(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.
Recommended Reading
Rangeland Energy Selling Canadian Pipeline System to Kingston Midstream
2023-09-05 - Rangeland Energy is selling a pipeline system in north central Alberta to a Canadian midstream player. But Rangeland plans to continue investing in Canadian midstream opportunities in the future.
WhiteHawk Energy Announces Second Haynesville Shale Acquisition
2023-08-07 - WhiteHawk Energy said it would acquire mineral and royalty interests in Louisiana and Texas, its second announced Haynesville Shale deal this year.
LM Energy Sells New Mexico Oil Gathering Assets
2023-09-26 - LM Energy Holdings will sell more than 130 miles of pipelines, terminals and other assets in Eddy and Lea counties, New Mexico.
TC Energy Selling 40% Stake in Gas Pipeline Systems for $3.9B
2023-07-24 - TC Energy is divesting a 40% stake in natural gas pipeline systems for $3.9 billion (CA$5.2 billion) as the Calgary-based pipeline operator works to reduce debt.
Could Permian Resources Shop Midland Assets After $4.5B Earthstone Deal?
2023-08-21 - As Permian Resources acquires Earthstone Energy for $4.5 billion—and prioritizes investment in the Delaware Basin—Earthstone’s Midland Basin assets could hit the market.