Navitas Midstream Partners LLC has acquired natural gas gathering and processing assets in three Texas counties in the Midland Basin from a subsidiary of DCP Midstream LLC for an undisclosed sum.
According to Navitas, the assets include 1,000 miles of low- and high-pressure natural gas gathering pipelines in Glasscock, Martin and Midland counties, plus a cryogenic processing plant in Midland County with a capacity of more than 60 MMcf/d.
"The gathering system is composed of two-inch to 30-inch pipelines and three booster compressor stations with more than 15,000 hp of three-stage compression," the company said on its website. "A fourth booster compressor station will be reactivated in the near future."
Navitas, which is based in The Woodlands, TX, said the processing plant has two cryogenic trains with inlet carbon dioxide treating capability. The facility also has several interconnects for natural gas residue -- including El Paso Natural Gas, Northern Natural Gas and Atmos Energy -- and for natural gas liquids, which include the Chevron Phillips Chemical EZ Pipeline and DCP Midstream's Sand Hills Pipeline.
"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," Navitas CEO R. Bruce Northcutt said. "Our strategy is to revitalize the assets through an extensive capital program designed to improve system capacity and efficiencies."
Warburg Pincus LLC, Navitas' private equity sponsor, financed the acquisition.