Moraine, Ohio
Through our program, TRC gained regulatory closure of a long-term cleanup liability for an oil and gas asset, resolving within 18 months a remedial liability that had been outstanding for almost a decade.
An independent Exploration and Production (E&P) company operates under the business model of acquisition, optimization and divesture of Oil and Gas Assets across the US. The Company raises capital via dedicated institutional Investment Funds.
The Company’s Southwest portfolio suffered a long-term, legacy groundwater contamination liability. Over a period of more than eight years, the Company’s traditional environmental consultant was unable to resolve the liability. A contractual indemnity trigger on the portfolio’s Investment Fund required full regulatory release for the Southwest portfolio; thus the fund was held captive until the legacy groundwater chloride contamination liability was resolved. The Company needed a guaranteed and timely solution to release the multi-million dollar Investment Fund.
TRC developed an innovative regulatory strategy and structured a Guaranteed Fixed-Price, Incentive-Based Risk Mitigation Agreement to aggressively pursue and achieve regulatory closure.
Additionally, TRC revamped the existing groundwater extraction system and implemented a field-wide mapping survey and risk evaluation to achieve No Further Action closure (NFA) from the state regulator.
Benefits Included:
- Regulatory Closure (NFA) Achieved. TRC achieved regulatory closure (NFA) for this legacy liability within 18 months vs the prior incumbent‘s 8 years of unsuccessful progress.
- Balance Sheet Relief. With the achievement of regulatory closure, the Company concluded that it could reduce the environmental liabilities reported on its Balance Sheet by more than $1 Million.
- Investment Fund Release. The regulatory release achieved by TRC NFA satisfied Investment Fund indemnity obligations, allowing for the release of the >$20MM fund for new Strategic Re-Investment.
- Client: Independent Exploration and Production Company
- Project Location: Texas
Related Services
Adapt to
Change
Partner With TRC’s Tested Practitioners
Related Projects
Discover the success we’ve had with helping our clients execute major projects and make a meaningful impact on their local communities.
Salt Lake City International Airport: Terminal Redevelopment Program
Utility Manhole Rebuild / Underground Design
Mid-Coast Corridor Transit Project: Segments 1 and 2- San Diego Association of Governments (SANDAG)
Transmission Project Environmental Assessments and Permitting
Mohican-Battenkill Transmission Line Rebuild and Reconductoring
Williams Companies, Inc. Bluestem Project
Sharing Our Perspectives
Our practitioners share their insights and perspectives on the trends and challenges shaping the market.
Modernize Your Field Services with GIS and Work Order Management Combined
June 15, 2023
The role of field service management continues to dominate the world economy, as the market grows at an exponential rate. The market was estimated at 3.2 billion in 2021 and is projected to reach 5.7 billion by the end of 2026.
2020 New Year’s Safety Resolution? How About Construction Safety?
February 20, 2020
Safety isn’t all about tracking statistics. To make it work, you need to interact positively with people. TRC construction health and safety specialist Cody Gladstone explains how to gain credibility on the jobsite and get everyone home safe at the end of the day.
Targeting Perfection in the Construction and Operation of Pipelines
October 18, 2019
To have an impact on the delivery or operation of a pipeline, it’s vital to eliminate the intra- and inter-company barriers, including those in the areas of communications, culture and technology.
TRC Chosen to Provide Array of Integrated Services on Midship Pipeline Project
August 28, 2018
TRC has been awarded contracts for environmental consulting, engineering and field services and another for stem-to-stern Engineer, Procure and Construct (EPC) contract for three compressor stations.
Featured Facility: TRC Testing and Training Lab
September 16, 2016
Hands-on testing and commissioning of substations in the real world can be daunting and dangerous without the proper training. So, TRC’s Testing and Commissioning group is building a training lab in its Lancaster, Pennsylvania, office. The lab will mimic an actual utility substation environment with control house and yard equipment.
Modeling: Convincing Visualizations Are Key to Successful Projects
December 5, 2022
This presentation provides guidance on steps and methods to utilize 3D and other visualization software to present complex sites and illustrate solutions to complex problems, such as remedial solutions and future site development. These methods involve 3 key concepts: data management coordination, conceptual site modeling and visual clarity. TRC’s experts also breakdown the different types of visualization software and their applications to specific scenarios.
Integrity Dig Integrated Services
August 4, 2020
Our Integrity Engineers, Surveyors, Right-of-Way Experts and Environmental Scientists are well-versed in all phases of integrity dig programs from preparing the pipeline for a tool run, interpreting results, verifying proper repair procedures and obtaining federal and state environmental approvals. Our team includes former pipeline operators, survey experts, PHMSA and environmental regulators and trainers. We developed the current ILI training curriculum for PHMSA’s training program.
Targeting Perfection in the Construction and Operation of Pipelines
October 18, 2019
To have an impact on the delivery or operation of a pipeline, it’s vital to eliminate the intra- and inter-company barriers, including those in the areas of communications, culture and technology.
TRC celebrates National Surveyors Week – March 19-25, 2017
March 17, 2017
Mount Rushmore is an iconic symbol of the United States, featuring four great leaders of this country. But did you know that three of them- George Washington, Thomas Jefferson and Abraham Lincoln- were surveyors?