Page 18 - NorthAmOil Week 33

NorthAmOil NEWS IN BRIEF NorthAmOil

development, Rootare has envisioned and
built several successful energy-focused
companies, bringing value to investors
and services to consumers. Most recently,
he served as the vice president of business
development at E2 Energy Services, a
Dallas-based portfolio company of Tailwater
Capital providing midstream and energy
MOVES pursuing an action-oriented value creation service solutions to the natural gas industry.
plan through recapitalizing, restructuring and Previously, Rootare served as the director for
Waterous Energy Fund repositioning the businesses.” midstream business development for DTE
Rob Morgan, CEO of Strathcona,
Midstream, a subsidiary of DTE Energy and
announces the combination commented, “We believe the combined the industry’s trusted natural gas storage,
pipeline and gathering provider across the
Strathcona business is financially stronger
of Strath Resources and and better positioned to generate sustainable Midwest, Appalachia, Northeast and Ontario.
free cash flow than either Strath or Cona on
SILVER WOLF MIDSTREAM, August 18, 2020
Cona Resources to create a standalone basis. I am very excited to be
working with the Strath and Cona teams as we
the leading private North continue the excellent work both companies ENERGY TRANSITION
have achieved in optimizing the operational
American oil producer, and financial performance of our assets.” Neste to supply sustainable
Since 2017, WEF has completed six
Strathcona Resources separate transactions to create Strathcona, aviation fuel to three major
investing approximately C$1.5 billion in
Waterous Energy Fund today announced the equity from WEF’s first private equity fund US airlines
amalgamation of two portfolio companies, and co-investors. Strathcona has a simple
Cona Resources and Strath Resources, to form capital structure with all debt held by a Neste, the world’s largest producer of
Strathcona Resources. Strathcona is the largest consortium of Canadian banks. renewable diesel and sustainable aviation
wholly private equity-owned, oil-weighted WATEROUS ENERGY FUND, August 14, 2020 fuel (SAF) made from waste and residue
producer in North America, with production raw materials, is supplying Alaska Airlines,
of ~60,000 Boe per day (67% oil and liquids), Michigan energy American Airlines and JetBlue Airways with
a 40-year reserve life index, industry-leading sustainable aviation fuel for flights from
full-cycle margins, a base oil decline rate of entrepreneur launches San Francisco International Airport (SFO).
approximately 10%, and low carbon emissions The low-carbon and high-quality fuel will
per barrel. Strathcona is a uniquely positioned new energy infrastructure contribute to each airline’s efforts to reach
producer with a portfolio of condensate their climate goals.
and natural gas production to complement development and operating Neste is now successfully delivering
its heavy oil operations. Strathcona is 100% sustainable aviation fuel to SFO via pipeline,
owned by WEF and Strathcona employees. company: Silver Wolf a milestone the airport has called a “climate
Strathcona’s leadership team includes quantum leap”. Once Neste’s SAF enters
executives from both Strath and Cona, with Midstream SFO’s fuel consortium, it is available to the
Rob Morgan as president and CEO, Michael commercial, cargo or business aviation entities
Makinson as VP finance and CFO, Tom Silver Wolf Midstream is an energy and that operate at the airport. Alaska Airlines,
Everest as VP development, Nolan Lerner as renewables infrastructure company focused American Airlines and JetBlue Airways are
VP production, Connie De Ciancio as VP on the acquisition and operation of projects the first major U.S. airlines to commit to
corporate, and Mark Teasdale as VP drilling throughout the US. The company is focused adopt Neste’s SAF at SFO, building on their
and completions. Steve Fagan, founder on developing a portfolio of existing strong track records of sustainability. All three
and former CEO of Strath, will continue to infrastructure assets and converting their airlines took their first deliveries of Neste’s
contribute to Strathcona as vice chairman. operations for clean energy and renewable SAF at SFO within the last few weeks.
Adam Waterous, WEF’s CEO, commented, resources regarding the highest levels of safety “The aviation industry is not alone in
“We believe that the Strath and Cona assets and investor returns. its journey toward reduced emissions and
fit perfectly together, with Strath’s condensate “So many of our energy related challenges increased sustainability,” said Chris Cooper,
and natural gas production closely matching can be solved through existing infrastructure vice president for renewable aviation at Neste
Cona’s condensate and natural gas operational that simply needs to be reimagined and North America. “Solutions like sustainable
requirements. Together, Strath and Cona repurposed,” said Niel M. Rootare, founder aviation fuel address both today’s needs and
create a premier company with sufficient and CEO of Silver Wolf Midstream. “Our long-term goals, and collaboration is essential
scale and commodity diversity to withstand vision is to find new ways to deliver critical to enacting a greener future. Neste is proud
the current market volatility and generate resources from energy delivery to clean and to be taking a stand for sustainability through
substantial free cash flow after sustaining sustainable water, in a way that enhances these partnerships with some of the most
capital expenditures. This transaction fits with our environmental footprint and offers new important airlines in North America.”
WEF’s strategy of acquiring companies with commercially sound solutions to the market.” NESTE, August 13, 2020
trophy properties in special situations and With a career-focus on business

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