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NorthAmOil NEWS IN BRIEF NorthAmOil
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Marathon Petroleum,
ADM announce closing of
feedstock partnership
Marathon Petroleum today announced the
closing of their joint venture to produce
soybean oil to supply the rapidly growing
demand for renewable diesel fuel. The joint
pursue commercial discussions with current potential expansion of the partnership’s venture, which is named Green Bison Soy
and potential producer and refiner customers refined petroleum products pipeline system Processing, will own and operate a soybean
to secure additional long-term agreements to from Kansas to Colorado. Significant interest processing complex in Spiritwood, North
support future expansions at both the DRU has been expressed from potential shippers, Dakota, with ADM owning 75% of the joint
and the PAT. and the extension provides interested venture and MPC owning 25%, as previously
USD’s patented DRU technology separates customers additional time to finalise announced in August.
the diluent that has been added to the commitments. Binding commitments are now Expected to be complete in 2023, the
raw bitumen in the production process, due by 5:00 p.m. Central Time on December $350mn Spiritwood facility will source
which meets two important market needs. 22. and process local soybeans and supply the
It creates DRUbit™, a proprietary heavy The approximately 450-mile pipeline resulting soybean oil exclusively to MPC. The
Canadian crude oil or bitumen that ships currently transports various grades of Spiritwood complex is expected to produce
by rail and does not meet any of the defined gasoline, diesel fuel and jet fuel from El approximately 600mn pounds of refined
categories of hazardous materials by US DOT Dorado, Kansas to Denver, Colorado. soybean oil annually, enough feedstock for
Hazardous Materials regulations and Canada’s Magellan’s pipeline network is capable of approximately 75mn gallons of renewable
Transport of Dangerous Goods regulations, further distributing these essential fuels diesel per year.
creating safety and environmental benefits. safely and efficiently to key markets within MARATHON PETROLEUM, December 14, 2021
Additionally, it returns the recovered diluent Colorado, including Colorado Springs, the
to ConocoPhillips at HET for reuse in the greater Denver metropolitan area as well as
Western Canadian market, which reduces the Denver International Airport. MOVES
delivered costs for diluent. The DBR network Expansion of the pipeline would provide
provides meaningful safety, economic the Colorado market additional access to EQT announces $1bn share
and environmental benefits relative to refined products from Midcontinent and
conventional crude by rail. Gulf Coast refineries via Magellan’s extensive repurchase programme,
The DRU at HET is operating at or above pipeline system.
its nameplate capacity of 50,000 barrels The capital-efficient expansion would reinstatement of regular
per day of inlet bitumen blend, which the increase the pipeline’s capacity by an estimated
DRU separates into DRUbit™ and diluent. 5,000 barrels per day (bpd), to a new total dividend, and updated long-
Transporting DRUbit™ by Rail™ is projected to capacity of approximately 65,000 bpd. The
reduce carbon emissions nearly 20% relative higher capacity could be available by late term leverage target
to dilbit by rail alternatives and approximately 2022 following the addition of incremental
30% compared to dilbit by pipeline pumping capabilities. EQT today announced that its Board of
alternatives. MAGELLAN MIDSTREAM PARTNERS, December Directors approved a $1.0bn share repurchase
US DEVELOPMENT GROUP AND GIBSON 15, 2021 program and has determined to reinstate its
ENERGY, December 14, 2021 regular dividend starting in the first quarter
2022. The company also announced an
Magellan Midstream Pony Express pipeline updated long-term leverage target.
announces open season for
President and CEO Toby Rice stated:
extends open season transportation to Augusta “Since joining EQT in July 2019, our team
has eliminated approximately $500mn of
for potential Kansas-to- Tallgrass Pony Express Pipeline, operated by recurring annual costs from the business,
repaired the balance sheet, and repositioned
Colorado refined products Tallgrass, today announced a binding open EQT as a highly-efficient, technology-driven
season soliciting shipper commitments for
operator and the leading producer of natural
pipeline expansion to crude oil transportation from Pony Express’ gas in North America. We have entered the
next phase of the sustainable shale era – one
Guernsey and Sterling origins to its Augusta
December 22 destination, located in Butler County, Kan., in that values free cash flow generation, balance
exchange for incentive tariff rates.
sheet strength, emissions reduction and
Magellan Midstream Partners announced TALLGRASS PONY EXPRESS PIPELINE, returning capital to shareholders. Now, we
today the extension of its open season December 15, 2021 are executing on all four of these pillars. With
to solicit customer commitments for the a premier asset base projected to generate
Week 50 16•December•2021 www. NEWSBASE .com P11