this low price environment.“Our focus is on preserving cash and protecting our world class investment opportunity in Guyana.”In Guyana, the US oil and gas company is undertaking the $6bn Liza Phase 2 development alongside ExxonMobil in the offshore Stabroek block. The partners have made a series of oil discoveries in the Stabroek concession.In order to stick to the revised budget, the company’s primary move will be to shift from a six-rig programme in the Bakken formation to just the one rig, with the campaign to be wrapped up by the end of May.The company expects its net production from the Bakken formation following the revised budget to average nearly 175,000 barrels of oil equivalent per day in 2020, compared to the original guidance of about 180,000 barrels of oil equivalent per day.Hess has decided to postpone most of its discretionary exploration and offshore drilling activities with the exception of Guyana.It said in a statement: “In 2020, approximately 80% of the company’s oil production is hedged by put options, with 130,000 barrels a day at $55 per barrel West Texas Intermediate put options and 20,000 barrels a day at $60 per barrel Brent put options.”The company has revised down its forecast for net production in 2020 to 325,000-330,000 barrels of oil equivalent per day with the exclusion of Libya. In January 2020, the company expected to see a net production range of 330,000-335,000 barrels of oil equivalent per day. Hess has revised its budget for 2020 from $3bn to $2.2bn with plans to reduce its activities in the Bakken formation in the USlast_img read more

Play Your Part episode 12: synopsis

first_imgHere’s your sneak peek of episode 12 of the Play Your Part television series:Catharien Saayman is the principal of the Abraham Kriel Child & Youth Care Centre in Potchefstroom in North West. She is one of the guests featured on Play Your Part episode 12. (Images: Brand South Africa)Brand South Africa reporterCatharien Saayman is the head of the Abraham Kriel Child & Youth Care Centre in Potchefstroom. She oversees the facility, which cares for 230 children from North West.The children are referred to the centre by the children’s court. There are nine houses with adult caregivers who live with the youngsters.Saayman is one of the guests on Play Your Part episode 12, to be broadcast on Saturday, 2 December 2017 on SABC2 at 18:00.Here’s more on the other two guests featured on this week’s episode:Thato MokhothuThato MokhothuMokhothu is the founder of the company RTT Construction in Bloemfontein. She is also the founder of the initiative, Phenomenal Women. The NPO focuses on female and youth empowerment, and does things such as host finance workshops for the target group.Silindile MakhathiniSilindile MakhathiniZinakenjalo Hygiene founder and director Makhathini has a passion for education and the empowerment of women. Her company, Zinakenjalo – a Nguni name – is a 100% black female-owned manufacturing and hygiene company. It produces Authenticare sanitary pads.Play Your Part is broadcast at 18:00 on Saturdays on SABC 2.To get involved in playing your part in South Africa:Check out the conversation on Twitter: #GetInvolved; orFind out about initiatives on Play Your Part here.Tell us how you Play Your Part through our social media channels:Follow us on Twitter: @PlayYourPartSA;Follow Brand South Africa on Twitter: @Brand_SA;Like us on Facebook: Official Brand South Africa.Would you like to use this article in your publication or on your website? See Using Brand South Africa material.last_img read more

Delayed burndown and soybean planting

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Soybean burndown has been a hot topic for DuPont Pioneer Account Manager Bradley Ott’s territory of Darke, Preble, Montgomery, Butler and Hamilton Counties. What needs to be done once the cool wet weather moves on to get a good burndown on and still be timely with planting? Ott shares his opinion on that and discusses corn emergence in his area with The Ohio Ag Net’s Ty Higgins in this week’s DuPont Pioneer Field Report.last_img

La Salle books UAAP finals return, ousts Adamson

first_imgRead Next Brace for potentially devastating typhoon approaching PH – NDRRMC Stronger peso trims PH debt value to P7.9 trillion MOST READ Photo by Tristan Tamayo/INQUIRER.netDefending champion De La Salle returned to the Finals after upending third seed Adamson University, 82-75, in the Final Four Saturday at Smart Araneta Coliseum.The no. 2 Green Archers, who had a twice-to-beat advantage, await the winner of the series between Ateneo and Far Eastern University.ADVERTISEMENT View comments LATEST STORIES Typhoon Kammuri accelerates, gains strength en route to PH Japan ex-PM Nakasone who boosted ties with US dies at 101 Kris Aquino ‘pretty chill about becoming irrelevant’center_img Reyes: Gilas prepared to play without Blatche QC cops nab robbery gang leader, cohort Kammuri turning to super typhoon less likely but possible — Pagasa When the Falcons finally got their bearings back late in the game, the Green Archers were already hard to stop. La Salle made a living from the free throw line, making 26 out of 39 attempts off 33 fouls called on Adamson. The Falcons, on the other end, went 2-of-5 from the charity stripe on the Green Archers’ 12 fouls.Ben Mbala led La Salle with 27 points, 11 of which came from the free throw line, to go along 14 boards while Santi Santillan added 15 points and eight rebounds.Jerrick Ahanmisi had 17 points to lead Adamson while Robbie Manalang added 16 points.ADVERTISEMENT After trailing 63-54 at the end of the third, La Salle mounted a 14-0 run with Aljun Melecio capping it off with a rebound put-back that gave the Green Archers a 68-63 lead with 6:03 left in the game.La Salle’s lead then ballooned to eight with 52 seconds remaining after Melecio replicated his earlier play that gave the Green Archers a 78-70 buffer.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutout“We were focused,” said Green Archers head coach Aldin Ayo. “I always tell my players that there are situations that they should do on their own accord. If you want to win, you have to do things that are not asked of you.”Adamson fizzled in the second half after a strong start, going without a field goal for more than five minutes into the payoff period that allowed La Salle to take over. CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA Don’t miss out on the latest news and information. Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles01:00Chief Justice Peralta on upcoming UAAP game: UP has no match against UST01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Gameslast_img read more

Pacquiao picks Mayweather over McGregor

first_imgFEU Auditorium’s 70th year celebrated with FEU Theater Guild’s ‘The Dreamweavers’ Lacson: SEA Games fund put in foundation like ‘Napoles case’ The 12-round bout is set to give the Mayweather-Pacquiao event two years ago a run for its money as the richest fight in combat sports history.Sports Related Videospowered by AdSparcRead Next Church, environmentalists ask DENR to revoke ECC of Quezon province coal plant Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ Korea spoils Gilas bid Photo by Tristan Tamayo/INQUIRER.netThis time, Manny Pacquiao and Floyd Mayweather Jr. will be on the same side.Pacquiao will be rooting for Mayweather in an eccentric super fight against Conor McGregor on August 26 at T-Mobile Arena in Las Vegas.ADVERTISEMENT “It’s a boxing fight so I’m going with the boxer,” Pacquiao said in Filipino on Wednesday after his team Kia lost to Phoenix in the opener of the 2017 PBA Governors’ Cup at Smart Araneta Coliseum.Mayweather, 40, is shaking off the cobwebs after retiring two years ago.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool starsThe former pound-for-pound king shoots for win No. 50 while staking his undefeated record against one of UFC’s top stars and arguably, the biggest draw in MMA.Mayweather and McGregor just wrapped up their circus-like world press tour that had stops in Los Angeles, Toronto, New York and London with both fighters engaging in explicit trash-talking and drama made for WWE. LATEST STORIES Don’t miss out on the latest news and information. National Coffee Research Development and Extension Center brews the 2nd National Coffee Education Congress Manny Pacquiao and Keith Thurman hold final press conference ahead of bout PLAY LIST 03:16Manny Pacquiao and Keith Thurman hold final press conference ahead of bout01:16Pacquiao takes another swipe at Mayweather over exhibition match KO02:19Boxing’s 40-year-old Pacquiao counts on experience in Thurman fight02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games Trump strips away truth with hunky topless photo tweet Robredo should’ve resigned as drug czar after lack of trust issue – Panelo Hotel says PH coach apologized for ‘kikiam for breakfast’ claim MOST READ View commentslast_img read more

UN Official Lauds Child Diversion Act

first_imgStory Highlights “That is certainly a positive development. Diversion at every stage of the criminal justice system is best for juvenile offenders,” the UN official said. Independent Expert for the United Nations (UN) Global Study on Children Deprived of Liberty, Manfred Nowak, is lauding Jamaica’s soon-to-be-implemented Child Diversion Act as a step in the right direction.“That is certainly a positive development. Diversion at every stage of the criminal justice system is best for juvenile offenders,” the UN official said.Mr. Nowak was speaking with journalists at the second Regional Conference of the International Society for the Prevention of Child Abuse and Neglect (ISPCAN), at the Hilton Rose Hall Resort and Spa in Montego Bay, St. James, on Monday (December 3).He is also recommending that key stakeholders be involved in the rehabilitation of troubled children. “Having courts with child-friendly justice, psychologists and social workers should be included, so that the child will be rehabilitated, ” he said.Mr. Nowak also underscored that restorative justice must be key in the child diversion process to prevent reversion. As such, he is suggesting that juvenile offenders meet with victims of the crimes they committed, as this approach is among the best practices of many other countries that practise community-based mediation.“This is much more effective to avoid recidivism than putting them in prison, and then they come out and commit another crime,” he said.Child diversion is the process of implementing measures to deal with children who are alleged, accused or recognised to have infringed the penal law, without resorting to formal judicial proceedings.The main objectives of the Child Diversion Act are ensuring that every child in conflict with the law is treated in a manner that recognises and upholds human dignity and worth; diverting the child away from engaging in deviant and delinquent behaviours; and instilling in the child respect for the fundamental rights and freedoms of others.Mr. Nowak is among the key presenters at the ISPCAN Conference, which ends on December 5.The ISPCAN Conference is being held in partnership with the Office of the Children’s Advocate (OCA), under the theme ‘Child Protection Realities within a Changing Caribbean and World’.Participants include child advocates from the United States (US), United Kingdom, Canada, Ireland, Barbados and Switzerland. Mr. Nowak was speaking with journalists at the second Regional Conference of the International Society for the Prevention of Child Abuse and Neglect (ISPCAN), at the Hilton Rose Hall Resort and Spa in Montego Bay, St. James, on Monday (December 3). Independent Expert for the United Nations (UN) Global Study on Children Deprived of Liberty, Manfred Nowak, is lauding Jamaica’s soon-to-be-implemented Child Diversion Act as a step in the right direction. last_img read more

Toronto stock index moves slightly lower US stock markets rise

first_imgThe Toronto Stock Exchange’s main index slipped slightly lower Monday, while markets south of the border inched forward after seeing some losses earlier in the day.The S&P/TSX composite index shed 13 points to 16,026.26.The indice’s performance is tied to geopolitical tensions, said Kash Pashootan, CEO and chief investment officer at First Avenue Investment Counsel.Ongoing trouble between the U.S. and North Korea, as well as other global political issues have led to concerns about an oil supply disruption, he said, driving the commodity price higher and creating a resource-rooted rally for the exchange.However, the price of oil didn’t move much Monday — with the December crude contract gaining two cents to US$56.76 per barrel — leaving the TSX relatively flat as well, Pashootan said.On Wall Street, indices continued to question whether U.S. President Donald Trump will deliver on promised reforms, like a corporate tax cut, Pashootan said, and indices dipped into the red.“But there’s no question that the underlying enthusiasm and appetite for buying equities continues to remain strong,” he said, adding that’s what lifted indices before markets closed.The Dow Jones industrial average gained 17.49 points to 23,439.70, the S&P 500 index rose 2.54 points to 2,584.84 and the Nasdaq composite index advanced 6.66 points to 6,757.60.Pashootan expects U.S. markets to show volatility over the next couple of quarters, moving higher when optimism about Trump’s reform grows and retreating at any sign of challenges in the president’s way.Elsewhere in commodities, the December gold contract rose US$4.70 to US$1,278.90 an ounce and the December copper contract advanced roughly four cents to about US$3.12 a pound. The December natural gas contract fell about five cents to roughly US$3.17 per mmBTU.The Bank of Canada, which publishes the daily average exchange rate of the Canadian dollar, is closed in lieu of Remembrance Day.By Aleksandra Sagan in Vancouver.Follow @AleksSagan on Twitter.last_img read more

Romania Renault recalls 13300 vehicles to replace air bags

first_imgBUCHAREST, Romania — French carmaker Renault has recalled some 13,300 Dacia automobiles in Romania over safety issues with the driver’s air bag inflator.The company said it was recalling the Dacia Logan, Lodgy and Dokker, all manufactured in Romania, citing possible defects in the case of a collision. It said motorists could get the inflators replaced free of charge at Dacia dealers.The announcement was published Tuesday by the National Consumer Protection Authority.The company did not immediately respond to a request for comment.Renault sold about 655,000 Dacia vehicles in 2017, most of them outside Romania. Logan is the bestselling model in Romania.The Associated Presslast_img