GRAVITY SIGNS MIDLAND BASIN COMMITTED VOLUME PRODUCED WATER AGREEMENT
MIDLAND, Texas, June 29, 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 a multi-year minimum volume commitment produced water gathering agreement with an independent producer in the Midland Basin.
Rob Rice, Gravity’s President and Chief Executive Officer, stated, “We are excited to announce this multi-year agreement and will be expanding our West Howard County System capacity by over 100,000 barrels per day to manage the new committed volumes. This producer will anchor approximately 50 percent of the pipeline expansion, and we look forward to locking in the remaining capacity commitments in the near future.”
Gravity owns and manages more than 50 active saltwater disposal wells with more than 1.5 million barrels per day of permitted disposal capacity. Prior to this expansion, Gravity added four new saltwater disposal wells since 2021, and over 100,000 barrels of gathering and disposal capacity to its core 500,000+ barrel total capacity Midland Basin water infrastructure system. With the addition of its water reuse services, Gravity provided its customers with over 78 million barrels of midstream sourcing, reuse, gathering and disposal water solutions from January through May 2022.
“Gravity Water Midstream continues to focus on providing reliable and cost-effective produced water gathering, disposal and reuse infrastructure for our customers, while aligning with ESG best practices. This new contract bolsters our market position in the Midland Basin, particularly our gathering and disposal supersystem with over 500,000 barrel capacity in the core production areas in Howard County,” stated Trace Hight, Chief Commercial Officer of Gravity Water Midstream.
“Gravity continues to organically grow its integrated water midstream business, and this new agreement is representative of the continued demand for increased produced water services to match the production development in the Permian Basin in an environmentally conscious way,” said José E. Feliciano, Chairman of Gravity and Co-Founder and Managing Partner of Clearlake, and Colin Leonard, Partner and Managing Director of Clearlake.
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 Group
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 over $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