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Altus starts up Alpine High train; Mich. attorney general may close Line 5


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Essential Energy Insights, April 2021

Altus starts up Alpine High train; Mich. attorney general may close Line 5

Altus Midstream starts up 1st of 3 cryogenic processing trains in Delaware Basin

Altus Midstream Co. placed into service a 200-MMcf/d cryogenic processing train, one of the three facilities planned to serve production in the Alpine High play in the Delaware Basin. The three processing trains at the Diamond Cryo Complex are designed to process rich natural gas and sell NGLs and residue gas, according to a May 30 news release. They are expected to begin service in 2019.

Report: Mich. attorney general may close Enbridge Line 5 if no deal reached

Michigan's attorney general vowed to have the Line 5 pipeline under the Straits of Mackinac closed down if the governor fails to reach a deal with operator Enbridge Inc. on a tunnel to house the infrastructure, The Detroit News reported May 29. "If they cannot come to an agreement that allows for a quick process of the decommissioning of Line 5 then I will act," Attorney General Dana Nessel said. Line 5 delivers approximately 23 million gallons of light crude oil and NGLs per day through the Upper Peninsula, including a four-mile stretch through the Straits of Mackinac.

Oneok further extends maturity of $2.5B revolving credit facility

Oneok Inc. entered into an agreement with a syndicate of lenders to amend and further extend the maturity date of its $2.5 billion revolving credit agreement by one year, the company said in a May 28 SEC filing. Effective May 24, the agreement with Citibank NA as administrative agent, other lenders and letter of credit issuers extended the revolver's maturity date to June 30, 2024, from June 30, 2023.

Masked by $4B deal, institutions sold shale gas stocks in Q1'19

Chesapeake Energy Corp. got a slew of new shareholders from the private equity world after its nearly $4 billion merger with WildHorse Resource Development Corp. on Feb. 1, but whether those shareholders stick around for the long term is an unanswered question. The company's newest and largest shareholder is Fifth Creek Energy Co. LLC, a subsidiary and majority stockholder in Rocky Mountain oil and gas producer HighPoint Resources Corp.