Phillips 66 Partners has entered into a deal to sell more than a quarter of a pipeline project to move crude oil from the Permian Basin and Eagle Ford Shale to the Texas Gulf Coast. During the third quarter of 2018, Diamondback spent $321 million on drilling, completion and non-operated properties, and $74 million on infrastructure and midstream. SIGNATURES. Four generations of … The terminal will have up to 50,000 b/d of product export capacity," she added. The project remains on track to start up in the fourth quarter of this year," said Rosy Zuklic, Phillips 66 Partners' Chief Operating Officer, during Friday's second-quarter 2019 results call. Meantime, WTI in Midland was recently trading about $9/bbl below Gulf Coast crude. Gray Oak crude pipe on target for end of 2019 startup: Phillips 66 Partners, Market Movers Americas, Oct 19-23: US midstream watching election runup, COVID resurgence threatens gasoline demand, US ELECTION: Sanctions likely to dominate US-Russia energy links post election. The Gray Oak Pipeline was originally announced as a joint project between Phillips 66 Partners and San Antonio-based refining company Andeavor in … The ultimate capacity of the, Technology, ETFs, Renewable Energy, Oil & gas, Gold. The Gray Oak Pipeline was originally announced as a joint project between Phillips 66 Partners and San Antonio-based refining company Andeavor in December 2017. During the third quarter of 2018, Diamondback drilled 40 gross horizontal wells and turned 43 operated horizontal wells to production. With our commitment to Gray Oak and EPIC, Diamondback has secured waterborne pricing and "wellhead to water" solutions for all of the current and expected production from our existing asset base, while also building value for our midstream business through strategic joint ventures," stated Travis Stice, Chief Executive Officer of Diamondback. The new capacity is expected to be available in first half of 2022. If you are a premium subscriber, we are unable to send you a link to reset password for security reasons. The deal gives Enbridge 26.25 overall ownership in the pipeline project and reduces Phillips 66 Partners' stake to 48.75 percent. Phillips 66 is the pipeline’s builder and operator and Phillips 66 Partners owns a 42.5% stake in the pipeline. Information concerning these risks and other factors can be found in Diamondback’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov. - Midland Basin, Gross horizontal D,C&E/Ft. Access latest petrochemicals news and analysis, conferences and events. Project: Tellurian Premium Global AccessType: Natural gasBy: Tellurian Inc. Project: Shin OakType: Natural gas liquidsBy: Enterprise Products Partners, Project: WhistlerType: Natural gasBy: Targa Resources, NextEra Energy, MPLX, WhiteWater Midstream, Project: Cactus IIType: Crude oilBy: Plains All American, Project: Epic NGLType: Natural gas liquidsBy: Epic Midstream Holdings, Project: Grand PrixType: Natural gas liquidsBy: Targa Resources, Project: Gulf Coast ExpressType: Natural gasBy: Kinder Morgan, Targa Resources, DCP Midstream, Project: Gray OakType: Crude oilBy: Phillips 66, Andeavor, Project: JupiterType: Crude oilBy: Jupiter MLP, Project: Midland to SealyType: Crude oilBy: Enterprise Products Partners, Project: Pecos TrailType: Natural gasBy: NAmerico Energy, Project: Permian HighwayType: Natural gasBy: Kinder Morgan, EagleClaw Midstream, Project: Permian Gulf CoastType: Crude oilBy: Energy Transfer, Magellan, MPLX, Delek. Diamondback expects to exit the year operating 14 drilling rigs, excluding the pending Energen merger, which is above its original expectations of 10 to 12 rigs for the year. Please contact the Client Services team. P.O. Access latest coal news and analysis, conferences and events. (3) Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices. In Corpus Christi, the Gray Oak Pipeline will connect to multiple terminals in Corpus Christi, including the South Texas Gateway Terminal currently being constructed by Buckeye Partners. (2) The volumes presented are based on actual results and are not calculated using the rounded numbers in the table above. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent and with natural gas derivative settlements based on the New York Mercantile Exchange Henry Hub pricing. 254 0 obj <>/Filter/FlateDecode/ID[]/Index[232 40]/Info 231 0 R/Length 109/Prev 139931/Root 233 0 R/Size 272/Type/XRef/W[1 3 1]>>stream Please use the button below and we will bring you back here when complete. The South Texas Gateway marine export terminal will have two deepwater docks, with initial storage capacity of approximately 7 million barrels and up to 800,000 b/d of throughput capacity. Investor Contact:Adam Lawlis+1 [email protected], Diamondback Energy, Inc. Sergio Chapa covers the oil & gas industry for the Houston Chronicle and writes for Texas Inc., a weekly Monday insert dedicated to covering the most powerful business leaders in Texas. endstream endobj 233 0 obj <. The Jane M Graves A 3WA, which commenced with a peak 30-day flowing IP rate of 217 boe/d per 1,000 feet (81% oil), went on to achieve a peak 90-day IP rate of 191 boe/d per 1,000 feet (80% oil). %PDF-1.5 %���� Expected to be in service by the end of 2019, the Gray Oak Pipeline will move crude oil from the Permian Basin and Eagle Ford to storage terminals that feed refineries in Corpus Christi and Freeport. The Company now expects to turn between 170 and 175 gross operated horizontal wells to production for the full year 2018. Diamondback announced today that the Company's Board of Directors has declared a cash dividend for the third quarter of 12.5 cents per common share payable on November 26, 2018, to stockholders of record at the close of business on November 19, 2018. It’s free and easy to do. [Yes] I would like to receive S&P Global Platts promotional emails. %%EOF A subsidiary of Phillips 66 Partners has launched an open season to seek contracts for service from West Texas on the expanded Gray Oak crude oil pipeline. In Block 142 in the eastern third of our acreage, the Neal Lethco A 17-18 1WA was completed with a lateral length of 9,883 feet and achieved an average peak 30-day 2-stream flowing initial production ("IP") rate of 229 boe/d per 1,000 feet (89% oil). (a) Includes production taxes of 4.6% for crude oil and 7.5% for natural gas and NGLs and ad valorem taxes. Next Week: Enbridge Energy Partners merger vote to take place in Houston. Finally, we continued executing on our midstream and long-haul takeaway strategy through our commitment to, and ownership interest in, the Gray Oak Pipeline project. Approximately, 80% of the pipe has been installed and all 17 tanks are at cell height. The most forgettable video app dissolves after 6 months. Aggregate map of planned pipeline projects to carry petroleum products out of the Permian Basin to terminals or refineries on the Gulf Coast. The Black Stone State 1-12 B 1SB, with a lateral length of 10,081 feet, achieved a peak 30-day flowing IP rate of 121 boe/d per 1,000 feet (91% oil). Access latest metal news and analysis, conferences and events. When aggregating multiple contracts, the weighted average contract price is disclosed. Pipeline could transport up to 1 million bpd from the Permian to the Gulf Coast. By submitting this form you acknowledge that you have read and you agree to our, You must select at least one interest to continue, You are a premium subscriber, we are unable to send you a link to reset password for security reasons., Commodity Prices and Essential Market Data, LNG & Hydrogen Gas Markets Asia virtual conference, Financing US Power Conference, 22nd Annual. The intention of Carrier's Proration Policy is twofold: • To allocate the capacity of a specific segment of the Pipeline among the Regular Shippers and New Shippers on an equitable basis in the Nomination process. Phillips 66 Partners has a 42.25% ownership stake in the pipeline. Unfriendly skies: Airline workers brace for mass... TikTok judge schedules Sunday hearing as Trump's ban... Dallas-based rideshare service Alto to launch in... Like Uber, but for pedicures: Cherry app comes to... Colorado senator seeks to clean up old oil and gas... Shale boom raises specter of new glut at Gulf Coast oil terminals, Trump privately tells donors it'll be 'very tough' for GOP to hold Senate, A Florida man stole a bulldozer, knocked down a fence and stole Biden signs, police said, Biden takes narrow lead over President Trump in Texas, according to new poll, Texans, Cowboys are awful, but the memes are funny, Houston doctor warns of second COVID-19 wave, Borat Hilariously Defends Rudy Giuliani After Controversial Scene, Texas is booming with 'Best Places to Retire,' according to U.S. News, Enbridge Energy Partners merger vote to take place in Houston. Phone: (207) 590-5814; Email: [email protected] The State Neal Lethco 10-9 B 2WA, which commenced with a peak 30-day flowing IP rate of 173 boe/d per 1,000 feet (80% oil), went on to produce a peak 90-day flowing IP rate of 149 boe/d per 1,000 feet (79% oil). Gray Oak Pipeline ramps up service The largest pipeline project to be constructed by Phillips 66 made its first commercial deliveries of crude oil to the U.S. Gulf Coast region. Phillips 66 exported 187,000 b/d of refined products in Q2. Third quarter 2018 average realized prices were $55.99 per barrel of oil, $1.90 per Mcf of natural gas and $30.44 per barrel of natural gas liquids, resulting in a total equivalent unhedged price of $46.59/boe, up 22% from $38.25/boe in Q3 2017. In Pecos County, Diamondback continues to achieve strong performance from operated completions targeting the Wolfcamp A. The UL Comanche A4144 Unit was completed with an average lateral length of 7,807 feet and produced an average peak 30-day IP rate of 166 boe/d per 1,000 feet (93% oil). Adjusted net income (a non-GAAP financial measure as defined and reconciled below) was $165 million, or $1.67 per diluted share. Participants should call (877) 440-7573 (United States/Canada) or (253) 237-1144 (International) and use the confirmation code 8268326. At that time, the Partnership's ownership will be reduced to 42.25 percent. Management believes Adjusted EBITDA is useful because it allows it to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Once operating, the terminal will have 16.8 million barrels of total crude and refined product storage capacity. September 2, 2020 "The connection to the terminal will provide [the refinery with an] outlet to competitively prices its product in the market. "We'll continue to construct the Gray Oak Pipeline. We'll assume you're ok with this, but you can opt-out if you wish. Project: Bluebonnet Market ExpressType: Natural gasBy: Williams Cos. Project: Campanero (Permico)Type: Natural gas liquidsBy: Permico Midstream. Phillips 66 Partners has a 42.25% ownership stake in the pipeline. CLIFTON RIDGE PRODUCT EXPORT PIPELINE COMPLETED. Our existing 14 operated rigs, along with the 10 rigs currently operated by Energen, will provide the baseline for our 2019 operating plan assuming the approval of the merger by the shareholders of both companies on November 27 and the closing of the merger shortly thereafter. As we look ahead into 2019, we look forward to delivering on the synergies presented from our merger with Energen while growing production at industry-leading rates, maintaining our best in class operating metrics, generating free cash flow and increasing our return of capital program.". P.O. Gray Oak Pipeline, LLC filed as a Foreign Limited Liability Company (LLC) in the State of Texas on Tuesday, April 3, 2018 and is approximately two years old, according to public records filed with Texas Secretary of State.A corporate filing is called a foreign filing when an existing corporate entity files in a state other than the state they originally filed in.

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