Page 17 - NorthAmOil Week 45

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM Mexico and Texas. The Permian is divided more than doubles system capacity to over
into three main sub-basins: Midland Basin, 3 bcf per day while providing significant
US Energy Development Central Basin Platform, and Delaware Basin. incremental takeaway capacity for plants
servicing Texas and New Mexico gas
US Energy acquired the asset from an
Corporation invests $16mn undisclosed non-operating entity. The producers.
“We are excited to bring this expansion
firm has deployed more than $93mn in the
in the Permian Basin Permian Basin within the last 12 months and into service ahead of schedule while
continues to evaluate further expansion in the
continuing to provide reliable and transparent
US Energy Development Corporation, an area. transportation services to producers and
exploration & production (E&P) firm which US ENERGY DEVELOPMENT CORPORATION, processors in Texas and New Mexico,” said
designs and manages direct investments in November 10, 2020 WhiteWater Chief Executive Officer Christer
energy, announces it has acquired a working Rundlof. “WWM remains committed to
interest position in Poker Lake, a nine well developing premier Permian basin residue
horizontal development project in Eddy MIDSTREAM assets as markets normalise and growth
County, New Mexico. The $16mn project resumes.”
further expands US Energy’s investments WhiteWater Midstream and WhiteWater Midstream’s investment in
within the Permian Basin. the Agua Blanca joint venture is led by First
The development, which targets oil MPLX announce substantial Infrastructure Capital.
producing zones in the Wolfcamp Shale, WHITEWATER MIDSTREAM AND MPLX,
is operated by XTO Energy, a subsidiary completion of Agua Blanca November 11, 2020
of ExxonMobil. Drilling on the project is
currently in process and the initial production pipeline system expansion Summit Midstream Partners
is targeted to begin production in early 2021.
The total project development cost is in excess WhiteWater Midstream (WWM) and MPLX reports third-quarter 2020
of $97mn. today announced the substantial completion
“The Poker Lake project is located in an of a 1.8 billion cubic-feet-per-day (Bcf financial and operating
Opportunity Zone, which is attractive because per day) expansion of their joint venture
of the additional tax incentives offered in these Agua Blanca pipeline system. Testing and results
areas,” said Jordan Jayson, chairman and CEO, commissioning of the expansion will begin
US Energy. “Our team is focused on providing this month, and the system is anticipated to be Summit Midstream Partners, LP (SMLP)
our investors and institutional partners with brought into full service in early 2021. announced today its financial and operating
excellent investment opportunities. We are The Agua Blanca system is connected results for the three months ended September
looking forward to working on this project to almost 20 gas processing sites in the 30, 2020, including net income of $25.6mn,
and expanding our footprint in the Permian Delaware Basin and is currently transporting adjusted Ebitda of $59.8mn and DCF of
Basin.” gas produced in Culberson, Loving, Reeves, $37.6mn. Net income included a $24.7mn
The Permian Basin is one of the oldest Pecos, Winkler and Ward counties in Texas, gain from early extinguishment of debt due to
and most widely recognized oil and gas and Eddy and Lea counties in New Mexico, to SMLP’s open market repurchases and public
producing regions in North America. It covers the Waha Hub. The Agua Blanca expansion tender offers for its senior unsecured notes,
approximately 86,000 square miles across New includes a 42-inch diameter trunk line that at discounts to par value. Operated natural
gas volume throughput averaged 1,392mn
cubic feet per day (MMcf per day) and liquids
volume throughput averaged 69.0 thousand
barrels per day (Mbbl per day) for the third
quarter of 2020. Operated natural gas volumes
were relatively flat with the second quarter
of 2020, which was impacted by an aggregate
volume increase of 64 MMcf per day from
the Marcellus Shale and DJ Basin segments
relative to second quarter volumes, partially
offset by a 15.4% decrease in Utica Shale
segment volume, primarily due to a five-well
pad site, representing more than 150 MMcf
per day, that was temporarily shut-in due
to low commodity prices from mid-June
through mid-August. Quarterly liquids
volume throughput decreased by 9.2% from
the second quarter of 2020, primarily due
to natural production declines, the shut-in
of approximately 5 Mbbl per day of liquids
throughput across our systems due to low
commodity prices and the continued deferral
of drilling and completion activities by certain

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