Oil, gas and midstream services company Kodiak Gas Services, LLC has acquired equipment assets from Lucid Energy Group for an undisclosed sum.
The deal involves compression equipment with a total of 56,000 horsepower along Lucid’s natural gas gathering systems in southeastern New Mexico. Kodiak has entered into a compression services agreement with a Lucid subsidiary, according to a company statement.
Kodiak also announced that the company obtained $107.5 million in revolving credit. The additional credit shows the confidence lenders have in the company, Kodiak co-founder and CEO David Marrs said in a statement.
Company co-founder and President Mickey McKee said the acquisition strengthens Kodiak’s relationship with “one of the strongest midstream operators in the Midland and Delaware basins.”
“This acquisition serves to further strengthen Kodiak’s position as the leading contract compression provider in the Delaware Basin in addition to our existing operations in South Texas, the Barnett Shale area of North Texas, East Texas and Alabama and Mississippi,” McKee said in a statement.
Kodiak is based in Montgomery, north of Houston, and works with producers on gas gathering, processing and transmission systems across the continental U.S.