On the heels of reporting a third quarter net income of $4.6 million based on earnings of $136 million, Crestwood Equity Partners LP and anticipates 20 wells on Ft. Berthold to be connected to its Arrow gathering system for crude oil, natural gas and water by the end of the year.
With one drilling rig and one frac crew operating in its service area, Crestwood connected 15 wells in the third quarter.
“In the Bakken, we’re near record level on all three commodities at this current point in time and we’ve had a massive continued completion program of additional wells in the early part of the fourth quarter,” said Diaco Aviki, senior vice president of gathering and processing.
Crestwood is also reporting high increases in water volume gathering systems, averaging 20%, and invested $6 million to expand it in the third quarter.
“Our third quarter results were highlighted by record natural gas volumes on the Arrow system, improved rig activity in the Bakken and Delaware Basin, strong demand for Crestwood’s natural gas and NGL storage asset…” said CEO, President and Chairman Robert G. Phillips.
The Arrow system in the third water averaged crude oil gathering volumes of 107,000 BOPD; natural gas gathering volumes of 119,000 Mcf a day; natural gas processing volumes of 115,000 Mcf a day; and water gathering volumes of 97,000 BPD.
Crestwood spent $5 million in the Bucking Horse II expansion in the Powder River Basin where gathering and processing averaged 72,000 Mcf a day with several wells shut in while Chesapeake Energy works through bankruptcy action. It plans to bring 15 to 20 wells back on line in mid-2021.