Comprehensive Energy Data Intelligence
Information About Energy Companies, Their Assets, Market Deals, Industry Documents and More...
Fueling Up for Success: Harvest Midstream, Hilcorp's Affiliate, to Acquire Bakken and Eagle Ford Assets from Paradigm
04/05/2023
Harvest Midstream, a Hilcorp affiliate, is set to acquire three midstream gathering systems that serve the Bakken, as well as system located in the Eagle Ford.
Harvest, an affiliate of Hilcorp Energy Corp, has entered into an agreement to purchase three Bakken midstream gathering systems and one in the Eagle Ford from Paradigm. Paradigm is set to sell these midstream assets to Harvest in the near future.
Headquartered in Houston, Paradigm is a privately held company that manages and operates gathering, storage, pipelines, and rail facilities in North Dakota and South Texas. The company's asset portfolio comprises four gathering systems that it fully owns:
- In North Dakota, Paradigm owns the Charlson Gathering System, Van Hook Gathering System, and Mountrail Gathering System. They are focused on the northern McKenzie County and Mountrail County production areas, as well as the Van Hook Peninsula.
- The Bakken assets transport nearly 100,000 barrels per day (bbl/d) of oil and approximately 75 million cubic feet per day (MMcf/d) of natural gas.
- In South Texas, the South Texas Eagle Ford Gathering System assets transport approximately 14,000 bbl/d of oil. The systems consist of approximately 350 miles of trunk lines and gathering lines for oil, gas, and water.
- Paradigm’s Eagle Ford efforts have focused on providing custom gathering, storage, and transport solutions for producers located in La Salle, Zavala, Dimmit, and Frio counties, Texas.
According to Harvest's CEO, Jason C. Rebrook, the Paradigm systems align perfectly with the company's growing network of top-notch midstream assets. This acquisition enables Harvest to expand its reach into the Eagle Ford and the highly productive basins of North Dakota, bolstering its geographic footprint in the process.
Harvest Midstream's acquisition of Paradigm Midstream includes not only the four wholly-owned gathering systems but also Paradigm's ownership interest in two joint ventures with Phillips 66. These joint ventures own all of the Keene and Palermo storage terminals and have a 99% ownership stake in both the Sacagawea crude line and the Blue Buttes gas line.
Rebrook emphasized that Harvest's values of responsible operations are well-aligned with the acquisition of Paradigm. The company is dedicated to delivering outstanding customer service while remaining mindful of its impact on the environment and local communities. He conveyed his enthusiasm for the imminent completion of the sale and the opportunity it offers to maintain high-quality service delivery to customers.
Harvest is a major midstream industry participant, with holdings in excess of 6,000 miles of pipelines distributed across multiple states throughout the United States, such as Alaska, Colorado, Louisiana, New Mexico, Ohio, Pennsylvania, and Texas. In its most recent high-profile deal, Hilcorp Energy, a Harvest affiliate, acquired 49% of BP's Trans-Alaskan Pipeline System (TAPS) in a $5.6 billion agreement. The acquisition of Paradigm by Harvest is projected to be completed in Q2 of 2023, subject to regulatory approvals.
If you are looking for more information about energy companies, their assets, and energy deals, please, contact our sales office mapping@hartenergy.com, Tel. 619-349-4970 or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.
Ranger Oil Acquisition by Baytex: Boosting Shareholder Returns and Introducing Dividend with Improved Free Cash Flow in Eagle Ford Operations
Baytex Energy, a Canadian oil and gas company, has announced its acquisition of Ranger Oil, an Eagle Ford operator based in Texas, in a deal worth $150 million. The acquisition will accelerate Baytex's shareholder returns and introduce a dividend with enhanced free cash flow.
Multi-Billion Dollar Deal: Ovintiv to Expand Midland Basin Portfolio with EnCap Acquisition and Exit Bakken
Ovintiv Strikes Billion-Dollar Oil Deal, Doubling Production in Permian Basin with EnCap's Black Swan, PetroLegacy, and Piedra Resources. The deal, which was approved unanimously by Ovintiv's board, is slated to close on June 30. With over $5 billion in transactions announced on April 3, Ovintiv is set to expand its oil production by snatching up 65,000 net acres in the core of the Midland Basin. The deal with EnCap will give them a strategic edge in Martin and Andrews counties, Texas, with approximately 1,050 net, 10,000-ft well locations added to their inventory.
Agrivoltaics: Merging Solar Power and Farming Across the USA – Promise, Problems, and the Path Ahead
Agrivoltaics, a combination of agriculture and solar power generation on the same land, is quickly gaining traction across the United States as a solution to balancing the demand for renewable energy and the need to preserve farmland. As the country pushes toward its goal of achieving net-zero emissions, solar power is expected to play a significant role in this transition. However, concerns about the loss of agricultural land have led to the rise of agrivoltaics, where farming and solar energy production coexist.
The 2024 Atlantic hurricane season has hit Florida hard, with Hurricanes Helene and Milton exposing the vulnerabilities in the state's energy infrastructure. As Florida grapples with the aftermath of these back-to-back storms, the damage to oil, gas, and energy supplies has created severe disruptions, leaving residents and industries struggling to recover.
California has long been at the forefront of renewable energy in the United States, from its vast solar farms to its growing battery storage capacities. But beneath the headlines of a "clean energy revolution" lies a complex reality—one shaped by ambitious targets, grid challenges, and the everyday experiences of Californians grappling with rising energy costs and increasing grid instability. As California pushes towards its 100% clean energy goal, the road is full of both promise and pitfalls.