Page 13 - NorthAmOil Week 04 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

MIDSTREAM economic return through an incremental committed to developing premier Permian
long-term fixed take-or-pay commitment. basin residue assets as the markets continue to
Topaz Energy announces TOPAZ ENERGY, January 25, 2021 normalise and growth resumes.”
WHITEWATER MIDSTREAM, January 27, 2021
strategic water Agua Blanca pipeline
infrastructure acquisition in expansion in service ahead SERVICES

the Alberta Montney of schedule RPC reports fourth-quarter

Topaz Energy is pleased to announce that WhiteWater Midstream (WWM) today 2020 financial results
it has entered into a strategic alliance with announced that the Agua Blanca pipeline
a private midstream water company, and system expansion has entered commercial RPC today announced its unaudited results
together, entered into definitive agreements service. The 1.8 billion cubic-feet-per-day for the fourth quarter and year ended
to each acquire a working interest in certain (bcf per day) expansion of Agua Blanca will December 31, 2020. RPC provides a broad
water infrastructure assets from an E&P deliver gas from across the Delaware Basin range of specialised oilfield services and
producer along with a long-term fixed take- to the Waha hub. Backed by long-term firm equipment primarily to independent and
or-pay water disposal agreement whereby the contracts, the expansion brings the system’s major oilfield companies engaged in the
producer retains operatorship and obtains total capacity to over 3 bcf per day, which will exploration, production and development of
committed access to cost efficient and help alleviate in-basin take away constraints oil and gas properties throughout the United
environmentally responsible water disposal, and reduce natural gas flaring. States and in selected international markets.
sourcing and storage. The water infrastructure The Agua Blanca system is connected For the quarter ended December 31,
acquisition provides capital to the producer to almost twenty gas processing sites in the 2020, revenues were $148.6mn, a decrease of
and demonstrates Topaz’s growth strategy Delaware Basin and is currently transporting 37.0% compared to $236.0mn in the fourth
to provide free cash flow growth and gas produced in Culberson, Loving, Reeves, quarter of 2019. Operating loss for the fourth
diversification for Topaz. Pecos, Winkler and Ward counties in Texas, quarter of 2020 was $21.6mn compared to
Pursuant to the Water Infrastructure and Eddy and Lea counties in New Mexico, to an operating loss of $27.9mn in the same
Acquisition, Topaz, together with its Co- the Waha hub. The recent expansion includes period of the prior year. Adjusted operating
Venturer, will acquire a 99% non-operated a 42-inch diameter trunk line that more than loss for the fourth quarter of 2020 was
working interest in pipeline connected doubles system capacity while providing $11.3mn compared to an adjusted operating
disposal facilities along with water storage significant incremental takeaway options for loss of $17.3mn in the same period of the
reservoirs in one of the most prolific areas plants servicing Texas and New Mexico gas prior year. Net loss for the fourth quarter of
of the Alberta Montney for total cash producers. 2020 was $10.2mn, or $0.05 loss per share,
consideration of CAD24mn (Topaz’s 50% “We are excited to begin commercial compared to a net loss of $23.4mn, or $0.11
share of CAD12mn was funded from its operations of this expansion ahead of loss per share, in the fourth quarter of 2019.
available cash on hand). Topaz and its schedule while continuing to provide reliable Adjusted net loss for the fourth quarter of
co-venturer also entered into an option and transparent transportation services to 2020 was $6.8mn, or $0.03 adjusted loss per
agreement, which provides an option to invest producers and processors in Texas and New share, compared to an adjusted net loss of
up to an additional CAD20mn in future Mexico,” said WhiteWater Chief Executive $13.9mn, or $0.07 adjusted loss per share, in
expansions in exchange for a pre-determined Officer Christer Rundlof. “WWM remains the fourth quarter of 2019.2 Earnings before
interest, taxes, depreciation and amortisation
(EBITDA) for the fourth quarter of 2020 was
negative $2.5mn, compared to EBITDA of
$12.6mn in the same period of the prior year.3
Adjusted EBITDA for the fourth quarter
of 2020 was $7.8mn compared to adjusted
EBITDA of $23.2mn in the same period of the
prior year.
For the 12 months ended December
31, 2020, revenues decreased to $598.3mn
compared to $1.22 billion last year. Net loss
for the 12 months ended December 31,
2020 was $212.2mn, or $1.00 loss per share,
compared to a net loss of $87.1mn, or $0.41
loss per share last year. Adjusted net loss for
the 12 months ended December 31, 2020 was
$58.1mn, or $0.27 loss per share, compared to
an adjusted net loss for the 12 months ended
December 31, 2019 of $26.5mn, or $0.12
adjusted loss per share.
RPC, January 27, 2021

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