Dallas-based Tailwater Capital has agreed to sell NorTex Midstream to Williams Field Services Group, a subsidiary of The Williams Companies, Inc., for $423 million.
Tailwater acquired NorTex in 2021, shortly after Winter Storm Uri hit Texas. As one of the only operational natural gas storage facilities supplying the North Texas region during the storm, the company played a pivotal role supporting natural gas power generators and utilities. NorTex delivered more than 5 Bcf of natural gas to its customers and provided enough natural gas to heat and power approximately 380,000 homes, saving customers more than $800 million.
Since partnering with Tailwater, NorTex has also improved the reliability of the North Texas power grid by executing agreements to directly connect and supply natural gas to some of the area's largest power plants. NorTex's asset base includes 36 Bcf of depleted reservoir working gas capacity and 83 miles of natural gas transportation pipelines, as wel