Calgary, Alberta-based Benefit Vitality Ltd. has begun strategic manufacturing curtailments of as much as 130 million cubic ft per day (MMcfpd) of dry fuel “in response to unusually low Alberta pure fuel costs”.
Curtailments started in September and are deliberate to proceed for the fourth quarter till pricing recovers, Benefit mentioned in a information launch. The manufacturing curtailment ranges are adjusted on a steady foundation “to remove variable money prices and defer improvement capital”.
Benefit mentioned that the curtailments are primarily dry fuel on the Glacier fuel plant in northwest Alberta, close to the provincial border with British Columbia. Glacier is among the many lowest-cost pure fuel belongings in North America, and won’t materially influence the corporate’s money stream, it mentioned.
- Advertisement -
Liquids manufacturing, which is presently exceeding expectations, will likely be unaffected, the corporate famous.
Manufacturing within the third quarter was roughly 74,000 barrels of oil equal per day (boepd), consisting of 368 MMcfpd of pure fuel, 8,100 barrels per day (bpd) of crude oil, and 4,600 bpd of pure fuel liquids (NGLs), together with the influence of curtailments which averaged over 5,000 boepd.
Relying on the length of fuel worth volatility and related curtailments, 2024 manufacturing is predicted to be roughly 70,000 boepd, the corporate mentioned. Its outlook for 2025 manufacturing and capital stays unchanged.
“Capital self-discipline will stay an acute focus for Benefit. Nonetheless, fuel market fundamentals seem strong in 2025 as world demand for clear, dependable pure fuel continues to rise. Along with our diversified market publicity and strategic hedging program, Benefit is effectively positioned for distinctive per-share progress and free money stream because the pure fuel market rebalances,” the corporate mentioned.
CCS-focused Subsidiary Appoints New CEO
In the meantime, Benefit subsidiary Entropy Inc., which is targeted on carbon seize and storage (CCS), has appointed Sanjay Bishnoi as CEO, changing Michael Belenkie.
Belenkie will stay as Chairman of Entropy’s board.
“We’re thrilled to welcome Sanjay to Entropy as we enter a brand new section of progress in business carbon seize and storage. Sanjay brings a wealth of expertise and a confirmed observe document of producing innovation and progress,” Belenkie mentioned.
“Like all of us at Entropy, he understands that CCS is an important expertise within the world path to decreasing emissions and that success is pushed by a mixture of superior expertise, refined business partnerships and an progressive, skilled workforce. Our Board believes he will likely be a transformative chief for our firm, our folks, and the quickly evolving world CCS {industry},” Belenkie added.
Bishnoi obtained his Ph.D. in carbon seize from the College of Texas at Austin. His broad background consists of profitable forays in standard useful resource and infrastructure improvement, administration consulting, and undertaking finance. Since 2014, he has served in CFO roles, however “all the time preserving a deep involvement in technical features of his firms whereas providing robust management and a deal with company values,” based on an earlier information launch.
“I am honored to be becoming a member of Entropy and I am excited to assist prolong the workforce’s accomplishments in CCS expertise, enterprise mannequin innovation and infrastructure improvement,” Bishnoi mentioned. “My background in carbon seize goes again over 25 years and, as a co-founder of a profitable midstream firm, I’ve additionally skilled what it takes to handle quick progress in giant infrastructure. I sit up for working with the Entropy workforce and Board to handle the Company by an thrilling section of progress and past”.
Entropy describes itself as a privately-owned firm making use of refined science and engineering to develop business CCS tasks. The corporate’s expertise is predicted to ship business profitability with an industry-leading price construction utilizing proprietary modular carbon seize and storage expertise.
To contact the creator, electronic mail rocky.teodoro@rigzone.com
