Houston-based Enterprise Products Partners said this week an affiliate agreed to acquire Navitas Midstream Partners for $3.25 billion cash. The Woodlands-based Navitas, portfolio company of funds managed by Warburg Pincus, provides natural gas gathering, treating and processing in the core of Midland Basin. Navitas assets include about 1,750 miles of pipelines and more than 1 Bcfd of cryogenic natural gas processing capacity with completion of Leiker plant in 2022Q1. The debt-free transaction provides future growth of up to 10,000 drilling locations – more than 15 years of drilling inventory based on current rig counts on the dedicated acreage with no exposure to federal lands. Closing is expected in 2022Q1.
A.J. (Jim) Teague, co-CEO of Enterprise’s general partner, said Monday, “The Delaware and Midland basins are the two most attractive regions in the U.S. in terms of crude oil, natural gas and NGL reserves… We do not have a natural gas or NGL presence in the Midland Basin other than downstream pipelines. This acquisition will give us an entry point into the basin.”