DCP Midstream to boost DJ Basin gas processing with Western Midstream deal
Western Midstream Partners LP and DCP Midstream LP entered into a long-term agreement that would provide DCP with up to 225 MMcf/d of incremental gas processing capacity at Western Midstream's gas processing complex in the DJ Basin. The processing complex includes the under-construction Latham II plant and would allow for NGL takeaway through DCP Midstream's DJ Southern Hills extension and the Front Range pipeline, and residue gas takeaway through the Cheyenne Connector, according to a July 30 news release.
Altus Midstream closes purchase of Enterprise's Shin Oak pipeline stake
Altus Midstream Co. on July 31 completed the acquisition of a 33% stake in the Enterprise Products Partners LP subsidiary that owns the Shin Oak NGL pipeline, which carries natural gas liquids from the Permian Basin and other basins to Enterprise's Mont Belvieu fractionation and storage complex. The companies will source NGLs for the 658-mile pipeline from Enterprise's Orla gas processing complex in Reeves County, Texas, and dedicated acreage from Apache Corp.'s Alpine High development in the Delaware Basin, according to a July 31 news release. Apache is the parent company of Altus.
CNX pledges 2020 production gains with 33% cost cut
After being punished for spending 19% more than expected on new wells in the first quarter, CNX Resources Corp. and CEO Nick DeIuliis were redeemed by an overhauled outlook for 2020 that sparked investor interest after the company's July 30 release. The Appalachian shale gas producer found the sweet spot that its larger peers have missed this quarter with 2020 guidance that increased gas and liquids production by 12% while chopping the company's drilling budget by 33% year over year.
Gulfport grows Utica and SCOOP production, sells noncore assets in Q2
Gulfport Energy Corp. sold its noncore assets in southern Louisiana and Thailand in the second quarter as the company reported modest year-over-year production growth in core producing areas of the Utica Shale in the U.S. Northeast and the SCOOP play of Oklahoma. Gulfport recently closed the sale of its southern Louisiana assets to an unidentified third party for about $54.1 million, the company said in its second-quarter earnings statement Aug. 1. In addition, the producer said it sold its remaining interest in Tatex Thailand II for about $1.9 million in cash.
Fire breaks out at Exxon petrochemical plant in Texas
A fire broke out at Exxon Mobil Corp.'s Baytown olefins plant in Texas, the ExxonMobil Baytown Area account tweeted July 31. The city of Baytown, about 25 miles east of Houston, tweeted from its official account that the fire is in a unit that contains polypropylene material and that a shelter-in-place warning had been issued.