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360 Articles

Permian Power: Apache and Kayne Anderson Birth a $3.5-Billion Midstream Corporation

Permian Power: Apache and Kayne Anderson Birth a $3.5-Billion Midstream Corporation

New company Altus Midstream will provide midstream ops for Apache’s Alpine High Apache Corp (ticker: APA) and Kayne Anderson Acquisition Corp (ticker: KAAC) announced today they will combine midstream assets, forming a $3.5 billion pure-play Permian midstream player. The combined company, called Altus Midstream, will be publicly traded. Altus’ primary asset will be Apache’s Alpine High gathering and processing systems,[Read More…]

Energy Transfer on Trend: Consolidates MLP

Energy Transfer on Trend: Consolidates MLP

Energy Transfer Equity, L.P. (NYSE: ETE) and Energy Transfer Partners, L.P. (NYSE: ETP) announced that an agreement upon the merger of ETP with ETE in a unit-for-unit exchange. In connection with the transaction, ETE’s incentive distribution rights (IDRs) in ETP will be cancelled. Transaction Structure; Source: Energy Transfer ETP unitholders (other than ETE and its subsidiaries) will receive 1.28 common[Read More…]

Williams: Out of Four Corners and into the DJ

Williams: Out of Four Corners and into the DJ

Williams (NYSE: WMB) has announced its midstream entry into Colorado’s DJ Basin and the exit of Williams Partners L.P. (NYSE: WPZ) from the Four Corners Area in New Mexico and Colorado. Into the DJ Williams and KKR & Co. (NYSE: KKR) have entered into an agreement to jointly purchase Discovery DJ Services from TPG Growth for $1.173 billion. Discovery is[Read More…]

EQT Corporation Streamlines Midstream Through Q2

EQT Corporation Streamlines Midstream Through Q2

EQT Corporation (NYSE: EQT) announced its Q2 earnings, which was highlighted by a massive jump in both net cash provided by operating activities and in adjusted operating cash flow. EQT also recapped major sales of assets made in Q2, along with plans for further stock buyback initiatives. Highlights: Increase of 116% in net cash provided by operating activities Increase of[Read More…]

Tailwater Capital Brings Capital Under Management to $2.7 Billion with Third Fund

Tailwater Capital Brings Capital Under Management to $2.7 Billion with Third Fund

Tailwater Capital closes its third energy fund for $1 billion Dallas-based private equity fund Tailwater Capital announced today that the firm closed its third energy-based fund, the Tailwater Energy Fund III LP, at its hard-cap of $900 million. An additional $100 million was raised as a co-investment for a platform company in the fund, bringing total commitment to $1.0 billion.[Read More…]

July 25, 2018 - 5:33 pm 360 Articles, Closing Bell Story, Midstream, Private Equity
DCIM100MEDIADJI_0108.JPG

Europe’s $42 Billion Gas Project: One Step Forward, One Step Back

Shah Deniz 2 begins production, but last 5 miles of pipe could cause a screeching halt in Europe New supply is on the horizon for European gas markets, as BP (ticker: BP) recently announced the startup of stage 2 of the Shah Deniz project, one of the largest gas projects to start up this year. Huge scope of the project[Read More…]

ONEOK, EPIC Midstream to Bolster Permian Takeaway

ONEOK, EPIC Midstream to Bolster Permian Takeaway

ONEOK’s Contribution ONEOK (NYSE: OKE) has announced plans to expand its natural gas pipeline infrastructure in the Permian Basin and Oklahoma by 1.7 Bcf/d. The project will include: 150 MMcf/d of ONEOK’s WesTex Transmission system from the Permian to interstate pipeline points in the Texas panhandle and a possible expansion of up to 450 MMcf/d, dependent upon a follow up[Read More…]

EnLink to Build “Avenger” Crude Gathering System in the Northern Delaware

EnLink to Build “Avenger” Crude Gathering System in the Northern Delaware

EnLink Midstream Partners, LP (NYSE: ENLK) and EnLink Midstream, LLC (NYSE: ENLC) announced today that the partnership will construct a new crude oil gathering system in the Northern Delaware Basin called the Avenger Crude Oil Gathering System. Avenger System; Source: EnLink The project is built around a 10-year contract with Devon Energy Corp. with main dedications coming from Devon’s Todd[Read More…]

June 27, 2018 - 1:44 pm 360 Articles, Closing Bell Story, Midstream
Kinder Morgan, Blackstone, Apache Plan to Launch the Permian Highway

Kinder Morgan, Blackstone, Apache Plan to Launch the Permian Highway

New Permian Basin gas pipeline will carry 2 Bcf/d from Waha to Gulf; sponsors already considering upsizing to 48-inch due to early demand Permian gas producers may have relief on the horizon, as Kinder Morgan (ticker: KMI), Blackstone-backed EagleClaw Midstream, and Apache (ticker: APA) announced plans to develop a new pipeline from the basin yesterday. The Permian Highway Pipeline Project[Read More…]

Apache CEO Christmann: Coping with Bottlenecks and Pricing Differentials in the Permian

Apache CEO Christmann: Coping with Bottlenecks and Pricing Differentials in the Permian

We are starting to layer in projects … to move our various products to the markets: Christmann Pipeline bottlenecks have begun to plague producers in the U.S.’s top producing oil basin. For one thing the price they can get for a barrel of oil in West Texas is falling, compared to the price paid in Cushing, Oklahoma. Analysts believe the[Read More…]

Devon Sells EnLink Midstream For $3.1 Billion

Devon Sells EnLink Midstream For $3.1 Billion

Proceeds will go to share buybacks Devon Energy (ticker: DVN) continued its divestiture program today with the largest deal so far, valued at $3.125 billion. Devon will sell its interest in EnLink Midstream (ticker: ENLC) to privately held Global Infrastructure Partners (GIP). The sale significantly simplifies Devon’s holdings. EnLink is a major midstream company which handles much of Devon’s production.[Read More…]

"El Merk, Algeria, March 2013: The CPF


Photo by Mike Goldwater"

Canada’s Proposed Bill C-69 Would Require Energy Project Environmental Assessments to Take Climate Change into Account

Bill gives cabinet and environment minister final power to approve or reject a project regardless of the findings of an environment assessment In February 2018, Catherine McKenna, the federal Minister of Environment and Climate Change, introduced Bill C-69. The bill may replace the Canadian Environmental Assessment Act of 2012 (CEAA 2012) with the Impact Assessment Act. McKenna claimed the new[Read More…]

How the U.S. Will Handle the OPEC-Russia Spigot

How the U.S. Will Handle the OPEC-Russia Spigot

Except for a small drop in the amount of oil produced in 2016, with return to the upswing in 2017, American production has been on a steady increase ever since 2008. Even during the 2014-2016 price crash, U.S. E&Ps hunkered down, strengthened their balance sheets, made technological leaps and kept on producing oil and gas—without depending on the reappearance of[Read More…]

Trans-Alaska oil pipeline

A Minimum of 5.7 Billion Barrels Await Drillers at ANWR

The Arctic National Wildlife Refuge (ANWR) is located on the northern coast of Alaska, due east of both Prudhoe Bay and the National Petroleum Reserve-Alaska (NPRA). The coastal plain (the 1002 Area) covers 1.5 million acres and is about 8% of the total area of ANWR. USGS 1002 Area Map In its latest (1998) resource assessment, the United States Geological[Read More…]

The Permian’s Precious Water: E&Ps Weigh In

The Permian’s Precious Water: E&Ps Weigh In

In this Midland/Delaware Basin infrastructure roundup, the following E&Ps are covered: Halcón Resources Company (ticker: HK) Approach Resources Company (ticker: AREX) Apache Company (ticker: APA) Callon Petroleum Company (ticker: CPE)   Waterworks   Halcón plans water saving costs Halcon reported a LOE and workover expense at $6.3 million for the quarter, or $6.36 per Boe. This amount included approximately $700,000[Read More…]

May 25, 2018 - 3:52 pm 360 Articles, Closing Bell Story, E&P, Fracing, Midstream
Apache Dedicates Alpine High NGLs to Enterprise

Apache Dedicates Alpine High NGLs to Enterprise

Enterprise Products Partners L.P. (NYSE: EPD) and Apache Corporation (NYSE and NASDAQ: APA) executed a long-term agreement, in which Apache is committing 100 percent of its Alpine High natural gas liquids (“NGLs”) to Enterprise. Apache has 336,000 net acres in its Alpine High discovery in the Delaware Basin. Enterprise has committed to accept a minimum of 205,000 barrels per day[Read More…]

May 25, 2018 - 1:15 pm 360 Articles, Closing Bell Story, Midstream
Texas Producers Add Takeaway Capacity

Texas Producers Add Takeaway Capacity

Texas E&Ps are preparing for growth, as two companies announced midstream takeaway agreements today. Sanchez Midstream Partners (ticker: SNMP) announced it will expand its midstream JV with Targa Resources (ticker: TRGP), expanding its takeaway in the Eagle Ford. The tow companies have merged their holdings of gathering lines and a gas processing plant to form the Carnero JV, which will[Read More…]

Lilis Adds Crude Gathering Capacity

Lilis Adds Crude Gathering Capacity

Permian E&P Lilis Energy, Inc. (ticker: LLEX) has entered into a crude oil gathering agreement with Salt Creek Midstream, LLC. Salt Creek’s system will be constructed, managed and operated by ARM Midstream Management, LLC. Construction of the project is expected to commence immediately with service to begin in 2019. No volume commitments, Salt Creek provides all capital Salt Creek is[Read More…]

May 23, 2018 - 4:21 pm 360 Articles, Closing Bell Story, E&P, Midstream
2018 Promises Record Marcellus Pipeline Growth

2018 Promises Record Marcellus Pipeline Growth

Takeaway from Northeast has tripled in four years After years of strained capacity and punishing differentials, producers in the Marcellus are finally seeing light at the end of the tunnel. According to the EIA, the Northeast will see record growth in natural gas takeaway this year. If all projects start operations on schedule, the Northeast will have more than 23[Read More…]

MLPs Fall from Grace as Companies Announce $20 Billion in Consolidation

MLPs Fall from Grace as Companies Announce $20 Billion in Consolidation

Enbridge, Williams and Cheniere all simplifying structure The wave of consolidation in pipeline companies continues, with three companies announcing transactions worth a combined $20 billion. Like many other pipeline firms, Enbridge (ticker: ENB) has a complex corporate structure, with several large subsidiary companies. The company holds at least partial ownership of Spectra Energy Partners (ticker: SEP), Enbridge Energy Partners (ticker:[Read More…]

Going Gangbusters in the STACK: Alta Mesa Resources Running 8 Rigs, Expects 170+ Wells in 2018

Going Gangbusters in the STACK: Alta Mesa Resources Running 8 Rigs, Expects 170+ Wells in 2018

Alta Mesa Resources, Inc. (ticker: AMR) produced 24,000 BOEPD in Q1 2018 and exited the quarter with average net production of 25,800 BOEPD in March. Overall, total production for the first quarter of 2018 was 2,162 MBOE. According to Alta Mesa, production for 2018 is expected to average between 33 MBOEPD and 38 MBOEPD. The company added rig number eight[Read More…]

May 14, 2018 - 3:01 pm 360 Articles, Closing Bell Story, E&P, Fracing, Midstream
Courtesy of Extraction Oil & Gas, Inc.

Extraction Oil & Gas Targets Positive All-In Free Cashflow in 2H 2018

Extraction Oil & Gas, Inc. (ticker: XOG) reported a net loss of $52 million for Q1 2018, or $(0.32) per share. First quarter average net sales volumes were 68,874 BOEPD, including 36,052 BPD of crude oil, an increase of 106% year-over-year and 4% sequentially. XOG Laterals, May 2018 During the quarter, Extraction reached total depth on 41 gross (27 net)[Read More…]

WildHorse Resource Produced 52.4 MBOEPD in Q1

WildHorse Resource Produced 52.4 MBOEPD in Q1

WildHorse Resource Development Corporation (ticker: WRD) reported a net loss available to common stockholders of $123.2 million in Q1 2018, or $(1.24) per share. Net production was 52.4 MBOEPD for the quarter, consisting of 60% oil, 31% natural gas and 9% NGLs. The company said it realized 103% of WTI during Q1 2018. WRD Oil Pricing, May 2018 “In 2018,[Read More…]

Courtesy of HighPoint Resources

HighPoint Resources Drops Completion Time to 4.2 Days per Well; Wants to Bring Second Rig to Hereford

HighPoint Resources Corporation (ticker: HPR) reported a net income loss of $24.9 million, or $(0.20) per share for the first quarter of 2018. HighPoint produced 1.91 MMBoe in the quarter, which was at the midpoint of its guidance range of 1.8-2.0 MMBoe. Wattenberg Courtesy of HighPoint Resources For Q1 2018, the NE Wattenberg produced 20,845 BOEPD (59% oil), representing 47%[Read More…]

May 10, 2018 - 3:27 pm 360 Articles, Closing Bell Story, E&P, Earnings, Fracing, Midstream
CEOs Talk About Solving DJ Takeaway Problems that Plague Northern Colorado’s Producers

CEOs Talk About Solving DJ Takeaway Problems that Plague Northern Colorado’s Producers

Companies in the Wattenberg can’t accurately evaluate the performance of wells that are continuously choked back or temporarily shut in due to lack of pipeline capacity Producers forced to constrain production  During their recent Q1 earnings calls, Bart Brookman, president and CEO of PDC Energy (ticker: PDCE), Lynn Peterson, chairman and CEO of SRC Resources (ticker: SRCI) and Wouter van[Read More…]

May 10, 2018 - 3:20 pm 360 Articles, Closing Bell Story, E&P, Midstream
Courtesy of RSP Permian

Futures Curve with Severe Backwardation is Laughable: Papa

CDEV likes oil’s prospects and New Mexico well results Centennial Resource Development, Inc. (ticker: CDEV) reported a net income of $66.1 million, or $0.25 per share for Q1 2018. The company’s average daily net production was 54,069 BOEPD for the quarter. “We saw consistent well performance during the quarter, with the average well producing approximately 1,200 barrels of oil per[Read More…]

Enbridge Sells U.S. Midstream for $1.1 Billion

Enbridge Sells U.S. Midstream for $1.1 Billion

Enbridge Inc. (ticker: ENB) said its indirect subsidiary, Enbridge (U.S.) Inc., has entered into an agreement to sell Midcoast Operating, L.P. and its subsidiaries to AL Midcoast Holdings, LLC (an affiliate of ArcLight Capital Partners, LLC) for a cash purchase price of US$1.120 billion. Courtesy of Enbridge “The sale of Midcoast is an important step in our shift towards a[Read More…]

Carrizo Oil & Gas Expects Production Near 60 MBOEPD in 2018

Carrizo Oil & Gas Expects Production Near 60 MBOEPD in 2018

Eagle Ford, Delaware drilling and completions are moving the needle Carrizo Oil & Gas, Inc. (ticker: CRZO) had a net income of $14.7 million, or $0.18 per share in Q1 2018. The company went above the high-end of its guidance range, producing 51,257 BOEPD in the quarter. Carrizo said that the increased production was due to its recent A&D activity.[Read More…]

Multi-Basin Contango Pushes Permian Action – Looking for Eight More Southern Del Wells

Multi-Basin Contango Pushes Permian Action – Looking for Eight More Southern Del Wells

Contango Oil & Gas Company (ticker: MCF) posted a net income of $0.9 million, or $0.04 per share for Q1 2018. Production for the first quarter of 2018 was approximately 4.5 Bcfe, or 50.0 MMcfe/d. President and CEO Allan D. Keel said, “We now have eight wells on production, with two more to come on in early July from the[Read More…]

May 7, 2018 - 5:26 pm 360 Articles, Closing Bell Story, E&P, Earnings, Fracing, Midstream
Newfield and Continental Tout SCOOP/STACK, Bakken

Newfield and Continental Tout SCOOP/STACK, Bakken

Newfield’s SCOOP/STACK operations pinned to future growth; Williston Basin infill projects look to deliver $100 million of free cash flow in 2018 Newfield Exploration Company (ticker: NFX) had record net production during Q1 2018, with SCOOP/STACK net production averaging 117,500 BOEPD. Newfield Chairman, President and CEO Lee Boothby said, “The Anadarko Basin is the asset that will fuel our growth[Read More…]