Gravity Agrees to Sell Water Midstream Business to Delek Logistics
Vinson & Elkins advised Gravity Oilfield Services Inc. (“Gravity”) in the sale of its Gravity Water Midstream division to Delek Logistics Partners, LP (NYSE: DKL) for an aggregate $285 million, consisting of cash and DKL common units.
Gravity Water Midstream provides gathering, transportation, recycling, storage, and disposal solutions for produced water in the Midland Basin in Texas and the Williston Basin in North Dakota. The acquisition is expected to close in the first quarter of 2025, subject to customary closing conditions.
The Vinson & Elkins team was led by partners Mike Marek and Matt Strock, with assistance from associates Chandler Jones and Phil Greenfield. Other key team members included partner Jason McIntosh and associate Steve Campbell; partner Hill Wellford, counsel Ryan Will and associate Rami Rashmawi; partner Jackson O’Maley and associate Walt Baker; partner Becky Baker and associate Ashley Plunk; partner Sarah Mitchell and senior associate Victoria Bahrami; counsel Rajesh Patel and associate Haley Titcomb; counsel Scot Dixon; partner Matt Dobbins; and partner Dario Mendoza.
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