(Source: Shutterstock.com)
Tivoli Services LLC, a subsidiary of Tivoli Midstream LLC, has closed an acquisition of the Barnett Shale's NTX oil pipeline system from affiliates of Phillips 66 Co., Tivoli Midstream said in an Aug. 28 press release. Financial details of the transaction were not disclosed.
The pipeline system includes approximately 140 miles of gathering and transportation pipelines in the North Texas Barnett. The pipeline system extends through sections of Young, Archer, Clay, Jack, Palo Pinto, Wichita and Stephens counties and will be supported by a long-term transportation services contract with Phillips 66.
“We welcome our long-term partnership with Phillips 66 and look forward to working with the existing team at NTX to continue to provide the best-in-class solutions for which NTX is known,” said Tivoli President Rance Fromme in the press release.
To fund the acquisition, Tivoli Services used proceeds from the closing of an investment fund managed by Intrepid Investment Management LLC. Intrepid Investment Management is the investment arm of Intrepid Financial Partners LLC.
Headquartered in Houston, Tivoli is a midstream, logistics and services company.
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