Page 18 - NorthAmOil Week 02 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM until the closing of the transaction. access to the Northern Border Pipeline system
Scott D. Sheffield, CEO, stated: “We are for residue gas and the ONEOK NGL pipeline
Pioneer Natural Resources excited to close our transaction with Parsley system for natural gas liquids. The assets are
and begin delivering on the significant
anchored by a long-term gas gathering and
completes acquisition of synergies provided by this combination. The processing agreement with XTO Energy, a
transaction is expected to further strengthen
wholly owned subsidiary of ExxonMobil.
Parsley Energy following our investment framework by improving our The gathering system can transport over
free cash flow profile and enhancing return
450 mmcf per day of raw gas volumes and
stockholder approvals of capital to shareholders. We appreciate the Outrigger plans to expand the plant’s capacity
based on producer needs.
strong support from shareholders and are
Pioneer Natural Resources today announced confident in the tangible and durable value “Dave Keanini, Outrigger’s CEO, stated,
that Pioneer has completed its previously created through this transaction, forming “We are exceptionally proud of our team who
announced acquisition of Parsley Energy the premier Permian independent energy worked diligently within a very ambitious
following the approval by Pioneer and Parsley company.” schedule and were able to successfully execute
stockholders of all proposals necessary for PIONEER NATURAL RESOURCES, January 12, the project, even through the COVID-19
completing the all-stock transaction. 2021 global pandemic. We delivered the project
“At the special meeting of Pioneer on time – in less than eight months from
stockholders held today, more than 99% of groundbreaking – for our anchor customer
the shares of Pioneer common stock voting MIDSTREAM and under budget for our investors. The high-
at the special meeting were cast in favour capacity state-of-the-art facilities will assist
of the issuance of Pioneer common stock Outrigger Energy II XTO with the execution of its development
in connection with the transaction. At the plans. While Williston Basin activity levels
special meeting of Parsley stockholders announces completion clearly slowed due to the 2020 crude oil
held today, more than 99% of the shares of pricing and COVID-19 environments, we are
Parsley common stock voting at the special of its Williston Basin seeing substantial interest from producers
meeting (and approximately 89% of the total to accommodate future drilling plans as
outstanding shares) were cast in favour of the midstream facilities crude oil prices near sustainable levels for
transaction. the Basin. Our assets are perfectly situated
As previously announced, Parsley Outrigger Energy II announced today that it to provide producers with a competitive
stockholders will receive 0.1252 shares of has completed construction of its Williston midstream option for both new development
Pioneer common stock for each share of Basin midstream facilities project in Williams and volumes that are currently flaring due to
Parsley common stock owned. After the close County, ND. The assets consist of the Bill infrastructure constraints.”
of trading today, Parsley Class A common Sanderson Gas Processing Plant, a 250 mmcf OUTRIGGER ENERGY II, January 14, 2021
stock will no longer be listed for trading on per day cryogenic gas processing plant located
the New York Stock Exchange. west of Williston, ND, and an 80-mile, 20 and Noble Midstream Partners
In addition, in connection with the closing 24-inch diameter, rich gas gathering system
of the transaction, Matthew Gallagher and AR originating in eastern Williams County and adds Chevron dedication in
Alameddine have joined the Pioneer board of terminating at the Bill Sanderson Plant. The
directors. Mr. Gallagher and Mr. Alameddine high efficiency plant features ethane recovery DJ Basin
each served on Parsley’s board of directors and rejection capabilities with direct market
Noble Midstream Partners announced that
the Partnership has entered into an agreement
with a Chevron Corporation subsidiary to
provide oil transmission services from the
Wells Ranch development area to Platteville,
Colorado, for long-haul transportation
out of the DJ Basin. With this agreement,
Noble Midstream will now be responsible
for substantially all crude oil gathering and
intermediate oil transportation services from
the Wells Ranch development area.
“Concurrent with this new transmission
service, Noble Midstream has executed a
capacity lease with a subsidiary of Energy
Transfer for capacity on Energy Transfer’s
Wattenberg Oil Trunkline (WOT). The
partnership has contracted for the ability to
utilise a substantial portion of the capacity
on this in-service pipeline through 2031.
The WOT pipeline terminates in Platteville,
Colorado, where Noble Midstream has
extensive existing infrastructure and storage

P18 www. NEWSBASE .com Week 02 14•January•2021