August 30, 2023 [Businesswire]- Tivoli Midstream LLC, (“Tivoli”) today announced the closing of an acquisition of a crude oil pipeline system in Northern Texas (“NTX”) from affiliates of Phillips 66 Company (PSX). The acquisition will be made through Tivoli Services LLC, a subsidiary of Tivoli.
NTX consists of approximately 140 miles of crude oil gathering and transportation pipelines and storage capacity in the Barnett Shale area of Northern Texas. The system, which extends through portions of Young, Archer, Clay, Jack, Palo Pinto, Wichita and Stephens Counties, will be underpinned by a long-term transportation services agreement with Phillips 66.
In conjunction with the acquisition of NTX, Tivoli Services LLC also announced the closing of an investment by funds managed by Intrepid Investment Management, LLC, the investing arm of Intrepid Financial Partners, L.L.C. (“Intrepid”). Proceeds were used to fund the NTX acquisition and to provide growth capital.
Tivoli is led by industry veterans with over 70 years of combined experience leading midstream infrastructure organizations globally. Tivoli’s expertise providing complex solutions and services to the oil, gas and petrochemical industries will create meaningful value for both NTX and its anchor customer, Phillips 66.
“We are excited by our most recent acquisition of NTX, which Tivoli is ideally suited to operate,” said Rance Fromme, President of Tivoli. “We welcome our long-term partnership with Phillips 66 and look forward to working with the existing team at NTX to continue to provide the best-in-class solutions for which NTX is known.”
“We have always been impressed by Tivoli management’s extensive experience operating and improving high quality infrastructure assets, and we are excited to finally have the opportunity to partner with Rance, Rick and Bill,” said Mike France, Head of Investment Management at Intrepid. “NTX is an attractive and unique asset to begin our partnership, which we look forward to growing through future acquisitions.”
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