American Oil and Gas Reporter - November 2022 - 19

IndustryDigest
" Also, importantly, this transaction is
accretive on all relevant 2023 and 2024
financial metrics, immediately
increasing expected per share returns to
our stockholders in the near term while
also improving the long-term duration
of the company's cash return profile, "
Stice continues. " We remain committed
to capital discipline by returning at least
75% of our free cash flow to
stockholders while also maintaining a
fortress balance sheet. To do this, we
are announcing a target to sell at least
$500 million of noncore assets by yearend
2023, with proceeds earmarked for
further debt reduction. "
Diamondback says it expects to fund
the cash portion of the transaction
through a combination of cash on hand,
borrowings under the company's credit
facility and/or proceeds from a senior
notes offering. The cash outlay at
closing is expected to be about $700
million given the asset's projected free
cash flow generation between the
effective date and expected closing date
late in the fourth quarter of 2022. ❒
Summit Midstream
Makes DJ Basin
Bolt-On Acquisitions
HOUSTON-Summit Midstream
Holdings LLC has entered definitive
agreements to acquire Outrigger DJ
Midstream LLC as well as Sterling
Energy Investments LLC, Grasslands
Energy Marketing LLC and Centennial
Water Pipelines LLC, which Summit
says own natural gas gathering and
processing systems, a crude oil
gathering system, freshwater rights and
a subsurface freshwater delivery system
in the Denver-Julesburg Basin. The
agreement is for cash consideration of
$305 million.
Summit indicates the consolidated
asset portfolio is located in Colorado's
Weld, Morgan and Logan counties, as
well as Nebraska's Cheyenne County.
Summit President, Chief Executive
Officer and Chairman Heath Deneke,
describes the purchases as strategic,
bolt-on acquisitions. " These highly
value- and credit-accretive transactions
create a strategic franchise position in
the DJ Basin that we believe will
generate significant free cash flow
growth for Summit in the coming
years, " he says. He adds that the
transaction will immediately enhance
" the quality and availability of services
for our combined customer base in the
region via the integration of our
underutilized Hereford gathering and
processing system with the capacity
constrained Sterling DJ and Outrigger
DJ systems.
" Combining operations of the three
systems will create significant
commercial and operating synergies
and will provide substantial running
room to grow dedicated producer
volumes in the coming years with
minimal capital expenditure
requirements, " Deneke assesses.
" Outrigger DJ and Sterling DJ
customers are expected to connect over
75 new wells in 2023 and are well
positioned to sustain and potentially
grow that level of development activity
in the coming years with more than
NOVEMBER 2022 19
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American Oil and Gas Reporter - November 2022

Table of Contents for the Digital Edition of American Oil and Gas Reporter - November 2022

Contents
American Oil and Gas Reporter - November 2022 - Intro
American Oil and Gas Reporter - November 2022 - Cover1
American Oil and Gas Reporter - November 2022 - Cover2
American Oil and Gas Reporter - November 2022 - Contents
American Oil and Gas Reporter - November 2022 - 4
American Oil and Gas Reporter - November 2022 - 5
American Oil and Gas Reporter - November 2022 - 6
American Oil and Gas Reporter - November 2022 - 7
American Oil and Gas Reporter - November 2022 - 8
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American Oil and Gas Reporter - November 2022 - 18
American Oil and Gas Reporter - November 2022 - 19
American Oil and Gas Reporter - November 2022 - 20
American Oil and Gas Reporter - November 2022 - 21
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American Oil and Gas Reporter - November 2022 - 25
American Oil and Gas Reporter - November 2022 - 26
American Oil and Gas Reporter - November 2022 - 27
American Oil and Gas Reporter - November 2022 - 28
American Oil and Gas Reporter - November 2022 - 29
American Oil and Gas Reporter - November 2022 - 30
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American Oil and Gas Reporter - November 2022 - 33
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American Oil and Gas Reporter - November 2022 - Cover3
American Oil and Gas Reporter - November 2022 - Cover4
https://www.nxtbook.com/nxtbooks/aogr/202502
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