Page 10 - NorthAmOil Week 09 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM 160,000 to 165,000 barrels of oil equivalent production declines, partially offset by crude
per day, compared with the previous guidance volumes gathered from 16 new Williston wells
Hess announces 50% range of 165,000 to 170,000 barrels of oil that were turned-in-line in November and
December of 2021.
equivalent per day. The company reaffirmed
increase in quarterly its previous Bakken net production guidance SUMMIT MIDSTREAM PARTNERS, February 25,
range for the fourth quarter of 175,000 to
2022
dividend on common stock; 180,000 barrels of oil equivalent per day. EPIC Midstream raises the
HESS, March 01, 2022
provides updated guidance
The board of directors of Hess Corporation MIDSTREAM bar with industry leading
today declared a regular quarterly dividend ESG standards for long-haul
of 37.5 cents per share payable on Hess Summit Midstream Partners
Corporation common stock, an increase pipeline monitoring
of 50% from the previously paid quarterly reports fourth quarter and
dividend of 25 cents per share. The dividend EPIC Midstream Holdings, through next-
is payable on March 30, 2022 to stockholders full year 2021 financial generation fibre optic technology, looks to
of record as of the close of business on March lead the midstream industry in providing safe
14, 2022. The company also announced that it and operating results and and reliable pipeline transfer for crude oil
had repaid the remaining $500mn of a $1bn and natural gas liquids customers. The fibre
term loan maturing in March 2023. provides full-year 2022 optics, which were installed during original
“The recently announced start-up of build, run the length of each of its pipelines.
the Liza Phase 2 oil development offshore guidance The technology provides EPIC with real time
Guyana has positioned the company to reduce information, greatly increasing capabilities
debt and begin increasing cash returns to Summit Midstream Partners announced for: damage prevention; subsurface leak
shareholders,” CEO John Hess said. “As our today its financial and operating results for detection – Scope 1 gas emissions (GHG,
portfolio becomes increasingly free cash flow the three months ended December 31, 2021, CO2, methane); ground movement detection
positive, we plan to continue to grow the including net loss of $16.2mn, adjusted and structural monitoring; enhanced pipeline
dividend and accelerate share repurchases.” EBITDA of $54.7mn and DCF of $29.9mn. integrity.
The company provided an update on Operated natural gas throughput from wholly EPIC’s fibre optic-based supervisory
its first quarter and full year guidance for owned assets averaged 1,307mn cubic feet per control and data acquisition (SCADA) and
production and cash costs and reaffirmed its day and liquids throughput averaged 62,000 communications combined with distributed
fourth quarter 2022 production guidance. barrels per day. Operated natural gas volumes acoustic systems (DAS) intrusion and leak
For the first quarter, Bakken net production from wholly owned assets decreased 2.0% detection technology will enhance pipeline
is now expected to average approximately relative to the third quarter of 2021, largely safety and efficient operations throughout the
150,000 barrels of oil equivalent per day, due to natural production declines, which was life of EPIC’s pipeline systems. Fibre optics
compared with the previous guidance range partially offset by volumes from 25 new wells technology enables quick delivery of data
of 155,000 to 160,000 barrels of oil equivalent that were turned-in-line primarily towards for operational decision-making and helps
per day, primarily due to severe winter the latter half of the fourth quarter, including prevent or dramatically reduce the effects
weather and higher natural gas liquids prices four new Utica wells that were connected of a pipeline incident by transmitting key
that will increase the company’s earnings and in the Northeast segment in late November information in real time. Data is monitored
cash flow but lower production entitlements with initial production of nearly 100 mmcf around the clock by a team of Pipeline and
under the company’s Percentage of Proceeds per day. Fourth quarter 2021 liquids volume Hazardous Materials Safety Administration
contracts. Bakken net production for full year decreased modestly relative to the third (PHMSA) qualified technicians working in
2022 is now expected to be in the range of quarter of 2021, primarily as a result of natural the EPIC pipeline control centre located in
San Antonio, Texas. EPIC’s advanced pipeline
technology also enhances monitoring ability
through advanced processing and algorithms,
reliable alarms, and smart zones.
Jason Blevins, chief operating officer
at EPIC, sees the technology as a great
advantage. “Safely operating our pipelines
is priority number one for EPIC. Our fibre
optics technology makes us an industry leader
in damage prevention, one of the most critical
aspects of pipeline safety. By installing fibre,
we have increased our capabilities significantly
beyond regulatory requirements. Our fibre
allows us to know, by the second, when there
is activity on or near our pipeline right of
ways. That helps us protect the environment
and communities where we operate at much

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