EX-99.1 2 trgp-ex991_7.htm EX-99.1 trgp-ex991_7.htm

Exhibit 99.1

811 Louisiana, Suite 2100

Houston, TX 77002

713.584.1000

 

Targa Resources Corp. Reports Second Quarter 2019 Financial Results and Announces

Grand Prix NGL Pipeline is Fully In-Service to Mont Belvieu

 

HOUSTON – August 8, 2019 - Targa Resources Corp. (NYSE: TRGP) (“TRC”, the “Company” or “Targa”) today reported second quarter 2019 results.

 

Second Quarter 2019 Financial Results  

 

Second quarter 2019 net income (loss) attributable to Targa Resources Corp. was ($10.2) million compared to $109.1 million for the second quarter of 2018.

 

The Company reported quarterly earnings before interest, income taxes, depreciation and amortization, and other non-cash items (“Adjusted EBITDA”) of $306.5 million for the second quarter of 2019 compared to $315.2 million for the second quarter of 2018 (see the section of this release entitled “Targa Resources Corp. - Non-GAAP Financial Measures” for a discussion of Adjusted EBITDA, distributable cash flow, gross margin and operating margin, and reconciliations of such measures to their most directly comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”)).

 

“Our second quarter results are in-line with our expectations as our Gathering and Processing and Downstream systems continued to perform very well,” said Joe Bob Perkins, Chief Executive Officer of the Company. “Our Grand Prix NGL pipeline recently commenced deliveries into Mont Belvieu, realizing the long-run strategic goal of integrating our leading gathering and processing position with our premier NGL logistics, fractionation and export platform. Grand Prix, combined with our remaining system expansions underway, will drive increasing, largely fee-based, cash flow growth for Targa.”

 

On July 17, 2019, TRC declared a quarterly dividend of $0.91 per share of its common stock for the three months ended June 30, 2019, or $3.64 per share on an annualized basis. Total cash dividends of approximately $211.5 million will be paid on August 15, 2019 on all outstanding shares of common stock to holders of record as of the close of business on July 31, 2019. Also, on July 17, 2019, TRC declared a quarterly cash dividend of $23.75 per share of its Series A Preferred Stock. Total cash dividends of approximately $22.9 million will be paid on August 14, 2019 on all outstanding shares of Series A Preferred Stock to holders of record as of the close of business on July 31, 2019.

 

The Company reported distributable cash flow for the second quarter of 2019 of $192.0 million compared to total common dividends to be paid of $211.5 million and total Series A Preferred Stock dividends to be paid of $22.9 million.

 

Second Quarter 2019 - Sequential Quarter over Quarter Commentary

 

Second quarter 2019 Adjusted EBITDA of $306.5 million was only 2 percent lower than the first quarter of 2019 as strong fundamentals for Targa’s Gathering and Processing and Downstream businesses offset the sale of the 45 percent interest in Targa Badlands LLC (“Targa Badlands”), which closed April 3, 2019. Strong volume performance led by higher sequential volumes in the Permian region, higher fractionation volumes and higher liquefied petroleum gas (“LPG”) export volumes would have resulted in higher sequential Adjusted EBITDA if not for the Badlands sale. Increased volumes in many of our businesses were partially offset by lower commodity price realizations and higher operating expenses attributable to Permian and Downstream system expansions. Sequential realized Waha natural gas prices and natural gas liquids (“NGL”) prices declined significantly, partially offset by higher realized hedge gains, which are presented in Other, in the second quarter versus the first quarter. Sequential operating expenses were higher in the Gathering and Processing segment and the Downstream segment, primarily associated with new assets coming online and other system expansions that have driven labor costs higher in advance of full quarter contributions of Adjusted EBITDA. Please refer to the Company's second quarter 2019 Earnings Supplement presentation, which can be accessed through the Events and Presentations section of Targa’s website at www.targaresources.com, for additional details.

 

Second Quarter 2019 - Capitalization and Liquidity

 

The Company’s total consolidated debt as of June 30, 2019 was $6,948.3 million including $435.0 million outstanding under TRC’s $670.0 million senior secured revolving credit facility. The consolidated debt included $6,513.3 million of Targa Resources Partners LP’s (“TRP” or the “Partnership”) debt, net of $41.9 million of debt issuance costs, with $190.0 million outstanding under TRP’s $2.2 billion senior secured revolving credit facility, $298.3 million outstanding under TRP’s accounts receivable securitization facility, $6,028.2 million of outstanding TRP senior notes, net of unamortized premiums, and $38.4 million of finance lease liabilities.

 

 


 

Total consolidated liquidity of the Company as of June 30, 2019, including $226.5 million of cash, was over $2.4 billion. As of June 30, 2019, TRC had available borrowing capacity under its senior secured revolving credit facility of $235.0 million. TRP had $190.0 million of borrowings and $66.0 million in letters of credit outstanding under its $2.2 billion senior secured revolving credit facility, resulting in available senior secured revolving credit facility capacity of $1,944.0 million.

 

Growth Projects Update

 

Since the end of the first quarter 2019, the Company has completed and commenced operations on a number of its major growth projects, aggregating to approximately $3 billion of growth capital projects placed in-service, including:

 

250 million cubic feet per day (“MMcf/d”) Hopson Plant in Permian-Midland;

 

100 thousand barrels per day (“MBbl/d”) Train 6 fractionator in Mont Belvieu;

 

20-inch NGL pipeline from Mont Belvieu to the Company’s Galena Park Marine Terminal;

 

200 MMcf/d Little Missouri 4 Plant in Badlands;

 

Grand Prix NGL pipeline (“Grand Prix”) with service into Mont Belvieu; and

 

250 MMcf/d Pembrook Plant in Permian-Midland (in start-up).

 

Grand Prix recently commenced full operations, consistently flowing between 150 to 170 thousand barrels per day to Mont Belvieu. Our expectation is for volumes to increase to approximately 200 thousand barrels per day in September, then further increase over the balance of 2019 as short-term third party transportation arrangements continue to roll off and additional gathering and processing facilities come online. Grand Prix will provide some partial margin contribution in the third quarter, and as volumes continue to increase, the fourth quarter will be the first full quarter of margin contribution.

 

As a result of longer than anticipated time related to permitting, coupled with weather related construction delays during critical periods, Grand Prix came online about two months delayed and costs were approximately 10 percent higher than our initial estimates provided over two years ago. Additionally, over the past year we have experienced higher labor costs that have increased the cost of recently completed gas processing plant expansions and those underway.

 

2019 Financial and Operational Expectations

 

Targa affirms its previously disclosed full year financial and operational outlook for 2019, which assumes NGL composite barrel prices average $0.60 per gallon, crude oil prices average $54.00 per barrel and Henry Hub natural gas prices average $3.00 per million British thermal units (“MMbtu”) for the year. Year to date through the end of the second quarter, the Company spent $1,372.6 million on net growth capital expenditures, including net contributions to investments in unconsolidated affiliates. The Permian Acquisition contingent consideration earn-out period ended on February 28, 2019 and resulted in a $317.1 million payment in May 2019. Targa’s estimated 2019 net growth capital expenditures is now expected to be approximately $2.4 billion, driven by the aforementioned project cost increases.

 

Conference Call

 

The Company will host a conference call for the investment community at 11:00 a.m. Eastern time (10:00 a.m. Central time) on August 8, 2019 to discuss second quarter 2019 results. The conference call can be accessed via webcast through the Events and Presentations section of Targa’s website at www.targaresources.com, by going directly to https://edge.media-server.com/mmc/p/mxbp2isk or by dialing 877-881-2598. The conference ID number for the dial-in is 5635187. Please dial in ten minutes prior to the scheduled start time. A webcast replay will be available at the link above approximately two hours after the conclusion of the event.


 


 

Targa Resources Corp. – Consolidated Financial Results of Operations

 

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

2019 vs. 2018

 

 

2019

 

 

2018

 

 

2019 vs. 2018

 

 

(In millions)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

$

1,684.2

 

 

$

2,154.1

 

 

$

(469.9

)

 

 

(22

%)

 

$

3,660.7

 

 

$

4,327.4

 

 

$

(666.7

)

 

 

(15

%)

Fees from midstream services

 

311.1

 

 

 

290.3

 

 

 

20.8

 

 

 

7

%

 

 

634.0

 

 

 

572.6

 

 

 

61.4

 

 

 

11

%

Total revenues

 

1,995.3

 

 

 

2,444.4

 

 

 

(449.1

)

 

 

(18

%)

 

 

4,294.7

 

 

 

4,900.0

 

 

 

(605.3

)

 

 

(12

%)

Product purchases

 

1,361.6

 

 

 

1,905.3

 

 

 

(543.7

)

 

 

(29

%)

 

 

3,087.6

 

 

 

3,846.2

 

 

 

(758.6

)

 

 

(20

%)

Gross margin (1)

 

633.7

 

 

 

539.1

 

 

 

94.6

 

 

 

18

%

 

 

1,207.1

 

 

 

1,053.8

 

 

 

153.3

 

 

 

15

%

Operating expenses

 

210.2

 

 

 

170.5

 

 

 

39.7

 

 

 

23

%

 

 

400.5

 

 

 

343.7

 

 

 

56.8

 

 

 

17

%

Operating margin (1)

 

423.5

 

 

 

368.6

 

 

 

54.9

 

 

 

15

%

 

 

806.6

 

 

 

710.1

 

 

 

96.5

 

 

 

14

%

Depreciation and amortization expense

 

237.2

 

 

 

202.6

 

 

 

34.6

 

 

 

17

%

 

 

474.6

 

 

 

400.7

 

 

 

73.9

 

 

 

18

%

General and administrative expense

 

72.8

 

 

 

57.0

 

 

 

15.8

 

 

 

28

%

 

 

153.6

 

 

 

113.8

 

 

 

39.8

 

 

 

35

%

Other operating (income) expense

 

(0.2

)

 

 

(46.4

)

 

 

46.2

 

 

 

100

%

 

 

3.3

 

 

 

(46.1

)

 

 

49.4

 

 

 

107

%

Income (loss) from operations

 

113.7

 

 

 

155.4

 

 

 

(41.7

)

 

 

(27

%)

 

 

175.1

 

 

 

241.7

 

 

 

(66.6

)

 

 

(28

%)

Interest income (expense), net

 

(72.1

)

 

 

(62.0

)

 

 

(10.1

)

 

 

(16

%)

 

 

(152.7

)

 

 

(46.0

)

 

 

(106.7

)

 

 

(232

%)

Equity earnings (loss)

 

3.2

 

 

 

1.9

 

 

 

1.3

 

 

 

68

%

 

 

5.9

 

 

 

3.4

 

 

 

2.5

 

 

 

74

%

Gain (loss) from financing activities

 

 

 

 

(2.0

)

 

 

2.0

 

 

 

100

%

 

 

(1.4

)

 

 

(2.0

)

 

 

0.6

 

 

 

30

%

Change in contingent considerations

 

0.8

 

 

 

60.6

 

 

 

(59.8

)

 

 

(99

%)

 

 

(8.9

)

 

 

4.5

 

 

 

(13.4

)

 

 

(298

%)

Income tax (expense) benefit

 

3.3

 

 

 

(32.8

)

 

 

36.1

 

 

 

110

%

 

 

6.2

 

 

 

(41.6

)

 

 

47.8

 

 

 

115

%

Net income (loss)

 

48.9

 

 

 

121.1

 

 

 

(72.2

)

 

 

(60

%)

 

 

24.2

 

 

 

160.0

 

 

 

(135.8

)

 

 

(85

%)

Less: Net income (loss) attributable to noncontrolling interests

 

59.1

 

 

 

12.0

 

 

 

47.1

 

 

NM

 

 

 

73.3

 

 

 

28.0

 

 

 

45.3

 

 

 

162

%

Net income (loss) attributable to Targa Resources Corp.

 

(10.2

)

 

 

109.1

 

 

 

(119.3

)

 

 

(109

%)

 

 

(49.1

)

 

 

132.0

 

 

 

(181.1

)

 

 

(137

%)

Dividends on Series A Preferred Stock

 

22.9

 

 

 

22.9

 

 

 

 

 

 

 

 

 

45.8

 

 

 

45.8

 

 

 

 

 

 

 

Deemed dividends on Series A Preferred Stock

 

8.1

 

 

 

7.2

 

 

 

0.9

 

 

 

13

%

 

 

16.0

 

 

 

14.1

 

 

 

1.9

 

 

 

13

%

Net income (loss) attributable to common shareholders

$

(41.2

)

 

$

79.0

 

 

$

(120.2

)

 

 

(152

%)

 

$

(110.9

)

 

$

72.1

 

 

$

(183.0

)

 

 

(254

%)

Financial data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA (1)

$

306.5

 

 

$

315.2

 

 

$

(8.7

)

 

 

(3

%)

 

$

620.6

 

 

$

611.0

 

 

$

9.6

 

 

 

2

%

Distributable cash flow (1)

 

192.0

 

 

 

225.1

 

 

 

(33.1

)

 

 

(15

%)

 

 

388.8

 

 

 

441.4

 

 

 

(52.6

)

 

 

(12

%)

Growth capital expenditures (2)

 

821.4

 

 

 

710.0

 

 

 

111.4

 

 

 

16

%

 

 

1,691.5

 

 

 

1,245.6

 

 

 

445.9

 

 

 

36

%

Maintenance capital expenditures (3)

 

35.5

 

 

 

24.8

 

 

 

10.7

 

 

 

43

%

 

 

71.1

 

 

 

47.1

 

 

 

24.0

 

 

 

51

%

 

(1)

Gross margin, operating margin, Adjusted EBITDA, and distributable cash flow are non-GAAP financial measures and are discussed under “Targa Resources Corp. – Non-GAAP Financial Measures.”

(2)

Growth capital expenditures, net of contributions from noncontrolling interest, were $1,315.3 million and $993.9 million for the six months ended June 30, 2019 and 2018. Net contributions to investments in unconsolidated affiliates were $57.3 million and $62.2 million for the six months ended June 30, 2019 and 2018.

(3)

Maintenance capital expenditures, net of contributions from noncontrolling interests, were $67.2 million and $46.0 million for the six months ended June 30, 2019 and 2018.

NM

Due to a low denominator, the noted percentage change is disproportionately high and as a result, considered not meaningful.

 

Three Months Ended June 30, 2019 Compared to Three Months Ended June 30, 2018

 

The decrease in commodity sales reflects lower NGL, natural gas, and condensate prices ($859.1 million) partially offset by higher NGL, natural gas and crude marketing volumes ($340.9 million) and the favorable impact of hedges ($52.1 million). Higher exports, crude gathering and fractionation fees resulted in increased fee-based revenues.

 

The decrease in product purchases reflects decreased NGL, natural gas and condensate prices, partially offset by increases in volumes.

 

Higher 2019 operating margin and gross margin reflect increased segment results for Gathering and Processing and Logistics and Marketing. See “Review of Segment Performance” for additional information regarding changes in operating margin and gross margin on a segment basis.

 

Depreciation and amortization expense increased primarily due to higher depreciation related to major growth projects placed in service, including additional processing plants and associated infrastructure in the Permian Basin, the Permian Basin Segment of Grand Prix, and Train 6. The increase is partially offset by lower depreciation for the Company's downstream facilities, resulting from the sale of certain petroleum logistics storage and terminaling facilities in the fourth quarter of 2018.

 

General and administrative expense increased primarily due to higher compensation and benefits, higher system costs and increased outside professional services.

 

 


 

Interest expense, net, increased due to higher average borrowings, partially offset by higher capitalized interest related to the Company's major growth investments.

 

During 2019, the Permian Acquisition contingent consideration earn-out period ended and resulted in a final payment in May. During 2018, the Company recorded income of $60.6 million resulting primarily from the decrease in fair value of the contingent consideration liability. The fair value change was primarily related to a decrease in underlying forecasted volumes for the remainder of the earn-out period and a shorter term over which such projections are discounted.

 

The change in income tax (expense) benefit was primarily due to lower net income before tax and a lower annual effective tax rate.

 

Six Months Ended June 30, 2019 Compared to Six Months Ended June 30, 2018

 

The decrease in commodity sales reflects lower NGL, natural gas and condensate prices ($1,335.0 million) and lower petroleum products volumes due to the sale of certain petroleum logistics storage and terminaling facilities in the fourth quarter of 2018 ($29.5 million), partially offset by higher NGL, crude marketing and natural gas volumes ($621.1 million) and the favorable impact of hedges ($102.6 million). Higher exports and crude gathering fees resulted in increased fee-based revenues.

 

The decrease in product purchases reflects decreased NGL, natural gas and condensate prices, partially offset by increases in volumes.

 

Higher 2019 operating margin and gross margin reflect increased segment results for Gathering and Processing and Logistics and Marketing. See “Review of Segment Performance” for additional information regarding changes in operating margin and gross margin on a segment basis.

 

Depreciation and amortization expense increased primarily due to higher depreciation related to major growth projects placed in service, including additional processing plants and associated infrastructure in the Permian Basin, and the Permian Basin Segment of Grand Prix. The increase is partially offset by lower depreciation for the Company's downstream facilities, resulting from the sale of certain petroleum logistics storage and terminaling facilities in the fourth quarter of 2018.

 

General and administrative expense increased primarily due to higher compensation and benefits, higher system costs and increased outside professional services.

 

Interest expense, net, increased due to higher average borrowings, partially offset by higher capitalized interest related to the Company's major growth investments. During 2018, the Company recognized non-cash interest income resulting from a decrease in the estimated redemption value of the mandatorily redeemable interests, primarily attributable to the February 2018 amendments to such arrangements.

 

During 2019, the Company recorded expense of $8.9 million, resulting primarily from an increase in value of the Permian Acquisition contingent consideration. During 2018, the Company recorded income of $4.5 million resulting from the change in the fair value of contingent considerations.

 

The change in income tax (expense) benefit was primarily due to lower net income before tax, a lower annual effective tax rate and higher tax benefits related to share-based payment awards that vested during the period.

 

Review of Segment Performance

 

The following discussion of segment performance includes inter-segment activities. The Company views segment operating margin and gross margin as important performance measures of the core profitability of its operations. These measures are key components of internal financial reporting and are reviewed for consistency and trend analysis. For a discussion of operating margin and gross margin, see “Targa Resources Corp. - Non-GAAP Financial Measures - Operating Margin” and “Targa Resources Corp. - Non-GAAP Financial Measures - Gross Margin.” Segment operating financial results and operating statistics include the effects of intersegment transactions. These intersegment transactions have been eliminated from the consolidated presentation.

The Company operates in two primary segments: (i) Gathering and Processing; and (ii) Logistics and Marketing.

 

Gathering and Processing Segment

 

The Gathering and Processing segment includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting NGLs and removing impurities; and assets used for crude oil gathering and terminaling. The Gathering and Processing segment's assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota and in the onshore and near offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico.

 


 

The following table provides summary data regarding results of operations of this segment for the periods indicated:

 

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

2019 vs. 2018

 

 

2019

 

 

2018

 

 

 

2019 vs. 2018

 

 

(In millions, except operating statistics and price amounts)

 

Gross margin

$

 

324.8

 

 

$

 

346.9

 

 

$

 

(22.1

)

 

 

(6

%)

 

$

 

677.0

 

 

$

 

672.6

 

 

$

 

4.4

 

 

 

1

%

Operating expenses

 

 

131.7

 

 

 

 

104.7

 

 

 

 

27.0

 

 

 

26

%

 

 

 

254.8

 

 

 

 

209.4

 

 

 

 

45.4

 

 

 

22

%

Operating margin

$

 

193.1

 

 

$

 

242.2

 

 

$

 

(49.1

)

 

 

(20

%)

 

$

 

422.2

 

 

$

 

463.2

 

 

$

 

(41.0

)

 

 

(9

%)

Operating statistics (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plant natural gas inlet, MMcf/d (2),(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Permian Midland (4)

 

 

1,432.6

 

 

 

 

1,125.1

 

 

 

 

307.5

 

 

 

27

%

 

 

 

1,383.7

 

 

 

 

1,069.9

 

 

 

 

313.8

 

 

 

29

%

Permian Delaware

 

 

545.1

 

 

 

 

417.3

 

 

 

 

127.8

 

 

 

31

%

 

 

 

513.0

 

 

 

 

413.3

 

 

 

 

99.7

 

 

 

24

%

Total Permian

 

 

1,977.7

 

 

 

 

1,542.4

 

 

 

 

435.3

 

 

 

 

 

 

 

 

1,896.7

 

 

 

 

1,483.2

 

 

 

 

413.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SouthTX (5)

 

 

313.8

 

 

 

 

413.5

 

 

 

 

(99.7

)

 

 

(24

%)

 

 

 

338.7

 

 

 

 

414.9

 

 

 

 

(76.2

)

 

 

(18

%)

North Texas

 

 

224.0

 

 

 

 

246.1

 

 

 

 

(22.1

)

 

 

(9

%)

 

 

 

227.2

 

 

 

 

240.6

 

 

 

 

(13.4

)

 

 

(6

%)

SouthOK (6)

 

 

607.7

 

 

 

 

549.9

 

 

 

 

57.8

 

 

 

11

%

 

 

 

613.8

 

 

 

 

539.9

 

 

 

 

73.9

 

 

 

14

%

WestOK

 

 

338.2

 

 

 

 

348.2

 

 

 

 

(10.0

)

 

 

(3

%)

 

 

 

338.2

 

 

 

 

349.1

 

 

 

 

(10.9

)

 

 

(3

%)

Total Central

 

 

1,483.7

 

 

 

 

1,557.7

 

 

 

 

(74.0

)

 

 

 

 

 

 

 

1,517.9

 

 

 

 

1,544.5

 

 

 

 

(26.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Badlands (7), (8)

 

 

92.3

 

 

 

 

85.9

 

 

 

 

6.4

 

 

 

7

%

 

 

 

94.6

 

 

 

 

79.7

 

 

 

 

14.9

 

 

 

19

%

Total Field

 

 

3,553.7

 

 

 

 

3,186.0

 

 

 

 

367.7

 

 

 

 

 

 

 

 

3,509.2

 

 

 

 

3,107.4

 

 

 

 

401.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coastal

 

 

804.9

 

 

 

 

665.3

 

 

 

 

139.6

 

 

 

21

%

 

 

 

787.5

 

 

 

 

694.6

 

 

 

 

92.9

 

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

4,358.6

 

 

 

 

3,851.3

 

 

 

 

507.3

 

 

 

13

%

 

 

 

4,296.7

 

 

 

 

3,802.0

 

 

 

 

494.7

 

 

 

13

%

NGL production, MBbl/d (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Permian Midland (4)

 

 

198.0

 

 

 

 

151.4

 

 

 

 

46.6

 

 

 

31

%

 

 

 

191.3

 

 

 

 

145.9

 

 

 

 

45.4

 

 

 

31

%

Permian Delaware

 

 

71.4

 

 

 

 

50.3

 

 

 

 

21.1

 

 

 

42

%

 

 

 

65.9

 

 

 

 

48.0

 

 

 

 

17.9

 

 

 

37

%

Total Permian

 

 

269.4

 

 

 

 

201.7

 

 

 

 

67.7

 

 

 

 

 

 

 

 

257.2

 

 

 

 

193.9

 

 

 

 

63.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SouthTX (5)

 

 

41.7

 

 

 

 

54.5

 

 

 

 

(12.8

)

 

 

(23

%)

 

 

 

45.2

 

 

 

 

54.3

 

 

 

 

(9.1

)

 

 

(17

%)

North Texas

 

 

26.6

 

 

 

 

28.8

 

 

 

 

(2.2

)

 

 

(8

%)

 

 

 

26.7

 

 

 

 

27.4

 

 

 

 

(0.7

)

 

 

(3

%)

SouthOK (6)

 

 

68.3

 

 

 

 

51.1

 

 

 

 

17.2

 

 

 

34

%

 

 

 

63.3

 

 

 

 

50.0

 

 

 

 

13.3

 

 

 

27

%

WestOK

 

 

23.8

 

 

 

 

19.5

 

 

 

 

4.3

 

 

 

22

%

 

 

 

24.0

 

 

 

 

19.5

 

 

 

 

4.5

 

 

 

23

%

Total Central

 

 

160.4

 

 

 

 

153.9

 

 

 

 

6.5

 

 

 

 

 

 

 

 

159.2

 

 

 

 

151.2

 

 

 

 

8.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Badlands (8)

 

 

11.3

 

 

 

 

10.8

 

 

 

 

0.5

 

 

 

5

%

 

 

 

11.3

 

 

 

 

10.5

 

 

 

 

0.8

 

 

 

8

%

Total Field

 

 

441.1

 

 

 

 

366.4

 

 

 

 

74.7

 

 

 

 

 

 

 

 

427.7

 

 

 

 

355.6

 

 

 

 

72.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coastal

 

 

47.3

 

 

 

 

38.3

 

 

 

 

9.0

 

 

 

23

%

 

 

 

47.8

 

 

 

 

40.4

 

 

 

 

7.4

 

 

 

18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

488.4

 

 

 

 

404.7

 

 

 

 

83.7

 

 

 

21

%

 

 

 

475.5

 

 

 

 

396.0

 

 

 

 

79.5

 

 

 

20

%

Crude oil gathered, Badlands, MBbl/d

 

 

167.3

 

 

 

 

139.8

 

 

 

 

27.5

 

 

 

20

%

 

 

 

168.4

 

 

 

 

128.8

 

 

 

 

39.6

 

 

 

31

%

Crude oil gathered, Permian, MBbl/d

 

 

86.3

 

 

 

 

66.6

 

 

 

 

19.7

 

 

 

30

%

 

 

 

81.4

 

 

 

 

58.0

 

 

 

 

23.4

 

 

 

40

%

Natural gas sales, BBtu/d (3)

 

 

2,049.7

 

 

 

 

1,878.1

 

 

 

 

171.6

 

 

 

9

%

 

 

 

1,988.1

 

 

 

 

1,823.0

 

 

 

 

165.1