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My post today for Steve Reese and Reese Energy Consulting. You Say Goodbye and I Say Hello Reese Energy Consulting today is following the latest from three midstreamers—one exiting a partnership, one diving into a new one, and both with MPLX GP LLC front and center. We start with Houston-based Summit Midstream, which operates natural gas, crude oil, and water gathering systems in Appalachia, the Williston, DJ, Piceance, and Barnett. The company also holds a 36% and 38% interest, respectively, in Ohio Gathering Co. and Ohio Condensate Co. Summit jumped into this JV back in 2014, which provides gas gathering, processing, fractionation, and storage services in the Utica. Fast-forward to last September when Summit announced a Review of Strategic Alternatives (RSA), followed by a 2023 4Q net loss of $15 million reported less than two weeks ago. Summit says it will now sell its Utica interests, along with other assets there to MPLX in an all-cash $625 million deal. The company points the finger at gas prices to focus more on its crude assets. Aside from divesting assets, the RSA also includes a potential sale of the company. Meanwhile, Alberta-based pipeline giant Enbridge, which entered the U.S. power and gas utility biz last year in a $14 billion deal with Dominion, has partnered up with WhiteWater Midstream, I Squared Capital, and MPLX to tag team a three-pipeline project that will usher more Permian gas to the Gulf Coast’s LNG Central. The JV will include the 450-mile Whistler Pipeline near the origination point of Enbridge’s proposed 137-mile Rio Bravo at Agua Dulce, a 50% interest in the Waha gas storage facility, and a 70% stake in the proposed 40-mile ADCC pipeline. Combined, the pipeline platform will deliver gas to Cheniere at Corpus Christi and NextDecade’s Rio Grande LNG facility. What do you think? Learn more about REC and our natural gas and LNG consulting services at https://lnkd.in/eAebAz8.

My post today for Steve Reese and Reese Energy Consulting. Energy Transfer Catches a Midstream Whopper When last we visited Energy Transfer earlier in May, the midstream machine and its combo platter of crude oil, natural gas, and NGL energy infrastructure had just wrapped up a spectacular 1Q. Perhaps there was a twinkle in the eye from Executive Chairman Kelcy Warren as the company marked its achievements, the reap of rewards from last year’s $9 billion in acquisitions, and the not-so-subtle hint there could be more fish to fry in the way of a perfect cast. Reese Energy Consulting today is following the latest from Energy Transfer, which operates across 44 states with midstream systems comprised of 125,000 miles of pipeline, storage, terminals, and NGL fractionation, in addition to its proposed Lake Charles LNG plant and Blue Marlin offshore crude port. Of the company’s two acquisitions in 2023, the largest was its $7.2 billion deal with Crestwood Equity Partners, which further boosted ETP’s gathering and processing prowess in the Permian Delaware, further feeding its fractionation biz at Mont Belvieu while building its export muscle. And it’s Texas where Energy Transfer continues to bait its midstream hook. The company has now reported it will pick up Midland, Texas-based WTG Midstream for $3.25 billion. The mostly cash and stock deal hands ETP the keys to a Midland midstream Permian-to-Gulf Coast engine that includes 6,000 miles of natural gas pipeline, eight processing facilities with 1.3 BCFD of capacity and two more plants on the way, and a 20% interest in the 425-mile BANGL NGL pipeline flowing an initial 125 MBD. In the words of River Monster’s Jeremy Wade, “Fish, On!” What do you think? Learn more about REC and our natural gas and midstream consulting services at https://lnkd.in/eAebAz8.        

Management buyout starts new chapter for Crondall Energy   A management buyout at Crondall Energy has seen a large proportion of members of its team take an ownership stake in the independent offshore energy consultancy. 🔽 Find more info in comments below 🔽 #CrondallEnergy #ManagementBuyout #OilandGasNews #OilandGasJobs #OffshoreEnergy #OilandGas ⤵️ Click Follow on our page to keep up to date with energy news ⤵️

Energy Transfer Catches a Midstream Whopper When last we visited Energy Transfer earlier in May, the midstream machine and its combo platter of crude oil, natural gas, and NGL energy infrastructure had just wrapped up a spectacular 1Q. Perhaps there was a twinkle in the eye from Executive Chairman Kelcy Warren as the company marked its achievements, the reap of rewards from last year’s $9 billion in acquisitions, and the not-so-subtle hint there could be more fish to fry in the way of a perfect cast. Reese Energy Consulting today is following the latest from Energy Transfer, which operates across 44 states with midstream systems comprised of 125,000 miles of pipeline, storage, terminals, and NGL fractionation, in addition to its proposed Lake Charles LNG plant and Blue Marlin offshore crude port. Of the company’s two acquisitions in 2023, the largest was its $7.2 billion deal with Crestwood Equity Partners, which further boosted ETP’s gathering and processing prowess in the Permian Delaware, further feeding its fractionation biz at Mont Belvieu while building its export muscle. And it’s Texas where Energy Transfer continues to bait its midstream hook. The company has now reported it will pick up Midland, Texas-based WTG Midstream for $3.25 billion. The mostly cash and stock deal hands ETP the keys to a Midland midstream Permian-to-Gulf Coast engine that includes 6,000 miles of natural gas pipeline, eight processing facilities with 1.3 BCFD of capacity and two more plants on the way, and a 20% interest in the 425-mile BANGL NGL pipeline flowing an initial 125 MBD. In the words of River Monster’s Jeremy Wade, “Fish, On!” What do you think? Learn more about REC and our natural gas and midstream consulting services at https://lnkd.in/ewhkGFa.        

Energy Transfer Catches a Midstream Whopper When last we visited Energy Transfer earlier in May, the midstream machine and its combo platter of crude oil, natural gas, and NGL energy infrastructure had just wrapped up a spectacular 1Q. Perhaps there was a twinkle in the eye from Executive Chairman Kelcy Warren as the company marked its achievements, the reap of rewards from last year’s $9 billion in acquisitions, and the not-so-subtle hint there could be more fish to fry in the way of a perfect cast. Reese Energy Consulting today is following the latest from Energy Transfer, which operates across 44 states with midstream systems comprised of 125,000 miles of pipeline, storage, terminals, and NGL fractionation, in addition to its proposed Lake Charles LNG plant and Blue Marlin offshore crude port. Of the company’s two acquisitions in 2023, the largest was its $7.2 billion deal with Crestwood Equity Partners, which further boosted ETP’s gathering and processing prowess in the Permian Delaware, further feeding its fractionation biz at Mont Belvieu while building its export muscle. And it’s Texas where Energy Transfer continues to bait its midstream hook. The company has now reported it will pick up Midland, Texas-based WTG Midstream for $3.25 billion. The mostly cash and stock deal hands ETP the keys to a Midland midstream Permian-to-Gulf Coast engine that includes 6,000 miles of natural gas pipeline, eight processing facilities with 1.3 BCFD of capacity and two more plants on the way, and a 20% interest in the 425-mile BANGL NGL pipeline flowing an initial 125 MBD. In the words of River Monster’s Jeremy Wade, “Fish, On!” What do you think? Learn more about REC and our natural gas and midstream consulting services at https://lnkd.in/ewhkGFa.        

My post today for Steve Reese and Reese Energy Consulting. Midstream Musings for Friday Boosting capacity amid record volumes has been thematic this year for midstreamers operating in the nation’s richest basins but change whispers on the wind as expected declines in production threaten to upend gains in the second half. That’s not, however, a deal-breaker for those on the hunt for new assets, integrating new acquisitions, or seizing new opportunities. Reese Energy Consulting today is following the latest on these starting with Houston-based Plains All American, which recently revealed itself as the mystery buyer of a 43% stake in Diamondback’s OMOG crude oil system in the Midland. The bolt-on $225 million deal adds 400 miles of crude oil pipe and 350 MBbls of storage to the Plains’ Permian juggernaut and, yes, the company is scouting for more. Tulsa-based ONEOK, whose natural gas and NGLs midstream business scored strong in 2Q, is eagerly awaiting its new baby before year end. ONEOK’s $18.8 billion acquisition in May of downtown neighbor Magellan will launch the midstream giant into the stratosphere while expanding ONEOK’s hydrocarbon mix with refined products to include 12,000 miles of liquids pipelines. And finally, Dallas-based IACX, which aside from building and operating NGL processing and gas treating plants, also happens to specialize in proprietary helium recovery units. In what appears to be a most fortuitous time given the shrinking global helium supply and surging demand for semiconductors, IACX plans to build, finance, and operate a recovery plant in the newly discovered Mont., Sweetgrass helium pool with a commercialization deal that includes a tolling fee agreement. What do you think? Learn more about REC and our natural gas and midstream services at https://lnkd.in/eAebAz8.  

TORONTO, ON., September 28, 2023 – NG Energy International Corp. (“NGE” or the “Company”) (TSXV: GASX) (OTCQX: GASXF) is pleased to announce that the Company, together with its partners CleanEnergy Resources S.A.S. and Desarrolladora Oleum, has reached agreements with new local midstream partners, Surenergy S.A.S. E.S.P., INFRAES S.A.S. ESP and Grupo Energetico de las Americas SAS ESP - GEAM to accelerate the schedule for Phase 1 of commercial production from Sinu-9. Pursuant to the terms of the agreements, 30 MMscf/d of natural gas will be brought online in Q1 2024, with an additional 10 MMscf/d of production brought online in Q3 2024, for total initial production volumes of 40 MMscf/d in Phase 1. The Company will deliver 30 MMscf/d of natural gas under its take-or-pay arrangement with INFRAES S.A.S. ESP and Surenergy S.A.S. ESP, and 10 MMscf/d on a transport & commercialization arrangement with INFRAES S.A.S ESP and Grupo Energetico de las Americas SAS ESP - GEAM, both of which have a term of 10 years. The strategy to partner with midstream construction experts during Phase 1 of commercial production provides the Company with the opportunity for early monetization with minimal capital expenditures and significantly reduced construction risk, while maintaining pricing upside. Partnering with in-country midstream construction experts further allows the Company to focus on its upstream business of growing and upgrading its reserves and resources at both Maria Conchita and Sinu-9. Over the coming weeks, the Company will re-engage independent qualified reserves and resources evaluator, Sproule International Limited, to review the Company’s contingent resources at Maria Conchita and Sinu-9, which are now eligible for upgrade since an infrastructure plan is in place. Serafino Iacono, CEO of NGE commented, “It is with great excitement that we finalize these agreements with our new local midstream partners, unlocking significant value for our shareholders and providing a strong foundation for the full development of Sinu-9. Under the terms of these agreements, and with no need to drill additional wells at this time, the Company will maintain a capital light strategy as our partners spend more than US$100 million to complete the production facilities and pipeline. We are also encouraged not only by the time-to-market, but also by the opportunity to finance this infrastructure with midstream experts off balance sheet. As a company, we look forward to a production ramp from 7 MMscf/d to 60 MMscf/d by Q3 2024 and are motivated to continue finding opportunities to bring more natural gas to market with Phase 2 at both Sinu-9 and Maria Conchita, as we aim to meet our company goal of 200 MMscf/d ahead of schedule.” Press Release: https://lnkd.in/dmBf-vtq

Kimmeridge Energy Management Raises Over $1 Billion for Oil-and-Gas Investments   Kimmeridge Energy Management, a New York-based firm, has successfully raised more than $1 billion for the acquisition and development of oil-and-gas assets. 🔽 Find more info in comments below 🔽 #KimmeridgeEnergyManagement #KimmeridgeFundVILP #Acquisition #OilandGasNews ⤵️ Click Follow on our page to keep up to date with energy news ⤵️

My post today for Steve Reese and Reese Energy Consulting. Williams on a Rocky Mountain High Coming off a robust 3Q despite dramatically lower natural gas prices, Tulsa-based Williams also made a significant asset sell down South that allowed the pipeline giant to further flex its gathering and processing muscle out West. Reese Energy Consulting today is following the latest from Williams, which sold its Bayou Ethane system during the quarter to an undisclosed buyer for $348 million. The 270-mile pipeline, which was put into service in 2014, extends from Mont Belvieu to a petrochemical facility in La. The proceeds from that deal allowed the company to make two, under-the-radar pick ups in Colo., where Williams operates extensive natural gas and NGL assets in the D.J. Basin and the Piceance. In a 50-50 joint venture with KKR in 2018, Williams acquired Discovery Midstream—renamed Rocky Mountain Midstream—for $1.2 billion. Covering more than 250,000 dedicated acres in the DJ, the natural gas gathering system included two processing plants with a combined 260 MMCFD of capacity. Williams has now purchased the other 50% of RMM for $710 million. The company also announced its $560 million purchase of Denver-based Cureton Midstream LLC (a REC client and friend), which operates 260 miles of gathering pipe across 225,000 dedicated acres also in the DJ, along with two processing plants and a combined capacity of 103 MMCFD. Williams in 3Q reported $654 million in net income and adjusted EBITDA of $1.65 billion. What do you think? Learn more about REC and our natural gas and NGL consulting services in the DJ at https://lnkd.in/eAebAz8.    

My post today for Steve Reese and Reese Energy Consulting. LM Loses a Touchdown but Scores a Win Midstream consolidation in the Permian this quarter continues to light up headlines as big names build up bigger portfolios to handle record production volumes. The largest of these, of course, is the merger of Tulsa-based ONEOK and Magellan Midstream Partners—and a strategy that brings natural gas, NGL, crude oil, and refined products infrastructure under a single roof. But for smaller Permian midstreamers operating both oil and gas gathering systems, when does a single focus make for a better strategy? Reese Energy Consulting today is following the latest from Dallas-based LM Energy Partners, which will wave goodbye to its Touchdown Crude Oil Gathering System in the Delaware’s Lea and Eddy counties, N.M. The price and buyer weren’t disclosed. The deal includes 130 miles of crude pipe flowing 75 MBPD and two terminals with 136 MBbls. of storage capacity. LM put shovel to dirt on Touchdown in 2019, becoming its first project before officially launching the company later that year. Next on the to-do list was building natural gas gathering bones also in the Delaware, where LM operates 70 miles of pipe. The company will flip the switch on a sixth compressor for that system before the end of the year. Amid record gas volumes and a death-stare on producer flaring, LM believes going all in on natural gas is a pivot that checks every box for long-term growth. With an infusion of capital from the sale of Touchdown, the company plans to build more gathering and, maybe, processing infrastructure going forward in a play hollering for both. What do you think? Learn more about REC and our natural gas services and expertise at https://lnkd.in/eAebAz8.