Inspectioneering
News

Harvest Midstream Reaches Agreement to Acquire Paradigm Midstream

Harvest Midstream Company, February 27, 2023

Today, Harvest Midstream (Harvest) announced the signing of a purchase and sale agreement with Ares Management funds for Paradigm Midstream, LLC.

The Paradigm Systems are a perfect fit for Harvest’s expanding network of first-class midstream assets,” said Harvest CEO Jason C. Rebrook. “Not only does this acquisition allow Harvest to further extend its footprint in the Eagle Ford, but with its systems in North Dakota, we will now expand our geographic presence into one of the country’s premier, high-quality basins.

The North Dakota and South Texas assets are comprised of four wholly owned gathering systems known as the Charlson Gathering System, Van Hook Gathering System, Mountrail Gathering System, and Eagle Ford Gathering System. The Bakken assets transport nearly 100,000 barrels of oil per day and approximately 75 MMcf/d of natural gas. The South Texas Eagle Ford Gathering System assets transport approximately 14,000 barrels of oil per day.  These systems consist of approximately 350 miles of trunk lines and gathering lines for oil, gas, and water.

Paradigm’s commitment to responsible operations is in line with Harvest’s core values. We are dedicated to doing the right thing for our customers, our team, and the communities where we live and work,” Rebrook said. “We look forward to closing this sale and responsibly delivering first class service to our customers.

The purchase also includes Paradigm’s ownership interest in two joint ventures with Phillips 66. The joint ventures own all of the Keene and Palermo storage terminals and 99% of the Sacagawea crude lines and the Blue Buttes gas line.

Pending regulatory approvals, the sale is expected to close in the Second Quarter of 2023.

About Harvest Midstream

Harvest Midstream is a privately held midstream service provider based in Houston, TX that operates various crude oil and natural gas gathering, storage, transportation, treatment and terminalling assets across the United States. For more information, visit www.harvestmidstream.com.


Comments and Discussion

There are no comments yet.

Add a Comment

Please log in or register to participate in comments and discussions.


Inspectioneering Journal

Explore over 20 years of articles written by our team of subject matter experts.

Company Directory

Find relevant products, services, and technologies.

Training Solutions

Improve your skills in key mechanical integrity subjects.

Case Studies

Learn from the experience of others in the industry.

Integripedia

Inspectioneering's index of mechanical integrity topics – built by you.

Industry News

Stay up-to-date with the latest inspection and asset integrity management news.

Blog

Read short articles and insights authored by industry experts.

Expert Interviews

Inspectioneering's archive of interviews with industry subject matter experts.

Event Calendar

Find upcoming conferences, training sessions, online events, and more.

Downloads

Downloadable eBooks, Asset Intelligence Reports, checklists, white papers, and more.

Videos & Webinars

Watch educational and informative videos directly related to your profession.

Acronyms

Commonly used asset integrity management and inspection acronyms.