Page 17 - NorthAmOil Week 09 2023

NorthAmOil NEWS IN BRIEF NorthAmOil

notes due 2026 at a price of 99.907 percent of gathering lines for oil, gas, and water. partners throughout the United States,
par and $750mn of its 5.650% senior notes “Paradigm’s commitment to responsible Canada, and the Gulf of Mexico. In addition
due 2033 at a price of 99.891 percent of par. operations is in line with Harvest’s core to working with oil and gas operators,
The expected settlement date for the offering values. We are dedicated to doing the right BioSqueeze will devote a portion of its new
is March 2, 2023, subject to customary closing thing for our customers, our team, and capacity to assisting state and federal efforts
conditions. the communities where we live and work,” to plug and abandon more than 120,000
Williams intends to use the net proceeds Rebrook said. “We look forward to closing documented orphan wells with estimated
of the offering for general corporate purposes, this sale and responsibly delivering first class yearly methane emissions equivalent to 1.3
which may include the repayment of our service to our customers.” million metric tons of CO2.
outstanding commercial paper notes or other HARVEST, February 27, 2023 BIOSQUEEZE, February 22, 2023
near-term debt maturities.
Deutsche Bank Securities Inc., J.P. Morgan US Silica Holdings
Securities LLC, Mizuho Securities USA LLC SERVICES
and Morgan Stanley & Co. LLC are acting as announces fourth quarter
joint book-running managers for the offering. BioSqueeze raises $7.4mn
WILLIAMS, February 27, 2023 and full year 2022 results
Harvest Midstream Series A to eliminate oil and US Silica Holdings, Inc. today announced
gas methane emissions
net income of $31.6mn, or $0.40 per diluted
announces agreement BioSqueeze, the world leader in commercial share, for the fourth quarter ended December
31, 2022. The fourth quarter results were
to purchase Paradigm biomineralisation, has raised $7.4mn in impacted by $2.7mn pre-tax, or $0.03 per
financing to accelerate its growth in sealing
diluted share after-tax, of charges primarily
Midstream methane leaks in oil and gas wells across related to merger and acquisition related
North America. Led by Valo Ventures, a
expenses and optimisation costs, partially
Today, Harvest Midstream announced the leading investor in climate technologies, the offset by the gain on extinguishment of debt,
signing of a purchase and sale agreement round also includes participation from Zero resulting in adjusted EPS (a non-GAAP
with Ares Management funds for Paradigm Infinity Partners, Riverstone LLC, and Next measure) of $0.43 per diluted share.
Midstream. Frontier Capital. These results compared with net income
“The Paradigm Systems are a perfect fit BioSqueeze’s innovative biomineralisation of $32.1mn, or $0.41 per diluted share, for the
for Harvest’s expanding network of first-class technology was developed in conjunction third quarter of 2022, which were negatively
midstream assets,” said Harvest CEO Jason with the Department of Energy over a 10-year impacted by $2.1mn pre-tax, or $0.02 per
C. Rebrook. “Not only does this acquisition period to provide the oil and gas industry diluted share after-tax, primarily related to
allow Harvest to further extend its footprint in with the most effective solution to eliminate merger and acquisition related expenses and
the Eagle Ford, but with its systems in North fugitive emissions from oil and gas wells. optimisation costs, partially offset by the gain
Dakota, we will now expand our geographic barrier stronger than cement. on extinguishment of debt.
presence into one of the country’s premier, The new investment will power Bryan Shinn, CEO, stated, “Our
high-quality basins.” BioSqueeze’s ability to lead the industry’s fourth quarter delivered a strong close
The North Dakota and South Texas assets methane reduction initiatives and address the to an exceptional year. During 2022, we
are comprised of four wholly owned gathering increasing demand for the company’s natural successfully executed our strategic plan and
systems known as the Charlson Gathering biomineralisation technology. The company delivered impressive bottom-line results
System, Van Hook Gathering System, will accelerate its growth across North while strengthening our balance sheet and
Mountrail Gathering System, and Eagle America by bolstering its fleet of mobile leak positioning US Silica for future success. In
Ford Gathering System. The Bakken assets sealing vehicles, implementing real-time, 2022, we significantly raised pricing across
transport nearly 100,000 barrels of oil per remote operations from its headquarters in both segments to help offset inflation, we
day and approximately 75 mmcf/d of natural Butte, and developing new products in the increased contract coverage while expanding
gas. The South Texas Eagle Ford Gathering realm of rigless deployment, enhanced oil margins in our oil and gas segment, and
System assets transport approximately 14,000 recovery, soil stabilisation, and infrastructure generated $262.7 million of cash flow from
barrels of oil per day. These systems consist repair. Of particular focus is rapidly operations. We opportunistically used this
of approximately 350 miles of trunk lines and expanding operations to serve BioSqueeze’s cash to retire $150mn of long-term debt,

Week 09 02•March•2023 www. NEWSBASE .com P17