Nigerian First E&P Eyes Tanzanian Gas in Broader Push for Growth
First E&P signed a deal with the Tanzania Petroleum Development Corp. last month for the technical assessment and potential development of the Mnazi Bay North Block in southern Tanzania, near fields where vast gas reserves were found in Mozambique.
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CNBC
an hour ago
- CNBC
Asia markets set to open lower as investors weigh Trump's vow on fresh chip tariffs
Asia-Pacific markets are set to start the day lower, following U.S. President Donald Trump's vow to impose a 100% tariff on imports of semiconductors and chips to the U.S., but companies that are "building in the United States" will be exempted. Details such as how much a company needs to be manufacturing in the U.S. to qualify for the tariff exemption were not immediately clear. Good morning from Singapore. Investors will be keeping a close watch on chip stocks following U.S. President Donald Trump's vow to impose 100% tariffs on imported semiconductors and chips, unless they are made by companies "building in the United States." Japan's benchmark Nikkei 225 was set to open lower, with the futures contract in Chicago at 40,785 while its counterpart in Osaka last traded at 40,790, against the index's last close of 40,794.86. Futures for Hong Kong's Hang Seng index stood at 24,903, pointing to a weaker open compared with the HSI's Wednesday close of 24,910.63. Australia's S&P/ASX 200 was set to start the day lower with futures tied to the benchmark at 8,779, compared with its last close of 8,843.70. — Amala Balakrishner President Donald Trump said late Wednesday that he would slap a 100% duty on imports of semiconductors and chips – with an exception for companies that are "building in the United States." "We're going to be putting a very large tariff on chips and semiconductors," he said, speaking in the Oval Office on Wednesday afternoon. "But the good news for companies like Apple is if you're building in the United States or have committed to build, without question, committed to build in the United States, there will be no charge," Trump added. Shares of Apple advanced 3% in extended trading, fresh off a 5% gain in the regular session. Stock chart icon Apple shares in the past day – Kevin Breuninger, Darla Mercado All the three major averages finished with gains on Wednesday. The S&P 500 advanced 0.73% to finish at 6,345.06, while the Nasdaq Composite jumped 1.21%, closing at 21,169.42. The Dow Jones Industrial Average also rose 81.38 points, or 0.18%, to end the day at 44,193.12. — Sean Conlon
Yahoo
2 hours ago
- Yahoo
Pine Cliff Energy Ltd. Announces Second Quarter 2025 Results
Calgary, Alberta--(Newsfile Corp. - August 6, 2025) - Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) ("Pine Cliff" or the "Company") announces its second quarter 2025 financial and operating results and guidance update. Second Quarter 2025 Results Generated $4.9 million ($0.01 per basic and fully diluted share) and $16.4 million ($0.05 per basic and fully diluted share) of adjusted funds flow1 for the three and six months ended June 30, 2025, compared to $10.8 million ($0.03 per basic and fully diluted share) and $21.3 million ($0.06 per basic and fully diluted share) for the same periods in 2024; Production averaged 21,2362 Boe/d and 21,2593 Boe/d for the three and six months ended June 30, 2025, compared to 23,6884 Boe/d and 23,7765 Boe/d for the same periods in 2024; Paid dividends of $1.3 million ($0.004 per basic and fully diluted share) and $6.7 million ($0.02 per basic and fully diluted share) during the three and six months ended June 30, 2025, compared to $5.4 million ($0.02 per basic and fully diluted share) and $14.9 million ($0.04 per basic and fully diluted share) during the same periods in 2024; Capital expenditures totaled $2.3 million and $3.6 million for the three and six months ended June 30, 2025, compared to $1.0 million and $1.6 million for the same periods in 2024; Reduced net debt1 by $3.4 million or 5% to $58.9 million on June 30, 2025 down from $62.3 million on December 31, 2024; and Generated a net loss of $7.1 million ($0.02 per share basic and fully diluted) and $9.9 million ($0.03 per share basic and fully diluted) for the three and six months ended June 30, 2025, compared to net loss of $4.1 and $9.0 million for the same periods in 2024. Pine Cliff will host a webcast at 9:00 AM MDT (11:00 PM EDT) on Thursday August 7th, 2025. Participants can access the live webcast via or through the links provided on the Company's website. A recorded archive will be available on the Company's website following the live webcast. Capex and Hedge Update Production in the second quarter was consistent with the first quarter and down from the same quarter last year primarily due to natural production declines and temporary shut-ins due to weak AECO gas prices in June 2025. Capital expenditures of $2.3 million in the second quarter were limited to facilities and maintenance spendings, bringing total capital expenditures to $3.6 million in the first half of 2025. The 2025 capital budget of $23.5 million is unchanged, which includes $12.5 million of development spending. Pine Cliff continues to use physical hedging as part of its ongoing marketing strategy to help protect cash flow, resulting in an average realized natural gas price of C$2.48/Mcf in the second quarter, representing a 48% premium to the AECO Daily 5A average price of C$1.68/Mcf. In recent months, Pine Cliff has increased its hedge position to approximately 54% of gross natural gas production6 at an average price of $2.82/Mcf through the second half of 2025. Approximately 43% of gross crude oil production7 has been hedged at US$64.15/Bbl for the same period. Financial and Operating Results Three months ended June 30,Six months endedJune 30,($000s, unless otherwise indicated)2025 2024 2025 2024Commodity sales (before royalty expense) 41,850 48,323 91,328 99,622Cash provided by operating activities 7,715 5,692 19,203 15,219Adjusted funds flow14,876 10,780 16,382 21,278Per share - Basic and diluted ($/share)10.01 0.03 0.05 0.06Net loss(7,136 )(4,095 )(9,873 )(8,953 ) Per share - Basic and diluted ($/share)(0.02 )(0.01 )(0.03 )(0.03 ) Capital expenditures2,310 1,037 3,553 1,596Dividends1,344 5,357 6,717 14,856Per share - Basic and diluted ($/share)0.00 0.02 0.02 0.04Net debt1(58,890 )(68,647 )(58,890 )(68,647 ) Production (Boe/d)21,236 23,688 21,259 23,776Percent Natural Gas (%)80% 79% 80% 79%Weighted-average common shares outstanding (000s) Basic and diluted358,556 357,114 358,368 354,923Combined sales price ($/Boe)21.66 22.42 23.73 23.02Operating netback ($/Boe)15.01 7.14 6.68 7.22Corporate netback ($/Boe)12.52 5.01 4.25 4.92Operating netback ($ per Mcfe)10.84 1.19 1.11 1.20Corporate netback ($ per Mcfe)10.42 0.84 0.71 0.82 1 This is a non-GAAP measure, see "NON-GAAP Measures" for additional information. About Pine Cliff Pine Cliff is a natural gas and oil company with a long-term view of creating shareholder value. Pine Cliff's current focus is on acquiring, developing, and operating long life assets that generate significant free funds flow that allows for capital to be returned to shareholders in the form of a dividend. Further information relating to Pine Cliff may be found on as well as on Pine Cliff's website at For further information, please contact: Philip B. Hodge - President and CEOKristopher B. Zack - CFO and Corporate SecretaryTelephone: (403) 269-2289Fax: (403) 265-7488Email: info@ Reader Advisories Notes to Press Release See Non-GAAP Measures. Comprised of 102,528 Mcf/d natural gas, 2,849 Bbl/d NGLs and 1,299 Bbl/d light and medium oil. Comprised of 101,727 Mcf/d natural gas, 2,917 Bbl/d NGLs and 1,387 Bbl/d light and medium oil. Comprised of 112,521 Mcf/d natural gas, 3,334 Bbl/d NGLs and 1,599 Bbl/d light and medium oil. Comprised of 113,076 Mcf/d natural gas, 3,343 Bbl/d NGLs and 1,587 Bbl/d light and medium oil. Based on Q2 2025 sales volumes of 102,528 Mcf/d natural gas. Based on Q2 2025 sales volumes of 1,299 Bbl/d of light and medium oil. Cautionary Statements Certain statements contained in this news release include statements which contain words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "will", "believe" and similar expressions, statements relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward-looking information in this news release includes, but is not limited to: future capital expenditures, including the amount and nature thereof; future acquisition opportunities including Pine Cliff's ability to execute on those opportunities; future drilling opportunities and Pine Cliff's ability to generate reserves and production from the undrilled locations; oil and natural gas prices and demand; expansion and other development trends of the oil and natural gas industry; business strategy and guidance; expansion and growth of our business and operations; maintenance of existing customer, supplier and partner relationships; supply channels; accounting policies; risks; Pine Cliff's ability to generate adjusted funds flow; Pine Cliff's ability to generate free funds flow; Pine Cliff's ability to pay a dividend; and other such matters. All such forward-looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties and assumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations; equipment and labour shortages and inflationary costs; general economic conditions; industry conditions; changes in applicable environmental, taxation and other laws and regulations as well as how such laws and regulations are interpreted and enforced; the ability of oil and natural gas companies to raise capital; the effect of weather conditions on operations and facilities; the existence of operating risks; volatility of oil and natural gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash provided by operating activities to meet current and future obligations; increased competition; stock market volatility; opportunities available to or pursued by us; and other factors, many of which are beyond our control. The foregoing factors are not exhaustive. Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur including the reduction in municipal taxes and surface land rentals, or if any of them do, what benefits will be derived there from. Except as required by law, Pine Cliff disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Natural gas liquids and oil volumes are recorded in barrels of oil ("Bbl") and are converted to a thousand cubic feet equivalent ("Mcfe") using a ratio of one (1) Bbl to six (6) thousand cubic feet. Natural gas volumes recorded in thousand cubic feet ("Mcf") are converted to barrels of oil equivalent ("Boe") using the ratio of six (6) thousand cubic feet to one (1) Bbl. This conversion ratio is based on energy equivalence primarily at the burner tip and does not represent a value equivalency at the wellhead. The terms Boe or Mcfe may be misleading, particularly if used in isolation. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of oil, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. NON-GAAP Measures This press release uses the terms "adjusted funds flow", "free funds flow", "operating netbacks", "corporate netbacks" and "positive net cash/net debt" which are not recognized under International Financial Reporting Standards ("IFRS") and may not be comparable to similar measures presented by other companies. These measures should not be considered as an alternative to, or more meaningful than, IFRS measures including net income (loss), cash provided by operating activities, or total liabilities. The Company uses these measures to evaluate its performance, leverage and liquidity. Adjusted funds flow is a non-Generally Accepted Accounting Principles ("non-GAAP") measure that represents the total of funds provided by operating activities, before adjusting for changes in non-cash working capital, and decommissioning obligations settled. Positive net cash/net debt is a non-GAAP measure calculated as the sum of accounts receivables, cash, and prepaid expenses and deposits, less accounts payables and accrued liabilities, and debt. Operating netback is a non-GAAP measure calculated as the Company's total revenue, less royalties, net operating expenses and transportation expenses, divided by the Boe production of the Company. Corporate netback is a non-GAAP measure calculated as the Company's operating netback, less G&A and interest expense, divided by the Boe production of the Company. Please refer to the Annual Report for additional details regarding non-GAAP measures and their calculation. The TSX does not accept responsibility for the accuracy of this release. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
E&E News
2 hours ago
- E&E News
Interior fast-tracks Utah coal leasing using GOP megabill
The Interior Department said Wednesday it had completed the first fast-tracked review of a federal coal lease in Utah under a provision in the GOP megabill. The Bureau of Land Management issued a final environmental impact statement for the Skyline Mine project in central Utah, a project that's been mired in past legal challenges focused on its climate impacts. BLM said the final EIS analyzes the proposed Little Eccles lease and the Flat Canyon lease modification that Canyon Fuel Co. submitted. The company has operated the Skyline Mine since 1981. Advertisement 'This is a critical step in unleashing the full economic potential of our coal resources and delivering reliable, affordable energy to American families,' Adam Suess, Interior's acting assistant secretary for lands and minerals management, said in a statement. Interior said the approval marks the first expedited coal leasing action under the One Big Beautiful Bill Act, which includes language that allows the agency to accelerate federal coal leasing. The agency also said the move aligns with an executive order that Trump signed calling for 'Reinvigorating America's Beautiful Clean Coal Industry.' The approval marks yet another project the Trump administration is advancing in the face of legal challenges while relying on newly introduced permitting procedures. Interior said its decision fulfills obligations tied to a 2023 legal settlement between the agency and environmental groups that sued the agency in the U.S. District Court for the District of Utah for its approval of the project. That settlement stemmedfrom a 2015 lawsuit brought by WildEarth Guardians and the Grand Canyon Trust. The groups in that case argued that the government violated the National Environmental Policy Act when issuing a lease to expand the Skyline Mine in the Manti-La Sal National Forest. The suit argued Interior relied on a previous 2002 environmental analysis that failed to account for climate damages of the mine's expansion. The BLM in its final EIS for the project included an estimated social cost of carbon to comply with the settlement agreement but said that such estimates are 'misleading, strongly discouraged, and not required by law,' noting that the Trump administration has moved to scrap such requirements. The BLM in a release said it plans to open a public comment period on the fair market value and maximum economic recovery of the federal coal contained in the proposed lease area. The agency is also planning an in-person public meeting about the final EIS.
