April 2023, Vol. 250, No. 4
Business
Companies in the News April 2023
Harvest Midstream to Acquire Paradigm Midstream
Harvest Midstream agreed to buy Paradigm Midstream, LLC, from Ares Management in a move that Harvest CEO Jason Rebrook said will extend its footprint in the Eagle Ford and expand its presence into North Dakota’s Bakken.
The North Dakota and South Texas assets are comprised of four wholly owned gathering systems known as the Charlson Gathering System, Van Hook Gathering System, Mountrail Gathering System, and Eagle Ford Gathering System.
The Bakken assets transport nearly 100,000 bpd of oil and approximately 75 MMcf/d of natural gas. The South Texas Eagle Ford Gathering System assets transport approximately 14,000 bpd. These systems consist of 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.
Pending regulatory approvals, the sale is expected to close in the Second Quarter of 2023.
Creative Composites Buys Enduro Composites
Fiber reinforced polymer (FRP) composites manufacturer Creative Composites Group acquired Houston-based FRP manufacturer Enduro Composites. Enduro Composites will provide installation, repair and aftermarket support in the Western and Southwestern United States.
As one of the largest suppliers of FRP products in the U.S., Enduro’s manufacturing is one of the most diversified in the industry. The array of manufacturing techniques utilized by Enduro provides added efficiencies to CCG’s integrated manufacturing approach – allowing projects to move quicker and schedules to be more flexible.
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