Reports related to this article:
Project(s): View 14 related projects in PECWeb
Plant(s): View 10 related plants in PECWeb
Released August 09, 2017 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Williams Companies (NYSE:WMB) (Tulsa, Oklahoma), its master limited partnership Williams Partners (NYSE:WMZ), and WPX Energy Incorporated (NYSE:WPX), an exploration and production company that spun off from Williams in 2011, have made significant strides on major projects across the U.S., such as Williams' Transcontinental Gas (Transco) Pipeline System and WPX's Permian Basin assets. All three reported solid profits in the most recent quarter, after net losses in the same period last year. Industrial Info is tracking more than $3.2 billion in active projects involving the three companies.
Executives noted in a quarterly earnings-related conference call that Williams is making progress on one of its most anticipated projects: the Atlantic Sunrise Pipeline, a portion of its Transcontinental Gas (Transco) Pipeline System. Atlantic Sunrise is expected to run 183 miles from producing regions in northeastern Pennsylvania to markets in the Mid-Atlantic and U.S. Southeast. Construction continues on the mainline facilities and mainline service revenues are expected this September. Industrial Info is tracking nearly $900 million worth of projects related to Atlantic Sunrise, including seven compressor stations that are set to be completed within the next 12 months:
Williams also completed, and began service on, the first phase of its Hillabee expansion project on the Alabama portion of Transco. For more information, see July 12, 2017, article - Williams Expands Transco Pipeline to Link with Sabal Trail, Bring Natural Gas to Florida.
WPX Energy now forecasts 40% oil-volume growth for the year, after performances exceeded expectations, particularly in the Delaware Basin. The company previously had predicted 30% growth. Industrial Info is tracking numerous WPX projects in West Texas, including the first and second developments in Loving County's Bone Springs field, and the developments in Bell Canyon, Bushy Canyon and Cherry Canyon in Reeves County. Each of the Loving County projects involves drilling five wells with 9,200-foot depths, and each of the Reeves County projects involves drilling four wells at 5,500-foot depths. For more information, see Industrial Info's project reports on Loving's first and second fields, and Reeves' Bell, Bushy and Cherry fields.
"Our plan for 2017 is to run an average of seven rigs in the Delaware, two in the Bakken and one in the San Juan, for a total of 10," said Richard Muncrief, the chief executive officer of WPX, in a separate quarterly earnings-related conference call. "Then, for 2018, we had contemplated adding one to three rigs. Based on our progress toward our goals, I don't believe that adding rigs is necessary next year for us to reach our targets. So at this point, my thoughts are to keep our rig count roughly flat for next year."
WPX and Howard Energy Partners (Houston, Texas) announced earlier this summer that they had signed a strategic partnership to jointly develop oil-gathering and natural gas-processing infrastructure in the Delaware Basin. For more information on those projects, see June 14, 2017, article - WPX, Howard Energy Team Up to Develop Exploration Assets in Permian's Delaware Basin.
Williams Companies reported net income of $81 million in second-quarter 2017, compared with a net loss of $405 million in the same period last year; Williams Partners reported $320 million, compared with a $90 million in second-quarter 2016; WPX Energy reported $72 million, compared with a loss of $204 million. Williams benefited from the sale of one of its less profitable assets, an olefins plant in Geismar, Louisiana, to Canada's NOVA Chemicals Corporation (Calgary, Alberta). For more information, see April 18, 2017, article - Williams Partners to Sell Stake in Louisiana Olefins Plant to NOVA Chemicals.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
Executives noted in a quarterly earnings-related conference call that Williams is making progress on one of its most anticipated projects: the Atlantic Sunrise Pipeline, a portion of its Transcontinental Gas (Transco) Pipeline System. Atlantic Sunrise is expected to run 183 miles from producing regions in northeastern Pennsylvania to markets in the Mid-Atlantic and U.S. Southeast. Construction continues on the mainline facilities and mainline service revenues are expected this September. Industrial Info is tracking nearly $900 million worth of projects related to Atlantic Sunrise, including seven compressor stations that are set to be completed within the next 12 months:
- $60 million Station 610 in Bloomsburg, Pennsylvania; see Industrial Info's project report
- $45 million in additions at Station 520 in Salladasburg, Pennsylvania; see Industrial Info's project report
- $45 million in additions at Station 517 in Benton, Pennsylvania; see Industrial Info's project report
- $20 million Station 605 in Montrose, Pennsylvania; see Industrial Info's project report
- $15 million in additions at Station 190 in Ellicott City, Maryland; see Industrial Info's project report
Williams also completed, and began service on, the first phase of its Hillabee expansion project on the Alabama portion of Transco. For more information, see July 12, 2017, article - Williams Expands Transco Pipeline to Link with Sabal Trail, Bring Natural Gas to Florida.
WPX Energy now forecasts 40% oil-volume growth for the year, after performances exceeded expectations, particularly in the Delaware Basin. The company previously had predicted 30% growth. Industrial Info is tracking numerous WPX projects in West Texas, including the first and second developments in Loving County's Bone Springs field, and the developments in Bell Canyon, Bushy Canyon and Cherry Canyon in Reeves County. Each of the Loving County projects involves drilling five wells with 9,200-foot depths, and each of the Reeves County projects involves drilling four wells at 5,500-foot depths. For more information, see Industrial Info's project reports on Loving's first and second fields, and Reeves' Bell, Bushy and Cherry fields.
"Our plan for 2017 is to run an average of seven rigs in the Delaware, two in the Bakken and one in the San Juan, for a total of 10," said Richard Muncrief, the chief executive officer of WPX, in a separate quarterly earnings-related conference call. "Then, for 2018, we had contemplated adding one to three rigs. Based on our progress toward our goals, I don't believe that adding rigs is necessary next year for us to reach our targets. So at this point, my thoughts are to keep our rig count roughly flat for next year."
WPX and Howard Energy Partners (Houston, Texas) announced earlier this summer that they had signed a strategic partnership to jointly develop oil-gathering and natural gas-processing infrastructure in the Delaware Basin. For more information on those projects, see June 14, 2017, article - WPX, Howard Energy Team Up to Develop Exploration Assets in Permian's Delaware Basin.
Williams Companies reported net income of $81 million in second-quarter 2017, compared with a net loss of $405 million in the same period last year; Williams Partners reported $320 million, compared with a $90 million in second-quarter 2016; WPX Energy reported $72 million, compared with a loss of $204 million. Williams benefited from the sale of one of its less profitable assets, an olefins plant in Geismar, Louisiana, to Canada's NOVA Chemicals Corporation (Calgary, Alberta). For more information, see April 18, 2017, article - Williams Partners to Sell Stake in Louisiana Olefins Plant to NOVA Chemicals.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
