NGL Energy Partners LP (NYSE:NGL) has successfully completed the divestiture of its North and South Ranches located in the heart of the Delaware Basin, New Mexico. The transaction, which involved approximately 122,250 acres of combined ranch land, has generated proceeds of around $70 million, inclusive of working capital.
This sale marks a significant milestone for the Partnership, as it surpasses the $150 million asset sale target set for the fiscal year 2024.
Doug White, the Executive Vice President of NGL Water Solutions, emphasized the company’s dedication to environmental sustainability and reliable water management services for its customers.
“The completion of this sale underscores our commitment to strategic portfolio management and our ongoing search for opportunities to further enhance our offerings, such as the recently announced LEX II Project,” stated White.
NGL Energy Partners LP, renowned for owning and operating the largest integrated network of wastewater pipelines, disposal wells, and produced water handling systems in the Delaware Basin, continues to serve several of the most productive oil and natural gas basins, including the Delaware, Eagle Ford, and DJ Basins.
As a diversified midstream energy company, NGL Energy Partners LP remains a key player in the transportation, storage, marketing, and logistics services for crude oil, natural gas liquids, and other related products. The company also plays a vital role in the treatment and disposal of produced water, a byproduct of the oil and natural gas extraction process.
Pennon Group has acquired SES Water at a total enterprise value of £380 million