American Oil and Gas Reporter - November 2021 - 21

IndustryDigest
inventory at our current drilling pace.
" Additionally, we have made
significant changes to our management
team, assembling a set of highly
experienced team members, including
myself as CEO, along with our chief
financial officer, senior vice president of
development and numerous other
seasoned professionals throughout the
company, " Henke continues. " These
changes have driven a step change in
recent asset, operational and financial
performance over the last several
quarters. " ❒
Altus Midstream Unites
With BCP Raptor Holdco
HOUSTON-Altus Midstream Co.
reports it will combine with privatelyowned
BCP Raptor Holdco LP, the
parent company of EagleClaw
Midstream, which includes EagleClaw
Midstream Ventures, Caprock
Midstream and Pinnacle Midstream, as
well as a 26.7% interest in the Permian
Highway Pipeline.
Altus says it expects the transaction
to close during the first quarter 2022,
following completion of customary
closing conditions.
" This transaction is a
transformative event for all parties
and their respective stakeholders, "
says EagleClaw President and Chief
Executive Officer Jamie Welch. " The
combination creates the largest pureplay
midstream company in one of the
world's most prolific hydrocarbon
basins, providing the scale,
operational capabilities and fully
integrated service offerings necessary
for long-term success. The pro forma
enterprise is well positioned to
capitalize on accelerating activity in
the Delaware Basin with expanded
processing and transportation
capabilities for all three streams from
the wellhead to end markets. "
The company says Welch will lead
its new management team. Apache
field personnel working at Altus
Midstream facilities will be offered
employment with the pro forma
enterprise. Following closing, the
company's new Board of Directors will
have 11 members: the CEO, four
independent directors, three designees
of Blackstone, two designees of I
Squared, and a designee of Apache.
The pro forma enterprise will maintain
its headquarters in Midland with
corporate leadership in Houston, and
operate under a new name, which will
be finalized before closing. ❒
Gas Storage Levels
3.4% Below Average
WASHINGTON-Underground
natural gas storage in the United States
stood at 3.548 trillion cubic feet on Oct.
22, 3.4% below the five-year average,
according to the U.S. Energy
Information Administration. That was
up 378 billion cubic feet from the 3.170
Tcf in storage on Sept. 24. The Oct. 22
storage number was 371 Bcf less than a
year ago, when gas storage stood at
3.919 Tcf.
According to EIA, gas storage in the
East Region was 855 Bcf on Oct. 22,
2.3% below the five-year average and
76 Bcf more than on Sept. 24, when
storage stood at 779 Bcf. East Region
gas storage on Oct. 22 was 92 Bcf less
than it was a year ago.
Gas storage in the Midwest Region
stood at 1.052 Tcf on Oct. 22, 1.7%
below the five-year average and 118 Bcf
more than the 934 Bcf in storage on
Sept. 24. Oct. 22 gas storage in the
Midwest Region was 67 Bcf less than a
year ago.
In the Mountain Region, EIA says,
gas storage was 212 Bcf on Oct. 22,
4.1% below the five-year average and
11 Bcf more than the 201 Bcf stored on
Sept. 24. Gas storage in the Mountain
Region was 28 Bcf less than a year ago.
Gas storage in the Pacific Region
was 255 Bcf on Oct. 22, 16.4% below
the five-year average and 12 Bcf more
than the 243 Bcf stored on Sept. 24.
Pacific Region gas storage on Oct. 22
was down 65 Bcf from a year ago.
In the South-Central Region, gas
storage levels on Oct. 22 were 1.144 Tcf,
2.5% below the five-year average, but up
131 Bcf from the 1.013 Tcf in storage on
Sept. 24. The Oct. 22 gas storage level
for the South-Central Region was down
371 Bcf from a year ago. ❒
Insurance contracts
are underwritten
and issued by one
or more of the
following: BITCO
General Insurance
Corporation and
BITCO National
Insurance Company
(domiciled in Illinois),
rated A+ (Superior)
by A.M. Best, A2
Stable by Moody's,
and A+ Strong by
Standard and Poor's.
WE ARE HERE FOR YOU
Since 1917, BITCO has provided customized insurance
programs and services to support the backbone of the
American economy, and we've helped our customers
navigate the ups and downs of the energy sector.
We understand your business, value long-term relationships
and can provide you with the AM Best A+ rated 昀nancial
stability needed to protect what you've worked so hard to build.
We are committed to you and are here for the long run.
1-800-475-4477
BITCO.com
NOVEMBER 2021 21
http://www.BITCO.com
American Oil and Gas Reporter - November 2021

Table of Contents for the Digital Edition of American Oil and Gas Reporter - November 2021
