Gravity Oilfield Services (Gravity), a energy and oilfield infrastructure company backed by affiliates of Clearlake Capital Group, (Clearlake), announced the acquisition of certain water disposal assets from Pyote Water Systems III (Pyote).
Image: Clearlake Capital-backed Gravity announces acquisition. Image by rawpixel from Pixabay
The acquisition further strengthens Gravity’s market position in the Permian, adding existing water management solutions, including predominantly piped gathering and disposal capacity, and expands the company’s relationships with the region’s most active operators. Financial terms of the transaction were not disclosed.
“The strategic acquisition of the Pyote facilities brings additional scale to Gravity’s extensive footprint in the core of the Midland Basin, and further expands its current water infrastructure operations in the Delaware Basin,” said Rob Rice, Chief Executive Officer of Gravity. “We are excited to leverage these new locations as we bring our customer-focused approach to our growing base of relationships. Gravity remains committed providing leading water infrastructure offerings in the most attractive domestic oil plays.”
“This transaction is an excellent fit for the Gravity platform, bringing additional capacity to the company’s unique, integrated water infrastructure,” added José E. Feliciano, Chairman of Gravity and Co-Founder and Managing Partner of Clearlake, and Colin Leonard, a Partner at Clearlake. “This marks another accretive acquisition in Gravity’s expansion roadmap, and it complements the company’s growing asset base across the Permian, Bakken, and other key basins. We’re excited to support Rob and the Gravity team in their execution of our acquisition and organic growth strategy, and we look forward to continuing to solve the water management needs of our E&P customers.”
Source: Company Press Release