XRI Acquires Hibernia’s Water Infrastructure Assets in Permian Basin
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XRI Holdings has acquired the produced water infrastructure assets of Hibernia Energy III through its wholly-owned subsidiary, Celtic Disposal.
Through this transaction, XRI will become the long-term provider to Hibernia of all water-related services to Hibernia, including delivery of completions water and handling of produced water.
In addition, this acquisition enables XRI to capture significant third-party opportunities in the area with both new and existing customers.
“We are delighted with the acquisition of these first-class produced water infrastructure assets and look forward to a long-term commercial partnership with a premier operator like Hibernia,” said XRI CEO Matthew Gabriel.
“Hibernia’s produced water assets directly overlay XRI’s existing midstream infrastructure and recycling assets in the Midland Basin, an area where XRI has significant operating expertise and deep customer relationships that will support further commercialization of the acquired produced water infrastructure assets,” added Gabriel.
“The disposition of our Celtic infrastructure assets will support the development of Hibernia’s high-quality acreage position, and we look forward to XRI’s operational and commercial expertise that will optimize the existing produced water system for reliability, flexibility, and expansion,” said Embry Canterbury, CEO of Hibernia.
“The direct tie-in to XRI’s existing Midland Basin midstream infrastructure and recycling assets is something that we’re very excited about. The combination of veteran operations teams and high-quality resources will support our operational plans to recycle more than 185 million barrels of water in the Permian Basin this year,” said Gabriel.
Celtic was formed in 2019 to serve the saltwater disposal needs of both Hibernia and other leading operators. Hibernia, a portfolio company of NGP Natural Resources. NGP is a leading oil producer in the Midland Basin, with 35,000 gross / 33,000 net acres in Reagan and Upton Counties, Texas.
Hibernia is uniquely positioned to quickly grow production with a supportive equity sponsor, low leverage, a veteran operations team, and a deep inventory of highly economic drilling locations.
About XRI
XRI is the leading full-cycle water management and produced water midstream company with advanced water recycling and sustainable water infrastructure. XRI operates over 350 miles of permanent pipelines, with an aggregated system capacity to run approximately 1.25 million barrels per day. XRI is revolutionizing the water midstream industry by focusing on the recycling of produced water, reducing industry reliance on potable water sources, and by engaging in and providing ESG-focused solutions for the benefit of all stakeholders. XRI is a portfolio company of Morgan Stanley Energy Partners.
To stop by XRI’s website, CLICK HERE
About Hibernia and Celtic
Hibernia is an acquisition and development company focused on the exploration, growth and production of oil and natural gas assets. It is a portfolio company of NGP. Celtic is a fully owned subsidiary of Hibernia that was formed in 2019 to serve the saltwater disposal needs of both Hibernia and regional operators in Reagan and Upton Counties, Texas.
To stop by Hibernia’s website, CLICK HERE
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