Tivoli Midstream has acquired terminal and storage facilities from affiliates of Ascend Performance Materials on the Chocolate Bayou, one of the channels for energy traffic near Houston, the company said on April 29.
“With our acquisition of the Chocolate Bayou Assets, we are excited to create a leading Gulf Coast infrastructure hub,” Rance Fromme, president of Houston-based Tivoli, said in a press release.
Financial terms of the acquisition were not disclosed.
The facilities at Chocolate Bayou include 3 MMbbl of storage capacity in more than 100 storage tanks. The site has access to the train, truck and barge traffic, as well as a pipeline system between Freeport and Texas City.
The facility will be able to store and transmit renewables, refined products, chemicals, LPGs and other products.
Under the terms of the deal, Tivoli entered a long-term partnership with Ascend. About 2.5 MMbbl of storage will be available for third-party customers. Tivoli is backed by Intrepid Investment Management.
Tivoli’s last major acquisition was announced in August 2023, after the company acquired the Northern Texas (NTX) crude gathering pipeline system in the Barnett Shale from Phillips 66.
Recommended Reading
ConocoPhillips: Permian Basin a ‘Growth Engine’ for Lower 48
2024-05-15 - ConocoPhillips views the Permian Basin as a “growth engine” within its Lower 48 portfolio, the company’s Midland Basin Vice President Nick McKenna said during Hart Energy’s SUPER DUG event in Fort Worth.
Petrobras Not in a Race with Guyana to Boost Production, CEO Says
2024-05-14 - While Brazil and Guyana aren’t necessarily competing to see which country can produce more oil, Petrobras’ CEO Jean Paul Prates jokingly said Brazil was winning, while adding that Bolivia’s falling production was an opportunity for Argentina.
E&P Highlights: May 13, 2024
2024-05-13 - Here’s a roundup of the latest E&P headlines, with a couple fields coming online, as well as new contract awards.
New Permian Math: Vital Energy and 42 Horseshoe Wells
2024-05-10 - Vital Energy anticipates making 42 double-long, horseshoe-shaped wells where straight lines would have made 84 wells. The estimated savings: $140 million.
SM Energy Targets Prolific Dean in New Northern Midland Play
2024-05-09 - KeyBanc Capital Markets reports SM Energy’s wells “measure up well to anything being drilled in the Midland Basin by anybody today.”