Harvest Midstream Acquires Four Corners Assets from Williams
Hilcorp Energy's Harvest Midstream Company has completed its $1.1 billion acquisition of Four Corners area assets from Williams.
The acquisition of midstream assets in San Juan and Rio Arriba counties, N.M., and La Plata County, Colo., includes more than 3,700 miles of pipeline, two gas processing plants, and a CO-2 treatment facility
Harvest Midstream executives said the deal recognizes "the vast potential that remains in the San Juan Basin," adding that the company "will be investing heavily into this system and local communities for many years to come.”
Williams said proceeds from the sale will help fund other investments, including the company’s joint-venture acquisition with KKR of Discovery DJ Services in August, which was renamed Rocky Mountain Midstream.
“We have divested a business from a maturing basin at an attractive multiple and redeployed a portion of that capital to a higher-growth basin," Alan Armstrong, president and CEO of Williams, said of the Rocky Mountain Midstream venture, which includes sites with permitting under way for greater than 1 bcf/d of gas processing.
“Harvest is an outstanding midstream services provider and is ideally positioned in that basin to operate these assets in a manner that optimizes throughput and lowers cost,” Armstrong said.
Houston-based Harvest operates crude oil and natural gas gathering, storage, transportation, treatment, and terminal assets across the Lower 48 and Alaska.
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