Harvest signs purchase agreement for Arrowhead
Harvest Midstream has signed an agreement to acquire the remaining interest in Arrowhead ST Holdings LLC from its joint venture partner.
Harvest is already the operator of Arrowhead ST Holdings and a 25 percent owner of the joint venture. Arrowhead is a fully integrated Eagle Ford midstream business and spans the most active areas of the production region. The system delivers to numerous crude export docks and into Flint Hills Corpus Christi and Valero Three Rivers refineries.
The signing of the purchase agreement is part of Harvest’s ongoing efforts to expand its suite of crude oil transportation and logistics services for upstream and downstream customers.
“This is another example of our continued commitment to South Texas and the Gulf Coast. When we close this transaction, we will own 100 percent of these assets that we have safely and reliably operated for over a decade,” said Harvest Midstream CEO Jason Rebrook in a statement. “This is an exciting opportunity for Harvest to continue to grow and provide first-in-class service. We believe strongly in the outlook for the Eagle Ford as a top producing oil basin.”
The Arrowhead system includes about 515 miles of pipeline with a total throughput capacity of 380,000 barrels per day (bpd). The system is a key link between the Eagle Ford Basin producers and Corpus Christi, the leading crude export market in the United States.
Pending regulatory approval, the sale is expected to close in the first quarter of 2022.
Harvest Midstream is a privately held midstream service provider based in Houston. The company operates various crude oil and natural gas gathering, storage, transportation, treatment and terminal assets across the United States.
For more information visit www.harvestmidstream.com
13th May 2022