Elevation Midstream LLC and ARB Midstream LLC’s subsidiary Platte River Holdings are merging to create a Denver-Julesburg (D-J) Basin midstream company with increased scale, the companies announced July 8.
Elevation’s three-product gathering, crude stabilization, gas compression and water logistics services will be combined with Platte’s 200 miles of crude gathering and transmission pipelines. The combination will also merge Elevation’s tankless gathering options for customers with Platte’s multi-optionality through the Platteville and Lucerne terminals, including truck offloading.
“Our assets are interconnected and complementary, and the combination creates a midstream system of significant scale in the basin,” said John Roberts, CEO of Elevation Midstream. “This transaction represents the first step in Elevation’s strategy to serve as a consolidator of D-J Basin gathering and processing assets. It has immediate operational synergies and will unlock additional accretive opportunities for continued growth.”
Financial terms of the deal were not disclosed in the announcement.
Intrepid Partners LLC served as financial adviser to Elevation Midstream and Vinson & Elkins LLP served as legal adviser to Elevation. Jefferies LLC served as financial adviser to ARB Midstream and Locke Lord LLP served as legal adviser.