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
CM - People & Companies - December 06, 2018 Amazing Energy Oil &
Gas appointed David Arndt as COO. Arndt
brings to the job 56 years of oil and gas
experience, including with Conoco from 1962-
1980 and Torchlight Energy, Petrosearch
Energy and Sundance Resources. Scott A. Fenoglio, SVP Finance
and Planning of Bonanza Creek
Energy, resigned based on a mutual
decision with the board. Devon Energy Corp. elected eightyear
board member Duane C. Radtke as its
new vice-vhairman. Radtke was president
and CEO of...
Dec 06, 2018
Ferrellgas buys Bridger Logistics for $837.5 millionFerrellgas Partners LP completed the acquisition of Bridger Logistics for nearly $562.5 million in cash and 11.2 million of its common units in a deal valued at $837.5 million, the company reported June 24. Ferrellgas, a propane company, has been looking to expand its midstream business since first entering it in May 2014 through the purchase of private company Sable Environmental for $124.7 million.Bridger, partially backed by private equity firm Riverstone Holdings, has 610...
Jun 24, 2015
Ferrellgas raising $645 million to fund Bridger buyFerrellgas Partners LP has priced an offering of $500 million in 6.75% senior unsecured notes due 2023 at 100% of par. The offering was upsized from $400 million previously. Proceeds will be used to help fund its $837.5 million acquisition of Bridger Logistics for $562.5 million in cash and 11.2 million Ferrellgas common units, with any remaining amounts earmarked to pay down the $174.2 million outstanding under its secured credit facility. The acquisition closed June 24.Ferrellgas has...
Jun 01, 2015
Who's Hot, Who's Not (pg.21) - October 10, 2014New Coverage:• Nabors Industries Ltd. (NBR/$20.85/$15.32/$30.24/$6.12B) at Outperform by Wells Fargo.• National Oilwell Varco Inc. (NOV/$73.92/$65.32/$86.55/$31.76B) at Market Perform by Wells Fargo.• Pacific Drilling (PACD/$5.84/$5.11/$17.50/$480.98M) at Market Perform by Wells Fargo.• Paragon Offshore (PGN/$6.18/$5.95/$17.50/$517.74M) at Market Perform by Wells Fargo.• Patterson-UTI Energy Inc. (PTEN/$29.17/$21.29/$38.43/$4.78B) at Outperform by Wells...
Oct 10, 2014
Ferrellgas grows new midstream unit with Eagle Ford SWDsLeading propane provider Ferrellgas Partners is acquiring two Eagle Ford saltwater disposal wells from C&E Production, bringing its SWD well count in the region to eight and boosting daily operational permitted capacity to 180,000 bpd, also concurrently giving Ferrellgas new water disposal customers. Further, the deal includes an option for a third SWD well from C&E. The assets will fall under Ferrellgas' new midstream division, launched with its May acquisition of Sable...
Sep 02, 2014
Ferrellgas goes 'midstream' with Sable SWD acquisitionLeading propane distributor Ferrellgas Partners has established a new "midstream" division backed by a new acquisition, but PLS considers the move a service play --- Ferrellgas is acquiring saltwater disposal well firm Sable Environmental for $124.7 million. Corpus Christi's Sable provides SWD services throughout the Eagle Ford, with 150,000 bpd of total permitted capacity consisting of three wells near Karnes City, one south of Pearsall and a fifth between Carrizo Springs and Cotulla. The...
May 01, 2014
People Briefs - February 19, 2015• American Energy Partners has retained Jennifer Grigsby as CFO of affiliates American Energy – Woodford and American Energy – Mineral Holdings. Grigsby held a number of positions at Chesapeake over a 19-year tenure, culminating as VP of corporate and strategic planning. • Departed Apache chief Steven Farris will receive ~$11.9 million in salary and bonus payments over the next 36 months according to securities filings by the company. This will include Farris’ $1.75 million/year base...
Feb 19, 2015
South Texas Quick News Briefs - September 15, 2014• McMullen Co. rig count is down 12 rigs from 32 to 20 in past year.• De Witt Co. rig count decreased from 31 to 26 in the past quarter.• Brazos Co. rig count increased from 6 to 11 in the past 6 months.• In the past month, directional rigs in South Texas decreased from 8 to 7, horizontal rigs increased from 244 to 245 and vertical rigs decreased from 25 to 18.• Canada-based Baytex Energy gained presence in the Eagle Ford by acquiring Australia-based Aurora Oil...
Sep 15, 2014
A&D News Briefs - Feb. 06, 2012• Exall Energy Corp. has entered a letter agreement with a private company to sell all of its interest in the Harris and Layton properties in Harrison Co., Texas. The properties produce ~40 Mcfd of gas and associated liquids.
• Propane retailer Ferrellgas Partners acquired Rio Grande Valley Gas of Edinburg, Texas. The transaction adds nearly 2,500 customers to the partnership's existing base and strengthens its presence in the border area market. Specific terms of the transaction were...
Feb 06, 2012