Page 12 - NorthAmOil Week 45

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NEWS IN BRIEF
NorthAmOil
MIDSTREAM
Tailwater-backed Align Midstream Partners II and ElevateMidstreamPartners combineEastTexasassets, expanding Align’s existing footprint
Align Midstream Partners II, a Dallas-based midstream company focused on servicing producers’ gathering and treatment needs in East Texas, and Elevate Midstream Partners,
a full-service provider of value-enhancing midstream solutions headquartered in Houston, today announced the combination of their respective East Texas asset bases. Both companies are backed by Tailwater Capital, an energy-focused private equity firm based in Dallas.
Effective immediately, Align, led by industry veterans Fritz Brinkman and Matthew Osborn, will assume operatorship
of the combined asset base, which adds more than 180 miles of active pipeline to its existing footprint across Panola, Rusk, and Harrison Counties.
With an average daily volume of more than 300 mmcf per day, the combination provides Align with added processing and compression capabilities, while further diversifying its customer base by adding several marquee East Texas producers who are active in both the Haynesville and Cotton Valley formations.
Concurrent with the closing of the transaction, Roger Fox and the management team of Elevate Midstream Partners will create Elevate Midstream Partners II, LLC with a $150mn equity commitment from Tailwater to further capitalise on midstream asset acquisitions and greenfield buildout opportunities.
ALIGN MIDSTREAM PARTNERS II AND ELEVATE MIDSTREAM PARTNERS, November 11, 2019
Targa Resources reports third-quarter 2019 financial results and provides preliminary2020growth capitaloutlook
Targa Resources today reported third-quarter 2019 results.
The company reported quarterly earnings before interest, income taxes, depreciation and amortization, and other non-cash items (adjusted Ebitda) of $349.6mn for the third quarter of 2019 compared to $347.2mn for the third quarter of 2018. “Our gathering and processing and downstream systems continued to perform very well, bolstered
by the partial quarter contribution of our recently completed Grand Prix NGL pipeline,” said Joe Bob Perkins, chief executive officer
of the company. “With the recent completion of Grand Prix and other important growth projects, we are beginning to demonstrate the strategic benefits of our premier integrated midstream position and our cash flow profile is expected to strengthen meaningfully, positioning Targa well over the long-term.” TARGA RESOURCES, November 07, 2019
Moda Midstream
announces early delivery
of expansion tankage and
provides project updates
Liquids terminalling and logistics provider Moda Midstream today announced it has commenced deliveries of storage tanks to customers from its 10mn barrel expansion at the Moda Ingleside Energy Center (MIEC) in Ingleside, Texas. To date, Moda has delivered 2.4mn barrels of new storage capacity ahead of schedule and has combined total storage of approximately 4.4mn barrels at MIEC and the Moda Taft Terminal. Moda expects to deliver half of the 10mn barrels of expansion tankage to customers and will have total capacity of
approximately 7mn barrels by the end of 2019. “I am very pleased to announce the early
delivery of tankage to our customers to meet their growing needs,” said Moda president and CEO Bo McCall. “We have received strong demand for additional storage and throughput commitments to support our next expansion phase that will be similar in size to what we are executing today and will be easily accommodated at MIEC’s 925-acre footprint and expansive waterfront.”
MODA MIDSTREAM, November 07, 2019
Starwood Energy to acquire Lavaca gas-gathering system from Third Coast Midstream
Starwood Energy Group Global, a leading private investment firm focused on energy infrastructure, announced today that it has signed a definitive agreement to acquire Third Coast Midstream gas gathering infrastructure located in and around Lavaca County, TX. The Gathering Business includes over 260 miles of natural gas gathering pipes and associated infrastructure and provides gathering and artificial gas lift services to local upstream clients focused on oil and gas production in the Eagle Ford.
“We are excited to announce our
first acquisition in the midstream space. The Lavaca system represents a unique opportunity to own a critical piece of Eagle Ford gathering infrastructure. The business mix of gas gathering and artificial gas lift results in a more stable cash flow profile
for the asset and fits well within our overall strategy. The Third Coast team has built a great business and we are looking forward to continuing to provide exceptional service to our customers as we look to expand the system and grow our midstream platform,” said Himanshu Saxena, CEO of Starwood Energy.
“Our Eagle Ford natural gas infrastructure platform has grown significantly since we acquired it in 2014,” stated Matt Rowland, Third Coast president and chief executive officer. “We expect that with Starwood’s established infrastructure experience and financial strength, the system will continue that growth in a safe, efficient manner. This transaction follows Third Coast’s previously announced divestitures as part of Third Coast’s strategic repositioning to focus on its core Gulf of Mexico infrastructure assets.” STARWOOD ENERGY GROUP GLOBAL, November 08, 2019
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Week 45 13•November•2019