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MarketScreener Homepage  >  Equities  >  Nyse  >  Honeywell International    HON

HONEYWELL INTERNATIONAL (HON)
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Honeywell : To Provide Modular Gas Processing Plant To Cogent Midstream

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12/12/2018 | 09:34am EST

DES PLAINES, Ill., Dec. 12, 2018 /PRNewswire/ -- Honeywell (NYSE: HON) today announced that its UOP Russell business will provide a 200-million-cubic-foot-per-day gas processing plant to Cogent Midstream, LLC. When completed late next year, the new plant will extract valuable natural gas liquids (NGLs) from natural gas produced from several counties in the Wolfcamp Formation of the Permian Basin in Texas.

Honeywell will design and supply a UOP Russell modular cryogenic plant with refrigeration and dehydration units. The plant design streamlines project schedules and is customized for the unique gas composition in the Basin.

"Cogent Midstream selected the UOP Russell plant because it is a proven and reliable technology, and because the modular design vastly reduces the time before the plant can go into production," said Neil Eckersley, UOP Russell general manager at Honeywell. "With the addition of this new plant, Cogent's processing capacity at its Big Lake Plant will increase to 400 million cubic feet per day."

How it works

Cryogenic gas processing plants cool natural gas until the heavier and more valuable NGLs form into valuable liquids including propane, ethane and butanes that can be used as fuels, fuel blending components and other valuable petrochemicals. The plants are built in modules in controlled factory conditions and shipped by truck to remote locations where they are quickly and easily assembled. This significantly reduces construction time and expense, enhances reliability after start-up, and enables customers to begin processing gas and earning revenue more quickly than with field-constructed plants.

The plant is designed to accommodate the NGL-rich gas in the Wolfcamp Formation. Its low capital and operating expense and high NGL recovery enable Cogent to meet producer processing needs, while also ensuring downstream pipeline specifications are met.

Cogent operates the largest private greenfield gathering and processing system in the Southern Midland Basin. Approximately 650 miles of pipeline and three active processing plants serve Coke, Crockett, Glasscock, Irion, Mitchell, Reagan, Schleicher, Sterling and Tom Green counties. Cogent's customers represent many of the most active drillers in the Permian Basin.

About Honeywell
Honeywell UOP (www.uop.com) is a leading international supplier and licensor of process technology, catalysts, adsorbents, equipment, and consulting services to the petroleum refining, petrochemical, and gas processing industries. Honeywell UOP is part of Honeywell's Performance Materials and Technologies strategic business group, which also includes Honeywell Process Solutions (www.honeywellprocess.com), a pioneer in automation control, instrumentation and services for the oil and gas, refining, petrochemical, chemical and other industries.

Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help everything from aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable.  For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

Cision View original content:http://www.prnewswire.com/news-releases/honeywell-to-provide-modular-gas-processing-plant-to-cogent-midstream-300763336.html

SOURCE Honeywell


© PRNewswire 2018
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Financials ($)
Sales 2018 41 796 M
EBIT 2018 7 947 M
Net income 2018 6 252 M
Debt 2018 6 942 M
Yield 2018 2,23%
P/E ratio 2018 16,35
P/E ratio 2019 17,39
EV / Sales 2018 2,58x
EV / Sales 2019 2,90x
Capitalization 101 B
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Number of Analysts 24
Average target price 172 $
Spread / Average Target 26%
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NameTitle
Darius Adamczyk Chairman & Chief Executive Officer
Greg Lewis Chief Financial Officer & Senior Vice President
Krishna Mikkilineni SVP-Engineering Operation & Information Technology
Jaime Chico Pardo Lead Independent Director
Bradley T. Sheares Independent Director
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