Stonepeak Infrastructure Partners will purchase Oryx Midstream Services for approximately US$3.6 billion.
Stonepeak has entered into a binding agreement with affiliates of Quantum Energy Partners, Post Oak Energy Capital, Concho Resources, WPX Energy and other investors for the purchase of Oryx, which will retain its name and headquarters in Texas, US upon completion of the deal.
Oryx owns and operates a crude oil gathering and transportation system which includes 2.1 million barrels of storage and approximately 1,931 km of in-service and under construction pipelines across Texas and New Mexico.
Oryx CEO Brett Wiggs, who will retain his current position, said the company would continue its upward trajectory.
“As we begin our next chapter and new partnership with Stonepeak, we look forward to the operational and capital support they will provide our team as we continue to aggressively grow our footprint in the Permian Basin,” he said.
“Most importantly, we are fortunate to have the opportunity to lead Oryx as we enter this next growth stage, maintaining strong relationships with our customers and continuing to provide the highest level of service.”
Stonepeak Partner Jack Howell said Oryx was an impressive company.
“Oryx is the most attractive private Permian midstream asset Stonepeak has evaluated and we view it as a strategic platform and a core North American crude infrastructure asset,” he said.
“Our critical focus will be on continuing to provide Oryx’s diversified customer base with best in class service offerings to accommodate their growing production while also pursuing new commercial opportunities across the value-chain.”
For more information visit the Oryx Midstream website.
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