Comprehensive Energy Data Intelligence

Information About Energy Companies, Their Assets, Market Deals, Industry Documents and More...

Plains All American, Oryx Midstream

Plains All American Pipeline LP has decided to unite its Permian Basin assets with Oryx Midstream Holdings LLC, a privately held company. The Plains Oryx Permian Basin JV will comprise a crude pipeline with a capacity of 6.8 million bbl/d. This pipeline spans 5,500 miles, with an average remaining contract term of approximately seven years on the JV's 4.1 million committed acres.

 Plains All American Pipeline LP owns the bulk of Permian Basin assets. Oryx Midstream, on the other hand, has significant holdings in the Permian Basin. Plains Oryx Permian Basin LLC will operate in the Permian Basin as a joint venture. Plains will hold 65% of the JV, and Oryx will control 35%, with the precise cash split set by a 10-year tiered modified distribution sharing agreement. 

Moreover, without synergies, the JV is projected to produce $800 million in EBITDA and $625 million in free cash flow in 2021. The merger agreement's transactions are anticipated to complete in the fourth quarter of 2021. 

JV's Journey In Merging Permian Basin Assets

Oryx Midstream and Plains working together is a natural evolution growth story. Plains' assets include about 5,500 pipeline kilometers and a multi-segment pipeline system capacity of 6.8 million barrels per day. Oryx has about 1,600 miles of pipeline and operational storage capacity in the Permian Basin, as well as 1.3 million acres of long-term acreage dedication and marketing agreements.

Midstream operators realize the advantages of scale and the ability to run their systems effectively. In addition, with the recent increase of takeaway capacity from the Permian Basin and a decrease in production levels as operators curtailed operations during the pandemic, the pipeline capacity is sufficient.

When the joint venture officially launches, the emphasis will be on integrating the two systems. With the JV's merged asset base, there will be more possibilities for optimization and operational leverage within the enlarged and integrated system. Plains Oryx Permian Basin JV is a beneficial deal for consumers, providing greater connection, better dependability, and increased efficiency.

This acquisition is a huge step forward in terms of enhancing the capabilities for the benefit of their customers and investors.

Plains Oryx Permian Basin will continue to develop and provide consumers with the best choices available. They are also enthusiastic about the deal and the joint venture's prospects, and what they can offer their consumers.

Oryx Permian Plains

Restructuration is in a full-speed: Comstock to sell Bakken for $154 million

Comstock Resources decided to go through with asset divestment, selling its Bakken Shale actives for $150M to Northern Oil and Gas. The proceeds from these sales will be reinvested by Comstock Resources Inc. into the Haynesville Shale, at which point the company may acquire additional leasehold and fund drilling activities starting in 2022. Meanwhile, Northern clearly gunning for the pack leading position in the Texas shale play, but whether they succeed or not is remains to be seen.

Crude oil pipelines in North America: a current perspective

$data['article']['post_image_alt']

Being the main means of transferring crude oil around the world, pipelines rapidly route oil and its derivative products (gasoline, jet fuel, diesel fuel, heating oil, and heavier fuel oils) to refineries and empower other businesses. The U.S. and Canada solely make North America a major oil hub for more than 90,000 miles of crude oil and petroleum product pipelines, which are connected to more than 140 refineries daily processing about 20 million barrels of oil. Compared to 2010, U.S. crude oil production has increased more than twice: from 5.4 to 11.5 million barrels a day. Therefore, newly produced oil obliged energy companies to expand their pipeline networks, but it has only increased by 56%. According to the latest data, Plains manages the largest pipeline network across the U.S. and Canada (its diameter is at least 10 inches) which is the 14,919-mile network that spans from the northwestern tip of Alberta down to the southern coasts of Texas and Louisiana. The place where all these various spreading pipeline networks carry crude oil is refineries, where it is transformed into different petroleum products. Gulf Coast (PADD 3) possesses several refineries with the largest throughput in North America that process more than 500,000 barrels per day. Not only does the development of new pipelines give a plethora of opportunities for economic growth but also it remains a contentious issue in Canada and the U.S., with the cancellation of the KeystoneXL pipeline emblematic of growing anti-pipeline sentiment. In 2021, only 14 petroleum liquids pipeline construction plans were completed in the U.S., which is considered the lowest amount of new pipelines and expansions ever since 2013. Anti-pipeline sentiment did not come out unexpectedly as leaks and spills in just the last decade have resulted in billions of dollars of damages. From 2010 to 2020, the Pipelineand Hazardous Materials Safety Administration reported 983 incidents that resulted in 149,000 spilled and unrecovered barrels of oil, even five fatalities, 27 injuries, and more than $2.5B in damages.

$data['article']['post_image_alt']

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.

$data['article']['post_image_alt']

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.

$data['article']['post_image_alt']

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.

A&D sector ANR Pipelines Abraxas Petroleum Acquisition Acquisitions Admiral Permian Resources Aera Energy Alberta Alternative Fuels Ameredev II Anadarko Basin Analysis Analytics Antitrust Appalachia to Market and Middlesex Extension project Appalachian Appalachian Basin Appalachian basin ArcLight Capital Partners Artesia Natural Gas Gathering and Processing System Asia Assets Acquisition Assets Revenue Assets Sale Assets Value Aviation emissions BOED BP BP Plc BPX Energy Baker Hughes Bakken Bakken Formation Bakken Shale Bakken shale Bankruptcy Bay du Nord Berkshire Hathaway Biodiesel BridgeTex Broom Creek Formation Buyout Firms CCS CO2 reduction Canada Carbon Capture Carbon Footprints Carbon capture and storage Careers in O&G Carl Icahn Cenovus Centennial Resource Development Centennial Resource Development Inc. Cheniere Energy Cheniere Marketing Chesapeake Energy Corporation Chevron Chevron Corp. China Gas Holding LTD. Clean Energy Climate Change Coal Colgate Energy Colgate Energy Partners II LLC Colgate Energy Partners III Colorado Comisión Federal de Electricidad Comstock Resources Concho Valley Solar ConocoPhillips Co. Continental Resources Corpus Christi Costa Azul Credit Suisse Group Crescent Energy Crestwood Equity Partners Crowheart Energy Crude Oil Crude Prices D-J Basin DCP DCP Midstream Data Debt Restructuration Decarbonization Technology Decarbonized Fuel Delaware Delaware Basin Delaware basin Denver Devon Energy Diamondback Energy Dividends Dominion Energy Double E Pipeline DoublePoint Energy Downstream Market Driftwood Pipeline LLC Drilling Drilling Inventory E&P EIA EIEC EP Energy ESG ESG performance ESG score Eagle Ford Eagle Ford Shale Earthstone Energy Inc. Emissions EnCap Flatrock Midstream EnCap Investments Enbridge Enbridge Inc Endeavor Gathering Energy Energy Assets Energy Crisis Energy Gas Energy Information Administration Energy Infrastructure Energy M&A deals 2022 Energy M&As Energy Prices Energy Production Energy Projects Energy Transfer Energy Transfer LP Energy Transport Solutions Enterprise Enterprise Product Operating LLC Enterprise Products Partners Environmental Protection Agency Equinor Energy Ireland Equitrans Midstream Corp. Equity Investments Ethanol Conversion Europe Evolution Petroleum Exaro Energy III Export Exxon Mobil Exxon Mobil Corp. ExxonMobil Flowing Gas Forecast Fort McMurray G&P GIS GIS NG data GIS U.S. GIS U.S. NG Data GIS U.S. NG data GIS U.S. data Gas Gas Extraction Gas Flaring Gas Holdings Gas Processing Plants Gas Production Gas Rates Gas processing Gathering Gathering and Processing Gathering and Transportation Network Gemini Carthage Glencore Global Emissions Goldman Sachs Great Western Petroleum Greater Green River Green River Basin Greenhouse Gas Emissions Gulf Coast Gulf Run Pipeline map Gulf of Mexico Haynesville Haynesville Basin Horizontal Well Humble Midstream Hydraulically Stimulated Resources Hydrocarbon Exploration Hydrocarbon Reservoirs Hydrogen IKAV IPO Import Inc. Infrastructure Ironwood Midstream Joint Venture Jonah Field Jordan Cove KKR Kinder Morgan Komipo America LEG project LNG LNG Delivery LNG Demand LNG Terminals LNG delivery LNG exports LNG plant LNG provider LNG-by-rail LaBarge Labrador Lake Charles Project Leasehold Properties Leucrotta Exploration Lime Rock Resources Line 3 project Liquefaction Plant Liquefied Natural Gas Liquefied natural gas Liquids and Natural Gas Pipelines LongHorn Louisiana Lucid Energy Group M&A MPLX LP Magellan Magellan Midstream Partners Mainline Pipeline System Mancos Shale Marathon Petroleum Marcellus Shale Marcellus region Mariner East Project Mariner east expansion Market Acquisition Of Vine Energy Inc. Matador Medallion Pipeline Merge Merger Merit SI Methane Emissions Mexico MiQ Mica Midcontinent Midland Midland Basin Midstream Midstream NG gathering pipelines Midwest Monopoly Montana Montney Shale Motiva Enterprises Mountain Valley NG Pipeline Maps NG U.S. midstream data NG data NG data U.S. NG gathering pipeline systems NG pipeline maps NGL NGL Energy Partners NGL export NGL logistics NGL production NGLs NGO NGP NLG Natural Gas Natural Gas Assets Natural Gas Certification Natural Gas Equivalent Natural Gas Gathering Natural Gas Infrastructure Natural Gas Liquids Infrastructure Natural Gas Prices Natural Gas Production Natural Gas Products Navitas Midstream Net Acres Net-zero Production New Fortress New Jersey New Mexico Newco Newfoundland Non-Operated Assets North Dakota North-East Northern Oil and Gas Nuevo Midstream O&G O&G Production O&G output records O&G production forecasting Oasis Midstream Partners Oasis Petroleum Oasis Petroleum Inc. Offshore Oil Oil Equivalent Oil Prices Oil Sanctions Oil and Gas Oil and Gas Production Oil and Gas Properties Oil and Gas rigs Oil and gas production Oil companies Onshore Operated Wells Orphan Basin Oryx Oxy PAM PDC Energy PHMSA Paradox Basin Pearl Energy Investments Pembina Penn Virginia PennEast Pipeline Pennsylvania Percussion Petroleum Permian Permian Basin Permian Basin 2022 Permian Resources Corp. Permian acreage sale Permian basin Petro-Hunt Petroleum Production Piceance Pine Wave Energy Partners Pinnacle Midstream Pioneer Natural Resources Pipeline Pipeline Maps Pipeline and Hazardous Materials Safety Administration Pipelines Pipelines and Refineries Plains Plains All American Powder River Powder River Basin Power Generation Power Plant Fuel Production Production Forecast Propane Quantum Energy Partners Questar Pipeline RSG Ranger Oil Rattler Midstream Red Trail Energy Reduction of Greenhouse Emissions Renewable Diesel Renewable Energy Group Research Riverstone Rocky Mountains SAF SPA Sabine Pass LNG LP San Mateo Sempra Energy Sequestration Shale Shale Field Shale Formation Shale Gas Shale Industry Shale Oil Producer Shareholder Returns Shares Shell Plc. Sierra Grande Silver Hill Energy Partners III Sinochem Group Sour crude South Carlsbad Natural Gas Gathering System South Haynesville Basin Southcross Energy Southeast Gateway Southern Access expansion Southern Lights Pipeline Southwest Gas Stock Market Strategic Petroleum Reserve Strategic Resources Summit Midstream Partners Summit’s Lane System Sunrise Oil Sands TC Energy TC Energy Corp. THQ Appalachia Takeaway Targa Resources Texas Titus Oil & Gas Production LLC Trace Midstream TransCanada Transport Permit Transportation Infrastructure Tug Hill Operating U.S. U.S. Gulf Coast U.S. LNG exports U.S. NG data U.S. NG midstream data U.S. crude exports U.S. crude oil data U.S. energy maps U.S. hydrogen production U.S. midstream data U.S. refineries U.S. shale gas assets Uinta Uinta Basin Ukraine Upstream Utah Vermilion Energy Vista Pacifico WCS Waha Hub Wamsutter Field War Warburg Pincus Water Management Water management Webinar Well maps Wells West Texas Western Canada Select Western Canadian Sedimentary Basin White House Whiting Whiting Petroleum Wholesale William Companies Williams Williston Williston Basin Woodland Midstream II XcL Midstream Zacks Consensus Zephyr Energy Acquisition Acreage maps Acreage sale Analytics And Phillips 66 Partners Asset renewal Asset sale Assets merger Atural gas gathering Aviation Aviation fuel Bbl Bioethanol Carbon capture and storage Carbon capture storage (CCS) Carbon footprint Carbon-free Crude export terminals Crude exports to Europe Crude oil Crude oil and natural gas output Crude oil delivery Crude oil production Divestment Drilling activity Drilling permits Electrification Emission reduction Emissions Emissions reduction Energy infrastructure Energy maps Energy market Energy provider Energy services Energy supplies Energy transfer Expansion Exploration & production Financial results Flaring gas Forecast Fuel Gas Gas prices Gas projects Geologic CO2 storage Green energy Greenhouse gas Greenhouse-gas emissions Growth Hydrogen pipeline maps Investment Map of pipelines Merger and acquisition Midstream Midstream footprint Midstream infrastructure Natural gas Natural gas gathering and processing Natural gas maps Natural gas pipelines Natural gas producer Natural gas production Oil Oil and energy Oil and natural gas assets Oil market Oil output Oil prices Onshore Partnership Petroleum infrastructure Pipeline Pipeline maps Produced water Rebranding Renewable energy Renewable energy sources Subsurface CO2 sequestration Subsurface characterization Sustainability The James Lake System The Permian Basin Upstream Water management Well maps Wells Wind energy