Delek Logistics completed the acquisition of the water midstream business from Clearlake Capital-backed Gravity Oilfield for $285m.

Delek Logistics, a logistics and marketing assets operator for crude oil, and intermediate and refined products, completed the acquisition of the water midstream business from Clearlake Capital-backed Gravity Oilfield, a water and power infrastructure company, for $285m. “The Gravity acquisition represents another significant step in DKL’s commitment of being a full suite crude, gas and water midstream services provider in the Permian Basin. Gravity’s primary operations are in Howard County in the Midland Basin, and along with our recent H2O Midstream acquisition, provide a strong opportunity for integrated crude and water services to DKL’s customers. We believe Delek Logistics continues to provide the best combination of yield and growth in the midstream sector. As previously indicated, DKL will be approaching greater than 70% of its EBITDA coming from third-party sources. We are excited about the prospects for DKL and the value it continues to bring to all of its stakeholders,” Avigal Soreq, Delek Logistics President.