Page 19 - NorthAmOil Week 39

NorthAmOil NEWS IN BRIEF NorthAmOil

coming weeks and expects to secure the full
support from the term loan lenders to close
the TL restructuring. Upon closing the TL
restructuring, the lenders will waive their
rights to any and all claims against SMP
Holdings and its affiliates, including a release
of the non-economic GP interest in SMLP
from its collateral package.
The TL restructuring will occur
concurrently with the execution of definitive
documentation to fully settle the $180.75mn
deferred purchase price obligation (DPPO)
that SMLP owes to SMP Holdings. In
connection with the DPPO settlement,
SMLP will make a $26.5mn cash payment
to fully satisfy the DPPO. Following this
payment, the DPPO will be fully repaid and
will cease to exist. SMP Holdings will utilise
the $26.5mn of cash consideration together
with the 34.6mn SMLP common units that
are currently owned by SMP Holdings and
pledged to the term loan lenders to fully
satisfy the term loan obligations. Following
this payment, the term loan will be fully
repaid and will cease to exist.
third-quarter results will be reported on MIDSTREAM SUMMIT MIDSTREAM PARTNERS, September
October 29. 29, 2020
The company also announced that it Summit Midstream Partners
intends to resume share repurchases of $1bn
during the fourth quarter of 2020 under its announces transaction MOVES
existing authorisation. The repurchases will
be funded from available cash on the balance support agreement with ad CNX Resources and CNX
sheet. Management retains the discretion
to determine the level and pace of share hoc group to SMP Holdings’ Midstream Partners
repurchases.
The company expects to report third- term loan and plan for announce completion of
quarter 2020 production volumes of 1,050 to
1,070 thousand barrels of oil equivalent per settlement of DPPO merger
day (mboed). This estimate reflects the impact
of third-quarter curtailments and planned Summit Midstream Partners, LP (SMLP) CNX Resources Corporation and CNX
seasonal turnaround activity. Curtailments announced today that its wholly owned, Midstream Partners LP today announced
for the quarter were approximately 90 mboed indirect subsidiary, Summit Midstream that CNX has completed the acquisition of
on a net basis. Of the total net curtailments, Partners Holdings, has entered into a all of the outstanding common units of CNX
approximately 65 mboed were in the Lower transaction support agreement (TSA) with Midstream that it did not already own. As
48, 15 mboed were in the Surmont operation an ad hoc group of SMP Holdings’ lenders, a result of the transaction, CNX Midstream
in Canada and the remainder were in who collectively hold approximately 66% of common units have been suspended from
Malaysia and Norway. Based on estimated the $155.2mn outstanding balance under the trading on the New York Stock Exchange.
average realised prices, the estimated cash term loan (TL) agreement, dated as of March CNX RESOURCES AND CNX MIDSTREAM
from operations (CFO) of the curtailed 21, 2017, among SMP Holdings, as borrower, PARTNERS, September 28, 2020
volumes is approximately $150mn. The the lenders party thereto and Credit Suisse,
company fully restored production in the Cayman Islands Branch, as administrative Ring Energy appoints Mr.
Lower 48, Alaska and Canada by the end agent and collateral agent. The ad hoc
of the third quarter. Seasonal planned group has agreed to a consensual term loan Paul D. McKinney chief
turnaround activity primarily impacted restructuring transaction, as further described
Canada, the Asia Pacific region and below, which is anticipated to close in the executive officer/chairman
Alaska. During the quarter, the company fourth quarter of 2020.
also completed the previously announced Pursuant to the TSA, the ad hoc group of the board
transaction to acquire additional Montney has agreed to support and vote in favour
acreage in Canada from Kelt Exploration. of the TL restructuring, which will be The board of directors of Ring Energy
CONOCOPHILLIPS, September 30, 2020 implemented through an out-of-court strict announced today it has appointed Mr. Paul
foreclosure process. SMLP will be engaging D. McKinney as chief executive officer (CEO)
with additional term loan lenders over the and chairman of the board of directors.

Week 39 01•October•2020 www. NEWSBASE .com P19