Page 13 - NorthAmOil Week 32 2021

NorthAmOil
NEWS IN BRIEF
NorthAmOil
months ended June 30, 2021, including a net loss of $19.7mn, adjusted EBITDA of $62.1mn and DCF of $46.5mn. Net loss for the quarter included $31.5mn of non-cash charges including (i) a $19.3mn loss contingency accrual related to a previously disclosed incident dating back to a 2015 release of produced water from a pipeline owned by Meadowlark Midstream and (ii) an $12.2mn accrual related to Energy Capital Partners’
full exercise of equity warrants in exchange for 414,477 SMLP common units. Operated natural gas volume throughput averaged 1,441mn cubic feet per day (mmcf/d) and liquids volume throughput averaged 63 thousand barrels per day (mbbl/d). Operated natural gas volumes increased 7.1% relative
to the first quarter of 2021, largely due to continued strong performance from the four Utica shale wells connected in the first quarter of 2021 and 20 new wells that were turned-in- line during the second quarter of 2021 across the Utica shale, Williston Basin and Marcellus shale segments. Quarterly liquids volume throughput decreased by 3.1% relative to the first quarter of 2021, primarily as a result of natural production declines.
Heath Deneke, president, chief executive officer and chairman, commented: “Summit’s second quarter financial and operational results far exceeded our original expectations set in March, and adjusted EBITDA of $62.1mn was in line with our recently increased full year 2021 adjusted EBITDA guidance range of $225mn to $240mn. Our quarterly results were driven largely by our continued focus on operational excellence and proactive cost management efforts, together with robust performance from well connections to date. We are encouraged
by the substantially improved commodity price backdrop and we continue to see signs of increasing customer activity around
our footprint as we look ahead to 2022,
particularly in our Permian, Williston and Utica segments. We remain optimistic that this positive momentum will continue to build through the end of the year and into 2022.” SUMMIT MIDSTREAM PARTNERS, August 06, 2021
SERVICES
Dawson Geophysical
reports second quarter 2021
results
Dawson Geophysical today reported unaudited financial results for its second quarter ended June 30, 2021.
For the quarter ended June 30, 2021, the company reported revenues of $193,000, a significant decrease compared to $29,499,000 for the quarter ended June 30, 2020. For the second quarter of 2021, the company reported a net loss of $9,017,000 or $0.38 loss per common share compared to net income of $1,500,000 or $0.06 per common share for
the second quarter of 2020. The company reported negative EBITDA of $5,667,000 for the quarter ended June 30, 2021 compared to positive EBITDA of $5,799,000 for the quarter ended June 30, 2020.
For the six months ended June 30,
2021, the company reported revenues of $11,941,000, a decrease of approximately 83% compared to $68,478,000 for the six months ended June 30, 2020. For the six months ended June 30, 2021, the company reported
a net loss of $14,245,000 or $0.61 loss per common share compared to net income of $2,493,000 or $0.11 per common share for the six months ended June 30, 2020. The company reported negative EBITDA of $7,525,000 for the six months ended June 30, 2021 compared
to positive EBITDA of $11,630,000 for the six months ended June 30, 2020.
Activity levels during the second quarter of 2021 reached a low point, as the company did not have a seismic data acquisition crew operating in either the United States or in Canada, as the Canadian season concluded
at the end of the first quarter. The near-term outlook for seismic data acquisition activity in the US remains challenging with the company currently operating one midsize channel count crew. Based on currently available information, the company anticipates operating one crew in the US during the second half of 2021 with periods of low utilisation and potentially one crew in Canada during the fourth quarter.
DAWSON GEOPHYSICAL, August 12, 2021
MOVES
Micro WTI crude oil futures
surpass 1mn contracts
traded
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that Micro WTI Crude Oil futures volume surpassed 1mn contracts on Friday, August 6, 2021.
“Since launching just a month ago, we continue to see strong interest across the globe for our smaller-sized Micro WTI Crude Oil contract,” said Peter Keavey, Global Head of Energy. “Our benchmark WTI futures have always been the market’s choice for managing crude oil exposure, and the uptick we are seeing in new customers utilising the Micro WTI Crude oil futures demonstrates the value in the robust transparency and price discovery that our markets offer for traders of all sizes.”
“TradeStation is proud to have offered customers Micro WTI Crude Oil futures since day one of the launch,” said John Bartleman, President of TradeStation Group, Inc. “We send our congratulations to CME Group for surpassing this latest milestone and helping
us meet strong demand from our clients. Our collaboration continuously allows us to offer our customers the latest futures products and technology.”
“Smaller sized futures contracts with smaller financial requirements have enabled more retail participation in futures markets,” said Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers. “The strong demand for Micro WTI Crude Oil futures is evidence of this, and we are pleased that more of our sophisticated
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