Platte River Equity made a follow-on investment in First River Energy LLC to facilitate the acquisition of Texas Gathering LLC and related assets, the company said July 30.
This is First River’s first acquisition since Platte River's initial investment in July 2014.
Founded in 2002, Texas Gathering is a crude oil marketing and logistics company focused on smaller independent oil producers. Texas Gathering gathers, markets and blends about 23,000 barrels per day of crude oil, primarily in the West Texas Permian Basin and Eagle Ford Shale.
"Texas Gathering will continue its position as a key logistics partner in an underserved market," said Johann Themaat, founder and CEO of First River. "The company's average crude supplier, which produces fewer than 1,000 barrels per day, has limited alternatives for getting its product to market.”
“Texas Gathering has been, and will continue to be, a valued partner to these producers as the company helps create a market for their customers' oil and provide the final logistics solution to deliver the oil to large mainstream pipelines and refineries," he said.
Travis Davis, who owns Texas Gathering, and his management team, joined First River.
Platte River Equity and First River Energy are both based in Denver.
Recommended Reading
SLB to Acquire Majority Stake in Aker Carbon Capture
2024-03-31 - SLB and Aker Carbon Capture plan to combine their technology portfolios, expertise and operations platforms to bring carbon capture technologies to market faster and more economically, SLB said in a news release.
Occidental Reports ‘Great Progress’ on Net-zero Pathway, DAC
2024-02-21 - Most of Occidental Petroleum’s planned $600 million investment in emerging low-carbon ventures for 2024 will go to direct air capture facility STRATOS, CEO Vicki Hollub says.
1PointFive, AT&T Enter Carbon Removal Pact
2024-03-13 - 1PointFive said it is also participating in AT&T’s Connected Climate Initiative to collaborate on carbon removal solutions like direct air capture.
Sempra Enters Preliminary Agreement with JBIC
2024-02-02 - A memorandum of understanding between Sempra Infrastructure and the Japan Bank for International Cooperation is designed to advance U.S. and Japanese decarbonization efforts.
NZT Power, NEP Pick Contractors for Teesside-based Decarbonization Projects
2024-03-15 - About $5.1 billion in work will go to the contractors once projects reach FID, which is expected in September.