Delek Logistics announced its acquisition of Permian-based H2O Midstream in its second-quarter earnings report, released Aug. 6.
H2O Midstream, a portfolio company of EIV Capital, is the largest pure-play water midstream company in the Permian Basin, with more than 250 miles of pipe. The company has more than 3.75 MMbbl of owned and third-party storage, according to its web site.
Headquartered in Knoxville, Tennessee, Delek owns assets in five states. With the $230 million deal, the midstream company adds to its capabilities to provide a full stream of services to customers in the Permian, according to the earnings announcement.