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Paramount Resources Ltd provides update on operations and midstream sales process

Wednesday, 20 Jan 2016 01:09am EST

Paramount Resources Ltd:Provides update on operations and midstream sales process.Says fourth quarter 2015 sales volumes averaged approximately 45,000 boe/d, including 10,000 boe/d of condensate.Continues to implement measures to reduce its cost structure while maximizing the efficiency and effectiveness of its operations.Says production in the fourth quarter was impacted by a scheduled ngls pipeline outage.Fourth quarter production was also impacted by an unscheduled outage at the third-party operated smoky deep cut plant.Has reduced its permanent workforce by approximately 15 percent and eliminated most of the corporate consultant positions.Employee salaries have been reduced by five percent in 2016 and rates for contract work have been reduced by 10 to 15 percent.Says general and administrative expenses are expected to be reduced by more than 15 percent in 2016.Labour and travel costs for the company's field operations are expected to be reduced by 12 to 15 percent in 2016.Currently conducting a process for the potential sale of certain of its midstream assets in the kaybob operating unit.No assurance that mistream sales process will result in a definitive sale agreement being entered into or a sale being consummated.

Total SA plans maintenance at UK's 207,000 bpd Lindsey refinery in summer - Reuters

Thursday, 17 Dec 2015 04:35am EST

Total SA:Total will shut down one of two crude distillation units (CDU) for planned maintenance at its 207,000 barrel per day Lindsey refinery in Britain in June and July next year, a spokesman said on Thursday. - RTRS."We will have a turnaround which will involve work to transfer to the new structure of the operational units," he said in an email. - RTRS.He added the previously announced permanent shutdown of the second CDU will take place in September, halving the total capacity of the plant on the east coast of England. - RTRS.The restructuring plan will involve cutting the workforce by 180 positions to 400. Total said in February that it was looking to increase the plant's efficiency and competitiveness - RTRS.


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