P.O. Access latest petrochemicals news and analysis, conferences and events. The Company adds the items listed above to net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. During the third quarter of 2018, Diamondback drilled 40 gross horizontal wells and turned 43 operated horizontal wells to production. 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. (1) Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl. "The connection to the terminal will provide [the refinery with an] outlet to competitively prices its product in the market. Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. (2) The volumes presented are based on actual results and are not calculated using the rounded numbers in the table above. Gray Oak Pipeline, LLC . First open season was heavily subscribed and there will now be a second binding open season. Adjusted income excluding non-cash loss on derivative instruments, gain on revaluation of investment and other income, Q3 2018 production of 123.0 Mboe/d (72% oil), up 9% over Q2 2018 and 45% year over year, Increasing full year 2018 production guidance range to 118.5 – 119.5 Mboe/d, up 2% from prior guidance midpoint; implies 50% annualized growth at the midpoint from full year 2017 average daily production, Shareholder meetings to vote on the previously announced all-stock acquisition of, Rattler Midstream intends to exercise its right to acquire a 10% equity interest in the Gray Oak Pipeline, subject to certain closing conditions; Diamondback has increased its volume commitment to the Gray Oak Pipeline from 50,000 bo/d to 100,000 bo/d, taking Diamondback's total volume commitment to new long-haul pipelines to 200,000 bo/d (including previously announced volume commitment of 100,000 bo/d on the EPIC Crude Oil Pipeline project), Acquired ownership of overriding royalty interests across a large portion of Ajax's asset base in, Executed joint development agreement with Carlyle for development of the San Pedro area of. CLIFTON RIDGE PRODUCT EXPORT PIPELINE COMPLETED. In the Midland Basin, Diamondback has taken over operations from ExL, which recently completed a three-well pad targeting the Wolfcamp A. Gray Oak Pipeline, LLC Overview. The ultimate capacity of the, Technology, ETFs, Renewable Energy, Oil & gas, Gold.
Construction is expected to be completed in the first quarter of 2020.
Second, we closed multiple highly complementary asset acquisitions in the Northern Midland Basin and have since taken over operations. Gray Oak Pipeline to expand, open season begins September 2, 2020 Company News , Crude Oil , Infrastructure , News , North America , Pipeline , Unconventionals 0 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, Kallanish Energy reports.
The pipeline will serve Corpus Christi, the Sweeny area, including the company's Sweeny refinery, as well as access to the Houston market. This increase is due to the added infrastructure costs related to the signing of Diamondback's joint development agreement with Carlyle, as well as the accelerated build out and upgrade of midstream assets in the Southern Delaware through its subsidiary Rattler Midstream. The company, which owns … This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. To continue reading you must login or register with us. Access latest metal news and analysis, conferences and events. Once operating, the terminal will have 16.8 million barrels of total crude and refined product storage capacity. The Gray Oak Pipeline was originally announced as a joint project between Phillips 66 Partners and San Antonio-based refining company Andeavor in … 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. Mr. Stice continued, "Since the beginning of the year, Diamondback has been able to generate $12 million in free cash flow while growing production 45% over the last 12 months. Phillips 66 plans world’s largest renewable fuels plant. ��W�2H9��pZ��������Ll�@��?� {%�ff`��7^�ePU� YH' In connection with its Fall 2018 redetermination, which closed in October, the borrowing base under Diamondback's credit facility increased to $2.65 billion from $2.0 billion, and the Company's aggregate elected commitment amount was increased to $2.0 billion from $1.0 billion previously. A live broadcast of the earnings conference call will also be available via the internet at www.diamondbackenergy.com under the “Investor Relations” section of the site. Following the closing of the Ajax acquisition, Diamondback assumed operations of one additional operated rig, and plans to maintain this cadence for the remainder of 2018. 271 0 obj <>stream As of September 30, 2018, Diamondback had $492 million in standalone cash and no outstanding borrowings under its revolving credit facility.