Page 14 - NorthAmOil Week 38

NorthAmOil
NEWS IN BRIEF
NorthAmOil
of Advisory Research from Piper Jaffray Companies.
The transaction brings together two
highly experienced and tenured midstream energy pioneers with strong track records
and complementary investment philosophies anchored in fundamental research. The midstream energy infrastructure team, including the leadership team of Senior Portfolio Managers Jim Cunnane, Jr. and Quinn Kiley, will maintain oversight of their current midstream energy infrastructure business and client relationships. The team brings approximately $3bn in assets under management in balanced and equity strategies through mutual funds, separate accounts and sub-advised closed-end funds.
“We are pleased to welcome Jim, Quinn and the entire team to Tortoise,” said Tortoise chief executive officer, Kevin Birzer. “This partnership underscores our shared view that the midstream sector will play an essential role in the energy transition story as the U.S. exports low-cost energy to the rest of the world.”
“We are excited to become part of the Tortoise family,” said Tortoise Senior Portfolio Manager, Jim Cunnane. “We share a passion for the midstream energy sector and see tremendous opportunities to leverage our collective industry wisdom. Most importantly, we have been actively collaborating to ensure a smooth transition for our clients.”
Financial terms of the transaction were not disclosed.
TORTOISE, September 20, 2019
Montage Resources
announces a $100mn, 25%
increase, to its borrowing
base
Montage Resources today announced that
the lenders in its revolving credit facility have completed the company’s fall borrowing base redetermination and unanimously approved a 25% increase in the company’s borrowing base and provided increased commitments from $400mn to $500mn. In addition, the company has expanded the lending group from 13 to 15 members, which represents a diverse group
of financial institutions. With this $100mn increase, the Company’s liquidity, pro forma for the borrowing base redetermination,
would have been approximately $353mn as of the end of the second quarter 2019.
John Reinhart, president and CEO, commented: “The results of our optimised development programme and the significant efficiency gains we have achieved have outpaced our expectations and provided
the company a meaningful increase in
proved reserves during the first half of 2019. We appreciate the support of the member banks in our revolving credit facility who
have reviewed our results and substantially increased our borrowing base. In addition, the company has been able to take advantage of recent market conditions and incrementally add to its hedge portfolio. The company remains highly focused on keeping our leverage low, maintaining our strong balance sheet and generating free cash flow by the
end of 2019. Our near-term outlook remains unchanged and our one operated rig program continues to reflect our forecasted level of activity in the current commodity price environment. We believe the company’s operational flexibility, limited midstream
and downstream commitments and the
value of our high-quality assets continue to differentiate Montage Resources from its peers and the $100mn of incremental pro forma liquidity from our revolving credit facility further enhances our already strong financial position.”
MONTAGE RESOURCES, September 23, 2019
MOVES
EnCap Investments to
pursue energy transition
opportunities
EnCap Investments, a leading source
of venture capital to North America’s independent energy sector, announced today it is pursuing opportunities created by the global transition to a lower-carbon energy system, including power generation via solar, wind and natural gas opportunities enhanced by the implementation of low-cost, proven battery storage systems.
EnCap has hired a team of four industry experts to lead its Energy Transition efforts. This team includes: Jim Hughes, Tim Rebhorn, Shawn Cumberland and Kellie Metcalf. These four industry veterans
have more than 110 years of combined experience in the power and renewable sectors, including more than 80 years of executive level experience. The members of EnCap’s Energy Transition team previously worked together as colleagues at one or more firms and bring complementary skill sets that include a combination of experience in project origination and development, M&A and finance, power trading and marketing, operations and administration.
“Fossil fuels will continue to play an essential role in meeting global energy demand in the coming decades. However, renewable energy sources are poised for rapid growth. In fact, renewables are projected to be the fastest growing source of electricity generation in North America,” said EnCap managing partner Doug Swanson. “Similar to our move into the midstream space 10 years ago, we believe the market dynamics
in renewables will present very exciting investment opportunities for our firm.” ENCAP INVESTMENTS, September 23, 2019
World Fuel Services to
join the “Getting to Zero Coalition” focused on decarbonising the shipping industry
World Fuel Services today announced that
it has joined the “Getting to Zero Coalition”, an alliance of private and public stakeholders within the maritime, energy, infrastructure and finance sectors focused on developing
the fuels, energy solutions and technology necessary to develop commercially viable zero emission vessels by 2030.
“We are pleased to be participating in
the Getting to Zero Coalition as we join forces with other maritime industry leaders to make a positive impact on our global community,” said Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “We are committed to leveraging our technical expertise and global logistics capabilities to serve the maritime industry in furthering decarbonisation efforts and working together towards zero emissions for a sustainable future.”
WORLD FUEL SERVICES, September 23, 2019
P14
w w w . N E W S B A S E . c o m
Week 38 24•September•2019