Oryx Midstream Services CEO Visits TPH

Casey ColelloLatest News

As our own Dave Pursell once said, “Permian plus Midstream, what else could you want?” Oryx fits this mold, operating crude and natural gas gathering assets exclusively in the coveted Permian Basin. Mr. Wiggs emphasized the importance of knowing the rock that underlies your assets, explaining why they chose to be a pure-play Permian company. The high growth of the Permian has led to extreme competition by investors; Mr. Wiggs mentioned that 80-90 private equity teams were searching for opportunities, with only about a dozen landing a deal. Despite the environment, Oryx has built an enviable position with >500k dedicated acres of oil gathering in the heart of the Delaware surrounded by competitors such as Noble, Plains, and Medallion. The company’s biggest surprise in its young history (founded late 2013) has been the explosive growth of the basin with throughput volumes likely to exceed its 4 year expectations in 2 short years. With rig activity on their footprint continuing to accelerate, Oryx is currently evaluating additional capacity to keep pace with producer needs.

Aaron Blomquist, Maynard Holt, Brett Wiggs, Karl Pfluger, John Chapman