Ngls

The global natural gas and oil exploration sector had its strongest year in 2022 in a decade as national oil companies and majors focused on taking advantage of what might be a short-term window of opportunity. The sector created some $33 billion of value at $60/bbl Brent prices last year, according to a report from…

Targa Resources Corp. has agreed to purchase Blackstone Energy Partners’ 25% interest in Targa’s Grand Prix natural gas liquids (NGL) pipeline for $1.05 billion in cash plus customary working capital adjustments. The transaction, slated to close during the first quarter, would give Houston-based Targa a 100% ownership position in the 1.0 million b/d capacity pipeline.…

As it readies an expansion of its Alberta natural gas liquids (NGL) facility, Houston-based Plains All American has agreed to sell its 21% ownership in the Keyera Fort Saskatchewan (KFS) project to operator Keyera Corp. for C$365 million ($270 million). The transaction, subject to Canadian Competition Bureau review and closing conditions, is set to be…

Strong Montney Shale drilling results have prompted private equity giant Riverstone Holdings LLC to combine Hammerhead Resources Inc. and Decarbonization Plus Acquisition Corp. (DCRD) into an Alberta-based growth firm. The deal primes Hammerhead with C$240 million ($180 million) for greenhouse gas (GHG) reductions using carbon capture and storage (CCS) while doubling production by 2030. “We…

The NEBC Connector, which would move around 98,000 b/d of Montney Shale liquid byproducts, has cleared a court hurdle erected last year that stiffened protection of Indigenous territory in northeastern British Columbia (BC). NorthRiver Midstream NEBC Connector GP Inc., a subsidiary of Brookfield Infrastructure LP, was seeking approval by the Canada Energy Regulator (CER) to…

Phillips 66 and Enbridge Inc. have agreed to merge and exchange interests in a natural gas liquid-heavy (NGL) midstream firm and crude oil pipeline through a  joint venture in a move management from both companies say will enhance value. In the deal disclosed Wednesday evening, Phillips would increase its ownership in DCP Midstream LP, a…

Higher commodity prices are driving double-digit natural gas volume growth in the Permian Basin for EnLink Midstream LLC, but the turnaround in Oklahoma production is “perhaps the most impressive,” according to management. “The volume story out of Oklahoma continues to brighten as producers have responded to the improved pricing environment,” said EnLink COO Ben Lamb…

U.S. natural gas liquids (NGL) production, particularly from the Permian Basin, hit record levels near the end of last year, propelling hydrocarbon liquid totals to almost pre-pandemic numbers. According to research by Rystad Energy, domestic NGL output soared to 5.84 million b/d in November, mostly from improving ethane recovery and Gulf Coast supplies rebounding following…

Pennsylvania’s Department of Environmental Protection (DEP) has cleared the way for Sunoco Pipeline LP to reroute part of its Mariner East natural gas liquids system near Marsh Creek Lake State Park in Chester County, PA. Construction was halted last August when drilling fluids and mud seeped into a part of the lake called Ranger Cove…