Gravity, a leading water and energy infrastructure company backed by affiliates of Clearlake Capital Group LP, said Dec. 10 it has completed the acquisition of On Point Oilfield Holdings LLC, creating the largest commercial produced water disposal company by injection volumes in the Midland Basin.
Gravity now owns and manages more than 50 active saltwater disposal wells with more than 1 million barrels per day of permitted disposal capacity. Trace Hight, founder and CEO of On Point, has joined Gravity as its chief commercial officer of Water Infrastructure, reporting to Rob Rice, Gravity’s president and CEO. Financial terms of the transaction were not disclosed.
Vinson & Elkins served as legal counsel to Gravity and Barclays acted as Gravity's financial adviser and arranged debt financing for the transaction.
Recommended Reading
Paisie: Crude Prices Rising Faster Than Expected
2024-04-19 - Supply cuts by OPEC+, tensions in Ukraine and Gaza drive the increases.
What's Affecting Oil Prices This Week? (April 29, 2024)
2024-04-29 - Stratas Advisors says even with the reported drawdown in U.S. crude inventories, the price of Brent crude oil remains below the upward channel that had been in place since January of this year.
Hedge Funds Retreat from Oil as War Risk Fades: Kemp
2024-04-29 - Hedge funds and other money managers sold the equivalent of 95 MMbbl in the six most important petroleum futures and options contracts over the seven days ending on April 23.
Paisie: Dutch Vehicle Fleet Foreshadows Structural Shifts
2024-03-26 - The expanding role of battery electric vehicles will be supported by the development of associated supply chains, as indicated by Stratas Advisors' forecast of global EV battery production capacity.
US Could Release More SPR Oil to Keep Gas Prices Low, Senior White House Adviser Says
2024-04-16 - White House senior adviser John Podesta stopped short of saying there would be a release from the Strategic Petroleum Reserve any time soon at an industry conference on April 16.