Page 13 - NorthAmOil Week 39

NorthAmOil
NEWS IN BRIEF
NorthAmOil
660,000 barrels per day of disposal capacity. NGL expects to integrate the Hillstone system into its existing Delaware Basin platform to maximise uptime and redundancy for its producer customers.
All of the water volumes on Hillstone’s Northern Delaware Basin system are delivered via multiple, large-diameter pipelines. Hillstone also has an aggregate of over 110,000 acres contracted under long-term dedications with priority disposal rights or minimum volume commitments.
NGL ENERGY PARTNERS, September 26, 2019
MOVES
American Energy –
Permian Basin announces
equity commitment from
Sable Permian Resources
American Energy – Permian Basin announced today that on September 23, 2019, the company, Sable Permian Resources and certain of their affiliates entered into a commitment letter whereby SPR agreed to contribute $375mn in cash to the company.
The $375mn cash contribution is conditioned upon the consummation of the previously announced comprehensive out- of-court restructuring plan (including the tender offers for any and all of the Company’s outstanding senior notes) or, if the out-of- court restructuring plan is not consummated, the confirmation of the previously announced pre-packaged plan of reorganisation
under Chapter 11 of the United States Bankruptcy Code and the consummation
of the transactions contemplated therein,
in either case, upon the terms and subject
to the conditions set forth in the previously announced restructuring support agreement with certain consenting noteholders and the Company’s offering memorandum describing the transactions.
AMERICAN ENERGY – PERMIAN BASIN, September 24, 2019
MOVES
Yuma Energy reaches
settlement agreement with
former executive
Yuma Energy today announced that the company has executed a settlement agreement
with Sam Banks, the former chief executive officer of the company. Yuma made no admission of liability under the settlement agreement but agreed to fully settle the matter by way of compromise. The agreement resolves claims that Banks asserted against Yuma in relation to his termination.
“This settlement represents another step in our restructuring process as it eliminates ongoing legal costs and unnecessary management time,” said Anthony C. Schnur, Yuma’s interim chief executive officer and chief restructuring officer. “We continue to seek to execute on our objectives of reducing our liabilities, lowering operational costs and improving our balance sheet.”
YUMA ENERGY, September 25, 2019
Tidewater announces organisationalchangesand continued streamlining of operations
Tidewater announced today that the company has reached agreements with Jeffrey A. Gorski, executive vice president and chief operating officer, and Bruce D. Lundstrom, executive vice president, general counsel and corporate secretary, whereby both will resign from the company effective September 30, 2019. The company has eliminated the chief operating officer position and has appointed Daniel A. Hudson to succeed Mr. Lundstrom as the Company’s General Counsel. As
part of the agreements, Messrs. Gorski and Lundstrom have agreed to provide transition services on an as needed basis.
Quintin Kneen, president and chief executive officer of Tidewater, commented:
“We are grateful for the contributions Jeff and Bruce have made to Tidewater over the years, and in particular for the important roles they played during our recent restructuring and subsequent merger and integration. We thank them for their contributions and wish them the very best in all of their future endeavours. These organisational changes are part of a renewed focus on improving decision making efficiency. At Tidewater, we are dedicated to finding additional opportunities to streamline our shore base infrastructure in order to reduce general and administrative expenses as part of our commitment to be the most cost efficient major offshore vessel operator in the world.”
TIDEWATER, September 26, 2019
NGL Energy Partners announcescompletionof Southeast refined products assets sale
NGL Energy Partners today announced it has closed the previously announced transaction to sell TransMontaigne Product Services and its associated assets for $275.5mn in proceeds at closing, including equity consideration, inventory, and net working capital. NGL
also monetised approximately $15.6mn in derivative assets associated with the business and reduced letter of credit exposure by approximately $35.6mn. NGL used the net proceeds from the sale and monetisation
of derivatives to reduce outstanding indebtedness under the Partnership’s revolving credit facility.
NGL ENERGY PARTNERS, September 30, 2019
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