After absorbing its $4 billion acquisition of assets from Franklin Mountain Energy and Avant Natural Resources, Coterra Energy is ready to look ahead. “We plan to grow our asset base and our footprint in Midland,” said Thomas Jorden, Coterra’s chairman, chief executive officer and president.
Brazos Midland Processing, LLC (Brazos Midstream) was designated a qualified project under the Texas Jobs, Energy, Technology, and Innovation (JETI) program. Brazos Midstream will open a new, 300 million cubic feet per day (MMcf/d) natural gas processing plant in Martin County that will create $185
million in capital investment.
Plains All American Pipeline announced it would buy a 55% stake in pipeline operator EPIC Crude Holdings from units of Diamondback Energy and Kinetik Holdings for $1.57 billion, including $600 million in debt. Plains, among the largest U.S. pipeline and storage operators, is seeking to expand in the Permian Basin of Texas and New Mexico, the country’s top oil-producing region.
Diamondback Energy announced the sale of its Environmental Disposal Systems to Deep Blue Midland
Basin in a deal valued at $750 million. With the sale, which follows Diamondback’s sale of its interest in
the EPIC Pipeline system to Plains All American, the company has reached its target of $1.5 billion in divestitures. As part of the agreement, Diamondback renewed its 15-year dedication to Deep Blue for produced water and supply water within a 12-county area of mutual interest in the Midland Basin.
Energy Transfer LP, the company that built the Trans-Pecos Pipeline, is planning an extension of its network of natural gas pipelines. The proposed new pipeline would sprawl west and north of El Paso and end near Phoenix, Arizona.
The owners of the EPIC Crude pipeline are exploring a sale, with any deal likely to value the energy infrastructure at around $3 billion including debt, people familiar with the matter said. EPIC Crude is one of the major pipelines which brings oil from the Permian and Eagle Ford shale basins of Texas to export facilities on the U.S. Gulf coast. It entered full service in 2020 and has a capacity of more than 600,000 barrels per day.