Page 12 - NorthAmOil Week 17

NorthAmOil
NEWS IN BRIEF
NorthAmOil
UPSTREAM
EQT announces preliminary first-quarter 2020 highlights, provides updates on outlook and deleveraging plan, and schedules earnings conference call
EQT Corporation today announces certain preliminary first quarter 2020 operational and financial highlights, provides updates on outlook and its deleveraging plan,
and schedules first quarter 2020 earnings conference call.
President and CEO Toby Rice stated: “The benefits of our transformation strategy have come to fruition during the first quarter 2020. We exceeded our production expectations through continued operational efficiencies, made substantial progress towards our well cost targets and outperformed our operating cost projections, all while spending roughly 25% less capital than the prior quarter. These results reflect our commitment to being the best and lowest cost operator, and I’m excited about our team’s ability to continue building on this positive momentum in an improving natural gas environment.”
Rice continued: “We believe these operational improvements, when combined with an expected improved natural gas pricing environment and anticipated cash inflows, are more than sufficient to allow us to repay all of our 2021 maturities by the end of 2020. As a
result, we intend to more selectively explore non-core asset sales and opportunistically assess monetising our remaining equity interest in Equitrans Midstream in a strategic manner in lieu of attempting to fully achieve our Deleveraging Plan by mid- 2020. We believe these actions are aligned with our desire to position the company to generate sustainable long-term value for our stakeholders.”
EQT, April 23, 2020
MIDSTREAM
Gravity announces extensive crude and oil based mud storage capacity
Gravity, a leading water and energy infrastructure company backed by affiliates of Clearlake Capital Group, announced today that it is offering its inventory of crude oil storage tanks to operators in the Permian, Haynesville, and Eagle Ford. Gravity, one
of the largest providers of mobile fluid containment in the US, has ample supply available for immediate delivery.
“In this unprecedented environment,
we would like to help operators in any way we can,” said Mike Sledge, Vice President
of Sales at Gravity. “We have successfully navigated distressed markets before, and we are committed to leveraging our best-in-class safety record and our fleet of tanks to help operators navigate this challenging market. In addition to giving customers the same level of service and responsiveness as before the
crisis began, in the past weeks, we have set more than 1,000 tanks to address operators’ immediate storage needs and we are ready to dispatch more than 4,000 tanks as quickly as needed.”
GRAVITY, April 28, 2020
Moda Midstream
announces completion
of 10mn barrel crude oil
storage expansion at its
Texas facilities
Liquids terminalling and logistics provider Moda Midstream today announced it
has placed into service the final 495,000 barrel tank from its 10mn barrel crude oil expansions at the Moda Ingleside Energy Center (MIEC) in Ingleside, Texas and
the Moda Taft terminal in Taft, Texas. The completion of this storage expansion brings total storage capacity at MIEC and the Moda Taft terminal to approximately 12mn barrels.
“At a time when there is a pressing need for additional crude oil storage, the early delivery of the tanks is another example of Moda’s ability to consistently provide solutions to our customers,” said Moda president and CEO Bo McCall. “Bringing 10mn barrels of storage online in just over a year and a half is a major accomplishment.”
Construction has begun at MIEC on
a new expansion phase of an additional 3.5mn barrels of crude oil storage. Moda expects to begin placing storage tanks from this expansion into service later this year. MIEC will have total storage capacity in excess of 15.5mn barrels upon completion of construction.
Moda also has obtained permits to construct additional crude oil storage capacity at both MIEC and the Moda Taft terminal and is discussing further expansions with customers.
As the leading crude export facility in the United States, MIEC has direct connectivity to approximately 2.5mn barrels per day
of Permian and Eagle Ford crude supply
from four long-haul pipelines. Two of these pipelines, the Gray Oak pipeline and the EPIC crude oil pipeline, recently commenced full service. In addition, MIEC will be able to receive deliveries from Harvest Midstream Company’s Ingleside pipeline, which is currently under construction and is expected to be placed into service later this year.
MODA MIDSTREAM, April 28, 2020
P12
w w w . N E W S B A S E . c o m
Week 17 30•April•2020