Page 12 - NorthAmOil Week 26

NorthAmOil
NEWS IN BRIEF
NorthAmOil
UPSTREAM
Baker Hughes, a GE
company announces June
2019 rig counts
Baker Hughes, a GE company announced today that the Baker Hughes international
rig count for June 2019 was 1,138, up 12
from the 1,126 counted in May 2019, and up 179 from the 959 counted in June 2018. e international o shore rig count for June 2019 was 246, up 6 from the 240 counted in May 2019, and up 51 from the 195 counted in June 2018.
e average US rig count for June 2019 was 969, down 17 from the 986 counted in May 2019, and down 87 from the 1,056 counted in June 2018. e average Canadian rig count for June 2019 was 114, up 44 from the 70 counted in May 2019, and down 23 from the 137 counted in June 2018.
e worldwide rig count for June 2019 was 2,221, up 39 from the 2,182 counted in May 2019, and up 69 from the 2,152 counted in June 2018.
BAKER HUGHES, A GE COMPANY, July 03, 2019
MIDSTREAM
Bridger Pipeline, Liberty
Pipeline and Red Oak
Pipeline announce
supplemental open season
Bridger Pipeline, together with its a liates, Liberty Pipeline, and Red Oak Pipeline announced today that they have launched a
supplemental open season seeking additional crude oil transportation commitments for joint service from production areas in the Rockies and Bakken to Cushing, Oklahoma and Gulf Coast destinations including Corpus Christi, Ingleside, and Houston, Texas.
Liberty Pipeline is a 50/50 joint venture
of Phillips 66 and Bridger Pipeline. Liberty Pipeline is constructing a 24-inch pipeline that will provide crude oil transportation service from Guernsey, Wyoming to Cushing, Oklahoma.
Red Oak Pipeline is a 50/50 joint venture of Phillips 66 and Plains All American Pipeline. Prior to participating in the supplemental
open season, interested parties must execute a con dentiality agreement to govern the receipt of the open season documentation. BRIDGER PIPELINE, July 03, 2019
Solaris Water Midstream announces $350mn revolving credit facility to fund growth projects in the Permian Basin
Solaris Water Midstream, a leading provider of water-related infrastructure to the oil
and gas industry, announced today it has increased the size of its revolving credit facility to $350mn from $250mn. Cadence Bank NA acted as lead arranger and administrative agent with Wells Fargo Bank, National Association serving as joint lead arranger.
liquidity to expand its integrated water management services in the Delaware and Midland basins. Services include produced water gathering, transportation, disposal, treating and storage, as well as the delivery
of treated produced water and nonpotable brackish water. In addition to Cadence Bank and Wells Fargo, the syndicated bank group also includes previous group members Citizens Bank, East West Bank, Texas Capital Bank and Woodforest National Bank and new group members BMO, Iberia Bank and RBC.
“We appreciate the continued support
of our original syndicate group of banks
and the new banks that joined the syndicate with this increase in the credit facility,” said Solaris Water Chief Financial O cer Chris Work. “ e additional commitments from the members of the syndicate will be used to fund our rapidly expanding 400-mile water infrastructure network of large-diameter pipelines. e Solaris Water systems support nearly 40 customers, which include the largest and most-active operators in the Permian Basin.”
“ is $100mn increase re ects the quality of Solaris Water’s contracts, customer base and management team, and Solaris Water’s outstanding growth over the past three years,” said Cadence Bank managing director Bill Brown. “ e increased commitments will support future growth. We look forward to continuing to work with Solaris Water and remain excited about the company’s prospects going forward.”
SOLARIS WATER MIDSTREAM, July 01, 2019
DOWNSTREAM
Venture Global LNG raises
$675mn of additional
capital
Venture Global LNG announces that it has raised $675mn of additional capital from world-class institutional investors. e
capital will be used primarily for the further development of the company’s 20 million tonnes per annum (mtpa) Plaquemines
LNG export project in Plaquemines Parish, Louisiana. In addition to the $855mn of capital previously raised at Venture Global LNG and the $1.3bn project-level equity commitment from Stonepeak Infrastructure Partners for the company’s Calcasieu Pass LNG project, Venture Global LNG has now raised total committed capital of over $2.8bn to support the development of its LNG export facilities.
e expanded facility will be used for general corporate purposes and to support Solaris Water’s continued growth initiatives in the Permian Basin. e undrawn balance of the credit facility and unfunded capital commitments from Solaris Water’s investors provide Solaris Water with $295mn of
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Week 26 04•July•2019