Page 12 - NorthAmOil Week 08 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

from scope development all the way through
commissioning.”
For Saulsbury, this award supports
the company’s longstanding history and
reputation as an industry leader in the oil
and gas industry for self-performing the full
engineering and construction of cryogenic gas
processing facilities. Saulsbury is well known
in this industry for its successful project
execution and world-class safety performance.
SAULSBURY INDUSTRIES, February 23, 2021

MIDSTREAM to large liquefied natural gas (LNG) export
facilities and other markets located on the SERVICES
Kinder Morgan and Texas and Louisiana Gulf Coast. NGPL has Oceaneering reports fourth-
approximately 9,100 miles of pipeline, more
Brookfield Infrastructure than 1mn compression horsepower and quarter and full-year 2020
288bn cubic feet (bcf) of working natural gas
announce minority interest storage. NGPL provides its customers access results
to all major natural gas supply basins directly
sale in Natural Gas Pipeline and through its numerous interconnects with Oceaneering International today reported
intrastate and interstate pipeline systems.
Company of America KINDER MORGAN AND BROOKFIELD a net loss of $25.0mn, or $(0.25) per share,
on revenue of $424mn for the three months
INFRASTRUCTURE PARTNERS, February 22,
Kinder Morgan and Brookfield Infrastructure 2021 ended December 31, 2020. Adjusted net
Partners today jointly announced that they income was $1.8mn, or $0.02 per share,
have agreed to sell a 25% minority interest in Saulsbury awarded EPC reflecting the impact of $9.8mn of pre-
Natural Gas Pipeline Company of America tax adjustments associated with asset
(NGPL) to a fund controlled by ArcLight contract for Midland Basin impairments and write-offs, restructuring and
Capital Partners for $830mn. The proceeds other expenses, and foreign exchange losses
will be shared equally between KMI and gas processing facility recognised during the quarter, and $9.6mn of
Brookfield Infrastructure. The value of discrete tax adjustments.
the minority interest implies an enterprise Saulsbury was recently awarded a turnkey During the prior quarter ended September
value of approximately $5.2bn for NGPL, EPC contract for the design and installation 30, 2020, Oceaneering reported a net loss of
which is approximately 11.2 times 2020 of a new cryogenic processing facility in $79.4mn, or $(0.80) per share, on revenue
EBITDA. Upon closing, KMI and Brookfield the Midland Basin for one of the leading of $440mn. Adjusted net loss was $17.6mn,
Infrastructure will each hold a 37.5% interest gas processors in West Texas. This facility, or $(0.18) per share, reflecting the impact of
in NGPL, and KMI will continue to operate designed with a base-rated capacity of $68.7mn of pre-tax adjustments associated
the pipeline. 200 mmscfd, will be Saulsbury’s 59th with goodwill impairment, write-offs of fixed
“Kinder Morgan and Brookfield cryogenic processing facility project since assets, inventory write-downs, restructuring
Infrastructure are pleased to welcome 2006, representing over 10.2 bcf per day of expenses, and foreign exchange losses
ArcLight into the NGPL joint venture,” processing capacity, and its 21st cryogenic recognised during the quarter, and $6.3mn of
said Kinder Morgan Natural Gas Pipelines processing facility in the West Texas region. discrete tax adjustments.
President Tom Martin. “We believe this Saulsbury will be responsible for the OCEANEERING INTERNATIONAL, February 24,
investment shows the value of natural gas engineering, procurement, construction, 2021
infrastructure both today and in the decades and commissioning of the processing facility
to come.” that will include amine treating, TEG and
For this transaction, NGPL is served by molecular sieve dehydration, cryogenic gas MOVES
RBC Capital Markets as the exclusive financial processing, residue gas compression, and all
adviser and King and Spalding as the legal balance of plant equipment, utilities, electrical, Tengasco and Riley
advisor. Barclays served as the exclusive instrumentation, and controls infrastructure.
financial advisor to ArcLight and has provided Work begins in February 2021 with an Exploration – Permian
a committed debt financing to ArcLight to expected in-service date of March 2022.
support the transaction. Latham & Watkins “We are very excited to partner with our announce reverse stock
served as legal advisor to ArcLight. The client on this important project in these ever-
transaction is expected to close in the first changing market conditions for the expansion split; merger expected to
quarter of 2021. of processing capacity in their Midland
NGPL is the largest transporter of Basin infrastructure,” said Jimmy Matthews close on February 26
natural gas into the high-demand Chicago- – Chief Operating Officer. “This project will
area market as well as one of the largest continue to demonstrate our commitment Tengasco and Riley Exploration – Permian
interstate pipeline systems in the country. to providing safe, quality, and speed-to- announced today that in anticipation of the
It is also a major transporter of natural gas market solutions for our clients’ projects closing of the previously announced merger

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