Vivakor said that for the six months ended June 30, the Endeavor companies generated $9.3 million in EBITDA on revenues of $47.3 million, yielding an estimated, annualized $94.6 million in revenue and $18.6 million of EBITDA. (Source: Shutterstock/ Vivakor)
Energy transportation company Vivakor Inc. said its board has approved closing a planned acquisition of Endeavor Crude LLC and related companies in a $120 million deal.
The Endeavor companies comprise a fully-integrated, “flexible and scalable” midstream logistics business that transports, stores, treats, remediates and sells crude oil, produced water and associated hydrocarbons, Vivakor said in a Sept. 24 press release. Endeavor and the related companies have a series of long-term strategic partnerships with customers in the Permian Basin, Eagle Ford Shale and the Oklahoma STACK play.
The companies— which include Meridian Equipment Leasing LLC, Equipment Transport LLC and Silver Fuels Processing LLC—own and operate one of the largest combined oilfield trucking fleets in the continental U.S. Endeavor transports crude oil, petroleum products and produced water through a fully integrated network of station, terminal and pipeline facilities for blending, processing, reuse and remediation.
Vivakor said that for the six months ended June 30, the Endeavor companies generated $9.3 million in EBITDA on revenues of $47.3 million, yielding an estimated, annualized $94.6 million in revenue and $18.6 million of EBITDA.
"The acquisition of the Endeavor Entities is a significant milestone for Vivakor," said James Ballengee, Vivakor’s chairman, president and CEO. "They strategically integrate with our existing Colorado City, Texas and Delhi, Louisiana, facilities, provide an immediate platform for our company to expand, and unlock additional opportunities and revenues for the Company."
The purchase price for the Endeavor is $120 million, subject to standard post-closing adjustments, including assumed debt and an earn-out adjustment, payable by the company in a combination of company common stock and Series A Convertible Preferred Stock.
"Our focus on flexible and [scalable] crude oil and produced water logistics solutions that are fully integrated with our network of station, terminal, and pipeline facilities providing blending, reuse, and remediation services will provide us with a key competitive advantage,” Ballengee said.
The deal is expected to close on Oct. 1.
Recommended Reading
Marubeni Acquires 50% Stake in Ozona’s Eagle Ford CCS Project
2024-09-25 - Japanese oil and gas producer Marubeni Corp. has acquired a 50% stake in Ozona CCS’ Eagle Ford Shale project in the Hawkville Field.
PEDEVCO Teams Up with Denver E&P To Develop D-J Basin Acreage
2024-10-01 - PEDEVCO is teaming up with a private equity-backed Colorado operator to jointly develop the SW Pony Prospect in Weld County, Colorado.
'A Renewed Look': Central Basin Platform's Old Rock Gains New Interest
2024-10-29 - As majors prune their portfolios to sell non-core assets, M&A activity is heating up on the Permian’s Central Basin Platform and Northwest Shelf—and Ring Energy hopes to be a buyer.
Jack Vaughn-Led Peak Resources Files for Powder River Basin IPO
2024-09-16 - Peak Resources LP, a Powder River Basin E&P led by industry veteran Jack E. Vaughn, is positioning itself for an IPO, filings show.
Chevron, in Hess Holding Pattern, Sells $6.8B in Alaska, Canada
2024-10-08 - Chevron Corp., waiting to close a $55 billion takeover of Hess Corp., is selling off non-core assets in Canada and Alaska.
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.