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
Rhino Taps Halliburton for Namibia Well Work
2024-04-24 - Halliburton’s deepwater integrated multi-well construction contract for a block in the Orange Basin starts later this year.
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
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.
Ohio Utica’s Ascent Resources Credit Rep Rises on Production, Cash Flow
2024-04-23 - Ascent Resources received a positive outlook from Fitch Ratings as the company has grown into Ohio’s No. 1 gas and No. 2 Utica oil producer, according to state data.
E&P Highlights: April 22, 2024
2024-04-22 - Here’s a roundup of the latest E&P headlines, including a standardization MoU and new contract awards.