Regency Energy Partners LP announced plans to purchase the midstream assets of Hoover Energy Partners LP (Hoover). The acquisition, valued at approximately $290 million, will complement Regency’s existing footprint in the southern portion of the Delaware Basin and expands its services to producers into crude and water gathering.
Hoover’s midstream services include crude oil gathering, transportation and terminaling, condensate handling, natural gas gathering, treating, processing, and water gathering and disposal services. The Perry Ranch Station is a major destination for crude gathered by a customer in the region and is backed by a 20-year dedication. In addition, Hoover’s Delaware Water System is the only open-access water gathering and disposal system in the Delaware Basin.