Page 11 - NorthAmOil Week 43 2022

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MOVES sheet, I am confident that Granite Ridge will a 140-megawatt (MW) wind generation
continue to be a testament to our philosophy facility on Pioneer-owned surface acreage in
Grey Rock Investment of matching accomplished executives and Midland County. This project is supported by
great assets, with the proper capital structure
a power purchase agreement with Pioneer, in
Partners and Executive to maximize results and value creation.” which Targa Resources will participate and is
“I am honored to lead Granite Ridge as
expected to be operational in 2024. NextEra
Network Partnering we enter the public market and seize the Energy Resources is the world’s largest
opportunities created by today’s energy
generator of renewable energy from the wind
Corporation successfully environment,” said Luke Brandenberg, and sun and a world leader in battery storage.
Additionally, Pioneer is also a participant
Granite Ridge president and chief executive
complete business officer. “As capital continues to dry up for in the 160 MW Concho Valley Solar project
through Targa’s power purchase agreement,
natural resources coupled with a world
combination forming increasingly reliant on U.S. energy production, which commenced delivering renewable
we will maintain a strategic approach focusing
electricity during October 2022.
publicly traded Granite on non-operated working interests and these projects will provide a portion of the
The renewable electricity sourced from
joint ventures, partnering with experienced
Ridge Resources operators in the most prolific basins, and power required to operate Pioneer and Targa’s
jointly owned Midland Basin natural gas
leveraging real-time data to build a diversified
Grey Rock Investment Partners, a Dallas- asset base that creates healthy, risk-adjusted processing infrastructure, as well as Pioneer’s
based investment firm, and Executive returns while generating substantial value for field operations, enhancing each company’s
Network Partnering Corporation (ENPC), a our stockholders.” emissions reduction initiatives through
special purpose acquisition entity, announced GREY ROCK INVESTMENT PARTNERS renewable electricity purchases and credits.
today that they have successfully closed the AND EXECUTIVE NETWORK PARTNERING Participating in these projects exemplify
previously announced business combination CORPORATION, October 24, 2022 the commitment of Pioneer and Targa to
resulting in the formation of publicly traded be industry leaders in reducing emissions
Granite Ridge Resources. Granite Ridge’s throughout the Midland Basin.
common stock and warrants are expected ENERGY TRANSITION Pioneer will continue to evaluate wind
to begin trading on the NYSE under the and solar developments on its extensive
ticker symbols “GRNT” and “GRNT WS”, Pioneer Natural Resources owned surface acreage in the Permian
respectively, on October 25, 2022. Granite Basin. These projects, along with any future
Ridge is led by president and chief executive announces participation in projects, are expected to provide an offset to
officer Luke Brandenberg and chief financial Pioneer’s Scope 2 emissions through the use
officer Tyler Farquharson. renewable energy projects of renewable electricity, helping Pioneer to
“The creation of Granite Ridge is a further reduce the emission intensity of the
springboard for growth and a compelling Pioneer Natural Resources today announced Company’s operations while continuing to
opportunity for investors, driven by the the participation in two renewable energy supply low-cost, responsibly sourced energy
increasing demand for traditional energy,” said projects that will supply low-cost, renewable to the world.
Paul Ryan, chairman of ENPC and former power to the company’s Permian Basin PIONEER NATURAL RESOURCES, October 27,
Speaker of the US House of Representatives. operations and the Texas electric grid. 2022
“Underpinned by a high-quality asset base, Pioneer is working with a subsidiary
attractive growth profile, and strong balance of NextEra Energy Resources to develop

Week 43 27•October•2022 www. NEWSBASE .com P11