Page 12 - NorthAmOil Week 02

NorthAmOil
NEWS IN BRIEF
NorthAmOil
Enterprise begins service at
isobutane dehydrogenation
plant
Enterprise Products Partners today announced that its isobutane dehydrogenation (iBDH) plant in the Mont Belvieu, Texas area recently began service, with volumes expected to continue ramping up during the next
two weeks. The facility, which is supported
by long-term, fee-based contracts with investment grade customers, will ultimately have the capability to process approximately 25,000 barrels per day of butane into nearly 1bn pounds per year of isobutylene.
The iBDH plant will provide the necessary feedstock to enable Enterprise to fully utilise its MTBE and High Purity Isobutylene
assets and meet growing market demand for isobutylene. Supplies of isobutylene, which
is also a byproduct of ethylene production plants, have decreased as a result of increased use of low-cost, light-end feedstocks, specifically ethane, instead of more expensive crude oil derivatives. The development of this project leverages Enterprise’s extensive integrated midstream network to turn plentiful, cost-advantaged natural gas liquids (NGLs) into a higher-valued product.
“The completion of the new iBDH facility extends our butane value chain by allowing us to increase production of both high purity and low purity isobutylene to be used primarily as feedstock to manufacture lubricants, rubber products and fuel additives,” said AJ “Jim” Teague, chief executive officer of Enterprise’s general partner. “I would like to commend
the performance of our construction contractor, Optimized Process Designs, and our employees whose expertise, diligence
and more than 25 years of experience with
the Oleflex technology allowed the project
to be completed on time and under budget. This same technology and project execution strategy is being utilised on our second propane dehydrogenation plant, which is currently under construction at the same
complex and is on schedule for completion in the first half of 2023.”
ENTERPRISE PRODUCTS PARTNERS, January 13, 2020
MOVES
Encana receives security-
holder approval for
reorganisation
Encana Corporation today announced that
its security-holders voted in support of the reorganisation resolution, in order to: (i) establish the company’s corporate domicile in the US; (ii) rebrand under the name Ovintiv Inc.; and (iii) complete a consolidation and share exchange for effectively one share of common stock of Ovintiv for every five common shares of Encana. The approval was made at its special meeting of security-holders held earlier today.
“We are extremely pleased with the vote of confidence from our shareholders today. With 90% of our securityholders voting “FOR” the resolution, there is clearly support for our efforts to expose Ovintiv to the deeper pools of capital in the US – capturing the value we know exists within our equity,” said CEO Doug Suttles. “We will continue to focus
on innovation and efficiencies throughout our operations, delivering the financial and operational performance our shareholders expect.”
ENCANA, January 14, 2020
Tallgrass Energy announces CFO succession plan
Tallgrass Energy today announced that executive vice president and chief financial officer Gary J Brauchle has informed the board of directors of the general partner
of his intent to resign as chief financial officer on February 14, 2020. The board has
appointed senior vice president and chief accounting officer, Gary D. Watkins, as executive vice president and chief financial officer, also effective February 14, 2020. Watkins will retain his current role as chief accounting officer. At the request of the board, Brauchle intends to remain with Tallgrass
in a non-executive capacity through 2020 to ensure leadership continuity and a seamless transition.
TALLGRASS ENERGY, January 14, 2020
Corridor Resources
announces proposed
appointment of former
Raging River management
team, financing and
changing of name to
Headwater Exploration
Corridor Resources is pleased to announce
it has entered into a definitive investment agreement with Neil Roszell, Jason Jaskela, Ali Horvath, Jonathan Grimwood and Terry Danku which provides for: (i) a non-brokered private placement of units of Corridor for gross proceeds of $20.0mn; (ii) a brokered private placement of common shares of Corridor for gross proceeds of up to $30.0mn; (iii) the appointment of a new management team and the reconstitution of the board of directors of Corridor. The private placements are being completed at $0.92 per unit and $0.92 per common share representing an approximate 8% premium to the volume weighted average trading price (VWAP) for the five trading days prior to the date hereof and an approximate 20% premium to the VWAP for the 20 trading days prior to the date hereof. Following completion of the transaction, it is expected that the name of the company will be changed to “Headwater Exploration Inc.”, subject to receiving the necessary shareholder approvals.
The new management team will be
led by Neil Roszell as chairman and chief executive officer, Jason Jaskela as president and chief operating officer, Ali Horvath as vice-president, finance and chief financial officer, Jonathan Grimwood as vice-president, exploration and Terry Danku as vice- president, engineering.
CORRIDOR RESOURCES, January 13, 2020
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Week 02 15•January•2020