Harvest Midstream's Major Acquisition Announcement
Harvest Midstream, a notable player in the midstream energy sector, has made headlines with its recent acquisition of an extensive natural gas gathering and processing network valued at $1 billion. This agreement entails the purchase of key assets from MPLX LP, signifying a pivotal moment for Harvest in its pursuit of establishing itself as a national leader in midstream services.
Details of the Acquisition
The acquisition includes a robust network of assets situated in two significant areas: the Uinta and Green River Basins. With approximately 700 miles of gas gathering pipelines in the Uinta Basin and an impressive capacity for gas processing of 345 million cubic feet per day at their Ironhorse and Stagecoach facilities, Harvest is poised to enhance its operational reach significantly. Moreover, the Green River Basin assets will provide access to another 800 miles of essential gas gathering and transport pipelines, complemented by a processing capacity of 500 million cubic feet per day.
Leadership Insights
"This acquisition is the beginning of the next chapter of Harvest's ambitious and disciplined growth story," commented CEO Jason C. Rebrook. He emphasizes the company's commitment to creating a scalable midstream network that meets the energy demands of the future. With their established operational expertise and a keen eye for commercial opportunities, Harvest plans to deliver lasting value to its customers.
Operational Control and Future Plans
Upon closing this deal, Harvest Midstream will take full operational control of the acquired systems. The company aims to maintain seamless service for current customers while aggressively pushing forward its vision of becoming a diversified midstream powerhouse. This includes both organic growth initiatives and future acquisitions that align with Harvest’s goals.
About Harvest Midstream
Harvest Midstream operates as a privately held service provider with headquarters in Houston. The company has developed a rapidly expanding footprint across the United States, focusing on various critical functions including gathering, storage, transportation, and treatment of crude oil and natural gas. Recent acquisitions have played a significant role in amplifying Harvest's role as an essential infrastructure partner in numerous U.S. basins.
In recent years, through strategic deals that have solidified its position in key regions such as the Bakken formation and Alaska, Harvest Midstream has successfully broadened its portfolio and operational capabilities.
Contact Information
For more information about Harvest Midstream, please reach out via email: media@harvestmidstream.com.
Frequently Asked Questions
What is Harvest Midstream's latest acquisition about?
Harvest Midstream has acquired a network for natural gas gathering and processing from MPLX LP, valued at $1 billion, focusing on enhancing their operational capabilities.
How does this acquisition affect Harvest’s operations?
This acquisition allows Harvest Midstream to extend its reach significantly, gaining key assets that enhance their processing and transportation capabilities across major basins.
When is the transaction expected to close?
The acquisition is anticipated to close in the fourth quarter of 2025, following the completion of necessary regulatory approvals.
What are the company's future plans following this acquisition?
Harvest plans to maintain uninterrupted service for current customers while pursuing growth through organic initiatives and additional strategic acquisitions to further its midstream network expansion.
Who can I contact for more information about Harvest Midstream?
You can contact Harvest Midstream through their email at media@harvestmidstream.com for more information.
