Navitas Midstream Partners, LLC (“Navitas”) announced that it has acquired natural gas gathering and processing assets serving Martin, Midland and Glasscock counties in Texas from a subsidiary of Denver-based DCP Midstream, LLC.
The assets acquired include approximately 1,000 miles of low and high pressure natural gas gathering pipelines and a cryogenic processing plant, which 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 Chief Executive Officer of Navitas. “Our strategy is to revitalize the assets through an extensive capital program designed to improve system capacity and efficiencies. We intend to leverage our management team’s experience in the Permian Basin to find the best solutions for customers.”
The acquisition was financed with equity from Warburg Pincus, Navitas’ private equity sponsor.