Page 10 - NorthAmOil Week 08 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM Louisiana and East Texas, announced today president of commercial operations, David
that it has closed on its sale to Clearfork Garrett. Together they have over a century
Coterra Energy reports Midstream. Terms of the sale were not of combined experience in the energy
disclosed.
industry and worked together as a cohesive,
fourth-quarter and full- Clearfork Midstream partnered with collaborative unit through the most severe
downturn in the last two decades.
EnCap Flatrock Midstream (EFM) for the
year 2021 results, provides transaction. Investment banking firm Jeffries The team is now positioned to solely focus
served as sole financial advisor and Porter
on Laser Midstream Energy, the latest
2022 outlook and updates Hedges served as corporate counsel to Azure entrepreneurial undertaking cofounded by
Mr. Berthelot and team. Laser has reloaded
Midstream.
shareholder return strategy “We are delighted to complete this transaction with longtime private equity partner, Energy
and looking forward to building upon the
Spectrum, and is “hitting the ground running”
Coterra Energy today reported fourth- work Chip and his team have accomplished,” in pursuit of both acquisitions and gas
quarter and full-year 2021 financial and said Kipper Overstreet, Clearfork CEO. infrastructure development deals.
operating results. On October 1, 2021, “I have known Mr. Overstreet for over a AZURE MIDSTREAM ENERGY, February 22,
Coterra announced that the merger involving decade, and I can think of no finer example 2022
the Company, which was formerly named of the strong leadership needed to develop
Cabot Oil & Gas, and Cimarex Energy, was these assets to the next level,” Azure CEO Mr.
completed. Fourth-quarter 2021 results Berthelot said. “I have the utmost confidence DOWNSTREAM
discussed within this release represent in Clearfork and EFM and their ability to
Coterra. Full-year 2021 results include nine maximise value while maintaining the safety- Audubon Engineering
months of legacy Cabot results from January 1 first culture we developed at Azure.”
to September 30, plus three months of Coterra Azure was founded in 2012 by veteran Company awarded LNG
beginning October 1, unless noted otherwise. industry professional, I.J. “Chip” Berthelot, II,
Net income for fourth-quarter 2021 who brings a two-decade record of successful interconnect contract in
totalled $939mn, or $1.16 per share. Adjusted deals with over $2 billion in assets transacted.
net income (non-GAAP) for fourth-quarter Berthelot successfully founded, financed, Louisiana
2021, excluding non-recurring items, was developed, operated, and sold multiple
$670mn, or $0.83 per share. Net income for natural gas midstream companies including Audubon Engineering Company has been
full-year 2021 totaled $1,158mn, or $2.30 per Laser Midstream Company, Laser Northeast awarded a contract to provide engineering
share. Adjusted net income (non-GAAP) for Gathering Company, and now Azure and construction management services for a
full-year 2021, excluding non-recurring items, Midstream. major greenfield liquefied natural gas (LNG)
was $1,132mn, or $2.25 per share. “I am deeply grateful to our investors, team interconnect on the Louisiana Gulf Coast.
COTERRA ENERGY, February 23, 2022 and other stakeholders who supported us Regulated by the Federal Energy Regulatory
through this challenging decade for the Commission (FERC), this pipeline project will
industry,” said Mr. Berthelot. “I especially move between 1.5 and 2.0 Bcf per day of gas
MIDSTREAM appreciate our bank group currently lead by to serve as the main supply of an LNG export
Capital One who stood behind us and worked facility.
Azure Midstream Energy creatively with us every step of the way, and construction, and delivery of LNG production
Audubon, a global leader in the design,
Latham & Watkins LLP, who provide legal
acquired by Clearfork advice on our credit related transactions.” solutions, successfully completed the front-
end engineering in 2021. Under this new
At Azure, Mr. Berthelot built a team of
Midstream industry veterans including chief operating contract, Audubon will provide detailed
engineering and design of a transmission
officer, John Loiacono, chief financial
Azure Midstream Energy, a natural gas officer, Mandy Bush, vice president of pipeline and associated infrastructure to
midstream company operating in North business development, Jay Carter and vice provide gas for a major LNG facility.
Backed by our integrated offshore and
pipeline teams, Audubon is leading the
project from our Louisiana and Texas offices
in collaboration with FERC, a major LNG
export company, and a major interstate gas
transmission company.
Dave Beck, managing partner at Audubon
Engineering Company, said: “We look
forward to bringing our project execution
capabilities and extensive LNG track record to
this project. LNG is an important component
of our energy transition strategy, and we are
proud to leverage our expertise to support the
operation.”
AUDUBON ENGINEERING COMPANY, February
23, 2022

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