Page 13 - NorthAmOil Week 45

NorthAmOil
NEWS IN BRIEF
NorthAmOil
DOWNSTREAM
Calumet Specialty Products Partners announces strategic divestiture of San Antonio refinery and related assets
Calumet Specialty Products Partners, a leading independent producer of specialty hydrocarbon and fuels products, today announced that it has closed on the sale of
its San Antonio, Texas refinery and related assets including a crude oil terminal and pipeline to Starlight Relativity Acquisition Company with an effective date of November 1, 2019. Starlight agreed to pay $63mn in cash for the plant, property and equipment, plus adjustments for net working capital, inventories and post-closing amounts. In a related transaction, Calumet entered into
a Settlement and Release Agreement with TexStar Midstream Logistics settling all outstanding litigation between the two parties which will result in the release of a $38mn balance sheet liability.
CALUMET SPECIALTY PRODUCTS PARTNERS, November 11, 2019
SERVICES
TETRA Technologies
announces third quarter
2019 results
TETRA Technologies announced consolidated third quarter net loss before discontinued operations of $9.1mn, compared to a net loss before discontinued operations
of $8.2mn in the second quarter of 2019 and $12.9mn in the same quarter of last year. Net loss per share before discontinued operations attributable to TETRA shareholders during the third quarter was $0.06, unchanged from the second quarter of 2019 and from the
third quarter of 2018. Adjusted per share loss before discontinued operations and excluding special items, was $0.02 in the third quarter, unchanged from the second quarter of this year and the third quarter of 2018.
Brady M. Murphy, TETRA’s Chief Executive Officer, stated, “Despite a challenging North America onshore market that is experiencing a significant pullback in activity, I’m pleased with our third quarter performance. We continue to focus
on differentiated offerings in each of our segments and on generating free cash flow. Our third quarter results reflect great progress on these objectives. Consolidated revenue from continuing operations was $246mn in the third quarter, down 15% sequentially and down 4% from last year. During the quarter, consolidated cash provided by operations was $46.6mn and TETRA only adjusted free cash flow from continuing operations was $9.7mn, which was a significant improvement over
the second quarter of this year and the third quarter of last year. Adjusted EBITDA on a consolidated basis was $46mn, down from $50mn in the second quarter primarily as a result of the seasonal decline in our northern Europe industrial chemicals business, while Adjusted EBITDA as a percentage of revenue improved sequentially across all three divisions.
TETRA TECHNOLOGIES, November 07, 2019
MOVES
SilverBow Resources
announces appointment of
chief financial officer
SilverBow Resources today announced
the resignation of the company’s executive vice president and chief financial officer,
G. Gleeson Van Riet, effective November
11, 2019. Effective November 12, 2019, the company appointed Christopher. M. Abundis as chief financial officer in addition to his existing duties at SilverBow. Accordingly,
Mr. Abundis will now serve as senior vice president, chief financial officer, general counsel and secretary of the company.
Sean Woolverton, SilverBow’s chief executive officer, stated: “On behalf of
the entire board, management team and employees, I want to thank Gleeson for his dedication and service to SilverBow the
past few years. Gleeson brought significant financial expertise and leadership to the Company during a key transitional time as the company relisted on the New York Stock Exchange and established itself as a premiere Eagle Ford operator.”
Mr. Woolverton continued: “We are pleased to expand Chris’s responsibilities to include chief financial officer of SilverBow. Since I began working with Chris in 2017, he has been an integral part of our executive team and continually demonstrates natural leadership and an ability to motivate employees toward achieving the strategic initiatives of the company. He also brings a unique combination of legal, accounting and
finance experience in the energy sector.”
SILVERBOW RESOURCES, November 12, 2019
Ironwood Midstream Energy Partners II forms with $400mn equity commitment from EnCap Flatrock Midstream
Ironwood Midstream Energy Partners today announced the formation of Ironwood Midstream Energy Partners II. The company is supported by an initial capital commitment of $400mn from EnCap Flatrock Midstream and management. Ironwood II is an independent energy company focused on the development of midstream infrastructure
for oil and gas producers working in shale plays across North America. Ironwood II is pursuing greenfield projects and acquisition opportunities, with a focus on opportunities in Texas. Ironwood II also announced it
has entered into a binding agreement to purchase midstream assets in South Texas currently owned and operated by Twin
Eagle Gardendale Pipeline, a subsidiary of Twin Eagle Holdings NA. The transaction
is expected to close in December 2019. Ironwood II will acquire Twin Eagle’s Gardendale and Asherton gathering systems, which together currently include 137 miles
of active crude oil gathering pipeline with connections to multiple long-haul pipelines, allowing access to the US Gulf Coast, Three Rivers and Houston markets. Interconnects include Plains All American Pipeline, Harvest Pipeline Company, NuStar Logistics and
the upcoming EPIC Crude Oil Pipeline. The Gardendale and Asherton systems
span Dimmit and La Salle counties and are supported by long-term dedications totaling more than 124,000 acres.
At closing, Twin Eagle executive vice president and chief operating officer Danny Rea will join Ironwood II as chief commercial officer. Mr. Rea joined Twin Eagle in 2015. His responsibilities at Twin Eagle include both commercial and operational management
of the company’s midstream assets. Prior to Twin Eagle, Mr. Rea served as vice president of midstream for Anadarko Petroleum. Mr. Rea also served as senior vice president and chief operating officer of the general partner of Western Gas Partners.
IRONWOOD MIDSTREAM ENERGY PARTNERS, November 12, 2019
Week 45 13•November•2019
w w w . N E W S B A S E . c o m
P13