Oryx Midstream Services, the largest midstream crude operator in the Permian basin, announced at this time that an affiliate of Qatar Investment Authority had acquired a significant stake in Oryx from a member of Stonepeak Infrastructure Companions. As well as, QIA has committed to invest in the event of Oryx alongside Stonepeak. The total QIA investment in Oryx shall be approximately $550 million.
Since its establishing in 2013, Oryx has established itself as one of the significant midstream operators in the Permian Basin in the US. The Oryx system supplies crude oil to market hubs for latest delivery to the Gulf Coast. The system helps provide domestic refineries and the rising US export market. Upon completion of the remaining a part of the system under construction, Oryx’s total transportation capability will surpass 900,000 barrels per day and entry multiple takeaway options, providing customers the differentiated service versatility they should maximize the worth of their production. The Oryx group is dedicated to a high standard of security and environmental responsibility as it gives consistent, dependable service for its customers.
The partnership is the newest in a string of investments offered by QIA across the US, where QIA aims to increase funding to $45 billion in the coming years.
The CEO of Stonepeak, Michael Dorrell, commented, we are delighted to have QIA investing alongside Stonepeak in supporting Oryx’s continued growth. We consider Oryx is a uniquely positioned imperative platform and a core North American infrastructure asset. Stonepeak and Oryx remain focused on providing essential midstream services to accommodate growing Permian production, and QIA’s commitment to Oryx meaningfully furthers this goal.”