Page 11 - NorthAmOil Week 39

NorthAmOil
NEWS IN BRIEF
NorthAmOil
POLICY
Equitrans Midstream and EQM Midstream Partners support industry efforts to continue reducing methane emissions
Equitrans Midstream (ETRN) and EQM Midstream Partners (EQM) support the US oil and gas industry’s ongoing efforts to reduce methane emissions and; therefore, respectfully oppose the US Environmental Protection Agency’s (EPA) proposed rollback of methane regulations.
“Americans have worked to increase production of our domestic oil and gas resources and provide safe transportation to supply our nation with reliable, cost-effective energy; and we believe methane controls
and reduction should continue to evolve, rather than take steps backward,” said Diana Charletta, president and chief operating officer of Equitrans Midstream. “Our industry has made great strides during the past decade, with the U.S. EPA’s April 2019 inventory report showing total methane emissions are down 15.8% since 1990. While this is a good start, we cannot and should not be satisfied with this achievement. We must continue to push our industry forward in a meaningful way in order to effectuate real mitigation of climate change impacts.
“Methane is the most significant component of the gas that we move for our customers – from the point of extraction,
to processing, and ultimately to business
and residential consumers; therefore, we must be accountable and responsible for understanding, assessing, and improving our
methane management practices,” Charletta continued.
ETRN and EQM acknowledge that it is not enough to achieve regulatory compliance on methane emissions in order to address the global impacts of climate change. They proactively pursue the implementation of best practices and recognise that reducing their overall carbon footprint and mitigating their operational impact is imperative for
the sustainability of the environment, their communities, and their business. EQUITRANS MIDSTREAM AND EQM MIDSTREAM PARTNERS, September 25, 2019
UPSTREAM
Pickering Energy Partners announces strategic joint venture with Henry Resources
Pickering Energy Partners (PEP), a Houston- based energy investment management firm, is pleased to announce a strategic joint venture with Henry Resources, one of the premier family-owned oil and gas operators in the Permian Basin. The joint venture will pursue acquisitions of producing oil and gas assets across the Permian Basin where Henry has operated for over 50 years.
“We see a unique opportunity today
in the acquisition market for producing
oil and gas assets. Partnering with Henry Resources and our investors allows us to opportunistically exploit the liquidity-driven mispricing in the market. The Henry team has been long-time friends and partners of ours, and we are honoured to be working with a group with a respected reputation, a half
century of experience in the Permian, and a distinguished track record of success,” stated Dan Pickering, Chief Investment Officer.
“Henry has had a front row seat to the Permian Basin through various cycles over the past few decades, and today looks like one of the most favourable PDP acquisition markets we have ever seen,” said David Bledsoe, president of Henry Resources. “Henry believes we are well positioned with the PEP joint venture to exploit the current correction and deliver predictable returns to the Henry family and our partners.”
Under the terms of the partnership,
Henry and PEP will target to invest at least $500mn in producing asset packages to be operated by the Henry team. The partnership’s strategy includes a significant current yield component, with a robust hedging program to protect against volatility in crude oil markets. The joint venture believes it will be the “buyer of choice” due to its knowledge of the Basin, strong local relationships and dedicated acquisition capital.
PICKERING ENERGY PARTNERS, September 24, 2019
MIDSTREAM
Medallion announces binding open season for expansion of crude oil pipeline
Medallion Pipeline today announced a binding open season to solicit long-term, firm shipper commitments for an expansion of
its crude oil pipeline system in the Midland Basin. Through the open season, Medallion proposes to expand two pipeline segments
to transport increased quantities of crude
oil, produced from acreage proximate to Medallion’s system, to downstream pipelines and markets.
MEDALLION PIPELINE, September 24, 2019
Tallgrass Energy announces joint tariff open season to transport crude from the Powder River Basin
Tallgrass Energy, through its affiliate Tallgrass Pony Express Pipeline, today announced
a binding open season soliciting shipper commitments for crude oil transportation
Week 39 01•October•2019
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