Midland-based Gravity, a leading water and energy infrastructure company, said Nov. 6 it has agreed to acquire On Point Oilfield Holdings from White Deer Energy. On Point is a contracted produced-water midstream company focused on gathering and disposal operations in Midland Basin. Gravity said this acquisition “will create the largest commercial produced-water disposal company by injection volumes in the Midland Basin.”
With the purchase, Gravity will add 17 new saltwater disposal wells and more than 432,500 barrels per day of permitted disposal capacity to its existing water midstream business. And Gravity said On Point has additional permits. Gravity now will own and manage more than 50 active saltwater disposal wells with more than one million barrels per day of permitted disposal capacity.
Rob Rice, president and CEO of Gravity, said, “This acquisition is transformational for Gravity and enables the company to offer expanded water handling infrastructure for producers operating in the core of the Midland Basin.” Jose E. Feliciano, chairman of Gravity, added, “This transaction represents a critical step in Gravity’s continued evolution into a premier integrated water midstream platform with leading scale in the Permian Basin. Gravity is the dominant produced water platform in the core of the Midland Basin.”