Page 17 - NorthAmOil Week 03 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

Rising Phoenix Royalties investment portfolios, and liquidating estates.
UPSTREAM tax benefits, funding retirement, diversifying
ConocoPhillips completes announces third DJ Basin RPR provides an in-depth analysis of each
divestiture to help owners in achieving their
acquisition of Concho oil and natural gas royalty life and financial goals.
RISING PHOENIX ROYALTIES, January 19, 2021
Resources acquisition

ConocoPhillips today announced that it Rising Phoenix Royalties (RPR) announces MIDSTREAM
has completed its acquisition of Concho its third DJ Basin oil and natural gas royalty
Resources following approval by shareholders acquisition within current mineral fund. Pembina Pipeline
of both companies. The purchase, from an undisclosed seller,
“We appreciate the strong support for encompasses 15 PDP wells with upside announces binding open
this transaction from the shareholders of potential, located in the Niobrara shale, Weld
both companies, which we view as further County, Colorado. season on Cochin pipeline
affirmation of the significant benefits it will “This direct from seller acquisition was a
deliver,” said Ryan Lance, ConocoPhillips transaction where a son, via power of attorney, Pembina Pipeline announced today that PKM
chairman and chief executive officer. “This coordinated the sale of his mother’s mineral Cochin ULC and Pembina Cochin LLC have
acquisition results in the combination of rights,” shares Janie Widman, Vice President, launched an open season to obtain binding
two premier companies that can lead the Rising Phoenix Royalties. “Depending on an commitments for the transport of light
structural change for our vital industry that’s individual’s or family’s life situation, selling condensate on the Cochin pipeline.
critical to investors. We expect the company to mineral rights can be a financially wise option The open season begins January 19, 2021
deliver differential performance on three key to settle estates, immediately pay off debt, or at 8:00 a.m. MST and closes on February 18,
mandates: providing affordable energy to the fund retirement.” 2021 at 5:00 p.m. MST.
world, generating superior returns on and of “In many cases the mineral sale lump PEMBINA PIPELINE, Jaanuary 19, 2021
capital and demonstrating ESG leadership.” sum payment translates to ‘instant financial
Lance added: “I also welcome Tim Leach freedom’ that is truly life changing for the
to ConocoPhillips’ board of directors and seller,” observes Widman. MOVES
executive leadership team. Tim and his Kerr-McGee Oil and Gas Onshore is
organisation built a best-in-class Permian the well-site operator and manages 2,300 Magellan and Enterprise to
company and we both look forward producing wells in five Colorado counties,
to creating significant value from this including Weld County. Data on file shows develop joint Houston crude
transaction. Thanks to the considerable 2.2mn barrels of oil and 24,700 cubic feet of
efforts of our transition teams over these past gas produced in September 2020. oil futures contract
few months, we’re off to a fast start toward Backed by four generations of oil and
seamlessly integrating our two companies and gas industry expertise, RPR assists mineral Magellan Midstream Partners and Enterprise
building momentum as a sector leader.” owners nationwide with solutions in selling Products Partners today announced that
CONOCOPHILLIPS, January 15, 2021 their mineral assets. Common reasons why affiliates of the two companies have entered
RPR clients choose to sell their royalties into an agreement to jointly develop a
include immediate financial need, maximising futures contract for the physical delivery of
crude oil in the Houston area in response to
market interest for a Houston-based index
with greater scale, flow assurance and price
transparency. The quality specifications will
be consistent with a West Texas Intermediate
(WTI) crude oil originating from the
Permian Basin with delivery capabilities at
either Magellan’s East Houston terminal or
Enterprise’s ECHO terminal in Houston.
“The industry-recognised quality and
consistency of Midland WTI crude oil at
Magellan’s East Houston terminal, combined
with flexible and reliable market access offered
by both Magellan and Enterprise, make this
joint effort a logical advancement for crude
oil futures to provide added value for our
customers, both domestically and globally,”
said Michael Mears, Magellan’s chief executive
officer.
“We are pleased to join with Magellan on
this initiative, which will provide customers
with enhanced flexibility, connectivity,

Week 03 21•January•2021 www. NEWSBASE .com P17