Quantum Energy Partners said Nov. 8 that its portfolio companies, Xplorer Midstream LLC and Intensity Midstream LLC, have combined to bolster their presence in the Scoop Play.
As a result of the combination, employees of Xplorer will join Intensity, which will continue to be headquartered in Tulsa, Okla. The company will also maintain Xplorer's office in Oklahoma City.
The combined company will initially focus on driving additional growth in central Oklahoma and across multiple U.S. basins. The company has already improved an expansion of the Grady Processing Plant to support increased drilling activity in the Scoop Play.
Roger Farrell, CEO of Xplorer, said the deal is a "win-win" for both companies, its customers, investors and employees.
"Intensity provides a platform allowing for a growing presence in the prolific Scoop Play and for expansion into other resource plays throughout the United States," he said in a statement.
Farrell will join the Intensity board of directors as chairman. Joe Griffin, co-founder and CEO of Intensity, and Derek Gipson, co-founder and CFO of Intensity, will assume all CEO and CFO-related duties for the combined entities.
Prior to forming Intensity, Griffin most recently served as president and CEO of Hiland Partners LP. Gipson also served as executive vice president and CFO for Hiland.
Xplorer is the owner and manager of Woodford Express LLC. The company's key assets include the Grady Processing Plant with capacity for cyrogenic gas, condensate stabilization, amine treating and mid-pressure gathering trunk lines, associated gathering laterals and field compression.
The Grady Plant currently has 210 million cubic feet per day (MMcf/d) of cyrogenic gas processing capacity in the heart of the Scoop in Grady County, Okla. The company has approved a 200 MMcf/d expansion of the plant, which is expected to be online in fourth-quarter 2017.
Following the expansion, the Grady Plant will have about 410 MMcf/d of processing capacity, with the site being designed to accommodate another 200 MMcf/d processing train as production growth continues.
Recommended Reading
Santos’ Pikka Phase 1 in Alaska to Deliver First Oil by 2026
2024-04-18 - Australia's Santos expects first oil to flow from the 80,000 bbl/d Pikka Phase 1 project in Alaska by 2026, diversifying Santos' portfolio and reducing geographic concentration risk.
Rystad: More Deepwater Wells to be Drilled in 2024
2024-02-29 - Upstream majors dive into deeper and frontier waters while exploration budgets for 2024 remain flat.
For Sale, Again: Oily Northern Midland’s HighPeak Energy
2024-03-08 - The E&P is looking to hitch a ride on heated, renewed Permian Basin M&A.
Gibson, SOGDC to Develop Oil, Gas Facilities at Industrial Park in Malaysia
2024-02-14 - Sabah Oil & Gas Development Corp. says its collaboration with Gibson Shipbrokers will unlock energy availability for domestic and international markets.
E&P Highlights: Feb. 16, 2024
2024-02-19 - From the mobile offshore production unit arriving at the Nong Yao Field offshore Thailand to approval for the Castorone vessel to resume operations, below is a compilation of the latest headlines in the E&P space.