Op-Ed: Renewable Fuel Standard makes us more reliant on foreign oil
By Jim Snell
The hacking of the Colonial Pipeline showed Americans the vulnerability of our energy supply, and how much we depend on it to power our economy. Stretching from Texas to New York, Colonial transports 45% of the East Coast’s fuel supply, carrying gasoline, heating oil, diesel and jet fuel. The pipeline services one of America’s most populated corridors, delivering more than 100 million gallons of refined fuels each day.
So when a cyberattack shut the pipeline down bringing fuel transportation to a halt and causing gas prices to climb it was a stark reminder that we need to protect and support the regional diversity of our nation’s refining capacity.
o Revenue down 12% underlying o Cash operating income² down 13% underlying; 11% margin o Adjusted³ operating profit down 19% underlying; 9% margin o Adjusted profit before tax down 20% underlying o Adjusted EPS up 12% · Interim dividend increased +1% to 7.6p · Statutory · Active portfolio management strategy delivering value creation: o Increased investment in Cazoo in October 2020; proposed transaction values stake at c.US$1.35bn
5 vs £117m total investment o Disposal of EdTech (Hobsons) for c.US$410m in March 2021 o Acquisition of New Scientist for £67m in March 2021 · Strong financial position maintained: pro forma net cash £293m
6 and £362m of committed undrawn bank facilities; statutory net cash £199m
Jim Snell
AP
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The hacking of the Colonial Pipeline showed Americans the vulnerability of our energy supply, and how much we depend on it to power our economy. Stretching from Texas to New York, Colonial transports 45% of the East Coast’s fuel supply, carrying gasoline, heating oil, diesel and jet fuel. The pipeline services one of America’s most populated corridors, delivering more than 100 million gallons of refined fuels each day.
So when a cyberattack shut the pipeline down bringing fuel transportation to a halt and causing gas prices to climb it was a stark reminder that we need to protect and support the regional diversity of our nation’s refining capacity.
Aemetis, Inc Reports First Quarter 2021 Financial Results theusnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theusnews.com Daily Mail and Mail on Sunday newspapers.
469,100
112
1 Comparative figures include Cenovus results prior to the January 1, 2021 closing of the Husky transaction and do not reflect historical data from Husky.
2 Adjusted funds flow, free funds flow and net debt are non-GAAP measures. See Advisory.
3 Prior period has been restated to conform with the current period definition of adjusted funds flow.
Q1 overview
Progress on integration and synergies
Cenovus is in the process of reassessing the acquired Husky assets for synergies above and beyond the company s original $1.2 billion target. This includes opportunities to apply Cenovus s in situ operating expertise to Husky s legacy in situ assets in Alberta and Saskatchewan. Application of these operating practices drove record average daily production in the quarter at Cenovus s Lloydminster thermal business, including a single-day production record of approximately 103,000 barrels per day (bbls/d) in March.