Page 9 - NorthAmOil Week 39 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM an additional 26.25% ownership interest Williams reaffirms earnings
in Millennium Pipeline for approximately
Devon Energy completes $552mn in cash. guidance
The transaction will be financed with cash
acquisition of Eagle Ford on hand and available capacity under the Williams today announced that based on
expected strong third-quarter performance
company’s revolving credit facility. Under the
bolt-on terms of the agreement, DTM will acquire and expectations for the fourth quarter, and
National Grid’s full ownership interests in
despite recent market weakness, the company
Devon Energy today announced that it Millennium Pipeline, which, upon closing, anticipates its full-year adjusted EBITDA
has completed its previously announced will bring DT Midstream’s total ownership in will be near the high end of its previously
acquisition of Validus Energy, an Eagle Ford Millennium Pipeline to 52.50%. announced guidance range of $6.1-6.4bn.
operator, for a total cash consideration of Millennium Pipeline is a 263-mile “At Williams, we continue to execute on
$1.8bn, less purchase price adjustments. interstate pipeline, strategically positioned to our natural gas focused strategy, which is
This acquisition secures a premier acreage deliver Northeast Marcellus and Utica gas to delivering in the current environment and
position of 42,000 net acres (90% working utility and power plant markets across New will continue to deliver substantial growth
interest) adjacent to Devon’s existing leasehold York State and New England. DT Midstream for the long-term,” said Alan Armstrong,
in the basin. Current production from the is a founding developer and existing owner president and CEO. “We have built a business
acquired assets is approximately 35,000 in Millennium Pipeline, which has been that is steady, predictable and durable through
boe per day and is expected to increase to in service since 2008. The pipeline is also market cycles. As with prior volatile markets,
an average of 40,000 boe per day over the interconnected with the company’s wholly Williams’ performance remains resilient
next year. The transaction also adds 350 owned Bluestone Gathering Lateral Pipeline and is well positioned to thrive through the
repeatable drilling locations in the core of the which has upstream connections to its current macro-economic risks including
Karnes Trough oil window along with 150 Susquehanna Gathering System. inflation, higher interest rates and a potential
high-quality refrack candidates. This highly “Increasing our ownership in a premium recession.”
economic inventory positions the company’s integrated asset like Millennium Pipeline On August 1, 2022, Williams raised the
Eagle Ford assets to sustain its high-margin directly aligns with our strategic investment Adjusted EBITDA guidance for the second
production and free cash flow generation for thesis and accelerates our growth plan,” time since its original issuance in February
several years. said David Slater, president and CEO. “This 2022, driven by strong base business
DEVON ENERGY, September 28, 2022 transaction also increases the revenue performance, increased volume outlook for
contribution from our pipeline segment, upstream joint ventures and the benefit of
underpinned by take-or-pay contracts with higher commodity prices.
MIDSTREAM high credit quality customers,” added Slater. WILLIAMS, September 29, 2022
Jeff Jewell, executive vice president and
DT Midstream increases CFO of DT Midstream, said: “This transaction DOWNSTREAM
will be immediately value accretive and, given
ownership in Millennium the strength of our balance sheet, will be fully Vertex Energy provides
funded with cash on hand and available credit
Pipeline capacity.”
DT MIDSTREAM, September 29, 2022
DT Midstream today announced that it operational update
has entered into an agreement to acquire regarding Mobile refinery
and updates prior third-

quarter guidance

Vertex Energy, a leading specialty refiner and
marketer of high-quality refined products,
today provided an update to its operational
and financial outlook for the company’s
Mobile, Alabama refinery.
Throughput volumes for the third
quarter of 2022 are now estimated to be
approximately 68,000-69,000 barrels per day
(bpd). The reduced estimated throughput
volumes for the quarter, versus the company’s
previously communicated guidance,
reflect management’s decision to accelerate
significant planned maintenance following
recent and temporary crude supply issues.
These supply issues resulted from third-party
disruptions, impacting Vertex’s supplier’s

Week 39 29•September•2022 www. NEWSBASE .com P9