M&A Deal Summary

Enterprise Products Partners Acquires Piñon Midstream

On August 21, 2024, Enterprise Products Partners acquired oil/gas exploration company Piñon Midstream from Black Bay Energy Capital for 950M USD

Acquisition Highlights
  • This is Enterprise Products Partners’ 14th transaction in the Oil/Gas Exploration sector.
  • This is Enterprise Products Partners’ 4th largest (disclosed) transaction.
  • This is Enterprise Products Partners’ 19th transaction in the United States.
  • This is Enterprise Products Partners’ 9th transaction in Texas.

M&A Deal Summary
Date 2024-08-21
Target Piñon Midstream
Sector Oil/Gas Exploration
Buyer(s) Enterprise Products Partners
Sellers(s) Black Bay Energy Capital
Deal Type Add-on Acquisition
Deal Value 950M USD
Advisor(s) Piper Sandler & Co. (Financial)
Kirkland & Ellis (Legal)

Target

Piñon Midstream

Houston, Texas, United States
Piñon Midstream is a midstream services provider focused on sour gas treating and carbon capture in the Delaware Basin of New Mexico and West Texas. Piñon offers producers in the region a full menu of sour gas services that include field gathering and treating for removal of hydrogen sulfide (“H2S”) and carbon dioxide (“CO2”). Piñon Midstream was founded in 2020 and is based in Houston, Texas.

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Buyer(S) 1

Buyer

Enterprise Products Partners

Houston, Texas, United States
Category Company
Founded 1968
Sector Oil/Gas Exploration
Revenue 49.7B USD (2023)
DESCRIPTION

Enterprise Products Partners a major North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Enterprise Products Partners was incorporated in 1968 and is based in Houston, Texas.

DEAL STATS #
Overall 20 of 20
Sector (Oil/Gas Exploration) 14 of 14
Type (Add-on Acquisition) 7 of 7
State (Texas) 9 of 9
Country (United States) 19 of 19
Year (2024) 1 of 1
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-10 Navitas Midstream

The Woodlands, Texas, United States

Navitas Midstream is a producer-focused midstream company that provides a full slate of midstream services including gathering, treating, processing, fractionation, and pipeline transportation of natural gas, natural gas liquids, condensate and crude oil. Navitas Midstream is based in The Woodlands, Texas.

Buy $3.3B

Seller(S) 1

SELLER

Black Bay Energy Capital

Category Private Equity Firm
Founded 2016
Size Small
Type Sector Focused
DESCRIPTION

Black Bay Energy Capital is an energy private equity firm focused on the North American oilfield service sector. Black Bay looks to invest up to $30 million of equity capital in businesses managed by talented entrepreneurs that provide a differentiated product or service to the industry. Black Bay Energy was established in 2016 and is headquartered in New Orleans, Louisiana.

DEAL STATS #
Overall 2 of 2
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Texas) 2 of 2
Country (United States) 2 of 2
Year (2024) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-16 Capture Energy

Oklahoma City, Oklahoma, United States

Capture Energy is a technology-driven provider of patent-pending equipment solutions for oil & gas production facilities. The company's flagship product, the Capture Compressor, is designed to reduce producers’ emissions footprint without sacrificing operational efficiency or project economics, powered by energy already created on location – no electricity required, and zero emissions released. Capture Energy is based in Oklahoma City, Oklahoma.

Buy -
Mergr

Product

Company

Legal