A $3.6 billion sale of an oil gathering and transportation system in the Permian Basin has been announced.
Oryx Southern Delaware Holdings, LLC entered into an agreement to sell 100 percent of the equity interests in its subsidiaries to New York private equity firm Stonepeak Infrastructure Partners.
The sale was announced Tuesday with Stonepeak buying all of Oryx’s assets. Oryx has more than 1,200 miles of pipeline and 2.1 million barrels of storage. It is the largest privately-held crude oil pipeline and storage terminal operator in the Permian Basin of West Texas and New Mexico.
“As we begin our next chapter and new partnership with Stonepeak, we look forward to the operational and capital support they will provide our team as we continue to aggressively grow our footprint in the Permian Basin,” Oryx Midstream CEO Brett Wiggs said in a statement.
Concho Resources, Inc. based in Midland, Texas owns 23.75 percent equity interest in Oryx and will receive about $300 million in the sale.
