Gravity, a water and energy infrastructure company backed by affiliates of Clearlake Capital Group, has agreed to acquire On Point Oilfield Holdings, a water midstream company focused on gathering and disposal operations in the Midland Basin, for an undisclosed amount.
The seller was White Deer Energy, a private equity firm that targets investments in oil and gas exploration and production, oilfield service, and equipment manufacturing and the midstream sectors of the energy business.
With the buy, Gravity will add On Point’s 17 new saltwater disposal wells and more than 432,500 barrels per day of permitted disposal capacity to its business, owning and managing more than 50 active saltwater disposal wells with more than 1 million barrels per day of permitted disposal capacity. The acquisition is expected to create the largest commercial produced water disposal company by injection volumes in the Midland Basin, according to Gravity.
Furthermore, On Point has ob
