Tivoli Midstream Acquires NTX Gathering System from Phillips 66
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Tivoli Midstream has closed on the acquisition of a crude oil pipeline system in Northern Texas (NTX) from affiliates of Phillips 66 Company. The acquisition will be made through Tivoli Services, a subsidiary of Tivoli.
NTX consists of approximately 140 miles of crude oil gathering and transportation pipelines and storage capacity in the Barnett Shale area of Northern Texas. The system, which extends through portions of Young, Archer, Clay, Jack, Palo Pinto, Wichita, and Stephens Counties, will be underpinned by a long-term transportation services agreement with Phillips 66.
In conjunction with the acquisition of NTX, Tivoli Services has closed on investment funds managed by Intrepid Investment Management. Proceeds were used to fund the NTX acquisition and to provide growth capital.
Intrepid is the leading energy-focused merchant bank that provides investment banking and investing management services. Intrepid’s leading boutique investment banking business provides independent and best-in-class merger & acquisition, restructuring and capital markets services to the traditional energy and energy transition sectors.
Tivoli is led by industry veterans with more than 70 years of combined experience leading midstream infrastructure organizations globally. Tivoli’s expertise providing complex solutions and services to the oil, gas and petrochemical industries will create meaningful value for both NTX and its anchor customer, Phillips 66.
“We are excited by our most recent acquisition of NTX, which Tivoli is ideally suited to operate,” said Rance Fromme, president of Tivoli.
“We welcome our long-term partnership with Phillips 66 and look forward to working with the existing team at NTX to continue to provide the best-in-class solutions for which NTX is known,” added Fromme.
“We have always been impressed by Tivoli management’s extensive experience operating and improving high quality infrastructure assets, and we are excited to finally have the opportunity to partner with Rance, Rick and Bill,” said Mike France, Head of Investment Management at Intrepid.
“NTX is an attractive and unique asset to begin our partnership, which we look forward to growing through future acquisitions,” added France.
Tivoli Midstream is a growth-oriented midstream, logistics, and services company, dedicated to making the world and environment better every day. Focused on providing effective solutions to the oil, gas, and petrochemical industries, Tivoli’s primary objective is to be a trusted partner to its customers, exceeding expectations in safety, service and reliability. Tivoli has more than 70 years of experience, providing service to more than 20 distinct industries, and handling more than 200 different products. Tivoli is headquartered in Houston.
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