Jun 13, 2017
Howard Energy moves into Permian Basin
SAN ANTONIO – Howard Energy Partners is entering the Permian Basin after signing a $563 million joint venture deal with Oklahoma-based WPX Energy.Under the deal, Howard Energy will develop and operate crude oil and natural...
SAN ANTONIO – Howard Energy Partners is entering the Permian Basin after signing a $563 million joint venture deal with Oklahoma-based WPX Energy.
Under the deal, Howard Energy will develop and operate crude oil and natural gas gathering and processing infrastructure in the Delaware Basin, which is part of the Permian Basin and includes Reeves and Loving Counties.
WPX will receive $300 million upfront from Howard Energy. Howard Energy will fund the first $263 million of the joint venture capital expenditures.
Howard Energy will complete construction of an approximately 50-mile crude oil gathering system that was started by WPX. The company will also build a cryogenic natural gas processing complex with an initial capacity of 400 million cubic feet per day.
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