Page 16 - NorthAmOil Week 05 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

SERVICES

Select Energy Services

announces two Permian
recycling facility projects,

strategic technology

investment and preliminary

unaudited results and
conference call schedule

for the fourth quarter of

2020
2020 compared to $286.4mn for fourth the new year in a strong position with an
quarter 2019. The decrease in fourth-quarter investment-grade balance sheet and resilient Select Energy Services, a leading provider of
2020 net income continued to be driven by business model to manage our company for water management and chemical solutions to
reduced demand for refined products from the long term.” the US unconventional oil and gas industry,
the ongoing impact of COVID-19 and related MAGELLAN MIDSTREAM PARTNERS, February today announced the commencement of two
restrictions, the negative impact of the lower 02, 2021 new produced water recycling facility projects
commodity price environment on various in the Permian Basin, a strategic investment
aspects of the partnership’s business as well as Calumet Specialty Products in Deep Imaging Technologies, a leading
lower volumes and average rates on its crude frack fluid tracking and imaging technology
oil pipelines. Partners announces company, as well as preliminary fourth
Diluted net income per common unit was quarter 2020 financial results and conference
82 cents in fourth quarter 2020 and $1.25 planned sale-leaseback call schedule.
in fourth quarter 2019. Diluted net income John Schmitz, president and CEO, stated,
per unit excluding mark-to-market (MTM) transaction for Shreveport “We are pleased to have the opportunity to
commodity-related pricing adjustments, a partner with two leading E&P companies
non-generally accepted accounting principles fuels terminal assets in the Permian Basin to provide full life-
(non-GAAP) financial measure, of 94 cents cycle produced water recycling solutions
for fourth quarter 2020 was higher than the Calumet Specialty Products Partners, a that we believe will both lower our
80-cent guidance provided by management leading independent producer of specialty customers’ operating costs and reduce
last fall, primarily due to incremental revenues hydrocarbon and fuels products, announced their environmental footprint. Responsibly
from the partnership’s refined products today that it has reached an agreement managing water resources through our
pipeline system as a result of higher-than- in principle to enter into a sale-leaseback operations to help conserve fresh water and
expected shipments and average tariff rates. transaction of its fuels terminal assets at protect the environment drives the industry’s
Distributable cash flow (DCF), a non- the company’s Shreveport refinery, which continued progress towards sustainability
GAAP financial measure that represents the transaction is subject to customary closing goals. These projects further strengthen
amount of cash generated during the period conditions and the partnership obtaining Select’s position as the industry leader in total
that is available to pay distributions, was consent to amend the indentures governing water management and chemical solutions.
$269.7mn for fourth quarter 2020 compared its 7.625% senior notes due 2022 and “Additionally, we are continuing to
to $357.8mn for fourth quarter 2019. 7.75% senior notes due 2023 to permit the innovate and find new ways to help our
“Despite the backdrop of the most transaction. The partnership announced customers decrease their costs and improve
challenging industry and economic conditions that it has reached an agreement in principle their well performance,” added Schmitz.
experienced in our 20-year history as a public with the bondholders necessary to obtain the “As part of this effort, we are pleased to
company, Magellan produced solid financial required consents to amend such indentures. announce a strategic investment in Deep
results during 2020 while ensuring continuity The partnership launched the consent Imaging, a leader in downhole frack fluid
of important fuel supply for our country. We solicitation to holders of its outstanding 2022 tracking and imaging. We believe it is critical
also returned nearly $1.2bn of value to our Notes and 2023 Notes on February 1, 2021. to understand the interplay downhole of the
investors through payment of a consistent The consent solicitation will expire at 5:00 water and chemical solutions we provide
cash distribution and equity repurchases,” p.m., New York City time, on February 5, to our customers within the reservoir on a
said Michael Mears, chief executive officer. 2021, unless extended or terminated. stage-by-stage basis. We think Deep Imaging’s
“Magellan’s business fundamentals remain CALUMET SPECIALTY PRODUCTS PARTNERS, proprietary technology will enable us to
sound, and we stand ready to serve the nation February 01, 2021 continue to enhance the real-time visibility
as travel and economic activity progress with we can provide to our customers in the well
additional reopening efforts. Magellan enters completion and flow back process.

P16 www. NEWSBASE .com Week 05 04•February•2021