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Bison-Gas-Gathering-System-Sold-40M-Cash-Paid-By-Summit-Midstream-to-Steel-Reef

Steel Reef acquires Summit Midstream’s Bison Gas gathering system in North Dakota for $40 million in cash as part of Houston-based Summit’s plans to streamline its portfolio.

According to a release on September 19, with the sale of Bison Midstream, Summit’s focus in the Williston Basin will be on increasing its crude oil and produced water gathering systems mainly situated in Williams and Divide Counties, North Dakota.

The Bison agreement follows the sale of Summit’s Lane gathering and processing system in the Permian Basin to Matador Resources Co. in June for $75 million. The merger of the divestitures creates additional financial flexibility to reinvest in more strategic scale-building opportunities across Summit’s footprint.

Summit Midstream Partners LP concentrates on developing, possessing, and managing midstream energy infrastructure assets that are strategically situated in the core producing areas of unconventional resource basins, mainly shale formations, in the continental U.S. The company’s portfolio is broken down into four sections: the Barnett, Northeast, Permian, and Rockies.

After the sale of the company’s Bison gas gathering system, Summit will still possess the Polar and Divide system in the Williston Basin, which has more than 295 miles of crude oil and produced water pipelines, spanning throughout the central and western parts of Williams and Divide counties in North Dakota, from the Missouri River to the Canadian border.

Summit Midstream is interested in the status of customer development activity in central Williams County and pro forma for the transaction and anticipates over 50 new wells behind our liquids system in 2023.

The Bison gas gathering system, established in Mountrail and Burke counties in northwestern North Dakota, was purchased by Steel Reef Infrastructure Corp., an integrated owner, and operator of associated gas capture, gathering, and processing assets in North Dakota and Saskatchewan.

Bison gathers, compresses, and treats associated natural gas in the crude oil stream produced from the Bakken and Three Forks shale formations. According to the Summit release, a large U.S. independent crude oil and natural gas company and Chord Energy Corp. are Bison Midstream’s key customers.

Natural gas gathered on the Bison system is conveyed to Aux Sable Midstream LLC’s Palermo Conditioning Plant in Palermo, North Dakota. Then the gas is transferred to downstream pipelines serving Aux Sable's 2.1 Bcf/d natural gas processing plant in Channahon, Illinois.

Pro forma for the Bison transaction, Summit will have about $90 million drawn on its $400 million ABL credit facility, resulting in over $300 million of available liquidity, according to Deneke. The company continues to anticipate to trend toward the high end of our 2022 Adjusted EBITDA guidance range of $205 million to $220 million.

Locke Lord LLP served as the legal adviser to Summit and Bracewell LLP was the legal adviser to Steel Reef for the Bison transaction.

To get deeper into the deals in the Willston basin or about other midstream M&As, please, contact our Houston sales office or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business. Tel. +1 713-203-3128 Email: treitmeier@hartenergy.com

Growing Export of US Crude Oil Is Expected to Set Record This Quarter

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On 27 June, the analysts at Kpler spread the word that the exports of crude oil from the U.S. Gulf Coast could break a record 3.3 MMbbl/d this quarter as Europe has regard to U.S. crude which can outweigh sanctioned Russian oil. Due to Washington's decision to release 180 MMbbl of oil from the nation's Strategic Petroleum Reserve, U.S. exports have increased in the last three months, as it has flooded the domestic market. Exports to Europe are anticipated averaging approximately 1.4 MMbbl/d this quarter, about 30% higher than the year-ago quarter, meanwhile, export to Asia is set to decrease to less than 1 MMbbl/d. Despite that the U.S. has lost about 1 MMbbl/d of refining capacity since 2020, it also boosted exports thanks to the government’s intervention to back crude supplies which has had consequences in growth in exports. Throughput via the Port of Corpus Christi has grown by more than 150,000 bbl/d and has become 1.86 MMbbl/d. Nevertheless, Port of Houston exports also have been increasing since the third quarter of last year, they remain below pre-pandemic levels.

Earthstone Expands Due to Acquisition of Titus’ Delaware

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Earthstone Energy Inc., based in Texas, announced the transaction on June 28: the acquisition of Titus Oil&Gas which will raise production in the Delaware Basin by 26%. The $627 million acquisition fills the Permian Basin in Eddy and Lea counties, N.M. with 86 net locations on 7,900 net acres of leasehold, while it is not clear how much of the leasehold might be on federal acreage It is Earthstone’s seventh acquisition since 2021, a span that includes the closing of approximately $1.89 billion in acquisitions in the Permian Basin. The purchase of Titus Oil & Gas Production LLC and Titus Oil & Gas Production II LLC, privately held companies backed by NGP Energy Capital Management LLC, is estimated at $575 million in cash and it is the equivalent of $52 million in stock (3.9 million shares of its Class A common stock based on the June 24 closing price). Titus shared that its net production in June was 31,800 boe/d. The company had reserves of approximately 28.9 MMboe. Earthstone is sure its net production will increase, at the midpoint, by 20,500 boe/d (65% oil) in the fourth quarter.

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Northern Oil and Gas Inc. (NOG) made a $330 million purchase in the Permian Basin, according to the release on October 19. NOG revealed an agreement to purchase a 36.7% working interest in the Mascot Project from Midland-Petro D.C. Partners LLC (MDPC). The acquisition will be funded with cash on hand, operating free cash flow, and borrowings. The Mascot Project is operated by Permian Deep Rock Oil Co., an affiliate of MPDC, which is a David H. Arrington-owned business based in Midland, Texas. NOG anticipates that the production from the acquired properties to average almost 4,400 boe/d in the first quarter of 2023 and 6,450 boe/d for the full-year 2023 (2-stream, about 80% oil).

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On November 2, Cardinal Midstream Partners, an independent Dallas-based midstream energy company, concluded definitive agreements with Medallion Midstream Services to purchase Medallion’s natural gas gathering and processing business in the Delaware Basin in West Texas. The transaction is subject to customary closing conditions and is expected to close in early 2023.

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On October 19, Shell USA completed the almost $1.96 billion acquisition of the master limited partnership. The company paid $15.85 in cash for every common unit representing limited partner interests in SHLX not held by Shell USA or its affiliates. A subsidiary of Shell USA has 269,457,304 SHLX common units or roughly 68.5% of SHLX common units.

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