Gravity, a leading water and energy infrastructure company backed by affiliates of Clearlake Capital Group LP, said Dec. 10 it has completed the acquisition of On Point Oilfield Holdings LLC, creating the largest commercial produced water disposal company by injection volumes in the Midland Basin.
Gravity now owns and manages more than 50 active saltwater disposal wells with more than 1 million barrels per day of permitted disposal capacity. Trace Hight, founder and CEO of On Point, has joined Gravity as its chief commercial officer of Water Infrastructure, reporting to Rob Rice, Gravity’s president and CEO. Financial terms of the transaction were not disclosed.
Vinson & Elkins served as legal counsel to Gravity and Barclays acted as Gravity's financial adviser and arranged debt financing for the transaction.
Recommended Reading
Exxon Mobil, Mitsubishi Join Forces to Find Carbon Neutral Solutions
2022-12-01 - Exxon Mobil and Mitsubshi Heavy Industries announced the combination of carbon capture technologies.
Verde CO2 ‘Repurposes’ Oil and Gas Industry Expertise to Advance CCUS
2022-12-01 - A first mover in CCUS, Verde CO₂ Chairman and CEO Charles Fridge told Hart Energy how his company laid the foundation for success, assembling an experienced team and picking the best sites to capitalize on Gulf Coast geology for its sequestration plans.
Capturiant Launches With No-Drill Carbon Credit Product
2022-12-01 - Capturiant, a new environmental asset and ESG validator, registry and exchange solutions company launches with a new “no-drill” carbon credit product known as GEMS.
Civitas Resources C-Suite Chat: Rising to the Challenge(s)
2022-12-01 - Civitas Resources in the D-J Basin is aligning executive compensation with stakeholders, meeting emissions reduction targets and is on target to generate $1 billion in annual free cash flow this year. And inside its C-suite, a millennial woman from Colombia is showing everyone how it’s done.
Forty Under 40: Jeremy Gottlieb, ComboCurve
2022-12-01 - Today's featured Forty Under 40 honoree is Jeremy Gottlieb, co-founder and president of Houston's ComboCurve.