Press

Talos Energy Announces Third Quarter 2018 Financial And Operational Results

Posted by OilVoice Press - OilVoice

05-Nov-2018


HOUSTON, Nov. 5, 2018 /PRNewswire/ -- Talos Energy Inc. ("Talos" or the "Company") (NYSE: TALO) today announced its financial and operational results for the quarter ended September 30, 2018.

Combination with Stone Energy Corporation

On May 10, 2018, Talos Energy LLC and Stone Energy Corporation ("Stone") completed a strategic transaction pursuant to which both became wholly-owned subsidiaries of the Company ("Stone Combination"). Talos Energy LLC was considered the accounting acquirer in the Stone Combination under accounting principles generally accepted in the United States of America ("GAAP"). Accordingly, the Company's historical financial and operating data, which cover periods prior to May 10, 2018, reflect only the assets, liabilities and operations of Talos Energy LLC (as the Company's predecessor through May 10, 2018), and do not reflect the assets, liabilities and operations of Stone prior to May 10, 2018.

The pro forma financial information set forth in this press release gives pro forma effect to the Stone Combination as if it occurred on January 1, 2018. Stone's acquisition of the Ram Powell deepwater assets on May 1, 2018 and Ram Powell's respective financial results are included in the Company's pro forma results from May 1, 2018 onwards. Unless expressly stated as pro forma, the financial and operating data in this press release is presented in accordance with GAAP.

Key Highlights of the Third Quarter 2018

 

Three months ended
September 30, 2018

 

Nine months ended
September 30, 2018

 

As
Reported

 

As
Reported

 

Pro
Forma

Total production volumes (MBoe)

5,052

 

11,832

 

14,233

Oil (MBbl/d) – Average net daily production

38.1

 

30.0

 

36.1

NGLs (MBbl/d) – Average net daily production

4.5

 

3.2

 

3.8

Natural Gas (MMcfe/d) – Average net daily production

73.7

 

60.6

 

73.1

Total average net daily (MBoe/d)

54.9

 

43.3

 

52.1

      

Period results ($ million):

     

Revenues

$282.9

 

$632.6

 

$754.5

Net Income

$13.1

 

($84.7)

 

($30.6)

Adjusted EBITDA(1)

$157.0

 

$344.0

 

$426.0

Adjusted EBITDA excl. hedges(1)

$197.8

 

$438.8

 

$526.6

Adjusted EBITDA margin(1):

     

Adjusted EBITDA (%)

56%

 

54%

 

56%

Adjusted EBITDA per Boe

$31.08

 

$29.07

 

$29.95

Adjusted EBITDA excl hedges (%)

70%

 

69%

 

70%

Adjusted EBITDA excl hedges per Boe

$39.15

 

$37.08

 

$37.00

Additional Highlights

  • Capital expenditures in the third quarter of $109.9 million
  • As of September 30, 2018 the Company's total debt principal was $769.3 million, including capital lease. Net Debt to annualized Adjusted EBITDA(1) was 1.1x
  • Liquidity position of $419.0 million as of September 30, 2018, including $329.0 million available under the $600.0 million Bank Credit Facility (Borrowing Base) and approximately $89.9 million of cash

 

(1)

Adjusted EBITDA, Adjusted EBITDA excluding hedges, Adjusted EBITDA Margin, Adjusted EBITDA Margin excluding hedges, Net Debt and Net Debt to Annualized Adjusted EBITDA are non-GAAP financial measures. See "Supplemental Non-GAAP Information" below for additional detail and reconciliations of GAAP to non-GAAP measures.

"We are very pleased with our continued integration of Stone and we believe the third quarter represents much of what we are trying to accomplish, with successes in all phases of our business. We are growing production and pleased with our third quarter production of 54.9 MBoe/d, growing our drilling inventory and achieving key milestones in our offshore Mexico projects, all while generating cash flow well in excess of our capital program," said Timothy S. Duncan, President and CEO of Talos. 

"We continue to deliver on the drilling front with several successes to date in our shallow water program, and we look forward to kicking off our deepwater drilling campaign in the fourth quarter, which will focus on bringing substantial production online in the second quarter of 2019. We will also commence the appraisal of our Zama discovery in Mexico in the fourth quarter of this year, for which our Mexico team has worked very hard to prepare.

"The Whistler acquisition in the third quarter was another low-cost reserve and infrastructure add in our Green Canyon core area.  Not only are we encouraged by the existing potential drilling opportunities within the acquired leases, but we were also the high bidder in the latest federal lease sale in the Gulf of Mexico to acquire additional low cost drilling inventory that can be tied-back to the Whistler facility, making the economics of the acquisition even more impactful.

"In Mexico, in addition to announcing a historic Pre-Unitization Agreement with Pemex ahead of our announcement of the Zama appraisal plan approval, we also announced a cross-assignment of interest transaction with Pan American Energy of a 25% participating interest in our Block 2 for the same interest in Block 31.  We look forward to appraising the globally recognized Zama discovery and the Block 2/31 swap allows us to pull in additional net resources by aggregating more drilling prospects across the entire acreage position for similarly sized capital investment.

"There has been a lot of progress in the six months following the Stone combination and we are excited about the value creation opportunities we have achieved across the Company, and we are committed to continuing to deliver organic production and reserves growth through the drill-bit."

RECENT DEVELOPMENTS AND OPERATIONS UPDATE

Drilling and Exploration Activities

Deepwater

  • Noble Don Taylor: Talos signed a two-well commitment with a subsidiary of Noble Corporation plc for the drilling and completion of two deepwater wells in the Company's Phoenix Complex – Tornado #3 and Boris #3.
  • The Tornado #3 well will be spud in November 2018 and is expected to be brought online in 2Q 2019. Tornado #3 is expected to produce between 10.0 – 15.0 MBoe/d gross, or 5.0 – 7.5 MBoe/d net, after royalties. Talos is the operator of the field and holds a 65% working interest in all Tornado wells with Kosmos Energy owning the remaining 35%.
  • The Boris #3 well, which will be batch-drilled with Tornado #3 and is also expected to come online in 2Q 2019. Talos expects Boris #3 to have initial production between 3.0 – 5.0 MBoe/d gross, or 2.8 – 4.6 MBoe/d net, after royalties. Talos owns 100% working interest in all Boris wells.
  • In mid-to-late November, we expect Murphy Oil to spud the King Cake prospect as the operator. King Cake is a high-impact exploration target in the Atwater Valley area, in which Talos owns 12.5% working interest.
  • The Mt. Providence well began producing on July 10, 2018, approximately 60 days ahead of the originally scheduled completion date in early September. Initial gross production was approximately 4.2 MBoe/d (3.7 MBoe/d net, after royalties), which is above the previously announced guidance range of 2.0 – 4.0 MBoe/d. Talos owns 100% of the Mt. Providence subsea well, which is tied into the wholly owned Pompano production facility.

Shelf

  • The Ewing Bank block 306 ("EW306") A20 well encountered approximately 120 feet of pay across 5 sands. The A20 well successfully targeted three previously defined field sands and discovered two deeper reservoirs. The initial completion was made in the deepest pay zones in the third quarter with an initial production rate of approximately 2.2 MBoe/d gross (1.8 MBoe/d net, after royalties), well above our estimated range of 1.2 – 1.5 MBoe/d gross. Production started in September 2018. Talos is the operator and owns 100% working interest in EW306.
  • Talos has successfully drilled two wells in the Main Pass block 72 ("MP72") field. The A-8ST1 well, drilled to an approximate depth of 9,800 feet, penetrated four stacked sands encountering approximately 175 feet of hydrocarbon pay (approximately 60% oil). The A-8ST1 has been cased and will be completed following the drilling of the A-11ST1 well. The A-11ST1 well has been drilled to approximately 7,800 feet and has encountered hydrocarbon pay in its primary target. The total depth of the A-11ST1 well will be approximately 9,700 feet. Production from both wells is expected in December at a combined rates of approximately 1,000 – 1,500 Boe/d gross (approximately 800 – 1,200 Boe/d net, after royalties). Talos owns 100% working interest in MP72.

Mexico

Pre-Unitization Agreement with Pemex

Talos and its partners in Block 7 offshore Mexico signed a Pre-Unitization Agreement ("PUA") with Pemex that enables information sharing related to the Zama discovery and its potential extension into Pemex's neighboring block. It also establishes a clear path for the signing of a Unit Agreement and Unit Operating Agreement in the event a shared reservoir is confirmed, with a defined process based on international practices to determine the resulting participation of each party in the potential overall development.

The PUA was previously approved by the Ministry of Energy (SENER) in Mexico.

Approval of the Zama Appraisal Plan

The Mexican oil & gas regulator, the National Hydrocarbons Commission ("CNH") has approved the appraisal plan for the Zama discovery.

The approval by the CNH was a key approval required to commence the appraisal of the Zama discovery. CNH has also approved the consortium drilling permits, which are required to commence drilling operations. Talos estimates that it will spud the first appraisal well, Zama-2, in late November of 2018 and that the appraisal program will be completed by mid-2019.

The appraisal plan includes three new reservoir penetrations. The first well in the program, Zama-2, will be deepened by approximately 500 meters to test an exploration prospect called Marte. The estimated cost to deepen the Zama-2 wellbore for the Marte test is approximately $10.0 million gross, with Talos's share expected to be approximately $3.5 million. Talos expects its net share of the costs to be approximately $75.0 million to $80.0 million for the entire appraisal campaign.

Agreement with Pan American Energy to cross-assign interests in Block 2 and Block 31

Talos entered into a transaction with, Hokchi Energy, S.A. de C.V., a subsidiary of Pan American Energy ("Pan American"), to cross-assign its Participating Interest ("PI") in Block 2 and Pan American's PI in Block 31, both in the Sureste Basin offshore Mexico.

Under the agreed conditions for the swap, Talos will assign a 25% PI in Block 2 to Pan American in exchange for a 25% PI in Block 31, which is immediately to the south of Block 2. On October 30th, CNH approved the PI transfer of Block 2 to Pan American. Approval of the transfer of the Block 31 PI to Talos and the transfer of operatorship of Block 2 to Pan American are expected in the coming weeks. Once that occurs and the transaction is closed, Pan American will be the operator of both blocks and Talos will own a 25% PI on Block 2 and a 25% PI on Block 31. The goal of this transaction is to better aggregate each party's inventory into one potential development program to increase scale in terms of total resources and total combined production.  The contract areas are located in water depths between 100 and 150 feet (25 and 35 meters).

Business Development Activities

Acquisition of Whistler Energy II, LLC ("Whistler")

On August 31, Talos acquired Whistler for a net cash consideration of $14.5 million. The production from the assets in the first half of 2018 averaged approximately 1,500 Boe/d net of royalties, representing an acquisition metric of $9,667 per net Boe/d.

The acquired assets include a 100% working interest in three blocks in the Central Gulf of Mexico – Green Canyon 18, Green Canyon 60 and Ewing Bank 988 (collectively the "Green Canyon 18 Field"), which comprises 16,494 acres – and a fixed production platform located on Green Canyon Block 18 ("GC18 Production Facility") in approximately 750 feet of water. All leases are held-by-production. The GC18 Production Facility, which is approximately 18 miles north of the Talos operated Phoenix Field and Tornado discovery, currently has a nameplate production capacity of 30 thousand barrels of oil per day and 30 million cubic feet of gas per day, or approximately 35,000 Boe/d of total capacity, with potential for additional expansion.

The strategic benefit of this acquisition goes beyond the current producing leases. Talos had already licensed recent vintage wide azimuth seismic data in the area, which we will reprocess to assist in the re-mapping of the producing reservoirs and potentially generate additional drilling prospects. Additionally, in the latest federal lease sale in the Gulf of Mexico, the Company was the high bidder on new leases containing at least three drilling prospects that could be tied back to the GC18 Production Facility.

Gulf of Mexico Lease Sale

Talos was the fifth most active bidder in the latest Gulf of Mexico lease sale held by the Bureau of Ocean Energy Management ("BOEM") on August 15, 2018. Talos was the high bidder on six deepwater and eight shallow water blocks.

Talos had 100% success rate on the 14 blocks it bid on in the lease sale. These blocks cover approximately 75,000 net acres and, once awarded, Talos will pay approximately $5.3 million for all leases combined, for an average cost of $71/acre. Two of the deepwater leases have a seven-year primary lease term, while the others have a five-year lease term. The royalty rate for the deepwater blocks is 18.75%, whereas the royalty rates for the shallow water blocks is 12.50%.  At the time of this update 13 of 14 blocks have been awarded.

The Company has identified eight prospects on these blocks, with a possibility of an additional two. All but one of the identified prospects can potentially be a tieback to production facilities owned or accessible by Talos.

Planned 2019 Downtime

Helix Producer 1 dry-dock

In the first quarter of 2019, the Helix Producer 1 will undergo a regulatory required dry-dock period. Regulators require the ship to go to dry-dock twice every five years. Therefore, in the first quarter of 2019, we expect the Phoenix and Tornado fields to be shut-in for approximately 45 – 60 days.

The impact on the first quarter 2019 production is estimated to be between 9.0 – 13.0 MBoe/d, whereas the annualized estimated impact for full year 2019 production is estimated between 2.0 – 3.0 Mboe/d.

THIRD QUARTER 2018 RESULTS

Production, Realized Prices and Revenue

Production: Production for the third quarter of 2018 was 5.1 million Boe and was comprised of 3.5 million barrels of oil, 0.4 million barrels of NGLs and 6.8 billion cubic feet ("Bcf") of natural gas. Oil and NGLs production accounted for 78% of the total production for the third quarter of 2018.

Production was negatively affected by two unplanned third-party downtime events in the third quarter. Helix required a 12 day downtime in the Helix Producer 1 ("HP-1"), to address operational issues of the vessel, which shut-in production from the Phoenix and Tornado fields for the same period. The negative impact on the third quarter production as a result of the HP-1 downtime was an average daily production of approximately 2.4 MBoe/d.

In addition, Talos evacuated non-essential personnel and shut-in production on certain Gulf of Mexico assets for three days during Tropical Storm Gordon, which negatively impacted the average daily production by approximately 0.7 MBoe/d. Talos suffered no damage to its assets.

These interruptions in production were limited to the third quarter and are not expected to have a material impact on Talos's expected total annual production.

We expect the Company's full year 2018 production on a pro forma basis to be at the top of the Company's 49 MBoe/d – 53 Mboe/d guided range.

The table below provides additional detail of the Company's oil, natural gas and NGLs production volumes and sales prices per unit for the three months and nine months ended on September 30, 2018:

 

Three months ended
September 30, 2018

 

Nine months ended
September 30, 2018

 

As
Reported

 

As
Reported

 

Pro
Forma

Production volumes

     

Oil production volume (MBbls)

3,507

 

8,188

 

9,862

NGL production volume (MBbls)

414

 

886

 

1,046

Natural Gas production volume (MMcf)

6,783

 

16,548

 

19,951

Total production volume (MBoe)

5,052

 

11,832

 

14,233

      

Average net daily production volumes

     

Oil (MBbl/d)

38.1

 

30.0

 

36.1

NGL (MBbl/d)

4.5

 

3.2

 

3.8

Natural Gas (MMcf/d)

73.7

 

60.6

 

73.1

Total net average daily (Mboe/d)

54.9

 

43.3

 

52.1

      

Average realized prices (excluding hedges)(2)

     

Oil ($/Bbl)

$70.74

 

$67.90

 

$67.55

NGL ($/Bbl)

$35.21

 

$30.82

 

$30.40

Natural Gas ($/Mcf)

$2.98

 

$2.98

 

$2.84

Barrel of oil equivalent ($/Boe)

$55.99

 

$53.47

 

$53.01

  

(2)

Average realized prices are net of certain gathering, transportation and other costs

The table below provides additional detail of the Company's production by major assets for the three months ended on September 30, 2018:

 

Three months ended
September 30, 2018

 

Production

(MBoe/d)

 

Oil

(%)

 

Liquids

(%)

      

Average net daily production volumes by asset

     

Green Canyon

     

Phoenix / Tornado

16.4

 

79%

 

87%

Green Canyon 18(3)

0.4

 

89%

 

89%

Mississippi Canyon

     

Amberjack

1.9

 

93%

 

93%

Pompano

11.7

 

80%

 

89%

Ram Powell

8.4

 

59%

 

72%

Shelf and Other

     

Shelf / Other

16.1

 

55%

 

61%

Total net average daily (Mboe/d)

54.9

 

69%

 

78%

  

(3)

The acquisition of Whistler Energy II closed on August 31; as such, the Whistler assets only contributed production for one month of the third quarter.

Revenue: Total revenue for the three months ending September 30, 2018 was $282.9 million underpinned by a strong production profile in the quarter and a rising commodity price environment.

The table below summarizes the revenue by commodity for the three and nine months ended September 30, 2018 and provides additional relevant information:

 

Three months ended
September 30, 2018

 

Nine months ended
September 30, 2018

 

As
Reported

 

As
Reported

 

Pro
Forma

Revenues ($ million)

     

Oil

248.1

 

556.0

 

666.2

NGL

14.6

 

27.3

 

31.8

Natural Gas

20.2

 

49.4

 

56.6

Total Revenue

282.9

 

632.7

 

754.5

      

Average realized prices (excluding hedges)(2)

     

Oil ($/Bbl)

$70.74

 

$67.90

 

$67.55

NGL ($/Bbl)

$35.21

 

$30.82

 

$30.40

Natural Gas ($/Mcf)

$2.98

 

$2.98

 

$2.84

Barrel of oil equivalent ($/Boe)

$55.99

 

$53.47

 

$53.01

      

Average NYMEX prices

     

WTI ($/Bbl)

$69.50

 

$66.75

 

$66.75

Henry Hub ($/MMBtu)

$2.90

 

$2.90

 

$2.90

  

(2)

Average realized prices are net of certain gathering, transportation and other costs

Expenses

Lease operating expense ("LOE"): Total direct lease operating expense for the three months ended September 30, 2018 was $46.8 million.

Direct LOE for the full year 2018 on a pro forma basis is expected to be close to the mid-point of the $170 million – $180 million guided range. 

Other operating expense: Other operating expense for the three months ended September 30, 2018 was $35.2 million, of which $25.1 is related to workover and maintenance expenses. These costs include approximately $7.6 million non-recurring expenses related to inspecting and re-attaching the buoy system related to the HP-1 shut-in and repairs on South Marsh Island block 130 ("SMI130"). Additionally, it includes several major maintenance projects in our fixed structures and some post-closing work on the Ram-Powell facility. Maintenance projects are typically more prevalent in the second and third quarters with better weather and more working daylight offshore.

Workover and maintenance expenses will likely be above the $49 million – $54 million guided range for the full year 2018, on a pro forma basis.

General and administrative expense: General and administrative expense for the three months ended September 30, 2018 was $21.7 million and included $7.4 million in transaction and integration costs related to the Stone Combination. With transaction related costs are normalized, the Company's G&A for the quarter was $2.87 per Boe.

G&A expenses for the full year 2018 on a pro forma basis is expected to be close to the mid-point of the $57 million – $62 million guided range.

Price risk management activities: Price risk management activities for the three months ended September 30, 2018 resulted in a $53.3 million expense related to cash settlement on our derivative contracts.

Other Financial Metrics

Net Income (Loss) and Adjusted EBITDA: Net income in the third quarter of 2018 was $13.1 million and in the first nine months of the year was ($84.7) million. The loss numbers are primarily due to non-cash mark-to-market expenses associated with unrealized commodity hedges. Pro forma Net income (Loss) in the first nine months of the year was ($30.6) million. The pro forma loss numbers are primarily due to non-cash mark-to-market expenses associated with unrealized commodity hedges.

Adjusted EBITDA for the three months ended on September 30, 2018 was $157.0 million and Adjusted EBITDA margin was 56%, or $31.08 per Boe. For the first nine months of 2018, Adjusted EBITDA was $344.0 million, with a margin of 54% or $29.07 per Boe. Excluding the effect of hedges, the margins would have been 70% or $39.15 per Boe for the third quarter and 69% or $37.08 per Boe for the first nine months of the year.

Pro forma Adjusted EBITDA for the first nine months of 2018 was $426.2 million, with a margin of 56% or $29.95 per Boe. Excluding the effect of hedges, the pro forma margins would have been 70% or $37.00 per Boe for the first nine months of the year.

Capital Expenditures: Capital expenditures in the third quarter of 2018 were approximately $109.9 million, inclusive of Plugging & Abandonment costs. For the first nine months of 2018, capital expenditures were $255.5 million, also inclusive Plugging & Abandonment costs.

The pro forma capital expenditures for the nine months ended on September 30, 2018 were $310.0 million, inclusive of Plugging & Abandonment costs. Pro forma capital expenditures for the first nine months of 2018 excludes $33.4 million of accrued, but unpaid change of control costs for the seismic acquired as part of the Stone Combination. These costs will be paid in 2019, 2020 and 2021.

The table below provides additional detail of the Company's capital expenditures:

 

Three months ended
September 30, 2018

 

Nine months ended
September 30, 2018

($ million)

As
Reported

 

As
Reported

 

Pro
Forma

U.S. Drilling & Completions

41.1

 

81.9

 

100.0

Mexico Appraisal & Exploration

0.6

 

1.7

 

1.7

Asset Management

14.1

 

36.7

 

38.5

Seismic and G&G / Land / Capitalized G&A

12.3

 

49.4

 

55.1

Total Capital Expenditures

68.1

 

169.7

 

195.3

Plug & Abandonment

41.8

 

85.7

 

114.7

Total Capital Expenditures & Plug & Abandonment

109.9

 

255.4

 

310.0

The majority of the remaining capital budget for the year is expected to be utilized on U.S. Drilling & Completions activities, primarily on Tornado #3, King Cake, MP 72 and the commencement of the Zama appraisal campaign.

Capital expenditures for the full year 2018, on a pro forma basis, is expected on the low end of the $430 million – $450 million guided range.

Financial position: As of September 30, 2018, the Company had approximately $672.6 million of long-term debt, excluding deferred financing costs and original issue discount. The balance includes $396.9 million of second lien notes, $265.0 million of borrowings under the bank credit facility and a $10.7 million building loan. In addition to the Company's long-term debt, as of September 30, 2018, Talos had a capital lease obligation with a balance of approximately $96.7 million.

Liquidity position: As of September 30, 2018, the Company had a liquidity position of approximately $419.0 million, which included $329.0 million available under the $600.0 million bank credit facility and approximately $89.9 million of cash.

Leverage and credit metrics: The Annualized third quarter Adjusted EBITDA was $628.1 million. As of September 30, 2018, the Company's total debt was $769.3 million and net debt was $679.4 million, both including capital lease. Therefore, the Net Debt to annualized Adjusted EBITDA ratio of Talos was 1.1x.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Talos EnergyEarningsResultsOperational UpdateNYSEStone Energy

More items from oilvoice


Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice


Posted 11 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 1 year agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice