(Source: Shutterstock.com)
Delek Logistics (DKL) closed its $285 million acquisition of Gravity Water Midstream, the company said Jan. 2.
The company originally publicized the buyout of Gravity’s Midland and Williston basin infrastructure on Dec. 12. Gravity Water Midstream was a division of Gravity Oilfield Services.
Tennessee-based Delek has focused on strengthening its position in the Permian Basin. In September, the company bought H2O Midstream in a $230 million cash-and-stock deal.
“Gravity’s primary operations are in [Texas’] Howard County in the Midland Basin, and along with our recent H2O Midstream acquisition, provide a strong opportunity for integrated crude and water services to DKL’s customers,” said Avigal Soreq, Delek Logistics president.
According to Delek’s press release, the deal for Gravity Water consisted of $200 million in cash and about 2.175 million in DKL units valued at $85 million.
Gravity’s operations include full-cycle water systems in the Permian Basin as well as produced water gathering and transportation assets in the Bakken. Gravity has more than 200 miles of permanent pipeline and 46 saltwater disposal facilities.
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