MI - Sector a bond-buyer haven, but fish & beetles have other plans - May 2020With $16.8 billion of debt raised during Q1, midstream was again the lead US energy sector according to Enverus’ Capitalize platform (PG.3). Energy Transfer LP, which raised the most at $4.5 billion (and $1.6 billion in equity), is also using it to help alleviate a crude storage shortage (PG.1), as are owners of Jones Act vessels (PG.3). Enterprise Products Partners, which raised $3.0 billion during the quarter, also earned 7% higher net income YOY in Q1 (PG.13). The sector’s allure to debt...
May 06, 2020
MI - Midstream taking precautions but getting on with life - April 2020The midstream sector has not escaped the one-two punch of the coronavirus and the oil price war. As would be expected during a time like this, one of the first things that companies do is cut capital spending. The $2.5 billion Red Oak pipeline got the axe for now (PG.1) as Royal Dutch Shell decided to practice social distancing from the 16.45 mtpa Lake Charles LNG project (PG.1). The Keystone XL pipeline, on which TC Energy recently resumed building with a 2023 startup date, now faces new...
Apr 17, 2020
MI - People & Companies - April 17, 2020Adams Resources & Energy, Inc. named Greg L. Mills president of its GulfMark Energy, Inc. subsidiary, replacing Adams CEO and president Kevin J. Roycraft, who had held the GulfMark position on an interim basis. Altus Midstream Co. elected CEO and president Clay Bretches to the additional role of chairman of the board, replacing W. Mark Meyer, who also resigned as a director. The company elected Stephen Noe to fill the vacant director seat. Antero Midstream Corp. elected...
Apr 17, 2020
CM - Warburg backs former Noble Midstream execs at new Delta - March 2020Warburg Pincus and affiliates have gotten behind new Houston-based midstream company Delta Midstream, LLC, agreeing to lead a line of credit equity investment that will allow the new company to buy, develop and operate assets across multiple North American basins. Delta said it will acquire both assets from both private and public owners that focus on crude, gas and NGLs. Delta’s management team is the former executive management team of Noble Midstream Partners, including CEO Terry Gerhart,...
Mar 13, 2020
MI - New Rattler-ArcLight G&P JV comes to the Midland Basin - March 2020Rattler Midstream partnered with Amarillo Midstream, a new Fund V portfolio company of ArcLight Capital Partners, in a 50:50 JV called Amarillo Rattler focused on gas gathering and processing in the Midland Basin. Amarillo Midstream contributed to the JV its Yellow Rose system, which ArcLight acquired as part of American Midstream Partners last year. Yellow Rose has estimated total processing capacity of 40 MMcf/d and over 84 miles of gas pipeline in Dawson, Martin and Andrews counties, Texas....
Mar 05, 2020
MI - People & Companies - March 5, 2020ARB Midstream co-founder and CEO Adam Bedard is leaving day-to-day executive leadership but will remain a member of its board. He is succeeded by Dan Campbell, a member of ARB’s board and a former CFO of American Midstream Partners. John Roark also recently joined ARB as COO and will have responsibility for all gathering and transportation operations. Prior to joining ARB, Roark was VP of terminalling, transportation and storage for Andeavor. Co-founder Rogan McGillis remains CFO....
Mar 05, 2020
A&D - Noble-Greenfield JV buys into Saddlehorn for $155MM - February 2020A JV of Noble Midstream Partners and Greenfield Midstream exercised an option to acquire a 20% interest in the Saddlehorn pipeline for $155 million. The option was part of a volume commitment by the JV, Black Diamond Gathering, to the crude and condensate pipeline out of the DJ and Powder River basins. Saddlehorn is increasing its capacity by 100,000 bbl/d to 290,000 bbl/d. The higher capacity is expected to be available in late 2020 following the addition of incremental pumping and storage...
Feb 27, 2020
CM - Lilis Energy pushes back revolver payment dates, awaits sale - February 2020Lilis Energy amended on Feb. 6 and Feb. 14 its $90 million credit facility, recently decreased from $115 million, to revise the initial due date to pay its first two $6.25 million installments to beat down its $25 million deficiency. The company now has until Feb. 28 to make the first two payments, and its remaining two are due March 16 and April 14. The company agreed to sell about 1,185 undeveloped net acres in Lea County, New Mexico, to an undisclosed buyer for $24.9 million on...
Feb 21, 2020
CS - People & Companies - February 19, 2020Enbridge appointed former oil refinery executive Gregory Goff to its board. With over 30 years of industry experience, Goff most recently served as executive vice chair of Marathon Petroleum Corp. Before that, he was president and CEO of Andeavor until October 2018. Jupiter Resources announced the resignation of Rakesh Wilson, effective Jan. 23. He had been director of the company since its establishment in 2014. The company also named Olivia Wassenaar to the board. She is a senior...
Feb 19, 2020
MI - A&D Briefs - May 27, 2020Adams Resources & Energy Inc. announced May 18 that subsidiary Service Transport Co. agreed to buy substantially all of the assets of CTL Transportation LLC from trucking company Comcar Industries Inc. for about $9 million. The deal is part of Comcar’s Chapter 11 bankruptcy plan. CTL, based in Auburndale, Florida, owns liquid chemical tanker trucks. Centennial Resource Development, Inc. announced that a previously planned sale of its saltwater disposal wells and related produced...
May 27, 2020
MI - Developments & Trends Briefs - April 17, 2020KNOT Offshore Partners said the pandemic has changed a few ways it runs its business but that it has not experienced any material changes in its operations since filing its Form 20-F a month ago. Except for the Q1 scheduled drydocking of the Raquel Knutsen, which is already back on charter, KNOT has no other drydocking planned for any of its 16 shuttle tankers this year. REX American Resources Corp. has idled both of its ethanol plants because of market conditions and lower ethanol...
Apr 17, 2020
A&D - News Briefs - April 7, 2020Los Angeles-based mining company Tiger International Resources signed an MOU to acquire all of the outstanding ownership interest in Barnett-focused Alibates Operating, LLC from Mannah, LLC for $1.18 million. Alibates owns 64 wells with working interests ranging 20- 75% on 2,812 net acres (5,000 gross) in Parker, Tarrant and Wise counties, Texas. The wells are operated by Alibates subsidiary American Star Energy & Minerals Corp. and ANRE Gas Systems. Tiger will acquire the outstanding...
Apr 07, 2020
A&D - A&D News Briefs - March 19, 2020Dallas-based NEP Midstream and Royalties acquired mineral and royalty interests in Reagan County, Texas, within the Midland Basin. Current gross production is 5,475 boe/d (79% oil) from 21 wells on the 175 acres encompassed by the acquisition. An additional 14 wells are slated to be brought online within the next 24 months. The properties are operated by Plains All American, Russell Operating and Sable Permian Resources. NEP invests primarily in pipeline and energyrelated logistical...
Mar 19, 2020
CM - Midstream & Downstream Briefs - March 13, 2020BP Midstream Partners signed a new $468 million term loan facility that matures in 2025. The loan is payable at LIBOR plus 73 bps and will be used to repay an existing term loan. The partnership also amended its $600 million credit facility with lender North American Funding Co. to waive the payment date for the initial term loan to April 1. Nasdaq-traded Mid-Con Energy Partners, LP will conduct a 1:10 reverse split of its common units effective after the market closes March 23....
Mar 13, 2020
A&D - News Briefs - February 27, 2020Permian pure-play Diamondback Energy announced Feb. 18 that it acquired operated Midland Basin and Delaware Basin acreage in Texas in Q4 as part of an asset swap with an undisclosed company. In exchange, Diamondback sold operated Delaware acreage in Lea County, New Mexico. The company holds a total of 350,000 net acres in the Midland and Delaware, with 12,300 gross horizontal locations. Q4 oil production was 195,000 bo/d, up 5% sequentially. The company’s oil production guidance is...
Feb 27, 2020