Page 12 - NorthAmOil Week 19 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

MIDSTREAM DOWNSTREAM approximately $(264)mn and adjusted
EBITDA of approximately$(204)mn. For the
Summit Midstream Partners CITGO FY 2020: Strong year ended December 31, 2020, the Company
reported a net loss of approximately $(667)
reports first-quarter 2021 performance despite mn, along with EBITDA of approximately
$(328)mn and adjusted EBITDA of
financial and operating challenging market approximately$(432)mn.
CITGO PETROLEUM, May 07, 2021
results conditions

Summit Midstream Partners announced Despite the unprecedented challenge SERVICES
today its financial and operating results for COVID-19 presented for refiners, CITGO
the three months ended March 31, 2021, Petroleum continued to make strong progress HNRC subsidiary secures
including net income of $9.0mn, adjusted in optimising operational performance,
EBITDA of $60.4mn and DCF of $46.2mn. aggressively managing costs and building on equipment financing
Operated natural gas volume throughput strategic initiatives to strengthen corporate
averaged 1,346mn cubic feet per day (mmcf governance, compliance and business ethics. Houston Natural Resources Corp. (HNRC)
per day) and liquids volume throughput CITGO results for FY 2020 were heavily announced today that HNR Oil Services, a
averaged 65,000 barrels per day. Operated affected by ongoing pandemic-driven market wholly owned subsidiary of Houston Natural
natural gas volumes decreased 6.3% relative challenges affecting the entire refining sector – Resources, Inc., the operating company of
to the fourth quarter of 2020, largely due to and the impact of two Gulf Coast hurricanes. HNRC has closed $300,000 in financing for
natural production declines and impacts from The CITGO Petroleum Corporation additional equipment. The new equipment
severe winter weather in some segments, board of directors recently reviewed the will more than triple HNR Oil Services’
partially offset by volumes from six new well company’s 2020 fourth quarter and annual operating capacity at its YO Ranch SWD
connections during the quarter in the Utica financial results with the PDVSA Ad Hoc processing facility.
Shale and Permian segments. Quarterly board. Since 2019, the new CITGO board The equipment will provide substantial
liquids volume throughput decreased by 8.5% and management team have remained expansion of HNR Oil Services operating
relative to the fourth quarter of 2020 as there committed to transparency and are releasing capacity in excess, of three times its current
were no new liquids wells connected during publicly the company’s first annual results and capacity. With this additional equipment
the quarter. performance report in nearly 15 years. HNR Oil Services will provide the capacity to
Heath Deneke, president, chief executive “2020 presented CITGO with a series of dispose of up to the state permitted capacity of
officer and chairman, commented: unprecedented challenges,” said president and 25,000 barrel per day of highly toxic oil field
“Summit’s financial results exceeded internal CEO Carlos Jordá. “Our ability to persevere wastewater. We expect our month’s revenues
expectations for the quarter with $60.4mn – through the COVID pandemic, hurricanes to increase to in excess of $300,000 per month
of adjusted EBITDA, largely due to our and the recent severe winter storm with with an estimated $225,000 per month of net
continued focus on reducing operating widespread utility outages – and still enhance operating income. The company anticipates
expenses, together with strong performance our operational performance, safety and an increase in income from oil recovery sales
from a new Utica pad which came online corporate governance is again a testament to from the new equipment.
in March, ahead of schedule, and at initial the dedication and professionalism of all our The company’s subsidiary HNR Oil
production rates that exceeded expectations employees. Thanks to these efforts, we believe Services owns a water treatment and
by nearly 20%. While it is still early, these CITGO is well-positioned to take advantage disposal facility located in Wilson County,
wells continue to materially outperform of anticipated improvements in market Texas that exceed all state and federal
original expectations underlying our 2021 conditions in 2021.” regulatory requirements, provide maximum
financial guidance.” The company reported a net loss of environmental protection and will generate
SUMMIT MIDSTREAM PARTNERS, May 07, approximately $(255)mn for the fourth multiple streams of revenue for the company
2021 quarter of 2020, along with EBITDA1 of via the saltwater disposal and byproduct
remediation.
HNR Oil Services anticipates a rapid
expansion with four additional processing
facilities across all suitable oil and gas
producing regions, increasing to seven
facilities in the next five years.
HOUSTON NATURAL RESOURCES CORP., May
07, 2021
Dawson Geophysical
reports first-quarter 2021

results

Dawson Geophysical today reported

P12 www. NEWSBASE .com Week 19 13•May•2021