Page 18 - NorthAmOil Week 43 2020

NorthAmOil NEWS IN BRIEF NorthAmOil

operations of Dixie Gas & Oil Corporation
from the Earhart family,” commented Paul
Giambra, president and CEO of Quarles
Petroleum. “As family-owned businesses,
our companies share the same core values of
service to our customers and giving back to
community. We look forward to working with
Dixie’s associates and welcoming them and
Dixie’s customers to the Quarles family.”
Established as the Dixie Bottle Gas
Company in 1946 by Dennis Earhart and his
father, Roy, the firm initially provided propane
cylinder exchange services in the post-World
War II housing boom. Now operating as Dixie
Gas & Oil Corporation, the company has
evolved as a diversified provider of products
and services in the areas of propane, heating
oils, motor fuels and lubricants, and serves
over 10,000 residential customers in 17
counties in Central and Western Virginia.
“We believe that Dixie’s customers will be
which spans DeWitt county to Victoria the end of next year, as we continue to focus in great hands with Quarles,” said Christopher
county, Texas, with 350,000 barrels of above on de-levering the balance sheet.” Earhart, the president of Dixie Gas & Oil
ground storage, two 8 bay truck offload The Facility is secured by the accounts Corporation and member of the third-
stations, and access to two docks at the Port receivable of EnLink’s subsidiaries. The initial generation of the Earhart family to own and
of Victoria. The VEX Pipeline System can borrowing base under the Facility is $225mn operate the firm. “Our family has invested 75
receive crude oil by pipeline and truck, and and will vary with the value of EnLink’s years in Dixie, we’re pleased that the Quarles
has downstream pipeline connections to two accounts receivable balance. Borrowings family has a similar history in the industry
terminals today, with potential for additional under the Facility bear interest at the Libor and, as a family-owned firm, understands our
downstream connection opportunities in rate plus 162.5 basis points. The Facility, commitment to our customers.”
the future. The pipeline system has a current which matures in October 2023, contains the QUARLES PETROLEUM, October 26, 2020
capacity of 90,000 barrels per day. same maximum leverage ratio as contained in
ADAMS RESOURCES & ENERGY, October 22, EnLink’s $1.75bn revolving credit facility due
2020 January 2024. SERVICES
EnLink continued to generate significant
EnLink Midstream enhances free cash flow during the third quarter of Oceaneering reports third-
2020, resulting in a reduction of net debt by
financial flexibility with approximately $145mn. Net debt is calculated quarter 2020 results
as total debt less cash, excluding cash
new accounts receivable contributed by joint venture partners. As of Oceaneering International today reported
a net loss of $79.4mn, or $(0.80) per share,
September 30, pro forma for this financing,
securitisation facility borrowings under EnLink’s $1.75bn revolving on revenue of $440mn for the three months
credit facility are approximately $75mn.
ended September 30, 2020. Adjusted net loss
EnLink Midstream today announced that ENLINK MIDSTREAM, October 22, 2020 was $17.6mn, or $(0.18) per share, reflecting
one of its subsidiaries has entered into an the impact of $68.7 of pre-tax adjustments
agreement with PNC Bank for a three-year associated with goodwill impairment, write-
$250mn accounts receivable financing facility. DOWNSTREAM offs of fixed assets, inventory write-downs,
Proceeds from the facility are expected to restructuring expenses, and foreign exchange
be used to repay outstanding borrowings on Quarles Petroleum acquires losses recognized during the quarter and
EnLink’s revolving credit facility. $6.3mn of discrete tax adjustments.
“The establishment of this credit facility Dixie Gas & Oil Corporation During the prior quarter ended June 30,
is another great example of the tremendous 2020, Oceaneering reported a net loss of
work our team is doing to enhance our Quarles Petroleum, a regional provider $24.8mn, or $(0.25) per share, on revenue
financial flexibility and secure financing at an of residential and commercial fuels of $427mn. Adjusted net loss was $14.2mn,
attractive cost,” said Barry E. Davis, Chairman headquartered in Fredericksburg, Virginia, or $(0.14) per share, reflecting the impact of
and Chief Executive Officer of EnLink. “The has purchased the propane and petroleum $9.6mn of pre-tax adjustments associated with
Facility is an important new component of our operations of Dixie Gas & Oil Corporation, restructuring expenses and foreign exchange
capital structure and financial strategy. When a third-generation family-owned propane, losses recognized during the quarter and
combined with our ample revolver availability commercial fuels and home heating oil $3.3mn of discrete tax adjustments.
and our strong free cash flow generation, distributor based in Verona, Virginia. OCEANEERING INTERNATIONAL, October 28,
the Facility solidly positions us to repay our “I’m pleased to share the news that Quarles 2020
$850mn term loan before or at its maturity at has acquired the propane and petroleum

P18 www. NEWSBASE .com Week 43 29•October•2020