Texoma Transportation & Crude Marketing LLC has acquired CP Energy, a crude oil purchasing, marketing and logistics company based in Edmond, OK. The move is intended to expand the company's Midcontinent oil and gas footprint.
Texoma is a midstream crude oil purchasing, gathering and transportation company that serves independent and major oil producers and refiners in Texas, Oklahoma and Kansas. The acquisition of CP represents its entry into the Texas-Oklahoma Panhandle region.
"This acquisition of CP expands the geographic markets served by Texoma and represents a significant step forward in achieving our ultimate goal of creating a leading crude oil and natural gas marketing and logistics company in the Midcontinent region," said Texoma Chairman John Schmitz.
Terms of the deal were not disclosed. In connection with its acquisition of CP, Texoma said funds managed by private equity firm Crestview Partners, along with family-owned private equity firm B-29 Investments, acquired a controlling stake in the company.
"After 16 years of building CP Energy into a significant crude oil marketing and logistics player in the Panhandle, we are proud to partner with Crestview and B-29 on the next phase of CP's growth as part of Texoma," said CP Energy co-founder Jim Crossen. "As a result of this transaction, we will be able to provide our current and future customers a broader product offering through a better-capitalized company, and with the same high-quality customer service we have always provided."