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Texas company acquires Delaware Basin gas gathering assets from Callon Petroleum

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Texas company acquires Delaware Basin gas gathering assets from Callon Petroleum

Brazos Midstream Holdings LLC completed an acquisition of a natural gas gathering system in the southern Delaware Basin from Callon Petroleum Co., a deal expected to boost Brazos' total operated processing capacity to 260 MMcf/d.

Upon its completion, expected by January 2018, the gas gathering system would connect to Brazos' existing system and its Comanche II gas processing plant, according to an Oct. 10 news release. Brazos also plans to supplement its assets with a third gas processing plant called Comanche III to meet demand spurred by volume growth in the region.

The deal also includes a long-term, fee-based agreement between Brazos and Callon, under which Brazos would provide gas gathering and processing services for acreage in Ward and Pecos counties in Texas. The agreement raises Brazos' acreage dedications supporting its midstream assets to about 240,000 acres.

"The acquisition of these strategic assets builds upon our existing franchise position and provides a platform for growth in an area we know well," said Stephen Luskey, chief commercial officer of Brazos.

Brazos is a Texas-based midstream company involved in crude oil gathering and natural gas gathering and processing activities, with most of its operated assets located in the Delaware Basin. Callon is an oil and gas producer focused in the Permian Basin.