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pipeline

On July 1st 2021, the Whistler Pipeline (Austin, Texas) started its commercial service and according to a statement from the consortium which owns the pipeline, it will be adding an additional gas transportation capacity of approx. 2 billion cubic feet of incremental natural gas from the Permian Basin to the Texas Gulf Coast markets.

The Whistler pipeline is a joint venture which is owned by:

  • WhiteWater Midstream MPLX
  • Ridgemont Equity Partners
  • As well as a joint venture between the affiliates of West Texas Gas Inc. and Stonepeak Infrastructure Partners

It is worth mentioning here that the Whistler pipeline is still 100% owned by Whistler Pipeline LLC and the aforementioned ventures signify the consortium makeup of the Whistler Group itself and its joint venture with infrastructure and supply partners.

The Whistler pipeline is of additional importance to WhiteWater after their acquisition of Waha gas storage assets that are located in West Texas, near the gas trading hub from Enstor Gas LLC. Enstor is among the USA’s largest, independent, and most geographically diverse gas storage operators that are headquartered in Houston. It has its eight storage facilities spread strategically across the five states along with facilities in Canada and Alberta. This asset will provide storage facilities to the customers of Whistler Pipelines as they are connected to Agua Blanca’s Waha header system.

The pipeline’s operation will reduce natural gas flaring in the Permian Basin along with providing sufficient and reliable gas takeaway because of which, the delivery points in the Agua Dulce will be able to provide the shippers access to the industrial and export markets of the Gulf Coast. This also includes LNG, which is a big plus. The prospects are still developing and complete applications are yet to be decided.

WhiteWater, the Austin, Texas-based midstream company operates both, Whistler and Agua Blanca. It is also partnered with multiple private equity funds, some of which include names like:

  • Ridgemont Equity Partners
  • Denham Capital Management
  • First Infrastructure Capital
  • Ontario Power Generation Inc. Pension Plan

 The stats of Whistler’s pipeline include an approximate length of around 450-miles with a 42-inch intrastate pipeline, which will ensure sufficient supply for a multitude of applications such as the provision to local private customers and export. This will be transporting natural gas from the Waha Header in the Permian Basin to Agua Dulce, Texas. This, in turn, will provide the gas direct access to export markets and South Texas. Additional connectivity to the Midland Basin is ensured by the 50-mile 36-inch (approx..) lateral. Whistler pipeline now remains operational and at its peak capacity to ensure regular and effective provision of 2 billion cubic feet of incremental natural gas from the Permian Basin to the Texas Gulf Coast markets.

Oil and energy Pipeline

$5 Billion Returns for ConocoPhillips’ Shareholders as Prices Grow

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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.

San Juan Basin Bankruptcies and Acquisitions - Southland Royalty Co.

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Southland Royalty sold its San Juan Basin assets to MorningStar for $17.3 million. We go over the basics with an emphasis on the data needed to evaluate Southland Royalty's acreage in the San Juan Basin.

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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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