Page 13 - NorthAmOil Week 07 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM reserves at December 31, 2020, which showed we have achieved throughout our Delaware
a 7% year-over-year increase in total proved Basin acreage position, and particularly in the
Whitecap and TORC reserves, including a 17% year-over-year Stateline asset area and the Rodney Robinson
increase in proved developed reserves and
leasehold, Matador believes that it is well
announce shareholder and a 12% year-over-year increase in Delaware positioned for more significant growth in its
proved reserves volumes and PV-10 value at
Basin total proved reserves, each as compared
court approval of strategic to the Company’s oil and natural gas reserves year-end 2021 as commodity prices recover.”
at December 31, 2019.
MATADOR RESOURCES COMPANY, February 17,
combination and CEO, commented, “Matador is pleased 2021
Joseph Wm. Foran, Matador’s Chairman
Whitecap Resources and TORC Oil & Gas are today to report a 7% year-over-year increase
pleased to announce that securityholders from in our total proved reserves from 252.5mn MIDSTREAM
both companies have voted to support the BOE at December 31, 2019 to 270.3mn BOE
proposed business combination announced at December 31, 2020, an all-time high for Magellan Midstream
on December 8, 2020 to combine the two Matador. This reserves increase was achieved
companies. despite the 31% reduction in oil price and the launches open season
On February 18, 2021, Whitecap and 23% reduction in natural gas price required
TORC held separate special shareholder to be used in estimating proved reserves at for potential New Mexico
meetings via live webcast. Each company’s December 31, 2020, as noted in the summary
securityholders, respectively, voted on table following my remarks. Further, this refined products pipeline
resolutions in connection with the proposed increase in total proved reserves reflects
business combination as described in the Joint organic reserves growth from Matador’s oil expansion
Management Information Circular dated and natural gas properties and was achieved
January 5, 2021. despite the reduction in the Company’s Magellan Midstream Partners announced
WHITECAP RESOURCES AND TORC OIL & GAS, operated rig count from six to three during today that it has launched an open season
February 18, 2021 2020. to assess firm customer interest in the
“Matador’s year-end 2020 proved reserves potential expansion of the partnership’s New
Matador Resources also reflect a 17% year-over-year increase Mexico refined petroleum products pipeline.
in proved developed reserves, which is
Interested customers must submit binding
Company reports 7% attributable to the quality of new wells we commitments by 5:00 p.m. Central Time on
completed and turned to sales during 2020
March 19.
annual increase in total and is very important to the continued currently transports various grades of gasoline
The nearly 250-mile pipeline segment
reaffirmation, and potential future increases,
proved reserves, including of the borrowing base under our reserves- and diesel fuel from Magellan’s terminal in El
Paso, Texas to terminals in Albuquerque, New
based credit facility. Further, our total proved
17% annual increase in reserves in the Delaware Basin increased 12% Mexico owned by Marathon and Vecenergy.
Expansion of the pipe segment would provide
during 2020 and now comprise approximately
proved developed reserves 97% of our total proved oil and natural gas the New Mexico market additional access
to refined products from El Paso-area and
reserves.
and 12% annual increase and the PV-10 value of our proved reserves Gulf Coast refineries via Magellan’s extensive
“Although the Standardised Measure
pipeline system.
in Delaware Basin proved declined 22% and 26%, respectively, from increase the pipeline’s capacity by more
The capital-efficient expansion would
$2.03bn and $2.25bn at December 31, 2019
reserves to $1.58bn and $1.66bn at December 31, than 5,000 barrels per day (bpd), to a new
2020, the decrease was entirely attributable
total capacity in excess of 30,000 bpd. The
Matador Resources Company today reported to the reduction in commodity prices noted higher capacity could be available in late
its estimated proved oil and natural gas above. Given the continued strong well results 2022 following the addition of incremental
pumping capabilities.
MAGELLAN MIDSTREAM PARTNERS, February
16, 2021
Stonehenge and UGI acquire

Pine Run Midstream natural

gas gathering system

Pine Run Gathering announced today that
it has completed a transaction to acquire
Pine Run Midstream from an affiliate of
PennEnergy Resources and minority partners
for $205mn. Pine Run Gathering is a joint

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