W&T Offshore provides operational update
HOUSTON — W&T Offshore Inc. provided an operational update regarding fourth quarter production.
The company said it has recently restored the vast majority of production that was shut-in due to the series of storms in the Gulf of Mexico and has restored production at the Magnolia field that was offline due to extended downtime at a third-party operated platform downstream from that field.
W&T now expects its fourth quarter production to average between 34,700 and 36,900 barrels of oil equivalent per day, of which 34% is estimated to be oil, 11% natural gas liquids and the balance natural gas. Previously the company had estimated its fourth-quarter production would average 31,500 to 35,000 Boe/d.
W&T Offshore Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development.
USIO to present at annual LD Micro Main Event conference
SAN ANTONIO — Usio Inc., an integrated electronic payment solutions provider, announced that it will present at the 13th annual LD Micro Main Event investor conference at 8:40 a.m. Monday.
President and CEO Louis Hoch and Greg Carter, senior vice president of payment facilitation, will present to a live virtual audience. To register, visit ve.mysequire.com.
The event will feature a new format, with companies presenting for 10 minutes, followed by 10 minutes of Q&A by a panel of investors and analysts.
The event will take place Monday and Tuesday, exclusively on the Sequire Virtual Events platform.
Pinnacle releases first global economics of reliability report
PASADENA, Texas — Pinnacle announced the release of its first Global Economics of Reliability Report. The report is the first of its kind.
The interim report leverages Pinnacle’s data models to estimate the reliability spending patterns and performance of refineries in the United States, Europe and Asia Pacific regions.
The foundation of the data analysis combines public data from international governments and refineries and Pinnacle’s internal algorithms to provide unique insight into the industry.
On Tuesday, Krimmel and Sitton will host Pinnacle’s Economics of Global Reliability brief. They will discuss additional insights and the future of reliability in the petroleum refining sector. The report is available at pinnaclereliability.com.
Project Canary acquires troposphere monitoring
Project Canary announced it has acquired Austin-based Troposphere Monitoring Inc.
Troposphere is a leader in hydrocarbon emissions sensor technology. This is the second acquisition Project Canary has completed in the last six months.
Troposphere Monitoring’s sensor technology distinguishes between different gases, so permitted emissions look different than leaks to the monitoring system.
Using advanced infrared spectroscopy technology, Troposphere sensors located at the fence line of a well site or facility can detect and identify quantities of methane, hydrocarbons and other byproduct gases at the ppb level of precision.
The data is continually uploaded to Project Canary’s secure, cloud-based data platform for real-time alerts and ESG analytics.
Scott joins Project Canary as president and is a member of the board of directors. Scott is a mathematician, data and atmospheric scientist who has built environmental sensor networks around the world. She received her Ph.D. from Johns Hopkins University.
Chris Kelley, Ph.D., joins Project Canary as vice president of engineering. Kelley is an environmental engineer who designed the world’s most downloaded water quality monitor. He received his Ph.D. from Johns Hopkins University.
Yon Azdoud, Ph.D. joins Project Canary as chief scientist. Azdoud is a mechanical engineer and a graduate of Ecole Normale Superieure, France. He is an expert in materials simulation, hardware and design.
Usio signs letter of intent to acquire IMS assets
SAN ANTONIO — Usio Inc. announced that it has entered into a non-binding letter of intent to acquire the assets of Information Management Solutions LLC.
IMS is an established provider of electronic bill presentment, document composition, document decomposition and printing and mailing services serving hundreds of customers.
IMS has agreed to work with Usio on an exclusive basis until the deal is consummated or terminated. Details of the transaction are not being disclosed at this time.
VAALCO announces completion of 3-D seismic survey data acquisition
HOUSTON — VAALCO Energy Inc. announced that the acquisition of three dimensional seismic data at the Etame Marin block offshore Gabon has been completed. Highlights include the following:
Completed the acquisition of nearly 1,000 square kilometers of new dual-azimuth proprietary 3-D seismic data over the entire Etame Marin block;
Enhances sub-surface imaging by merging legacy data with newly acquired seismic, allowing for the first continuous 3-D seismic over the entire block
Estimates the total costs of both the acquisition and processing of seismic data to be about $14 million to $16 million gross over the period from Q4 2020 through Q4 2021
Processing of the seismic data expected to begin in January, with all data expected to be fully processed and analyzed by Q4 2021
Planning for the commencement of the next drilling campaign at Etame in late 2021 or early 2022
Quanex Building Products declares dividend
HOUSTON — Quanex Building Products Corp. announced that its board of directors declared a quarterly cash dividend of $0.08 per share on the company’s common stock, payable Dec. 30 to shareholders of record Wednesday.
Quanex Building Products Corp. is an industry-leading manufacturer of components sold to Original Equipment Manufacturers in the building products industry.
Houston Wire & Cable to sell Southern Wire division
HOUSTON — Houston Wire & Cable Co. announced that it has entered into a definitive asset purchase agreement for the sale of its Southern Wire business for a purchase price of $20 million, subject to a working capital adjustment. HWCC expects to use the net sales proceeds to reduce debt.
The transaction is subject to customary closing conditions and is expected to close at year end.
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