Transactions - AUGUST 7, 2019

Qatar Investment Authority purchases stake in Oryx from Stonepeak

by Kali Persall

An affiliate of Qatar Investment Authority (QIA) has acquired a significant stake in Oryx Midstream Services, the largest privately-held midstream crude operator in the Permian Basin, from an affiliate of Stonepeak Infrastructure Partners.

According to QIA, the firm has also committed to invest in the remaining development of Oryx alongside Stonepeak, bringing the firm’s total investment in Oryx to $550 million.

The Oryx system transports crude oil to market hubs for ultimate delivery to the Gulf Coast.

Upon completion of construction on the remaining part of the system, Oryx will have a total transportation capacity of more than 900,000 barrels per day.

“We believe that Oryx represents a strong midstream platform with tremendous growth potential, and we look forward to working with our new partners at Stonepeak,” said Mansoor Al-Mahmoud, CEO of QIA in a statement. “This acquisition is a further demonstration of QIA's strategy to increase the size of our U.S. portfolio, and to invest more in major infrastructure projects.”

The partnership is the latest in a series of investments across the United States that QIA has undertaken in an effort to increase its investment to $45 billion.

“The significant investment and commitment from QIA alongside Stonepeak’s strong operational and capital support will allow us to continue to grow our footprint in the Permian Basin and deliver the highest level of service to current and future customers,” said Brett Wiggs, CEO of Oryx. “We are thrilled to lead Oryx in partnership with these world-class investors.”

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