Blueknight Energy Partners, L.P. announces sale of its crude oil business
21 December 2020: The company announced that it has entered into multiple definitive agreements for sale of its crude oil storage/terminals, pipelines and trucking business. It entered into an agreement with Enbridge Inc. for the terminals segment, subsidiary of CVR Energy, Inc. for the pipeline segment and with an undisclosed buyer for the crude trucking business. With the proposed sale, the company intends to transform into a pure play downstream terminalling company.
Energia Costa Azul LNG Project
10 December 2020: Total signs binding agreement with Sempra Energy and IENOVA for the Costa Azul LNG project in Mexico. Total holds now 16.6% interest in the project which has a capacity of 3.25 MMTPA.
Lone Star Express Pipeline Expansion Project
1 Sep, 2020: A major part Energy Transfer’s 2020 capital program- the Lone Star Express Pipeline expansion – was recently completed ahead of schedule. The pipeline would provide shippers additional connectivity out of the Permian & Delaware basins adding over 400,000 bpd of NGL transportation capacity to Energy Transfer’s existing Lone Star NGL pipeline.
CNX Midstream reports Q1 2020 financial results
Adjusted EBITDA and distributable cash flow were up by 11% and 9%, respectively when compared to Q1 2019
Planned Capital Expenditure reduction by 16%
Oneok reports Q1 2020 financial results
Net loss of $141.9 million
10% increase in adjusted EBITDA to $700.8 million
Reduction in growth capital expenditure and now expected to be between $1.4 billion to $1.8 billion of which approximately $0.95 billion already spent in Q1 2020
The company recently completed NGL related projects including MB-4 fractionator, Arbuckle II NGL pipeline, 55% of the 80,000 bpd West Texas LPG pipeline capacity expansion
In line with reduced drilling activity, the company has currently paused majority of its construction activities across different projects:
- 200 MMcf/d Bear Creek natural gas plant expansion
- West Texas LPG Pipeline system expansion to 40,000 bpd
- 125,000 bpd MB-5 fractionator project in Texas
- 65,000 bpd mid-continent fractionation facility expansion
Phillips 66 reports Q1 2020 financial results
First quarter loss of $2.5 billion
Adjusted earnings of $450 million
Secured a new $1 billion, 364-day term loan facility in the quarter, which was fully drawn as of March 31, 2020. On April 6, the company increased the size of the facility to $2 billion, with $1 billion of capacity remaining undrawn. Additionally, the company issued $1 billion of senior unsecured notes on April 9.
Capital expenditures and investments in the first quarter were $923 million
Projects update:
- Commenced full operations of the 900,000 bpd Gray Oak Pipeline transporting crude from West Texas to Gulf Coast destinations
- Anticipated completion of two additional 150,000 bpd fractionators at the Sweeny hub by Q4 2020
- 7.5 million barrels of additional NGL storage capacity currently under construction at Clemens Cavern facility. Upon completion around Q4 2020, the facility will have a total NGL storage capacity of 16.5 million barrels
- C2G pipeline, a 16 inch ethane pipeline that will connect the Clemens Cavern storage to petrochemical facilities in Corpus Christi is also currently under construction
- Added 2.2 million barrels of crude oil storage capacity at its Beaumont Terminal, increasing the terminal’s total crude and product storage capacity to 16.8 million barrels. In addition, the company is adding a 200,000 bpd dock, bringing the terminal’s total dock capacity to 800,000 bpd. The new dock is expected to be completed in Q3 of 2020
- Deferred the Red Oak Pipeline and Sweeny Fractionator 4 projects, as well as Liberty Pipeline. Also postponed final investment decision on the ACE Pipeline
