Tivoli Midstream buys Northern Texas crude oil pipeline from Phillips 66
Tivoli Midstream has announced the closing of a significant acquisition, securing a crude oil pipeline system in Northern Texas (NTX) from affiliates of Phillips 66 Company (PSX). The acquisition, conducted through Tivoli Services LLC, a subsidiary of Tivoli Midstream, fortifies its position in the midstream infrastructure sector. The deal includes approximately 140 miles of crude oil pipelines and storage facilities in the Barnett Shale area and is underpinned by a long-term transportation services agreement with Phillips 66.
Investment from Intrepid Financial Partners Fuels Growth
Alongside the NTX pipeline acquisition, Tivoli Services LLC also disclosed the closing of an investment by funds managed by Intrepid Investment Management, the investment arm of Intrepid Financial Partners. The funds from Intrepid were utilized to finalize the NTX acquisition and will also serve as growth capital for Tivoli Midstream.
Industry Veterans Behind Tivoli Midstream Set to Optimize NTX Operations
Steered by a management team with over 70 years of combined experience in midstream infrastructure on a global scale, Tivoli aims to leverage its specialized skills in offering complex solutions to the oil, gas, and petrochemical industries. This expertise is expected to add significant value to both NTX and its anchor customer, Phillips 66. “Tivoli is ideally suited to operate NTX,” said Rance Fromme, President of Tivoli, emphasizing the strategic fit of the acquisition and Tivoli’s readiness for a long-term partnership with Phillips 66.
Intrepid and Tivoli Midstream: A Partnership for Future Acquisitions
Mike France, Head of Investment Management at Intrepid, expressed enthusiasm for the partnership with Tivoli Midstream, citing tge company’s management’s impressive track record in operating high-quality infrastructure assets. “NTX is an attractive and unique asset to begin our partnership, which we look forward to growing through future acquisitions,” said France.
The Acquisition Enhances Tivoli’s Position and Fosters Growth
The closing of the NTX acquisition and the investment from Intrepid jointly set the stage for Tivoli Midstream’s continued expansion. The deal not only boosts Tivoli Midstream’s asset portfolio but also offers a strong foundation for future growth in the midstream sector. It further reinforces the company’s commitment to providing best-in-class solutions in oil and gas infrastructure.