Nuevo Midstream Enters Deal to Buy Republic Midstream

Nuevo Midstream, a Houston pipeline operator has entered into a deal to buy Republic Midstream, an Eagle Ford Shale pipeline operator, in a statement released Wednesday morning by Nuevo Midstream. The deal is expected to close during the second quarter.

Republic Midstream owns and operates 100 miles of crude oil gathering pipeline and 300,000 barrels' storage in the Eagle Ford Shale's DeWitt and Lavaca counties. The company's network also includes a 26-mile intermediate pipeline that moves crude oil from a central delivery point to the Kinder Morgan Crude and Condensate Pipeline.

"We are very excited about this acquisition and the opportunity to expand the footprint and service offerings of the Republic system," President and Chief Executive Randy Ziebarth said. "We really like these assets and their location within the Eagle Ford. The Eagle Ford is experiencing a resurgence and is advantaged by its proximity to the Gulf. Nuevo Dos looks forward to helping producers fully participate in moving crude and condensate to market."

Source:
chron