
(Source: Shutterstock.com)
Delek Logistics (DKL) closed its $285 million acquisition of Gravity Water Midstream, the company said Jan. 2.
The company originally publicized the buyout of Gravity’s Midland and Williston basin infrastructure on Dec. 12. Gravity Water Midstream was a division of Gravity Oilfield Services.
Tennessee-based Delek has focused on strengthening its position in the Permian Basin. In September, the company bought H2O Midstream in a $230 million cash-and-stock deal.
“Gravity’s primary operations are in [Texas’] Howard County in the Midland Basin, and along with our recent H2O Midstream acquisition, provide a strong opportunity for integrated crude and water services to DKL’s customers,” said Avigal Soreq, Delek Logistics president.
According to Delek’s press release, the deal for Gravity Water consisted of $200 million in cash and about 2.175 million in DKL units valued at $85 million.
Gravity’s operations include full-cycle water systems in the Permian Basin as well as produced water gathering and transportation assets in the Bakken. Gravity has more than 200 miles of permanent pipeline and 46 saltwater disposal facilities.
Recommended Reading
Expand CFO: ‘Durable’ LNG, Not AI, to Drive US NatGas Demand
2025-02-14 - About three-quarters of future U.S. gas demand growth will be fueled by LNG exports, while data centers’ needs will be more muted, according to Expand Energy CFO Mohit Singh.
US NatGas in Storage Grows for Second Week
2025-03-27 - The extra warm spring weather has allowed stocks to rise, but analysts expect high demand in the summer to keep pressure on U.S. storage levels.
LNG Leads the Way of ‘Energy Pragmatism’ as Gas Demand Rises
2025-03-20 - Coastal natural gas storage is likely to become a high-valued asset, said analyst Amol Wayangankar at Hart Energy’s DUG Gas Conference.
US NatGas Prices Jump 9% to 26-Month High on Record LNG Flows, Canada Tariff Worries
2025-03-04 - U.S. natural gas futures jumped about 9% to a 26-month high on record flows to LNG export plants and forecasts for higher demand.
EIA: NatGas Storage Withdrawal Eclipses 300 Bcf
2025-01-30 - The U.S. Energy Information Administration’s storage report failed to lift natural gas prices, which have spent the week on a downturn.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.