Page 14 - NorthAmOil Week 05 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM of just less than 3 miles is one of the longest of disclosed.
its kind. The Gilcrest System features more than
Oasis Petroleum announces service and help producers move more 38 mmcf per day of processing capacity, over
“We are excited to put this project into
100 miles of low and high-pressure gathering
the closing of the OMP and natural gas to market while reducing flaring pipeline, and long-term acreage dedications
in the core of the DJ Basin. With the
in the Bakken region,” said David L. Goodin,
Crestwood merger president and CEO of MDU Resources. “With acquisition, Cureton now owns and operates
more than 100 mmcf per day of processing
this project, WBI Energy’s total pipeline
Oasis Petroleum today announced the closing system capacity is more than 2.4bn cubic capacity, approximately 45,000 HP of field
of the previously announced merger between feet of natural gas per day, and its strategic compression, and has over 225,000 acres
Oasis Midstream Partners (OMP) and location within the Bakken provides further dedicated under long-term agreements with
Crestwood Equity Partners. On December 20, opportunities to continue expanding to serve numerous high-quality public and private
2021, Oasis filed pro forma financials, which projected production growth. We appreciate operators. The acquisition also provides
illustrate the combined impacts of Oasis’ 2021 the ongoing support from federal, state and access to strategic connections, creating a
upstream acquisitions and divestitures as well local officials for these types of projects and capital efficient avenue for Cureton to connect
as the OMP-Crestwood merger. the economic and environmental benefits they its growing production base to substantial
OASIS PETROLEUM, February 01, 2022 provide.” unutilised processing capacity. In particular,
WBI Energy and its contractors completed the pro forma company’s more than 100 miles
the North Bakken Expansion project under of high-pressure trunkline connects the fast
MIDSTREAM a shortened timeframe, reducing the original growing Eastern and Northeastern flanks of
construction schedule by two months, after a the basin with its infrastructure-rich core.
MDU Resources subsidiary delay in receiving approval from the Federal strategically enhance our operations and
“This is an exciting opportunity to
Energy Regulatory Commission to proceed.
finishes construction, included construction of approximately 100 footprint in the core of the DJ Basin with
The North Bakken Expansion project
the highly complementary Gilcrest System,”
begins transporting natural miles of natural gas pipeline, a compressor said Charlie Beecherl, president and chief
station expansion, a new compressor station
executive officer of Cureton Midstream.
gas on ND pipeline and additional associated infrastructure in “With this acquisition, we are uniquely suited
northwestern North Dakota.
to serve a growing base of customers and to
WBI Energy, a subsidiary of MDU Resources MDU RESOURCES GROUP, February 01, 2022 continue to provide the quality of service that
Group, put the North Bakken Expansion has distinguished Cureton in a competitive
project into service today after completing Cureton Midstream market. The Aka team has been great to work
construction and testing on the natural with and developed reliable assets with a
gas pipeline. The expansion has capacity to acquires Gilcrest System stellar operations team.”
transport 250mn cubic feet of natural gas Cureton Midstream is a portfolio company
per day from the Bakken production area from Aka Energy Group of Tailwater Capital.
in North Dakota, with the potential to be Kirkland and Ellis served as legal advisor
increased up to 625mn cubic feet per day Cureton Midstream a growth oriented, to Cureton Midstream.
through additional compression if needed to Denver-based midstream company focused CURETON MIDSTREAM, February 02, 2022
meet growing customer demand. on developing and operating gas gathering
As part of the project, WBI Energy and its and processing infrastructure in Colorado, Magellan Midstream
main contractor, Michels, completed a 15,426- announced that it has acquired the Gilcrest
foot horizontal directional drill of a 24-inch System from Aka Energy Group in the reports fourth-quarter 2021
pipeline crossing Lake Sakakawea on the Denver-Julesburg (DJ) Basin on February
Missouri River in North Dakota. The crossing 1, 2022. Terms of the transaction were not financial results

Magellan Midstream Partners today reported
net income of $244mn for fourth quarter 2021
compared to $184mn for fourth quarter 2020.
Diluted net income per common unit was
$1.14 in fourth quarter 2021 and 82 cents in
fourth quarter 2020.
Diluted net income per unit excluding
mark-to-market (MTM) commodity-related
pricing adjustments, a non-generally accepted
accounting principles (non-GAAP) financial
measure, was $1.24 for fourth quarter 2021,
which exceeded the $1.10 guidance provided
by management in early November. Actual
results benefited from additional refined
products shipments, lower-than-expected
expenses and improved commodity prices.

P14 www. NEWSBASE .com Week 05 03•February•2022