Neither midstream companies nor the folks who run them can be put into neat and simple categories. Each is unique. At the same time, however, there’s no doubt that some midstreamers take a more aggressive approach to developing projects, while others are prone to dot every “i” and cross every “t” before making a final investment decision (FID) on a new pipeline, gas processing plant or export terminal. Each approach comes with risks: on one hand, the possibility of anticipating demand that doesn’t materialize; on the other, the likelihood of missed opportunities to grab market share. In today’s RBN blog, we discuss the divergent development strategies of five leading midstreamers.
We should begin by emphasizing that no midstream company worth its salt is reckless and none so timid that it recoils from any perceived risk. Instead, you might say that midstreamers fall somewhere along a middle-of-the-road spectrum, with some at least a little more willing to place a seemingly safe bet and others more likely to have 80%, 90% or more of a project’s long-term capacity committed before it pulls the trigger.
Gain insight and clarity into one of the United States’ most strategic Crude Oil Export Markets with RBN Energy’s Corpus Christi Crude Oil Infrastructure wall map.
On one side of the midpoint in this spectrum or range you would find entities like WhiteWater Midstream, Energy Transfer and maybe ONEOK, each of which has shown a readiness to stick its neck out in a highly competitive situation. On the other side, you’d see companies like Kinder Morgan and Williams Cos., though — as we’ll get to — neither of these more conservative midstreamers is afraid to jump at opportunities that may present themselves.
Let’s start with nine-year-old WhiteWater Midstream, which is backed by private equity funds and other investors, including I Squared Capital and FIC Partners Management. From the get-go, WhiteWater was an ambitious frontrunner in developing Permian-related gas pipelines, both within the basin and (especially) from West Texas to the Gulf Coast. First, in 2018, there was the 72-mile, 1.4-Bcf/d Agua Blanca Pipeline (dark-blue line in Figure 1 below) — yes, Spanish for “white water” — across the Delaware Basin to the Waha Hub. (The pipeline system, now co-owned by WhiteWater, MPLX and Enbridge, has since been expanded several times and now includes more than 200 miles of pipe and has a capacity of 3.5 Bcf/d.)
Join Backstage Pass to Read Full Article
About the song
“Dare You to Move” was written by Jon Foreman and appears as the fifth song on Switchfoot’s fourth studio album, The Beautiful Letdown. The song originally appeared as the first song on Switchfoot’s third studio album, Learning to Breathe, but was remade and re-recorded for inclusion on The Beautiful Letdown LP. Released as a single in February 2004, it went to #6 on the Billboard Pop Airplay chart and #17 on the Billboard Hot 100 Singles chart. The video for the song received heavy saturation on MTV and VH-1. It has been certified Gold by the Recording Industry Association of America (RIAA). Personnel on the record were: Jon Foreman (lead vocals, guitar, keyboards), Tim Foreman (bass, keyboards, backing vocals), Jerome Fontamillas (keyboards), and Chad Butler (drums, percussion).
The Beautiful Letdown was recorded in 2002 at Jon Foreman’s home studio in San Diego and Mansfield Lodge and Sage & Sound in Los Angeles. It was the band’s first release on a major label; all their previous releases were on Christian music labels. Produced by John Fields and Switchfoot, the album was released in February 2003 and went to #1 on the Billboard Christian Albums chart and #17 on the Billboard 200 Albums chart. It has been certified 3X Platinum by the RIAA. Six songs were released from the LP.
Switchfoot is an American rock band formed in San Diego in 1996 under the name Chin Up by brothers Jon and Tim Foreman, and Chad Butler. They changed their name to Switchfoot (a surfing term) after signing to the Christian music label re-think in 1997. The band had a sizable contemporary Christian music following before signing with Columbia Records in 2003. They have released 12 studio albums, four live albums, three compilation albums, 10 EPs, and 43 singles. The band has won three ASCAP Awards, 14 Dove Awards, and a Grammy Award. They continue to record and tour and are currently playing select dates in the U.S.
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
