Hoover Energy Partners LP Sold To Regency Energy Partners LP
On February 3, 2014, Regency Energy Partners LP completed the purchase of the midstream assets of Hoover Energy Partners LP. For more information regarding the acquisition please click here and you will be taken to the Regency website.
Hoover Energy Partners LP is a rapidly growing independent midstream energy company providing consistent, safe and environmentally sound midstream services to the producing community from the wellhead to downstream markets.
Organized in May of 2008, Hoover's focus has been the construction, acquisition and optimization of midstream pipeline and plant assets located in the Permian Basin.
Since its organization, Hoover has grown to be the most diverse provider of midstream services in the Delaware Basin with crude oil, lean gas, rich gas, processing, condensate and water transportation and disposal infrastructure. Hoover's ever growing asset base is currently comprised of a 100% interest in over 37 miles of crude oil pipeline, 232 miles of rich gas pipeline, 470 miles of lean gas pipeline and 100 miles of water disposal pipeline. Additionally, Hoover owns two natural gas treating plants with capacity to treat 200 MMcfd, 2 condensate separation facilities and over 35,000 HP of compression. Our rental fleet includes a 10 MMcfd Joules-Thompson processing facility and 6 compressors totaling 7,985 HP. All Hoover assets are located in adjoining Ward, Reeves and Pecos Counties, Texas.
The Permian Basin has reestablished itself as one of the premier oil and gas producing basins in North America. Driven by stacked pay crude oil rich horizons in the Bone Spring and Wolfcamp intervals, rig count across Reeves and Pecos Counties continues to grow. Many of the original developers have now sold their positions to better capitalized Independents and Majors. Reeves and Pecos Counties represent the 9th and 2nd largest counties in Texas and it is evident that the Wolfcamp formation is productive throughout both. Hoover is positioned to continue the expansion of its multi-service crude, water and gas business model across this area and significantly expand its foot print and services including cryogenic gas processing.
Our organization sets the standard in midstream professionalism and expertise. With over 100 years of midstream experience, Hoover's team is qualified in every discipline including commercial development, construction, operations, marketing, scheduling, accounting and finance.
Experience coupled with ample funding, through our partnership with Energy Spectrum Capital, provides efficient and effective solutions for producers in the Permian Basin. Whether an existing customer enjoying the benefits of excellent runtimes and consistent wellhead pressure or a prospective customer in need of an alternative gatherer, new infrastructure or specific producer services, please call Hoover Energy Partners LP and tell us how we can serve you.