Eagleclaw

Houston-based Altus Midstream Co., which owns most of the assets servicing Apache Corp.’s Alpine High in the Permian Basin, has exercised an option to acquire a 26.7% stake in the 2 Bcf/d Permian Highway Pipeline (PHP), which when completed could deliver natural gas from West Texas to the Gulf Coast.

EagleClaw Midstream on Wednesday pulled the trigger on Delaware Link, a pipeline with at least 1.2 Bcf/d of capacity that would transport residue natural gas from the Permian Basin to the Waha hub, with access to downstream takeaway connections.

EagleClaw Midstream, Blackstone Energy Partners funds and I Squared Capital said Friday they are throwing in to help fund more Permian Basin oil and natural gas takeaway, including the Permian Highway Pipeline (PHP), a 2 Bcf/d system that would move supplies to the Texas coast, with connections to Mexico markets.

The 2 Bcf/d Permian Highway (PHP) Pipeline Project, designed to move natural gas south across Texas via a 42-inch diameter pipeline, was given the all-clear sign late Wednesday by Kinder Morgan Texas Pipeline LLC (KMTP) and EagleClaw Midstream Ventures LLC.

ExxonMobil Corp., one of the biggest leaseholders and producers in the Permian Basin, signed a letter of intent to take capacity on the proposed Permian Highway Pipeline (PHP) Project, designed to carry up to 2 Bcf/d to the Texas coast and beyond.

A Kinder Morgan Inc. (KMI) subsidiary is proposing a partnership with a Blackstone Energy Partners unit and Apache Corp. to build a second natural gas system from the Permian Basin to markets along the Texas coast and potentially into Mexico.

Targa Resources Corp. has agreed to sell a 25% stake in a proposed natural gas liquids (NGL) system designed to connect Permian Basin volumes to Mont Belvieu on the Texas Gulf Coast, a deal that coincides with its decision to join a mega-project that would transport natural gas along a similar route.

Midland, TX-based EagleClaw Midstream Ventures LLC and its sponsor, EnCap Flatrock Midstream, are selling the company to funds managed by Blackstone Energy Partners and Blackstone Capital Partners for $2 billion in cash.

EagleClaw Midstream Ventures LLCagreed to acquire PennTex Permian LLC from PennTex Midstream Partners LLC. Primarily located in Reeves County, TX, PennTex Permian’s assets include a cryogenic processing plant with 60 MMcf/d capacity, about 90 miles of gathering pipeline and about 35 miles of condensate pipeline. The assets are supported by long-term dedications of more than 75,000 acres. Closing is expected during the third quarter. EagleClaw plans to connect the PennTex system to its East Toyah System, bringing the company’s processing capacity to 120 MMcf/d and gathering pipeline to more than 200 miles served by nine field compressor stations with a total of 20,000 hp of compression. The combined systems serve producers in the Permian’s Delaware Basin targeting stacked pay zones including the Upper and Middle Wolfcamp, Bone Spring and the Avalon Shale formations. EagleClaw also has broken ground on an additional processing plant to serve the region. “Given the Delaware Basin’s stacked pay potential, we believe Reeves County may contain the largest inventory of profitable wells in the U.S. We’re seeing great production and drilling results paired with economics that make sense, even through the downturn,” said EagleClaw CEO Bob Milam.