Page 15 - NorthAmOil Week 07 2023

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM The acquisition includes capacity SERVICES
additions of about 14,000 barrels per day
Surge Energy Inc confirms of fractionation, 6,000 barrels per day of Drilling Tools International
de-ethanisation, 3.7mn barrels of storage
March 2023 dividend and 79,200 barrels per day of capacity in to list on Nasdaq through
four pipelines that transport NGLs between
Surge Energy Inc. confirms that a cash Edmonton and Fort Saskatchewan. business combination with
dividend to be paid on March 15, 2023, in KEYERA, February 13, 2023
respect of February 2023 production, for the ROC Energy Acquisition
shareholders of record on February 28, 2023 Energy Transfer reports
will be $0.04 per share. Drilling Tools International Holdings, Inc., a
The dividend is an eligible dividend for the strong fourth quarter 2022 leading oilfield services company that rents
purposes of the Income Tax Act (Canada). downhole drilling tools used in horizontal
Surge is an intermediate, publicly traded oil results and directional drilling, and ROC Energy
company focused on enhancing shareholder Acquisition, a publicly traded special purpose
returns through free cash flow generation. The Energy Transfer today reported financial acquisition company, today announced
Company’s defined operating strategy is based results for the quarter and year ended a definitive agreement for a business
on acquiring and developing high-quality, December 31, 2022. combination that will result in DTI becoming
conventional oil reservoirs using proven Energy Transfer reported net income a US publicly listed company. Upon closing of
technology to enhance ultimate oil recoveries. attributable to partners for the three months the transaction, the combined company DTI.
SURGE, February 15, 2023 ended December 31, 2022 of $1.16bn, an DTI is a leading oilfield services company
increase of $234mn compared to the same that manufactures and rents downhole
period last year. For the three months ended drilling tools used in horizontal and
MIDSTREAM December 31, 2022, net income per common directional drilling of oil and natural gas wells.
unit (basic) was $0.34 per unit. DTI’s success is supported by its ability to
Keyera completes ended December 31, 2022 was $3.44bn meet its customer demand with operations
Adjusted EBITDA for the three months
from 22 locations in North America, Europe
acquisition of Core Fort compared to $2.81bn for the same period last and the Middle East; with over 65,000 tools
year.
in its fleet including drill collars, stabilisers,
Saskatchewan facilities partners, as adjusted, for the three months crossover subs, wellbore conditioning tools,
Distributable cash flow attributable to
drill pipe, and tubing. DTI also rents surface
Keyera Corp. today confirms the closing ended December 31, 2022 was $1.91bn control equipment such as blowout preventers
of the previously announced acquisition compared to $1.60bn for the same period last and handling tools, and provides downhole
of a 21% working interest in the Keyera year. products for producing wells.
Fort Saskatchewan (KFS) complex from The improved results were primarily due to There is a limited number of competitors
Plains Midstream Canada, bringing its higher volumes across all of our core segments in the oil and gas drilling rental tools industry,
total ownership in KFS to 98%. Total cash and the impacts of the acquisition of Enable with most described as local and regional
consideration including adjustments was Midstream. players. Most E&P and oilfield service
CAD366.5mn. ENERGY TRANFER, February 15, 2023 companies rent tools, as opposed to owning
them, because of the many factors that
affect which tools are needed for a specific
task, such as different formations, drilling
methodologies, drilling engineer preferences,
drilling depth and hole size. As a result, DTI
possesses an advantage over competitors due
to its significant scale, geographic reach, large
tool inventory, and strong management team,
enabling it to serve a blue-chip customer base
including: SLB, Baker Hughes, Halliburton,
OXY, EOG Resources, ExxonMobil, Chevron,
ConocoPhillips, and Phoenix Technologies.
DTI, February 14, 2023
Expro enhances well

construction portfolio with
acquisition of DeltaTek

Global

Energy services provider, Expro today

Week 07 16•February•2023 www. NEWSBASE .com P15