Energy transportation company Vivakor Inc. has closed its previously announced acquisition of Endeavor Crude LLC and related companies for $120 million, Vivakor said Oct. 7.
Endeavor and the related companies Meridian Equipment Leasing LLC, Equipment Transport LLC and Silver Fuels Processing LLC have a series of long-term strategic partnerships with customers in the Permian Basin, Eagle Ford Shale and the Oklahoma STACK play.
The companies own and operate one of the largest combined oilfield trucking fleets in the continental U.S. Endeavor transports crude oil, petroleum products and produced water through a fully integrated network of station, terminal and pipeline facilities for blending, processing, reuse and remediation.
James Ballengee, Vivakor chairman, president and CEO said the closing of the Endeavor entities was a “significant undertaking, with multiple business lines spanning over six months in the making, culminating in Vivakor now owning one of the largest combined fleets of oilfield services in the continental United States.”
Ballengee said the integration and consolidation of Endeavor’s operations creates immediate value within the company’s financial framework by delivering sustainable accretion to earnings “that will result in increased shareholder value over time."