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LM Energy Unloads 130 Miles of Pipelines in New Mexico Oil Gathering Asset Sale10/06/2023
LM Energy Holdings is set to sell assets including over 130 miles of pipelines, terminals, and other facilities in Eddy and Lea, New Mexico, Delaware Basin.
LM Energy Holdings LLC has concluded definitive agreements to divest subsidiaries and assets associated with its Touchdown Crude Oil Gathering System situated in Eddy and Lea counties, New Mexico. The purchasing entity and financial particulars remain undisclosed.
- Location: Eddy and Lea counties, New Mexico
- Pipelines: Over 130 miles
- Terminals: Two, with a combined storage capacity of 136,000 bbl
- Development Commencement: 2019
- Volumes: Approximately 75,000 bbl/d
Elliot Gerson, the CEO of LM Energy, emphasized that this deal fortifies LM’s financial standing and narrows its focus to its gas ventures.
Continuing its escalation in gas-gathering systems in the mentioned counties, LM Energy offers an array of services including low-pressure gathering, dehydration, compression, liquids handling, and high-pressure gathering. It has developed over 70 miles of additional pipelines and plans to inaugurate its sixth compressor station in the last quarter of 2023.
Gerson highlighted the surging gas volumes in the Northern Delaware Basin and the increasing endeavors by operators and regulatory bodies to curb flaring, indicating a burgeoning demand for more gas gathering and processing infrastructures.
“With our present team, assets, and alliances, we are uniquely poised to persist in expanding our gas operations,” Gerson articulated.
The transaction involving the Touchdown is scheduled to be finalized in the fourth quarter of 2023.
About LM Energy
LM Energy, established in 2019 and headquartered in Dallas, is a midstream oil and gas company. The firm stands out for its commitment to operational excellence and superior customer service in the Delaware Basin. It provides a range of integrated midstream solutions, including crude oil and natural gas gathering, compression, dehydration, condensate handling, and vapor recovery services. LM Energy focuses on fulfilling the diverse needs of its producer clients efficiently and reliably.
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