02 May Harvest Midstream Announces the Closing of its Purchase of Paradigm Midstream, LLC
HOUSTON–(BUSINESS WIRE)–Today, Harvest Midstream (Harvest) announced that it closed on the acquisition of Paradigm Midstream from funds managed by Ares Management’s Infrastructure Opportunities strategy after agreeing to the purchase on February 24, 2023.
“We are pleased to complete this transaction,” said Harvest CEO Jason C. Rebrook. “The addition of the Paradigm systems will enable us to further expand our services in the Eagle Ford and develop new long-term relationships in North Dakota.”
The newly acquired systems include four wholly owned gathering systems known as the Charlson Gathering System, Van Hook Gathering System, Mountrail Gathering System, and Eagle Ford Gathering System. In total, the systems transport over 110,000 barrels of oil per day, approximately 75 MMcf/d of natural gas, and include approximately 350 miles of trunk lines and gathering lines for oil, gas, and water.
The purchase also includes Paradigm’s ownership interest in two joint ventures with Phillips 66. The joint ventures own all of the Keene and Palermo storage terminals and 99% of the Sacagawea crude lines and the Blue Buttes gas line.
Harvest Midstream:
Harvest Midstream is a privately held midstream service provider based in Houston, TX that operates various crude oil and natural gas gathering, storage, transportation, treatment and terminalling assets across the United States.
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