Page 14 - NorthAmOil Week 07 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

expected to be in service in the fourth quarter
of 2021, pending the receipt of customary
regulatory and other approvals.
WHITEWATER MIDSTREAM, February 16, 2021
Summit Midstream Partners

provides preliminary fourth-
quarter 2020 results and

full-year 2021 financial

guidance

Summit Midstream Partners LP (NYSE:
SMLP) announced today preliminary
financial and operating results for the three
months ended December 31, 2020 and also
venture owned by a subsidiary of Stonehenge areas of the Marcellus Shale. UGIES will add provided full year 2021 financial guidance.
Energy Resources III, a portfolio company its ownership stake in Pine Run Gathering to The partnership expects fourth quarter
of Energy Spectrum Partners VIII, and by a UGI Appalachia, which operates gathering 2020 net income of $119mn to $121mn and
subsidiary of UGI Energy Services (UGIES), assets in Pennsylvania, Ohio and West adjusted Ebitda of $61mn to $63mn. Net
which is a subsidiary of UGI Corporation. Virginia. income for the quarter was primarily driven
PennEnergy, a Pittsburgh-based PINE RUN GATHERING, February 16, 2021 by approximately $124mn of gain on the early
independent oil and gas company, is a leading extinguishment of debt from the partnership’s
Appalachian based producer and anchor WhiteWater announces open market repurchase of its senior
customer on the Pine Run system. Stonehenge unsecured notes and the consensual debt
III is the third partnership between Energy acquisition of Waha Gas discharge and restructuring of a subsidiaries’
Spectrum Capital and Stonehenge Energy $155.2mn term loan, partially offset by an
Resources management. The transaction will Storage approximate $5mn asset impairment charge
be financed with equity capital from both for an $8mn sale of compressor equipment
Stonehenge III (51%) and UGIES (49%) as WhiteWater Midstream, operator of the completed in January 2021. Financial
well as a senior secured loan credit facility. Agua Blanca and Whistler pipelines, today guidance for full year 2021 includes $210mn
Pine Run Midstream operates 43-miles of announced the acquisition of Enstor’s Waha to $230mn of adjusted Ebitda, and $20mn to
dry gas gathering pipeline and compression Gas Storage assets. The assets will be held in $35mn of total capital expenditures.
assets located in Butler and Armstrong a newly formed joint venture entity, Waha Heath Deneke, president, chief executive
counties in Western Pennsylvania. The Gas Storage, which will be jointly owned officer and chairman of SMLP commented:
Pine Run Midstream system has been in by Whistler Pipeline and Delaware Basin “We expect our fourth quarter 2020 financial
operation since 2014 and will be operated by Residue, owner of Agua Blanca. The Waha and operating results to be moderately ahead
Stonehenge. Stonehenge and UGI expect the Gas Storage facilities will be connected to of our third quarter financial results and
investment to be immediately accretive to Agua Blanca’s Waha header system and in-line with the expectations we outlined
earnings. will provide material storage capacities to during our November earnings call. Fourth
Pine Run Gathering is Stonehenge’s customers of both the Agua Blanca and quarter results were positively impacted
fourth venture in the Appalachian Basin. Whistler pipelines. With six existing caverns by a combination of factors during the
“Stonehenge is pleased to add the Pine Run and five additional permitted caverns, the quarter, including seven new wells that
Midstream system to our operations in Waha Gas Storage facilities can provide were connected behind our Summit Utica
western Pennsylvania and views the strategic approximately 10bn cubic feet of storage system in late September and eight new
partnership with UGIES as a beneficial step to capacity once fully developed. wells connected behind our Williston liquids
providing area producers with cost-effective, “The Waha Gas Storage assets are system in October and November, together
customer-focused services,” said Patrick strategically located near the Waha hub with the return of substantially all of the
Redalen, CEO of Stonehenge. “The Pine Run and our new joint venture plans on further temporarily shut-in production behind the
Midstream system is a high-quality asset that optimising these facilities and their Ohio Gathering system, and continued cost
has been well managed and operated by the capabilities in the near-term to better serve reductions across our back-office and field
PennEnergy team. We are very pleased to the customers of the Agua Blanca and operations. Consequently, we expect fourth
have the chance to expand our relationship Whistler pipelines,” said Christer Rundlof, quarter 2020 adjusted Ebitda in the range
with Rich, Greg and the entire team at CEO of WhiteWater. “We are extremely of $61mn to $63mn, natural gas volume
PennEnergy.” excited to provide our customers with another throughput on our operated systems of 1.4 to
This is the second recent investment in premier residue service and unmatched 1.5 bcf/d and liquids volume throughput of
Appalachian basin natural gas gathering flexibility for their residue transportation 70,000 bbl/d to 72,000 bbl/d.”
systems by UGIES as it continues to invest in needs.” SUMMIT MIDSTREAM PARTNERS LP, February
assets well positioned in highly productive The Waha Gas Storage facilities are 16, 2021

P14 www. NEWSBASE .com Week 07 18•February•2021