Page 13 - NorthAmOil Week 05

NorthAmOil
NEWS IN BRIEF
NorthAmOil
per share, compared with fourth-quarter 2018 adjusted earnings of $1.3bn, or $1.13 per share. Special items for the current quarter included primarily a non-cash impairment related to a planned Lower 48 disposition, partially o set by an unrealised gain on Cenovus Energy equity.
Full-year 2019 earnings were $7.2bn, or $6.40 per share, compared with full-year 2018 earnings of $6.3bn, or $5.32 per share. Excluding special items, full-year 2019 adjusted earnings were $4.0bn, or $3.59 per share, compared with full-year 2018 adjusted earnings of $5.3bn, or $4.54 per share. CONOCOPHILLIPS, February 04, 2020
MIDSTREAM
Trace Midstream announces
new focus area in the
Haynesville shale
Trace Midstream and Gemini Midstream, each a portfolio company of Quantum Energy Partners, announced the combination of management teams to focus on the continued growth and expansion of the Gemini Carthage Pipeline (GCP), an existing 50-mile natural gas system in Harrison and Panola counties, Texas, capable of delivering in excess of 1.2bn cubic feet (bcf) per day of high pressure, dry natural gas into the Carthage area.
e combination of Trace and Gemini’s highly skilled workforces and senior management teams provides customers with a dedicated team of energy professionals. Going forward, the combined team will operate as Trace Midstream and Josh Weber will assume the role of chief executive o cer with John O’Shea as chairman of the board.
“Since its initial in-service date of May 2019, GCP has seen a signi cant ramp in volumes from its two anchor producers, Rockcli Energy and Tanos Exploration,” said Josh Weber, Trace Chief Executive O cer. “GCP o ers its customers access to premium and growing lique ed natural
gas export and industrial markets along the Texas and Louisiana Gulf Coast. We look forward to continuing to o er safe, reliable and competitive midstream services that our producer customers have come to expect from the Trace team.”
Additionally, Trace has begun construction of the Gemini Gulf Coast Pipeline (GGCP),
a new 36-inch, 150-mile natural gas pipeline capable of delivering 1.5 bcf per day of natural gas to downstream markets in the Beaumont area.
Phase I of GGCP is expected to be operational in May 2020.
Trace will remain headquartered in Houston, Texas and will continue to operate its East Texas assets from its eld o ce in Marshall, Texas.
TRACE MIDSTREAM AND GEMINI MIDSTREAM, January 31, 2020
Noble Midstream and
Greenfield Midstream
exerciseSaddlehornoption
Noble Midstream Partners and Green eld Midstream have exercised the option to acquire a 20% interest in the Saddlehorn Pipeline through their Black Diamond Gathering joint venture.
e Saddlehorn pipeline, which is jointly owned by a liates of Magellan Midstream Partners, Plains All American Pipeline and Western Midstream Partners, is currently capable of transporting approximately 190,000 barrels per day (bpd) of crude oil and condensate from the DJ and Powder River basins to storage facilities in Cushing, Oklahoma. Magellan serves as operator of the Saddlehorn pipeline.
Following a successful open season, the Saddlehorn pipeline is expanding by 100,000 bpd, to a new total capacity of 290,000 bpd. e incremental capacity is expected to be available in late 2020 following the addition of incremental pumping and storage capabilities. ere will be no additional capital required by Black Diamond for the expansion of the
pipeline to 290,000 bpd.
Backed by minimum volume
commitments from high quality producers, the Saddlehorn pipeline acquisition provides Black Diamond entry into high multiple, stable cash ows at a competitive valuation. e acquisition is expected to generate returns above organic capital options and bolster the quality and diversi cation of the Partnership’s cash ows.
With the pipeline online, Black Diamond anticipates cash distributions from Saddlehorn in the rst quarter 2020. Noble Midstream expects the acquisition to be leverage neutral to 2020 credit metrics and is expected to pay for its share of the acquisition through cash on hand and its revolving credit facility.
e e ective date of the transaction was February 1, 2020; Noble Midstream 2020 guidance included the Saddlehorn acquisition and remains unchanged.
NOBLE MIDSTREAM PARTNERS AND GREENFIELD MIDSTREAM, February 04, 2020
DOWNSTREAM
SARTEC and Nanalysis
combine AI and NMR for oil
refinery solutions
Nanalysis Scienti c and SARAS Ricerche
e Tecnologie are pleased to announce that asofJanuary27,theyhaveenteredintoa collaboration agreement to jointly develop process analytical solutions for the oil and gas industry, including the analysis of crude oil for the oil re neries.
e collaborative scienti c work has
been ongoing since 2017, a quality prototype solution has been developed, and the two companies are now ready to develop a business plan and jointly o er solutions incorporating Nanalysis global leading compact NMR products and SARTEC’s patent protected machine learning algorithms and Arti cial Intelligence (AI) so ware.
Dr. Lorenzo Sassu, innovation and digital solutions manager of SARTEC stated: “We are very pleased to be working with Nanalysis Scienti c. For decades SARTEC has been specialising in environmental protection, industrial e ciency and energy savings in the oil, petrochemical, and energy industries, as well as serving our local communities and public administration partners.
Several years ago, we recognised that NMR could be a critical analytical technique to bring oil re neries into the digital age, but
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