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Williams-JV-Brought-Benefits-At-The-End-Of-The-Year

The Williams Companies, Inc. reported stunning results, surpassing the previous year's third-quarter adjusted EBIDTA by 12% to $153 million. This is a $383 million increase in year-to-date EBIDTA.

The third quarter as a whole was spectacular for midstream companies. Dividend increases and buyback activity highlight management's confidence in their business. For the first time in two years, no midstream index members cut any of their dividends. And The William Cos. is not an exception.

Though the vast majority of the quarter's EBIDTA growth was attributed to production in Wyoming's Greater Green River Basin's Wamsutter Field. In this regard, Williams concluded a joint venture with Denver-based Crowheart Energy in July, in which Crowheart began operating properties owned by BP Plc and Southland.

As part of this upstream joint venture, three legacy assets of BP Plc and Southland were combined with Crowheart Energy's asset base into a contiguous area totaling over 1.2 million net acres.

A JV agreement states that 75% in this collaboration belongs to Williams, while Crowheart got the remaining 25%, although Crowheart may increase its ownership stake through performance for the sake of the development program designed to enhance the value of Williams midstream assets down the road.

Williams saw success in the development of its midstream assets and retained full ownership in the Wamsutter Field's consolidated upstream position under the JV. Furthermore, the company retained real estate, surface, and other rights that will enable it to expand the midstream and renewable energy businesses in Wyoming in the coming years.

Thanks to this agreement, Williams' upstream business contributed $55 million to adjusted EBITDA this quarter alone, since, according to CFO John Chandler, the majority of the production came from Wamsutter's upstream assets. Additionally, net of ownership fees, for the quarter the company earned 232 million CFEs. And they have also benefited from upstream operations of $83 million, almost entirely from the Wamsutter properties. 

Analysts expected earnings of $0.28 per share from Williams, but it reported $0.34 per share, while revenue of $2.48 billion, which by itself was a 28.6% increase over the same period in 2020, beat the analyst estimate of $2.09 billion. With a net margin of 10.67% and a return on equity of 10.84%, Williams is poised for success in the fourth quarter as well.

According to president and CEO Alan Armstrong, Williams did not only exceed market expectations this quarter in terms of its financial performance but also continued to successfully execute multiple key projects and transactions that provided the company with a clear path to sustained growth in the foreseeable future.

The Final Stretch: Energy Transfer Pushes For Mariner East Project Ahead Of The Stunning Q3 Results

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Energy Transfer's lead in the world's NGL exports booked the company another successive quarter. With a global market share of almost 20%, the company is nigh unstoppable. But will it be enough to, finally, push the Mariner East project over the edge? If everything goes as planned, Mariner East's last segment could be operational by the end of the first half of 2022.

No More Gas Flaring: the Permian's Double E Pipeline is brought into service in West Texas

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Permian Basins gas infrastructure boom: Summit Midstream puts into service a new pipeline system, aimed at reducing gas flaring in the area. Besides ecological concerns, the project will also transport almost 1,5 billion cubic feet of gas per day — enough to supply 5 million U.S. homes every day. According to Federal Energy Statistics, the project cost a whopping $450 million.

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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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