Hartree Refining Co. LLC, an affiliate of Hartree Partners LP, said Nov. 16 it has completed the acquisition of Targa Resources Corp.’s membership interests in Targa Channelview LLC. The transaction closed in October 2020.
“We believe this transaction represents a natural extension of Hartree’s experience investing in midstream and downstream infrastructure assets that are complementary to our core trading competencies,” Guy Merison, co-founder of Hartree Partners LP, said.
Channelview consists of a recently constructed 38,000 barrel per day crude and condensate splitter, in addition to approximately 1.3 million barrels of crude and refined product storage, a barge dock, trucking lanes, a waste water treatment facility, and other related infrastructure, all of which is located in Channelview, Texas.
“We believe that Channelview has significant potential and we are excited to be working with Channelview’s existing management team to further develop and operate the asset through its next phase of growth,” Merison said. “We plan on initiating several growth projects and continuing to expand the facility’s third party storage business.”
Latham & Watkins LLP served as legal counsel to Hartree.
Recommended Reading
Pitts: Heavyweight Battle Brewing Between US Supermajors in South America
2024-04-09 - Exxon Mobil took the first swing in defense of its right of first refusal for Hess' interest in Guyana's Stabroek Block, but Chevron isn't backing down.
Exxon Mobil Green-lights $12.7B Whiptail Project Offshore Guyana
2024-04-12 - Exxon Mobil’s sixth development in the Stabroek Block will add 250,000 bbl/d capacity when it starts production in 2027.
Exxon Ups Mammoth Offshore Guyana Production by Another 100,000 bbl/d
2024-04-15 - Exxon Mobil, which took a final investment decision on its Whiptail development on April 12, now estimates its six offshore Guyana projects will average gross production of 1.3 MMbbl/d by 2027.
Petrobras to Step Up Exploration with $7.5B in Capex, CEO Says
2024-03-26 - Petrobras CEO Jean Paul Prates said the company is considering exploration opportunities from the Equatorial margin of South America to West Africa.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.