HOUSTON, Oct. 23, 2018 /PRNewswire/ -- H2O Midstream
today announced the execution of a long-term water services
agreement with a subsidiary of Legacy Reserves Inc. ("Legacy")
(NASDAQ: LGCY). Under this agreement, H2O Midstream will
gather, dispose, and redeliver for reuse produced water from
several of Legacy's horizontal wells in Howard County, Texas. In addition, H2O
Midstream will continue to deliver third-party produced water to
Legacy for its hydraulic fracturing operations.
"H2O Midstream is pleased to expand our services and
relationship with Legacy to serve its produced water needs by
offering multi-source water options to lower their operating
costs," said Darrell Bull, Executive
Vice President and Chief Commercial Officer. "We are able to
offer our customers the option of redelivery of their own produced
water, sales of third-party produced water, or transportation of
excess produced water via pipeline into third-party disposal
wells."
Dan Westcott, Legacy's President
and Chief Financial Officer, commented "We made the decision to
enter into a long-term relationship with H2O Midstream to outsource
a portion of our produced water needs due to the reliability and
efficiency of their water hub infrastructure and interconnected
water gathering system. We expect this agreement to improve
our full-cycle water costs, reduce our environmental footprint, and
promote safety."
"We are excited to gain Legacy's trust and are committed to
helping our operating customers achieve cost savings by lowering
lease operating costs and reducing capital while delivering
reliable, safe and sustainable operations," commented Jim Summers, H2O Midstream's Chief Executive
Officer.
Located in Howard County, the
first third-party, truck-free produced water storage and disposal
hub in the state of Texas consists
of two 500,000 barrel ponds connected to a network of 13 disposal
wells totaling 265,000 bpd of capacity via a pipeline network of
more than 150 miles.
About H2O Midstream
H2O Midstream was founded on the vision that water should be
treated as a commodity, not a waste. Led by an executive team with
over 120 years of collective midstream experience, H2O Midstream
partners with producers, landowners, and other stakeholders to
improve the efficiency, reliability and safety of water operations
while lowering costs across the entire value chain.
H2O Midstream is funded via a private equity commitment from EIV
Capital and co-investments from EIV's institutional partners
representing more than $70 billion in
assets under management. For more information, visit
www.h2omidstream.com.
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SOURCE H2O Midstream