Delaware Producers, Meet the Double E

Delaware Producers, Meet the Double E

Right on time and right on the money, the Double E Pipeline is now open for business to bring added transportation capacity to the Permian’s Delaware where 80 rigs currently operate. Reese Energy Consulting today is following the latest news from Houston-based Summit Midstream, which will operate the 135-mile natural gas pipeline designed to flow 1.35 BCFD from southeast N.M., and west Texas to multiple delivery points in and around the Waha Hub. The $400 million Double E was developed under a 70:30 joint venture between Summit and Exxon’s XTO of which XTO will become a foundation shipper with 500 MMCFD of capacity for 10 years. Summit in January broke ground on the project after announcing final FERC approval that sent its stock price into orbit at a whopping 51.7% in pre-market trading before settling at a still impressive 29% for the day. Formed in 2009, the company operates extensive natural gas, crude oil, and produced water midstream infrastructure in the Marcellus/Utica, Barnett, Permian, DJ, and Piceance basins.

What do you think? Learn more about REC and our natural gas marketing services at www.ReeseEnergyConsulting.com.

Summit Midstream

Headquartered in Houston, Texas, Summit Midstream Partners, LP (NYSE: SMLP) is a value-driven master limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in unconventional resource basins, primarily shale formations, in the continental United States.

www.summitmidstream.com

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Exxon Says, ‘Let’s Make a Deal’

Exxon Says, ‘Let’s Make a Deal’

When you’re looking at a mind-boggling $60.6 billion in debt even a $4.7 billion profit in the second quarter falls like a lone raindrop in the Mohave. Coming off an historic $22.4 billion loss in 2020, ExxonMobil is into the last year of a stalled, three-year debt reduction campaign with a goal of raising $15 billion by December. It’s achieved about a third of that so far with potential deals on the table valued at $2.15 billion and a ticking clock. Reese Energy Consulting today is following the latest news from Exxon and its take-no-prisoners divestment challenge that includes For Sale signs on assets in Asia, Africa, Europe, and the U.S. If you’re in the market for natural gas properties here at home, the world’s largest energy producer just might have you covered for the right price. Sales efforts now are underway to offload Exxon XTO’s 662,000 acres and 5,000 wells in the Arkansas-Fayetteville producing more than 271 MMCFD. That should make a dent. In addition to Ark., XTO also operates natural gas assets in the Marcellus/Utica, Haynesville, Barnett, Permian, Hugoton, DJ, and Bakken, as well as in Western Canada.

What do you think? Learn more about REC and our natural gas marketing expertise at www.ReeseEnergyConsulting.com.

ExxonMobil

Exxon Mobil Corporation, stylized as ExxonMobil, is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller’s Standard Oil, and was formed on November 30, 1999, by the merger of Exxon and Mobil.

exxonmobil.com

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