Delaware Basin

APA Corporation Completes Acquisition of Callon Petroleum Company

Retrieved on: 
Monday, April 1, 2024
Permian, APA Corporation, APA, Delaware Basin, Acquisition, CPE

HOUSTON, April 01, 2024 (GLOBE NEWSWIRE) -- APA Corporation (NASDAQ: APA) announced today that its acquisition of Callon Petroleum Company (NYSE: CPE) has been completed.

Key Points: 
  • HOUSTON, April 01, 2024 (GLOBE NEWSWIRE) -- APA Corporation (NASDAQ: APA) announced today that its acquisition of Callon Petroleum Company (NYSE: CPE) has been completed.
  • The transaction was approved by APA and Callon shareholders at special meetings held on March 27, 2024.
  • Subject to the terms of the merger agreement, each share of Callon common stock was converted into the right to receive 1.0425 shares of APA common stock, with cash in lieu of fractional shares.
  • As a result, APA issued approximately 70 million shares of common stock related to the transaction.

NGL Energy Partners LP Announces Sale of the New Mexico Ranches

Retrieved on: 
Friday, April 5, 2024
Energy, Other Energy, Oil, Gas, Eagle Ford, Dallas, NGL, LEX, Delaware Basin, Sale, Environment, EVP

NGL Energy Partners LP (NYSE:NGL) (“NGL,” or the “Partnership”) announced today that it has completed the sale of its North and South Ranches.

Key Points: 
  • NGL Energy Partners LP (NYSE:NGL) (“NGL,” or the “Partnership”) announced today that it has completed the sale of its North and South Ranches.
  • These two New Mexico ranches have combined acreage of approximately 122,250 acres, in the core of the Delaware.
  • Approximately $70.0 million in proceeds, including working capital
    Including asset sales in FY24, we have exceeded the $150 million asset sale guidance
    “NGL remains focused on our commitment to deliver reliable produced water management for our customers while remaining focused on the environment and the sustainability of our operations,” commented Doug White, EVP of NGL Water Solutions.
  • NGL’s Water Solutions segment operates in several of the most prolific crude oil and natural gas producing basins, including the Delaware, Eagle Ford and DJ Basins.

Enterprise to Build New Natural Gas Processing Plant in the Delaware Basin; Announces Start of Service on Mentone 3 and Leonidas

Retrieved on: 
Wednesday, April 3, 2024
Oil, Gas, Energy, Permian, Partner, Natural gas, Growth, Transport, Security (finance), Risk, Plant, EPD, NGL, Atlas, Delaware Basin

Enterprise Products Partners L.P. (NYSE: EPD) (“Enterprise”) today announced plans to further expand its natural gas processing capabilities in the Permian Basin with construction of the Mentone West 2 plant in the Delaware Basin.

Key Points: 
  • Enterprise Products Partners L.P. (NYSE: EPD) (“Enterprise”) today announced plans to further expand its natural gas processing capabilities in the Permian Basin with construction of the Mentone West 2 plant in the Delaware Basin.
  • Elsewhere in the Delaware Basin, Enterprise has begun service on its Mentone 3 natural gas processing plant, which is also capable of processing over 300 MMcf/d of natural gas and extracting more than 40,000 BPD of NGLs.
  • Construction of the Mentone West 1 plant, formerly known as Mentone 4, is on schedule and projected to begin service in the second half of 2025.
  • In the Midland Basin, Enterprise announced today that the company’s Leonidas natural gas processing plant in Midland County, Texas has begun service, and construction of the Orion natural gas processing facility is proceeding on schedule with service expected to begin in the second half of 2025.

Summit Midstream Partners, LP Announces Sale of Utica Position for $625 Million

Retrieved on: 
Friday, March 22, 2024
Condensate, Permian, Janus, MVC, Natural gas, Partnership, Noble, Sale, Public expenditure, Utica Shale, Loss, Bank statement, Adjustment, OCC, OGC, GAAP, Depreciation, Special, Delaware Basin, RBC Capital Markets, Bookkeeping

HOUSTON, March 22, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today the sale of Summit Midstream Utica, LLC, which includes its approximately 36% interest in Ohio Gathering Company, LLC ("OGC"), approximately 38% interest in Ohio Condensate Company, LLC ("OCC", collectively with OGC, "Ohio Gathering") and wholly owned Utica assets (collectively, "Utica Position") to a subsidiary of MPLX LP ("MPLX") for $625 million in cash (the "Utica Divestiture"). 

Key Points: 
  • HOUSTON, March 22, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today the sale of Summit Midstream Utica, LLC, which includes its approximately 36% interest in Ohio Gathering Company, LLC ("OGC"), approximately 38% interest in Ohio Condensate Company, LLC ("OCC", collectively with OGC, "Ohio Gathering") and wholly owned Utica assets (collectively, "Utica Position") to a subsidiary of MPLX LP ("MPLX") for $625 million in cash (the "Utica Divestiture").
  • The Board and management plan to seek approval from Summit unitholders to convert the Partnership to a C-Corp at a Special Meeting later this year.
  • Summit Utica: The Summit Utica system is a natural gas gathering system located in Belmont and Monroe counties in southeastern Ohio and serves producers targeting the dry-gas reserves of the Utica and Point Pleasant shale formations.
  • The Summit Utica system gathers and delivers natural gas, primarily under long-term, fee-based gathering agreements, which include acreage dedications.

Vital Energy Reports Fourth-Quarter and Full-Year 2023 Financial and Operating Results

Retrieved on: 
Wednesday, February 21, 2024
Permian, Vitalism, Delaware Basin, TIL, Investment, OK, GAAP, LTIP, Consolidated, WTI, Webcast, G&A, MBO, GHG, Methane

TULSA, OK, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Vital Energy, Inc. (NYSE: VTLE) ("Vital Energy" or the "Company") today reported fourth-quarter and full-year 2023 financial and operating results and provided its 2024 outlook. Supplemental slides have been posted to the Company's website and can be found at www.vitalenergy.com. A conference call and webcast is planned for 7:30 a.m. CT, Thursday, February 22, 2024. Participation details can be found within this release.

Key Points: 
  • Plans to invest $750 - $850 million, increasing FY-24 oil production ~10% from 4Q-23 exit
    TULSA, OK, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Vital Energy, Inc. (NYSE: VTLE) ("Vital Energy" or the "Company") today reported fourth-quarter and full-year 2023 financial and operating results and provided its 2024 outlook.
  • "We now have the scale and inventory to sustainably maximize cash flows from operating activities and generate Adjusted Free Cash Flow.
  • In 2023, Vital Energy published the Company's fourth Sustainability Report and an inaugural Climate Risk and Resilience Report.
  • In 2023, Vital Energy expanded this certification to approximately 60% of its gross operated oil production and became the first company to receive the TrustWell Low Methane Rating.

Diamondback Energy, Inc. Announces Fourth Quarter and Full Year 2023 Financial and Operating Results

Retrieved on: 
Tuesday, February 20, 2024
Delaware Basin, Share repurchase, Free cash flow, Natural gas, Transport, PDP, Sale, PUD, Security (finance), Hand, G&A

During the fourth quarter of 2023, Diamondback drilled 80 gross wells in the Midland Basin and four gross wells in the Delaware Basin.

Key Points: 
  • During the fourth quarter of 2023, Diamondback drilled 80 gross wells in the Midland Basin and four gross wells in the Delaware Basin.
  • Diamondback's fourth quarter 2023 net income was $960 million, or $5.34 per diluted share.
  • Fourth quarter 2023 net cash provided by operating activities was $1.6 billion.
  • Fourth quarter 2023 Consolidated Adjusted EBITDA (as defined and reconciled below) was $1.7 billion.

ProPetro Reports Financial Results for the Fourth Quarter and Full Year of 2023

Retrieved on: 
Wednesday, February 21, 2024
Energy, Other Energy, Oil, Gas, Permian, Acquisition, Delaware Basin, Architecture, Investment, Share repurchase, Capital expenditure, Public expenditure, Capital, Par, Depreciation

ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) today announced financial and operational results for the fourth quarter and full year of 2023.

Key Points: 
  • ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) today announced financial and operational results for the fourth quarter and full year of 2023.
  • Net loss for the fourth quarter of 2023 includes $8 million of true-up depreciation related to changing the useful lives of certain equipment.
  • Net cash used in investing activities as shown on the statement of cash flows during the fourth quarter of 2023 was $71 million.
  • We have already seen our activity recover from the impacts we experienced in the fourth quarter of 2023.

WESTERN MIDSTREAM ANNOUNCES 2024 GUIDANCE AND NON-CORE ASSET SALES FOR AGGREGATE PROCEEDS OF $790 MILLION

Retrieved on: 
Wednesday, February 21, 2024
Acquisition, Delaware Basin, Domestic, International, Senior, Growth, Sale, Partnership, WES, Adjustment, Meritage, Safety, Public expenditure, Central Time, Cryptocurrency

HOUSTON, Feb. 21, 2024 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced the execution of multiple agreements to divest of WES's remaining interest in the Marcellus Interest gathering system, Saddlehorn Pipeline Company LLC, Whitethorn Pipeline Company LLC, Panola Pipeline Company LLC, and Enterprise EF78 LLC, for aggregate proceeds of $790 million. Additionally, the sale of the interests in Enterprise EF78 LLC and Whitethorn Pipeline Company LLC, which closed on February 16, 2024, resolved the outstanding legal proceedings associated with those assets. The sale of the Marcellus Interest gathering system, Panola Pipeline Company LLC, and Saddlehorn Pipeline Company LLC are expected to close in the first or second quarters of 2024, subject to customary closing conditions.

Key Points: 
  • Providing 2024 Base Distribution guidance of at least $3.20 per unit(3).
  • "Through these divestitures, WES is expected to generate approximately $790 million in proceeds, which in the aggregate represents an attractive, accretive multiple of 9.6 times 2023 Adjusted EBITDA.
  • A replay of the live audio webcast can be accessed on the Partnership's website at www.westernmidstream.com for one year after the call.
  • For additional details on WES's financial and operational performance, please refer to the earnings slides and updated investor presentation available at www.westernmidstream.com .

Mexco Energy Corporation Reports Financial Results for Third Quarter

Retrieved on: 
Friday, February 9, 2024
Permian, Hand, Regulation, Acquisition, MXC, Safe harbor, Delaware Basin, Water, Natural gas

Operating revenues in the third quarter of fiscal 2024 were $1,656,443.

Key Points: 
  • Operating revenues in the third quarter of fiscal 2024 were $1,656,443.
  • For more information on Mexco Energy Corporation, go to www.mexcoenergy.com .
  • Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements.
  • For additional information, please contact: Tammy L. McComic, President and Chief Financial Officer, at Mexco Energy Corporation, (432) 682-1119.

NGL Energy Partners LP Announces Third Quarter Fiscal 2024 Financial Results

Retrieved on: 
Thursday, February 8, 2024
Energy, Other Energy, Oil, Gas, Argus, Acquisition, Corporation, Central Time, GAAP, Loss, Sale, Public expenditure, Depreciation, Risk, Webcast, Delaware Basin, CMA, ABL, Water, WTI, Forecasting

Operating expense per produced barrel processed was $0.25 for the quarter ended December 31, 2023, unchanged when compared to the same quarter in the prior year.

Key Points: 
  • Operating expense per produced barrel processed was $0.25 for the quarter ended December 31, 2023, unchanged when compared to the same quarter in the prior year.
  • Operating income for the Crude Oil Logistics segment decreased $18.1 million for the quarter ended December 31, 2023, compared to the quarter ended December 31, 2022.
  • We define EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense.
  • Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures.