Statoil to change name to Equinor
The board of directors of Statoil proposed to change the name of the company to Equinor. The name change supports the company’s strategy and development as a broad energy company.
The name Equinor is formed by combining “equi”, the starting point for words like equal, equality and equilibrium, and “nor”, signalling a company proud of its Norwegian origin, and who wants to use this actively in its positioning.
The new name was proposed to shareholders in a resolution to the Annual General Meeting in May. The Norwegian government, as majority shareholder, supports the proposal and will vote in favor of the resolution.
Statoil’s strategy presented in 2017, sets clear principles for the development of a distinct and competitive portfolio. Statoil will develop long-term value on the Norwegian continental shelf, deepen in core areas and develop new growth options internationally. Statoil is one of the world’s most carbon-efficient producers of oil and gas, and will develop its low carbon advantage further. Statoil is building a material industrial position within profitable renewable energy, and expects to invest 15-20% of total capex in new energy solutions by 2030.
Enbridge divests U.S. midstream businesses
Enbridge Inc. has entered into a definitive agreement to sell Midcoast Operating LP and its subsidiaries (Midcoast), which conducts the company’s U.S. natural gas and natural gas liquids (NGL) gathering, processing, transportation and marketing businesses, serving established basins in Texas, Oklahoma and Louisiana, to AL Midcoast Holdings LLC for a cash purchase price of $1.12 billion, subject to customary closing adjustments. The transaction is expected to close in the third quarter of 2018, subject to receipt of customary regulatory approvals and satisfaction of other customary closing conditions.
The Midcoast businesses include (i) natural gas gathering, treating, processing and transportation, and NGL transportation, assets located in the East Texas, Western Anadarko, and Barnett shale plays and consist of approximately 11,200 miles of natural gas gathering and transportation pipelines, 2.1 Bcf/d of natural gas processing capacity, and 1.3 Bcf/d of treating capacity, (ii) a NGL logistics and marketing business (including ELTM, LP and Enbridge Marketing (U.S.) LP), and (iii) a 35 percent interest in Texas Express Pipeline, consisting of a 594-mile, 20-inch NGL pipeline, and a 35 percent interest in Texas Express Gathering, consisting of 115 miles of NGL pipelines and other NGL infrastructure comprising the Company’s Texas Express NGL pipeline system.
AL Midcoast intends to maintain Midcoast’s workforce and anticipates that they will join AL Midcoast upon transaction close. AL Midcoast intends to retain a Houston presence.
Enbridge will work with AL Midcoast to ensure a safe transition of Midcoast’s operations.
CenterPoint Energy and Vectren merge
CenterPoint Energy Inc. and Vectren Corp. have entered into a definitive merger agreement to form a leading energy delivery, infrastructure and services company serving more than 7 million customers across the U.S.
The combined company is expected to have electric and natural gas delivery operations in eight states with assets totaling $29 billion and an enterprise value of $27 billion.
Headquartered in Houston, CenterPoint Energy has significant natural gas operations in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma and Texas, serving more than 3.4 million customers. The company also delivers electricity to more than 2.4 million customers in the greater Houston area. CenterPoint Energy’s competitive natural gas sales and services business serves more than 100,000 customers in 33 states. The company employs nearly 8,000.
Headquartered in Evansville, IN, Vectren provides natural gas to more than 1 million customers in Indiana and Ohio, and electricity to 145,000 customers in Indiana. Vectren’s non-utility businesses include infrastructure services (VISCO), which provides underground pipeline construction, repair and replacement services, and energy services (VESCO), which offers performance contracting services and renewable energy project development. CenterPoint Energy intends to continue operating VISCO out of Indianapolis, IN, and VESCO out of Newburgh, IN (near Evansville). Vectren also owns and operates power generation assets in Indiana with a production capacity of 1,248 megawatts. The company employs approximately 5,500.
Following the completion of the merger, the combined company expects to execute a unified business strategy focused on the safe and reliable delivery of electricity, natural gas and related services to customers.
Sommers named API
president and CEO
API announced that Mike Sommers will be the new president and CEO of the American Petroleum Institute, following an election this afternoon by API’s board of directors and a thorough search and transition planning process. Known for bipartisan collaboration and visionary strategic planning, Sommers brings two decades of political experience to API, including his current role as president and CEO of the American Investment Council.
Sommers will take the helm of API later this summer and succeed Jack Gerard, who announced earlier this year that he will step down this summer after a decade at API and relocate to Salt Lake City. Sommers will work closely with API’s member companies, Jack Gerard and API’s senior team in the coming months to ensure a smooth leadership transition.
Prior to joining the American Investment Council as president and CEO in 2016, Sommers served as Chief of Staff to Speaker of the House John A. Boehner (R-OH) and in other capacities in House leadership for more than a decade. Sommers has served at the center of nearly every major policy decision in the last decade and successfully negotiated bipartisan achievements on landmark legislation, including the Trouble Asset Relief Program in 2008, the resolution of the fiscal cliff in 2013, the Bipartisan Budget Agreement of 2015 and trade promotion authority in 2015. Sommers also served as Special Assistant to the President at the National Economic Council at the White House in 2005.
Perma-Pipe appoints Leong as
Perma-Pipe International Holdings Inc. announced the appointment of William (Will) Leong to general manager – PermAlert, reporting to David Mansfield president and CEO Perma-Pipe International Holdings. Leong is charged with providing leadership in all aspects of the PermAlert business, including strategy development, operations, health, safety and environment, sales, marketing, engineering, product development, purchasing, customer support, and organizational design. His immediate focus will be to develop and implement plans to increase PermAlert sales through increased market share, penetration of new markets, development of new products and geographic growth.
Leong brings over 18 years of experience in the manufacturing and technology industries. He has held a variety of leadership roles, most recently as chief operating officer at TZ Inc., a smart device company operating in similar markets to PermAlert. He has extensive experience working globally. Prior to his role at TZ Inc., he served as operations manager at Culligan International.