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Certified Low Emissions Gas - Williams & PennEnergy Partner Together08/29/2022
Williams said on Aug. 8, that it concluded an agreement to support the selling and transportation of certified, low emissions next-gen natural gas from PennEnergy Resources LLC.
According to the deal, Williams will construct a marketing portfolio to market the natural gas to utilities, LNG export facilities, and other facilities which can efficiently use clean energy.
Moreover, the agreement involves a certification process that verifies best practices are being followed to reduce emissions and produce natural gas in an environmentally responsible manner collaborating with an independent third party.
The partnership with PennEnergy is a continuation of Williams' strategy to collect, market, and deliver low-carbon natural gas to the end user from the wellhead.
PennEnergy Resources chairman and CEO Rich Weber claimed that the company was looking forward to forging this partnership, as the future opportunities to deliver responsibly sourced natural gas meet the market’s increasing demands.
Responsibly Sourced Gas (RSG) is a distinct classification of natural gas that is independently verified to be produced the most environmentally.
PennEnergy follows high standards in the marketplace, as they demonstrate its strengths and highlight its dedication and investments which were made over many years to ensure the safety of the employees, the community, and the environment.
PennEnergy’s 378 production wells in southwest Pennsylvania supply the US with natural gas and they have achieved Platinum status from Project Canary’s TrustWell certification.
PennEnergy Resources was founded in 2011 by Richard D. Weber and Gregory D. Muse, energy executives with over 50 years of combined industry experience, and is based in Pittsburgh, Pennsylvania with a workforce of over 105 employees.
Williams is developing clean hydrogen, carbon capture, storage, solar, and renewable natural gas projects as part of its focus on commercializing innovative technologies, markets, and business models that support a clean energy economy.
Before signing this agreement, Williams also recently developed a partnership with Context Labs, a decarbonization technology provider, to gather, market, and deliver responsibly sourced gas.
For Williams that is another exciting step in its multi-faceted strategy to raise the transportation of next-gen gas to markets across the US as well as overseas. With the large-scale gathering and processing footprint in the best U.S. production basins, the connectivity to the nation’s biggest natural gas customers, and the industry-leading Sequent marketing platform, the company makes its best to facilitate the efficient gathering, marketing, and delivery of responsibly sourced natural gas.
As the first North American midstream company to announce comprehensive and actionable climate targets, Williams is committed to addressing climate change in a pragmatic and economically feasible manner to successfully leverage our natural gas-focused business to reduce emissions and build a clean energy economy. By setting a near-term goal of a 56% reduction in greenhouse gas emissions by 2030 as part of our climate commitment, Williams is well in line with the country’s recently announced Nationally Determined Contribution target of a 50-52% emissions reduction by 2030.
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Kinder Morgan Inc. decided to sell half of its 51% interest in an LNG facility in Georgia on September 27 with proceeds allocated by the Houston-based company to pay short-term debt and buy back shares. As it is acknowledged, an undisclosed financial buyer purchases the 25.5% equity interest in Elba Liquefaction Co. LLC (ELC) for approximately $565 million. ELC is a joint venture (JV) established in 2017 to build and own the Elba liquefaction facility situated on #Elba Island in Chatham County, Georgia. After completion, Kinder Morgan and the undisclosed financial buyer will each hold a 25.5% stake in ELC. Meanwhile, Blackstone Credit will continue to hold a 49% interest. The value of the equity interest considers an enterprise value of almost $2.3 billion for ELC, which is about 13 times 2022E EBITDA. The transaction has an economic effective date of July 1. The Elba liquefaction facility has 10 modular liquefaction units for a total capacity of roughly 2.5 million tonnes per year of LNG. Kinder Morgan considers it equivalent to almost 350 MMcf/d of natural gas.
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Viper Energy's deal, comprised of cash and equity, secures an additional 2,800 net royalty acres in the Midland Basin and 1,800 in the Delaware Basin. Viper Energy Partners LP, a Diamondback Energy Inc. subsidiary, has inked a deal to acquire mineral and royalty interests in the Permian Basin. The deal, valued at around $1 billion, is with Warwick Capital Partners and GRP Energy Capital. Viper was established by Diamondback with the purpose of owning, purchasing, and capitalizing on oil and natural gas assets in North America, specifically targeting mineral and royalty interests.