Elevation Midstream is merging with Platte River Holdings, a subsidiary of ARB Midstream.
The deal positions Elevation Midstream, based in Denver, for further growth in the Denver-Julesburg Basin with its increased scale and connectivity, three product service offering, broader customer relationships, and strong balance sheet.
Elevation offers three-product gathering, crude stabilization, gas compression and water logistics services, including tankless gathering options. The Platte River assets include more than 200 miles of crude gathering and transmission pipelines.
“We are extremely pleased to announce this combination with Platte River,” John Roberts, CEO of Elevation Midstream, said. “ARB has built a highly strategic business with a great track record servicing their producer customers. Our assets are interconnected and complementary, and the combination creates a midstream system of significant scale in the basin. This transaction represents the first step in Elevation’s strategy to serve as a consolidator of DJ Basin gathering and processing assets. It has immediate operational synergies and will unlock additional accretive opportunities for continued growth.”
The combination of Elevation and Platte River creates an opportunity for organic growth and basin consolidation.
“We are excited to merge with Elevation Midstream to create a unique midstream platform that will drive long-term growth in the basin,” Dan Campbell, CEO of ARB Midstream, said. “Platte River and Elevation share a similar culture and safety-focused operating philosophy, and with contiguous crude, gas and water assets, we are strongly positioned to drive significant midstream consolidation. This announcement validates the dedication and hard work of our employees who built and operate a first-class system that delivers exceptional, safety-first midstream services to our customers.”
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