Page 15 - NorthAmOil Week 05 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM lessons from the year served to strengthen our MIDSTREAM
conviction that ConocoPhillips offers the right
ConocoPhillips reports value proposition for this volatile business Summit Midstream Partners
-- free cash flow generation, a strong balance
fourth-quarter and full-year sheet, commitment to differential returns of announces $175mn of
and on capital and ESG leadership.
2020 results; announces downturn in 2020, we successfully delivered financing commitments for
“Despite the significant industry-wide
quarterly dividend this value proposition and remain committed its Double E pipeline project
to it. As we enter 2021, our ability to lead the
ConocoPhillips today reported a fourth- sector in value creation is enhanced by the and schedules fourth
quarter 2020 loss of $0.8bn, or ($0.72) per recent Concho acquisition that creates a best-
share, compared with fourth-quarter 2019 in-class competitor of scale to thrive in the quarter 2020 earnings call
earnings of $0.7bn, or $0.65 per share. new energy future.”
Excluding special items, fourth-quarter 2020 CONOCOPHILLIPS, February 02, 2021 Summit Midstream Partners, LP (NYSE:
adjusted earnings were a loss of $0.2bn, or SMLP) announced today that its wholly-
($0.19) per share, compared with fourth- Earthstone Provides owned, indirect subsidiary, Summit Permian
quarter 2019 adjusted earnings of $0.8bn, or Transmission, has received $175mn of
$0.76 per share. Special items for the current update, 2021 guidance and commitments from three leading commercial
quarter were primarily due to non-cash banks to finance the development of its
impairments related to the Alaska North announces proved reserves Double E pipeline project. The lenders have
Slope Gas asset and non-core assets in Lower committed to provide senior secured credit
48, in addition to exploration-related expenses Earthstone Energy today provided an facilities consisting of a $160mn delayed
in Other International, partially offset by an operations update, released 2021 guidance draw term loan facility and a $15mn working
unrealised gain on Cenovus Energy equity. and announced its year-end 2020 estimated capital facility (collectively, the “Credit
Full-year 2020 earnings were a loss of proved reserves. The company has estimated Facilities”). The credit facilities are non-
$2.7bn, or ($2.51) per share, compared with its oil and gas sales volumes for the fourth recourse to SMLP and mature seven years
full-year 2019 earnings of $7.2bn, or $6.40 quarter of 2020 to be approximately 1.40mn after the date of initial borrowing. SMLP
per share. Excluding special items, full-year boe or an average of approximately 15,232 expects to close and fund on the Credit
2020 adjusted earnings were a loss of $1.0bn, boepd (47% oil). For the year ended Facilities shortly and will post a $15mn
or ($0.97) per share, compared with full-year December 31, 2020, the company estimates letter of credit under its corporate revolving
2019 adjusted earnings of $4.0bn, or $3.59 per its annual sales volumes grew 15% to credit facility to support back-end equity
share. approximately 5.63mn boe, or an average contributions, if any needed, upon first
“I want to thank our workforce for their of approximately 15,382 boepd (56% oil) funding.
efforts in the face of a most challenging year,” compared to 13,429 boepd (63% oil) reported Heath Deneke, president, chief executive
said Ryan Lance, chairman and chief executive for the year ended December 31, 2019. officer and chairman, commented, “I am
officer. “Throughout 2020, they protected The company also announced its year-end pleased that we have secured financing
each other, helped mitigate the spread of 2020 SEC total estimated proved reserves of commitments for substantially all of Summit’s
COVID-19 and safely executed our business approximately 78.9mn boe. expected remaining capital obligations for
as we adapted to changing market conditions. EARTHSTONE ENERGY, February 02, 2021 the construction of Double E. I would like
There was nothing easy about 2020, but the to thank our bank group for their support
of Double E and believe this is a testament
to the quality of this world class project.
This further advances the Double E project
toward our expected in-service date during
the fourth quarter of 2021. With our
previously announced notice to proceed with
construction from the FERC, we commenced
construction activities to deliver this project
in service in a safe manner, on time and under
budget.”
SUMMIT MIDSTREAM PARTNERS, February 02,
2021
Magellan Midstream

reports fourth-quarter 2020

financial results

Magellan Midstream Partners today reported
net income of $183.9mn for fourth quarter

Week 05 04•February•2021 www. NEWSBASE .com P15