Houston-based Tivoli Midstream, through subsidiary Tivoli Services, said Monday it acquired a crude oil pipeline system in north Texas from affiliates of Phillips 66. The NTX system is comprised of about 140 miles of crude oil gathering and transportation pipelines and storage capacity in the Barnett Shale in Archer, Clay, Jack, Palo Pinto, Stephens, Wichita and Young counties. The transaction will be underpinned by a long-term transportation services agreement with Phillips 66.
Tivoli said also it closed an investment by funds managed by Intrepid Management. Proceeds were used to fund the undisclosed purchase price of NTX and to provide growth capital. Mike France of Intrepid called NTX “an attractive and unique asset to begin our partnership, which we look forward to growing through future acquisitions.”