Delek Logistics secures ownership of 3Bear Energy

Delek Logistics Partners has signed a definitive purchase agreement for the acquisition of 100% of the equity interests of 3Bear Delaware Holding, an indirect subsidiary of 3Bear Energy, for a cash consideration of US$624.7 million.

3Bear is a premier crude, gas and water gathering, processing and disposal business in the Northern Delaware Basin. 3Bear’s assets are anchored by approximately 350,000 dedicated acres and long-term fixed-fee contracts. The asset base includes approximately 485 miles of pipelines, 88 million cubic feet per day of cryogenic natural gas processing capacity, 120 MBbl of crude storage capacity and 200 MBbl/d of water disposal capacity.

This transaction is expected to be completed around mid-year 2022, subject to customary regulatory approvals.