Navitas Midstream Partners LLC said Sept. 1 it acquired natural gas gathering and processing assets in the Midland Basin from a subsidiary of Denver-based DCP Midstream LLC. The terms of the transaction weren't disclosed.
The assets serve Martin, Midland and Glasscock counties, Texas. They include about 1,000 miles of low and high pressure natural gas gathering pipelines and a cryogenic processing plant. The plant has capacity in excess of 60 million cubic feet per day.
“We are excited to acquire such an extensive footprint, which is in the core of the Midland Basin and will provide the foundation for additional growth opportunities,” said R. Bruce Northcutt, founder and CEO of Navitas, in a statement.
The Woodlands, Texas-based company plans to revitalize the assets through an extensive capital program designed to improve system capacity and efficiencies, Northcutt said.
"We intend to leverage our management team’s experience in the Permian Basin to find the best solutions for customers,” he said.
The acquisition was financed with equity from Warburg Pincus, Navitas’ private equity sponsor.
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