Elevation Midstream and ARB Midstream Subsidiary Merge to Create Premier Growth-Oriented DJ Basin Midstream Company
July 08 2024 - 12:00AM
Business Wire
Elevation Midstream, LLC (“Elevation”), an energy midstream
gathering and processing company based in Denver, Colorado, today
announced a merger with Platte River Holdings (“Platte River”), a
subsidiary of ARB Midstream, LLC (“ARB”). The combination positions
Elevation for further growth in the Denver-Julesburg Basin with its
increased scale and connectivity, three product service offering,
broader customer relationships, and strong balance sheet.
Elevation offers three-product gathering, crude stabilization,
gas compression and water logistics services, including tankless
gathering options for customers who prioritize efficient emissions
management. The Platte River assets include more than 200 miles of
crude gathering and transmission pipelines and offer multi-market
optionality to customers via the Platteville and Lucerne Terminals,
including truck offloading. Producers are able to optimize their
barrels through batching, blending and access to premium markets.
The combination of Elevation and Platte River creates an ideal
platform for organic growth and basin consolidation through
targeted M&A via an expansive footprint, world class
facilities, and a strong balance sheet.
“We are extremely pleased to announce this combination with
Platte River,” said John Roberts, CEO of Elevation Midstream. “ARB
has built a highly strategic business with a great track record
servicing their producer customers. Our assets are interconnected
and complementary, and the combination creates a midstream system
of significant scale in the basin. This transaction represents the
first step in Elevation’s strategy to serve as a consolidator of DJ
Basin gathering and processing assets. It has immediate operational
synergies and will unlock additional accretive opportunities for
continued growth.”
“We are excited to merge with Elevation Midstream to create a
unique midstream platform that will drive long-term growth in the
basin,” said Dan Campbell, CEO of ARB Midstream. “Platte River and
Elevation share a similar culture and safety-focused operating
philosophy, and with contiguous crude, gas and water assets, we are
strongly positioned to drive significant midstream consolidation.
This announcement validates the dedication and hard work of our
employees who built and operate a first-class system that delivers
exceptional, safety-first midstream services to our customers.”
Advisors
Intrepid Partners, LLC served as financial advisor and Vinson
& Elkins, LLP served as legal advisor to Elevation. Jefferies
LLC served as financial advisor and Locke Lord LLP served as legal
advisor to ARB.
About Elevation Midstream
Elevation Midstream, LLC is a privately held midstream company
headquartered in Denver, Colorado with operations in the
Denver-Julesburg Basin. Elevation specializes in building and
operating assets for the gathering and processing of crude oil, gas
and water. For additional information on the company, please visit
www.elevationmidstream.com.
About ARB Midstream
ARB Midstream is a privately held, growth-oriented energy
company based in Denver, CO, providing comprehensive crude oil
midstream solutions with nearly 1,000 miles of pipeline and two
million barrels of storage throughout Colorado, Oklahoma, and
Texas. For additional information, please visit
www.arbmidstream.com.
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John Roberts Telephone: (303) 862-3955 Email:
jroberts@elevationmidstream.com