GRAVITY SIGNS TWO NEW GATHERING & DISPOSAL AGREEMENTS IN THE BAKKEN
Agreements mark continued investment behind Gravity's growing water infrastructure platform focused on recycling, disposal and environmentally friendly water management solutions in the Permian and Bakken.
MIDLAND, Texas, July 21, 2022 -- Gravity, a growth-oriented water and power infrastructure company backed by affiliates of Clearlake Capital Group, L.P. ("Clearlake"), today announced it has signed two new produced water gathering and disposal agreements backed by long term commitments in McKenzie County, North Dakota.
To service the contracts, Gravity will construct over 11 miles of new pipelines to gather produced water from two of the largest operators in the Bakken. The new pipelines will connect to Gravity's existing disposal system in McKenzie County allowing for bilateral flow of produced water for reuse or disposal solutions. In conjunction with the new pipelines, Gravity is applying for new saltwater disposal permits near these fields that will provide optionality to expand capacity to over 100,000 barrels per day.
"We are very excited with these new agreements, which are expected to double our volumes in the Bakken within the next 12 months and allow for us to organically expand our systems into strategic Tier 1 acreage growth areas that are in need of even more water midstream infrastructure to support future development," stated Trace Hight, Gravity's Chief Commercial Officer of Water Midstream.
Gravity now owns and manages more than 50 active saltwater disposal wells with more than 1.5 million barrels per day of permitted disposal capacity in . With the addition of its cost-effective produced water reuse services, Gravity has provided over 95 million barrels of midstream sourcing, reuse, gathering and disposal water solutions in multiple Basins to its customers to date in 2022.
"Gravity continues to add new organic water midstream volumes to our system, and it is nice to see new growth activity with new and existing customers in the Bakken," said >span class="xn-person">Rob Rice, Gravity's President and Chief Executive Officer. "The Bakken team has worked hard to provide a reliable pipeline and disposal system that our customers can rely on to manage their water midstream needs as they focus on their oil and gas production."
Gravity is a growth-oriented provider of energy infrastructure services to U.S. onshore oil and natural gas exploration and production companies, providing water midstream solutions, critical power generation offerings and other production focused services. Gravity has significant coverage density in the Permian Basin and benefits from a national footprint supported by facilities, operations and management personnel in several other key domestic resource plays including the Bakken, Eagle Ford, SCOOP/STACK, DJ Basin, Haynesville and Marcellus, among others. More information is available at www.gvty.com.
About Clearlake Capital
Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with management teams by providing patient, long-term capital to businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are industrials, technology, and consumer. Clearlake currently has more than $72 billion of assets under management, and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK and Dublin, Ireland. More information is available at www.clearlake.com and on Twitter @Clearlake.
Heather Heacock, (281) 640-3043
Marketing Communication Manager
Lambert & Co.
Jennifer Hurson, 845-507-0571
SOURCE Gravity; Clearlake Capital Group