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Superior Pipeline

Who is the mysterious seller: Durango or Tenawa? We shall see.

It has been announced that Superior Pipeline Co. LLC was successful in its purchase of natural gas gathering and processing assets in central Kansas. These assets consist of a 1,620-mile gathering system and an 85 MMcf/d cryogenic processing plant. No financial details of the deal have been disclosed as of yet.

At least for now, it remains unclear who is the other party in this transaction. In a bid to amend this secret, we narrowed the circle of likely suspects with the help of our market data to just two of them: Durango and Tenawa. According to our maps, they both suit the profile perfectly. Yet further investigation is needed.

As of Nov. 1, 2021, the acquisition became financially effective. Superior's existing infrastructure in the area will be majorly complemented by it: with the added capacity, the company will be able to serve more operators in the Midcontinent, which should expand its customer base. 

According to Bill Ward, the company's senior vice president of commercial activities, this acquisition is one more step in Superior Pipeline's growth strategy that aims to consolidate synergistic assets in its core area in order to increase value for shareholders.

As for Superior Pipeline Co. LLC itself, this midstream energy company boasts full-service capabilities for natural gas gathering, handling, compression, dehydration, transportation, and marketing of natural gas and NGL.

Superior's expanding operations are spread all across the Texas and Oklahoma panhandle, Central-Western Oklahoma, Southeast Oklahoma, Southeast Texas, and the Appalachian region which includes Pennsylvania and West Virginia. Its midstream service volumes exceed 465 MMcf/d, while throughput volumes of NGL are way over 700,000 gallons/day already. And those numbers are only set to expand thanks to the mentioned transaction.

This secretive company is a joint venture, owned equally by Unit Corporation and SP Investor Holdings, LLC, a holding company, which simultaneously belongs to OPTrust and Partners Group, a global private markets investment manager.

If you are interested in analyzing any other industry deal that others preferred to leave undisclosed, our intel is here for you. Please, connect with our Houston sales office to see it for yourself.

Tel. +1 713-203-3128

Email: treitmeier@hartenergy.com

The green trend: TC Energy pledges to be carbon-free by 2050

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TC Energy, the Canadian gas giant, recently announced its environmental, social, and governance goals, as well as emission reduction strategies. The company aims to become 100% emission-free by 2050 while promising to cut greenhouse gas emissions intensity from its operations by 30% by 2030 as an interim measure.

Ain't Nothing Like a $2 Billion Deal: Oasis Sells Midstream Affiliate to Crestwood

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Crestwood & Oasis Midstream merge to create a top Williston #basin player. $1.8 billion deal is expected to close during the Q1 of 2022. The transaction will result in a 21.7% ownership stake for Oasis in Crestwood common units. The remaining ownership of Oasis in Crestwood will also be of benefit to the company since it will create a diversified midstream operator with a strong balance sheet and a bullish outlook after this accretive merger.

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Shareholder’s payout target was increased by 50% after the largest U.S. independent oil producer surpassed Wall Street’s earnings estimates on growing energy prices, said Houston-based Conoco Phillips Co. on Aug. 4. Due to Western sanctions on major producer Russia throttling energy supply amid a rebound in demand from pandemic lows, oil and gas #prices have soared. Crude has been trading more than 25% higher since the start of the year and results also benefited from high natural gas prices. Meanwhile, shares were down a fraction, to $91.03, in early trading but are up about 26% year to date. Conoco Phillips stated, that the average price obtained for a barrel of oil and gas accelerated 77% from a year earlier to $88.57. The company acknowledges that it has not hedged any of its oil and gas sales to make the most of higher market prices. The capacity of 1.69 million boe/d was in line with Wall Street estimates, however, the company expected the current quarter’s output would be between 1.71 million and 1.76 million boe/d.

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California oil joint venture, Aera Energy, of Exxon Mobil Corp. and ShellPlc is being sold to German asset manager IKAV, according to the agreement of Sept. 1. Shell noted that the sale of its 51.8% membership interest in Aera Energy is for a total consideration of about $2 billion in cash with additional contingent payments based on future oil prices, subject to regulatory approval. However, the total transaction value was not disclosed. Being one of California’s largest oil and gas producers, Aera Energy accounts for nearly 25% of the state’s production. The sale by Exxon Mobil and Shell ends a 25-year-long partnership in California, meanwhile, it persists a streak of divestments of mature oil and gas properties by the two supermajors. Aera Energy LLC operates about 13,000 wells in the San Joaquin Valley in California, producing oil and associated gas. In 2021, Aera took out about 95,000 boe/d. Exxon Mobil’s interests in the Aera oil-production operation in California contained a 48.2% share of Aera Energy LLC and a 50% share of Aera Energy Services Co. held by Mobil California Exploration & Producing Co. Moreover, Exxon Mobil affiliates have signed a separate agreement for the sale of an associated loading facility and pipeline system. The sale effectively ends Shell’s upstream position in California. The company reported that the divestiture is valued to result in a post-tax impairment of $300 million to $400 million, subject to adjustments.

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The completion of the merger between Centennial Resource Development Inc. and Colgate Energy Partners II LLC happened on Sept. 1, sealing the debut of Permian Resources Corp., which is considered the largest pure-play E&P company in the Delaware Basin. Permian Resources’ idea was to combine two successful E&P companies, creating a better, stronger, and more strategically compelling company. Centennial and Colgate announced an agreement to merge in May, denying rumors that Colgate, a privately held independent Midland-based company, had been seeking an IPO. The merger estimated Colgate at about $3.9 billion and consists of 269.3 million shares of Centennial stock, $525 million of cash, and the assumption of approximately $1.4 billion of Colgate’s outstanding net debt. Permian Resources, being the combined company, has a deep inventory of “high-quality” drilling locations on around 180,000 net acres the companies anticipate will provide more than $1 billion of free cash flow in 2023 at current strip prices, in accordance with the company release on Sept. 1.

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