Xedia Process Solutions (XPS) has announced it has been acquired by Blackbuck Resources, LLC, a newly formed midstream water solutions firm focused on the Permian Basin. BBR will be led primarily by the prior XPS management team and will be supported by an equity commitment from Cresta Energy Capital.
The marriage of XPS’ water treatment experience and technology portfolio, combined with a newly expanded team with experience in both midstream and upstream sectors, gives BBR a unique competitive advantage to serving the industry's operators. The company will provide E&P companies with a one-stop shop for all things water, including treatment, transfer, storage and disposal. XPS will function as a wholly-owned subsidiary of BBR, continuing to offer its proprietary water treatment products to E&P operators globally, while BBR will provide Permian Basin E&P operators with treatment services and water infrastructure.
Former XPS and now BBR CEO, Justin Love, said, "I'm proud and excited to announce our partnership with Cresta and the company’s evolution within the oil and gas industry. As Blackbuck Resources, we will continue to improve and expand our ability to tackle the energy sector’s toughest water challenges. Leveraging a growing team and pool of expertise from other areas of our sector and our existing footprint as a technology-enabled treatment service company, we will move forward as a midstream-capable company with a true water treatment soul – truly one-of-a-kind in our space.”
Chris Rozzell, managing partner of Cresta said, "We’re thrilled to partner with the XPS management team to form BBR. We believe the team is positioned to provide Permian operators with an unmatched set of tailored solutions to their increasingly complex water logistics needs, and to capitalize on the unprecedented growth of the midstream water sector. By partnering with this outstanding team, Cresta continues to execute its investment strategy of supporting solutions-oriented midstream entrepreneurs.”
Read the article online at: https://www.oilfieldtechnology.com/special-reports/13072018/xedia-announces-sale-and-expands-capabilities-as-blackbuck-resources/