News Article | November 28, 2016
Speculation is rampant leading up to Wednesday's meeting of the Organization of Petroleum Exporting Countries, more commonly known as OPEC, with Iran and Iraq said to have agreed to production cuts, Algeria and Venezuela trying to convince non-OPEC member Russia to do the same and Saudi Arabia claiming rebalancing would occur in the market with or without an agreement. What's a poor energy investor to do, given that the outcome is expected to affect oil prices -- and, as a result, stock prices? Houston-based, energy-centric investment bank Tudor, Pickering, Holt & Co. -- which is expecting a 1 million barrel-per-day cut -- recommends sticking with core quality names. Its picks include Chevron Corp. (NYSE:CVX) among the major oil companies; Concho Resources Inc. (NYSE:CXO), Pioneer Natural Resources Co. (NYSE:PXD) and Cimarex Energy Co. (NYSE:XEC) among "oily" exploration and production companies; and Antero Resources Corp. (NYSE:AR) among "gassy" explorers and producers. In the oilfield services sector, which would clearly benefit from more drilling that higher oil prices would bring, TPH analysts like Halliburton Co. (NYSE:HAL) and Forum Energy Technologies Inc. (NYSE:FET). Piper Jaffray & Co.'s Simmons & Co. International ascribes an 80% likelihood that OPEC will come to some sort of reduction agreement but gives 50/50 odds as to whether it's a "persuasive" (i.e., meaningful) or a "cosmetic" result. Its core favorites also include Chevron, Concho and Pioneer but also Parsley Energy Inc. (NYSE:PE), Suncor Energy Inc. (NYSE:SU), Halliburton Co. (NYSE:HAL), Schlumberger Ltd. (NYSE:SLB), FMC Technologies Inc. (NYSE:FTI) and Tenaris SA (NYSE:TS). Simmons also offers up "offensive" names that would do well if a "persuasive" agreement is reached. It mentions Oasis Petroleum Inc. (NYSE:OAS), Synergy Resources Corp. (NYSE:SYRG), SM Energy Co. (NYSE:SM) and ConocoPhillips Co. (NYSE:COP), among others. Analysts at Jefferies & Co. believe a cut in excess of 1 million barrels per day with country-level allocation is the starting point for a "bullish reaction." They think Chevron and Galp Energia (NYSE:GALP) are best positioned strategically among international oil companies, with Repsol SA (OTCQX:REPYY) and Statoil ASA (NYSE:STO) having the most "question marks."
News Article | November 24, 2016
Global Shale Gas Market is accounted for $68.5 billion in 2015 and expected to grow at a CAGR of 9.8% to reach $132.4 billion by 2022. Factors such as ongoing research & development along with technological advancements, increasing demand of shale gas in various industries, significant number of shale reserves all over the globe are positively effecting the market growth. However, high cost involved in the production and concerns regarding methane emissions during shale gas production would limit the market growth. Shale gas could replace significant amounts of coal as an energy source further, substantial amount of shale reserves in countries such as China, Poland, Argentina and Algeria would provide an opportunity for companies to enter the shale gas market. Horizontal drilling and hydraulic fracturing are widely employed for shale gas extraction process worldwide. Industrial applications were the leading segment in the global market. Power generation and residential application segments are anticipated to show significant growth during the forecast period. North America is leading the global production, generating the highest revenue for the global shale gas market. Asia-Pacific and Europe has tremendous potential to grow due to significant number of reserves which are untapped in countries such as China, Algeria and Indonesia. Some of the key players in global Shale Gas market are Maran Gas Maritime Inc, Anadarko Petroleum Corporation, Antero Resources, BHP Billiton Limited, Cabot Oil & Gas , Chesapeake Energy Corporation, Devon Energy, Encana Corporation, Exxon Mobil Corporation, PetroChina, Reliance Industries Limited, Royal Dutch Shell, Sinopec, SM Energy , Statoil, Talisman Energy Inc , Total SA, Baker Hughes Incorporation, ConcoPhillips Co, FTS International, Inc, United Oilfield Services Inc, CONSOL Energy, BNK Petroleum Inc., and Schlumberger Limited. Regions Covered: • North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK o Spain o Rest of Europe • Asia Pacific o Japan o China o India o Australia o New Zealand o Rest of Asia Pacific • Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt What our report offers: - Market share assessments for the regional and country level segments - Market share analysis of the top industry players - Strategic recommendations for the new entrants - Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations) - Strategic recommendations in key business segments based on the market estimations - Competitive landscaping mapping the key common trends - Company profiling with detailed strategies, financials, and recent developments - Supply chain trends mapping the latest technological advancements About Us Wise Guy Reports is part of the Wise Guy Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe. Wise Guy Reports understand how essential statistical surveying information is for your organization or association. Therefore, we have associated with the top publishers and research firms all specialized in specific domains, ensuring you will receive the most reliable and up to date research data available.
News Article | November 29, 2016
According to Stratistics MRC, the Global Shale Gas Market is accounted for $68.5 billion in 2015 and expected to grow at a CAGR of 9.8% to reach $132.4 billion by 2022. Factors such as ongoing research & development along with technological advancements, increasing demand of shale gas in various industries, significant number of shale reserves all over the globe are positively effecting the market growth. However, high cost involved in the production and concerns regarding methane emissions during shale gas production would limit the market growth. Shale gas could replace significant amounts of coal as an energy source further, substantial amount of shale reserves in countries such as China, Poland, Argentina and Algeria would provide an opportunity for companies to enter the shale gas market. Horizontal drilling and hydraulic fracturing are widely employed for shale gas extraction process worldwide. Industrial applications were the leading segment in the global market. Power generation and residential application segments are anticipated to show significant growth during the forecast period. North America is leading the global production, generating the highest revenue for the global shale gas market. Asia-Pacific and Europe has tremendous potential to grow due to significant number of reserves which are untapped in countries such as China, Algeria and Indonesia. Some of the key players in global Shale Gas market are Maran Gas Maritime Inc, Anadarko Petroleum Corporation, Antero Resources, BHP Billiton Limited, Cabot Oil & Gas , Chesapeake Energy Corporation, Devon Energy, Encana Corporation, Exxon Mobil Corporation, PetroChina, Reliance Industries Limited, Royal Dutch Shell, Sinopec, SM Energy , Statoil, Talisman Energy Inc , Total SA, Baker Hughes Incorporation, ConcoPhillips Co, FTS International, Inc, United Oilfield Services Inc, CONSOL Energy, BNK Petroleum Inc., and Schlumberger Limited. Applications Covered: • Industrial and Manufacturing • Processing Type • Commercial • Residential • Power Generation • Transportation Processing Equipments Covered: • Compressors & Pumps • Electrical Machinery • Heat Exchangers • Internal Combustion Engines • Measuring & Controlling Devices Regions Covered: • North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK o Spain o Rest of Europe • Asia Pacific o Japan o China o India o Australia o New Zealand o Rest of Asia Pacific • Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt What our report offers: - Market share assessments for the regional and country level segments - Market share analysis of the top industry players - Strategic recommendations for the new entrants - Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations) - Strategic recommendations in key business segments based on the market estimations - Competitive landscaping mapping the key common trends - Company profiling with detailed strategies, financials, and recent developments - Supply chain trends mapping the latest technological advancements
News Article | December 2, 2016
Minimum investment in two concessions of $27.4 million in first exploration phase CAIRO and HOUSTON, Dec. 2, 2016 /PRNewswire/ -- Apex International Energy (www.apexintl.com), an independent oil and gas exploration and production company focused on Egypt, is pleased to announce that it has been awarded Blocks 8 and 9 by the Egyptian General Petroleum Company (EGPC) from their 2016 Bid Round. Block 8 and 9 are both located within the prolific Abu Gharadig Basin in Egypt's Western Desert and cover 6,714 square kilometers (2,592 square miles or 1.7 million acres) in total. Specific details are below: Apex has committed to invest $27.4 million during the first exploration phase to acquire and process 3D seismic and drill six exploration wells. Roger B. Plank, Founder and Chief Executive Officer of Apex International Energy, said, "We are delighted that EGPC has awarded Apex our first concessions in Egypt, enabling us to establish a foothold in the prolific Western Desert. With 1.7 million acres now in hand, this is an important step in our mission to build an oil and gas business of scale in Egypt and we are eager to start investing in the considerable potential of these Blocks." Thomas M. Maher, President and Chief Operating Officer of Apex International Energy, said, "We are pleased to have been awarded these Blocks and look forward to working closely with EGPC and the Ministry of Petroleum to finalize the Concession Agreements as quickly as possible. Apex looks forward to applying our broad industry experience together with modern exploration and production technologies to develop the Blocks to their maximum potential." Apex International Energy is an independent oil and gas exploration and production company focused on Egypt backed by Warburg Pincus, a global private equity firm focused on growth investing. Apex International Energy plans to build an exploration and production business of scale through asset acquisitions and capital investments in drilling, infrastructure and production enhancement to deliver long-term profitable growth in production and reserves. Apex International Energy will also pursue farm-in transactions and participate in new concession bid rounds. For more information, please visit www.apexintl.com. Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $40 billion in private equity assets under management. The firm's active portfolio of more than 120 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 15 private equity funds, which have invested more than $58 billion in over 760 companies in more than 40 countries. For more than two decades, Warburg Pincus has invested or committed over $13 billion across more than 75 energy investments around the world with a focus on upstream, midstream and downstream oil and gas; energy services and technology; power generation and transmission; alternative energy and renewables; and mining and metals. Notable investments include Antero Resources, Bill Barrett Corporation, Broad Oak Energy, Encore Acquisition Company, Kosmos Energy, Laredo Petroleum, MEG Energy, Newfield Exploration, Spinnaker Exploration and Targa Resources. The firm is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore. For more information please visit www.warburgpincus.com.
News Article | February 28, 2017
DENVER, Feb. 28, 2017 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero" or the "Company") today released its fourth quarter and full-year 2016 financial and operating results. The relevant financial statements are included in Antero's Annual Report on Form 10-K for the...
News Article | February 21, 2017
HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE:CEQP) (“Crestwood”) reported today its financial and operating results for the three months and year ended December 31, 2016. “Despite record commodity price volatility and challenging industry conditions in 2016, Crestwood delivered on all of the strategic initiatives we laid out to investors at the beginning of the year,” stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood’s general partner. “With strong fourth quarter Adjusted EBITDA of $126 million, Crestwood delivered full-year 2016 Adjusted EBITDA of $456 million and achieved the upper end of our 2016 guidance range, resulting in a full-year distribution coverage ratio of 1.8x and a year-end leverage ratio of 3.7x. Also during 2016, we favorably resolved longstanding producer issues on our Barnett and PRB Niobrara gathering systems, reduced our outstanding debt by $1 billion, reduced operating and G&A expenses by another 15%, adjusted our common unit distribution to retain excess cash flow for reinvestment in new projects during 2016 and 2017, and repositioned Crestwood for long-term growth through the Nautilus system with Shell, and the formation of strategic partnerships with Con Edison in the Northeast and with First Reserve in the fast growing Delaware Permian.” Mr. Phillips continued, “Heading into 2017, our commercial teams are having success expanding assets and services in three core areas: Delaware Permian, Bakken and Marcellus. Our 2017 capital budget is currently concentrated on Arrow system expansions and the Nautilus build-out, and our teams continue to work on developing several new capital projects that we expect to finalize and announce later this year. Our 2017 adjusted cash flow guidance is lower than 2016 due to a full-year deconsolidation of the Stagecoach assets and contract expirations at the COLT Hub. As such, we view 2017 as a transition year where system volumes stabilize, key systems are expanded and overall volumes and cash flow begin to pick up in the second half of the year with increasing activity around our Delaware Permian, Bakken, Marcellus, PRB Niobrara and Barnett systems.” “We are very pleased with where Crestwood is positioned today and are very confident in our ability to execute on our conservative 2017 plan. The improved outlook in our base business, along with 2017 expansion projects currently underway or in development in the Delaware Permian and Bakken regions, and longer-term projects around our Stagecoach assets, should allow Crestwood to deliver increased cash flows, maintain prudent leverage targets and potentially lead to a resumption of distribution growth in 2018,” added Mr. Phillips. Gathering and Processing (“G&P”) segment EBITDA totaled $61.9 million in the fourth quarter 2016 compared to $8.2 million in the fourth quarter 2015, which includes a $51.4 million equity investment impairment and excludes non-cash goodwill impairments and losses on long-lived assets in the fourth quarter 2015. During the fourth quarter 2016, average natural gas gathering volumes were 883 million cubic feet per day (“MMcf/d”), crude oil gathering volumes were 64 thousand barrels per day (“MBbls/d”), processing volumes were 217 MMcf/d and compression volumes were 411 MMcf/d. Segment EBITDA increased quarter-over-quarter as a result of a 5% reduction in operating expenses and increased EBITDA generated by the Arrow, Willow Lake and PRB Niobrara systems. Full-year G&P segment EBITDA totaled $253.7 million compared to $211.4 million in 2015, excluding goodwill impairments and losses on long-lived assets. For the full-year 2016 compared to 2015, the G&P segment EBITDA increased primarily due to the equity investment impairment described above. Storage and Transportation (“S&T”) segment EBITDA totaled $33.2 million in the fourth quarter 2016 compared to $29.2 million in the fourth quarter 2015, excluding goodwill impairments and gains on long-lived assets. Fourth quarter 2016 segment EBITDA reflects Crestwood’s 35% share of Stagecoach JV earnings and the recognition of $14.3 million of deficiency payments at the COLT Hub. During the fourth quarter 2016, natural gas storage and transportation volumes averaged 1.9 Bcf/d, compared to 2.0 Bcf/d in the fourth quarter 2015, and 1.8 Bcf/d in the third quarter 2016. Fourth quarter 2016 volumes increased 4% sequentially from the third quarter 2016 primarily as a result of increased Northeast storage withdrawals offset by lower volumes at the Tres Palacios storage facility. Full-year S&T segment EBITDA totaled $154.2 million compared to $197.1 million in 2015, excluding goodwill impairments and losses on long-lived assets. For the full year 2016 compared to 2015, the S&T segment reflects lower EBITDA primarily as a result of seven months of deconsolidated operating results related to the formation of the Stagecoach JV in June 2016. Marketing, Supply and Logistics (“MS&L”) segment EBITDA totaled $22.1 million in the fourth quarter 2016 compared to $28.2 million in the fourth quarter 2015. Both periods are exclusive of non-cash goodwill impairments and losses on long-lived assets. Fourth quarter 2016 segment EBITDA reflects lower activity in Crestwood’s trucking and terminal business units, offset by higher margins on NGL marketing volumes in the Northeast, due to more normalized winter weather related demand, and record product sales at US Salt due to capital investments in recent years. Full-year MS&L segment EBITDA totaled $60.9 million compared to $89.8 million in 2015, excluding non-cash goodwill impairments and losses on long-lived assets. For the full year 2016 compared to 2015, the MS&L segment was impacted by significantly warmer than normal winter weather during the first quarter 2016 and a full-year lower contribution from the trucking business. Combined O&M and G&A expenses for the full-year 2016, net of unit based compensation and other significant costs, decreased by $37.7 million, or 15%, compared to full-year 2015. Crestwood exceeded its cost reduction goals in 2016 by reducing employee costs, improving maintenance practices and reducing expenses by utilizing strategic purchasing and professional service agreements. On the Arrow system, average crude oil, natural gas and produced water volumes increased 16%, 10% and 12%, respectively, in the fourth quarter 2016 compared to volumes in the third quarter 2016 despite weather in the region that negatively impacted production levels and typically strong year-end drilling and completions. In 2016, 48 wells were connected to the Arrow system and it is expected that approximately 70 wells will be connected in 2017. In 2017, Crestwood plans to invest approximately $55 million on the Arrow system to expand and upgrade water handling facilities, increase natural gas gathering capacity and complete an interconnect with the Dakota Access Pipeline (“DAPL”) which is expected to provide Arrow producers with access to new crude oil markets for Bakken production and potentially higher net-back prices. Additionally, due to the expectation of increasing gas volumes on the Arrow system, Crestwood is evaluating a long-term gas processing solution that will lead to increased development activity, enhanced flow assurance, reduced flaring and improved producer natural gas net-backs across the Arrow system. This project is not included in the current capital spending guidance for 2017. In September 2016, Crestwood contracted with a subsidiary of Royal Dutch Shell (SWEPI) to construct, own and operate the Nautilus natural gas gathering system in Loving and Ward counties, Texas. The system is owned by the 50%/50% joint venture with First Reserve, which expects to invest $90 million, $45 million net to Crestwood, for the initial system build-out in 2017. Pipeline engineering and right of way acquisition are substantially complete, system construction is underway with a targeted in-service date before July 1, 2017. During the fourth quarter 2016, the Willow Lake system averaged gathering volumes of 43 MMcf/d and processing volumes of 38 MMcf/d compared to volumes of 21 MMcf/d and 11 MMcf/d, respectively, in the fourth quarter 2015. Additional Wolfcamp and Bone Springs wells are scheduled to be connected in 2017, bringing the Willow Lake system and plant to full capacity. Crestwood continues to work with area producers to evaluate 2017 and 2018 drilling plans which may result in an expansion of the Willow Lake processing facility or the construction of the previously proposed Delaware Ranch processing plant. This project is not included in the current capital spending guidance for 2017. Crestwood extended and continues to operate on an exclusive basis with an anchor shipper to develop the RIGS system located in Reeves County, Texas in the Delaware Basin. The RIGS system, located adjacent to the Nautilus system, will be included in the joint venture with First Reserve. This project is not included in the current capital spending guidance for 2017. On January 1, 2017, Crestwood and Williams Partners L.P. (50%/50% joint venture) executed a new 20-year gathering and processing agreement with Chesapeake Energy. The new fixed-fee contract, which replaces the original cost-of-service agreement, includes minimum annual revenue guarantees over the next five to seven years that will provide baseline cash flow to Crestwood. During the fourth quarter 2016, Chesapeake resumed development activity on the Jackalope system and is currently running two drilling rigs. Crestwood expects to connect 20 to 25 wells in 2017. No additional capital is required on the Jackalope system in 2017 as the system is currently running at 40% of total capacity. Crestwood has been notified that Antero Resources is completing its 22 drilled-but-uncompleted wells on Crestwood’s eastern area of dedication in 2017. Completion crews are currently onsite with four wells expected online by the end of the first quarter 2017 and four additional wells by the end of the second quarter 2017. The remaining 14 wells are expected to be brought online beginning in the second half of 2017. During the fourth quarter 2016, dry and rich gathering volumes were flat quarter-over-quarter as BlueStone Natural Resources implemented a workover program to offset natural field decline. Recently, BlueStone completed seven drilled but uncompleted wells and is expected to continue workover activity to offset natural field decline on the Barnett system in 2017. Stagecoach Gas Services (50%/50% joint venture) in the fourth quarter benefited from heavy storage withdrawals driven by colder winter temperatures. These above average withdrawals reaffirm the value of Stagecoach assets and their proximity to key East Coast demand markets. Stagecoach is encouraged by the recent progress in the Northeast regulatory environment enabling some previously announced infrastructure projects in the basin to move forward. An increase in long haul infrastructure projects is expected to benefit Stagecoach’s base business and prospects for future growth opportunities. On November 30, 2016, contracts for 60 MBbls/d of take-or-pay rail loading volumes expired reducing the level of remaining take-or-pay rail loading volumes to 40 MBbls/d at a weighted average rail loading fee of approximately $1.60 per barrel. Rail loading volumes for the month of January 2017 averaged approximately 65 MBbls/d resulting in approximately $4.5 million of monthly cash flow. Rail loading volumes are exceeding take-or-pay contracts levels due to increased utilization from daily spot customers and new short-term contracts. Crestwood connected the COLT Hub to DAPL in the fourth quarter 2016, which is expected to attract additional volumes to the facility after DAPL is placed into service. In the fourth quarter 2016, Crestwood expanded its West Coast NGL business with the acquisition of Turner Gas Company for approximately $7 million. The acquisition included significant long-term Western US propane customers, numerous Rocky Mountain contracts for direct NGL supplies from processing plants and fractionators, three rail-to-truck terminals located in Nevada and Wyoming and a truck terminal in Salt Lake City, Utah. The acquired assets will enhance Crestwood’s ability to provide supply, transportation and storage services to wholesale customers in the western and north central regions of the United States and augment Crestwood’s West Coast refineries services business. Crestwood is developing a greenfield rail-to-truck NGL terminal in Montgomery, NY that will increase propane supply reliability across the Northeast markets. The terminal, which is expected to be placed into service in the summer of 2017, will be supported by product controlled by Crestwood from multiple producers in the Marcellus and Utica regions. Based upon the business update and outlook noted above, Crestwood’s 2017 guidance is provided below. These projections are subject to risks and uncertainties as described in the “Forward-Looking Statements” section at the end of this release. Robert T. Halpin, Senior Vice President and Chief Financial Officer, commented, “In 2017, Crestwood plans to fund all currently budgeted capital requirements through our regional joint ventures and ample liquidity under our revolving credit facility. Crestwood remains committed to maintaining our targeted distribution coverage and leverage goals as we execute our organic growth projects in the Delaware Permian and Bakken, which will drive growing cash flows and increased distribution coverage in 2018.” As of December 31, 2016, Crestwood had approximately $1.6 billion of debt outstanding, comprised primarily of $1.5 billion of fixed-rate senior notes and $77 million outstanding under its $1.5 billion revolving credit facility. Crestwood’s leverage ratio was 3.7x compared to the leverage covenant under its revolving credit facility of 5.5x. Crestwood currently has 68.0 million preferred units outstanding which pay an annual distribution of 9.25% payable quarterly in cash or through the issuance of additional preferred units. Generally Accepted Accounting Principles (“GAAP”) required Crestwood to record the assets and goodwill in its storage and transportation segment and marketing, supply and logistics segment at fair value when the assets were acquired in 2013, and further require subsequent analysis to assess the recoverability of assigned values, including goodwill. As a result of this analysis, Crestwood recorded goodwill and long-lived asset impairments of $84 million during the fourth quarter of 2016 ($228 million for full-year 2016), primarily related to its COLT Hub and trucking assets, and impairments of $1.3 billion during the fourth quarter of 2015 ($2.2 billion for full-year 2015), primarily related to its COLT Hub, trucking and Barnett shale assets. These impairments primarily resulted from decreasing forecasted cash flows from these assets and increasing the discount rate utilized in determining the fair value of these assets when taking into consideration continued commodity price weakness and its impact on the midstream industry and Crestwood’s customers in these areas. Crestwood Management will participate in the following MLP and energy conferences during the first quarter 2017. Prior to the each conference presentation materials will be posted to the Investors section of Crestwood’s website at www.crestwoodlp.com. Crestwood’s K-1 tax packages are expected to be made available online and mailed the week of Monday, March 6, 2017. Management will host a conference call for investors and analysts of Crestwood today at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) which will be broadcast live over the Internet. Investors will be able to connect to the webcast via the “Investors” page of Crestwood’s website at www.crestwoodlp.com. Please log in at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call for 90 days. Adjusted EBITDA and adjusted distributable cash flow are non-GAAP financial measures. The accompanying schedules of this news release provide reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income or operating income or any other GAAP measure of liquidity or financial performance. This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. The words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Crestwood believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in Crestwood’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made, and Crestwood assumes no obligation to update these forward-looking statements. Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple unconventional shale resource plays across the United States. Crestwood Equity is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling, and marketing of NGLs; and gathering, storage, terminalling and marketing of crude oil. 1 Please see non-GAAP reconciliation table included at the end of the press release. Financial results reflect Crestwood’s contribution of its Northeast Storage and Transportation assets to Stagecoach Gas Services JV (“Stagecoach”) and its 35% share of Stagecoach’s earnings beginning June 2016. 2 Net loss for the fourth quarter 2016 and 2015 includes $228.2 million and $2.2 billion of non-cash goodwill and long-lived asset impairment charges resulting from decreasing cash flows due to the weakness in commodity prices and increased discount rates used to determine the fair value of its assets during those periods.
News Article | April 14, 2015
HOUSTON--(BUSINESS WIRE)--Natural Gas Pipeline Company of America LLC (NGPL) today announced that it has executed binding agreements with Antero Resources, Nicor Gas, North Shore Gas and Occidental Energy Marketing, Inc. for incremental firm transportation service on its Gulf Coast mainline system from the Rockies Express Pipeline (REX) interconnection in Moultrie County, Illinois, to points north on NGPL’s pipeline system. These commitments will support the first phase of NGPL’s Chicago Market Expansion project, which will increase NGPL’s capacity by 238,000 dekatherms per day and provide transportation service to markets in proximity to Chicago, Illinois. The contracts, which include a variety of customers and demonstrate the broad appeal of the project, are for an average term of over 11 years. “This phase of the expansion project meets the current natural gas transportation needs of the Chicago-area markets and Northeast producers by providing competitive rates from the expanded REX interconnection to the Chicago area,” said NGPL President David Devine. “We continue to have the ability to provide additional capacity northbound, as well as southbound to Gulf Coast markets, with further cost-effective expansions.” NGPL intends to file a 7(c) certificate application with the Federal Energy Regulatory Commission in June, with the project expected to be in service in November 2016. Those interested in obtaining more detailed information about NGPL’s potential for further expansion in a second phase of this project should contact Mark Menis, director of Business Development for NGPL, at CMEP@kindermorgan.com or (630) 725-3052, or visit the Kinder Morgan web site at www.kindermorgan.com. NGPL is one of the largest interstate pipeline systems in the country with approximately 9,200 miles of pipeline, more than 1 million horsepower of compressor facilities and 288 billion cubic feet of working gas storage. Kinder Morgan, Inc. operates NGPL and owns a 20 percent interest in the pipeline company. Myria Holdings Inc. owns the remaining interest.
News Article | December 7, 2016
DENVER, Dec. 7, 2016 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero" or the "Company") announced today that, subject to market conditions, it intends to offer $550 million in aggregate principal amount of senior unsecured notes due 2025 in a private placement to eligible...
News Article | December 7, 2016
DENVER, Dec. 7, 2016 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero" or the "Company") announced today the pricing of its private placement to eligible purchasers of $600 million in aggregate principal amount of 5.0% senior unsecured notes due March 2025 at par. The...
News Article | March 4, 2016
Antero Resources Corp., Denver, reported that it will further shift activity to the Marcellus from the Utica in 2016 due to “firm transportation constraints” in the Ohio shale play.