Pilot Water Solutions has acquired Felix Water, complementing PWS' premier national water midstream footprint and creating one of the largest water midstream companies in the United States. This acquisition will add a substantial water midstream footprint in the Delaware Basin to PWS' premier asset base.
"We are delighted to finalize the acquisition of Felix Water, as it significantly strengthens our ability to provide environmentally safe and sustainable solutions to valued customers," stated Anuj Sharma, CEO of PWS. "With the backing of Pilot Company, PWS is a differentiated player in the industry with a strong balance sheet and a focus on long term, sustainable growth. This acquisition is consistent with our mandate to service our customers through full field development as the most stable, long-term operator in the most economic basins of the United States."
Through this acquisition, PWS will cement its position as one of the largest disposal operators in the Texas Delaware Basin adding the following:
- Over 1,000 undeveloped, premium drilling locations operated by premier, blue-chip producer counterparties
- 23 disposal wells
- 210 miles of produced water pipeline
- >500,000 Bw/d of disposal
"This acquisition is a key piece of our long-term strategy and growth in saltwater disposal and transportation," said John Tully, vice president of strategy and business development at Pilot Company. "Felix Water's infrastructure will complement existing business lines with fresh water and recycled water delivery systems to serve the needs of our upstream customers."
Pro Forma, PWS has a nationwide footprint of 82 saltwater disposal wells, over 350 miles of produced water pipelines, more than 300 vacuum trucks, 1.7 million barrels of water per day of disposal capacity, and 16 source water wells across the Permian, Eagle Ford, Marcellus, Utica and Haynesville.
In the acquisition, Wells Fargo Securities, LLC acted as exclusive financial advisor representing PWS. Jefferies LLC acted as exclusive financial advisor representing Felix Water.
