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Pipelines, acquisition, natural gas

Whitewater Midstream LLC, a company that manages assets of over 3 billion USD in natural gas transportation in the Permian Basin, has expanded the range of its pipelines after acquiring Sendero Midstream Partner LP’s Gateway Pipeline. It is approximately 24-mile long and 24 inches in diameter. The company has made the acquisition official through an announcement on 26th August 2021. The Gateway pipeline, which was previously owned by Sendero, transports dry gas to WhiteWater’s Agua Blanca intrastate pipeline network.

The amount in which the roughly 24-mile-long pipeline has been acquired by Whitewater Midstream LLC is not disclosed According to Sendero, their formerly-owned Gateway dry gas pipeline has been operational since the second quarter of 2020.

Back in January 2021, Whitewater Midstream LLC announced the expansion of their natural gas pipeline into the Permian Basin that transports gas to the Waha Hub for processing and production. The Agua Blanca system’s capacity is now over 3 Bcf/d. This was a joint venture between Whitewater Midstream LLC and MPLX. This system consists of gas transportation systems with large diameter pipelines.

Additionally, the gas pipeline network facilitates Culberson, Loving, Pecos, Reeves, Ward, and Winkler counties in Western Texas. Agua Blanca connects to nearly 20 gas production and processing stations around the Permian’s Delaware sub-basin. Whitewater Midstream LLC was led by First Infrastructure Capital for its investment in the Agua Blanca project.

Post the company’s Agua Blanca expansion, from April to May 2021, Whitewater Midstream LLC held an open season where they were looking to determining interest in the capacity of 2 Bcf at the Waha Gas Storage facility located in Pecos County, Texas. Its Whistler Pipeline Service began its full commercial operations on 1st July 2021. The Whistler Pipeline service was made to transport natural gas to the markets located in various regions of the Gulf of Mexico. According to the company, this project will ensure the takeaway of an adequate amount of reliable gas. Other than that, the project also envisions to work in the Permian Basin to reduce natural gas flaring.

 

About Whitewater Midstream LLC

Whitewater Midstream LLC is a management-based infrastructure company based in Austin, Texas. It was founded in 2016 and since then, Whitewater has done business with multiple direct investors and private equity funds. Since Whitewater Midstream LLC has started operating in Texas, it has invested more than 3 billion USD in development projects such as gas pipeline installation, gas production, and other greenfield projects. They were represented by Sidney Austin LLP in the acquisition of Gateway Pipeline, formerly owned by Sendero.

 

 

Earthstone Expands Due to Acquisition of Titus’ Delaware

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Earthstone Energy Inc., based in Texas, announced the transaction on June 28: the acquisition of Titus Oil&Gas which will raise production in the Delaware Basin by 26%. The $627 million acquisition fills the Permian Basin in Eddy and Lea counties, N.M. with 86 net locations on 7,900 net acres of leasehold, while it is not clear how much of the leasehold might be on federal acreage It is Earthstone’s seventh acquisition since 2021, a span that includes the closing of approximately $1.89 billion in acquisitions in the Permian Basin. The purchase of Titus Oil & Gas Production LLC and Titus Oil & Gas Production II LLC, privately held companies backed by NGP Energy Capital Management LLC, is estimated at $575 million in cash and it is the equivalent of $52 million in stock (3.9 million shares of its Class A common stock based on the June 24 closing price). Titus shared that its net production in June was 31,800 boe/d. The company had reserves of approximately 28.9 MMboe. Earthstone is sure its net production will increase, at the midpoint, by 20,500 boe/d (65% oil) in the fourth quarter.

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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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