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Delek Logistics has bolstered its presence in the Permian Basin through an agreement to acquire Gravity Water Midstream in a deal combining cash and stock, totaling $285 million. This marks Delek's second acquisition of water infrastructure assets since September.
The deal was made public on Dec. 12, with an anticipated closure in the first quarter of 2025. Delek will pay $200 million in cash for Gravity Oilfield Services, with Gravity Water Midstream being one of its divisions. The remaining $85 million will be covered by issuing Delek shares.
Gravity's midstream operations span the Midland Basin in Texas and the Williston Basin in North Dakota, featuring over 200 miles of permanent pipeline and 46 saltwater disposal facilities, as per the press release.
U.S. stocks finished lower on Thursday, with the Dow tallying its longest losing streak since April, while a pullback in Big Tech names weighed on the Nasdaq Composite one day after the index finished above 20,000 for the first time.
Here is where stocks finished, according to FactSet data.
The S&P 500 slid 32.94 points, or 0.5%, at 6,051.25.
The Nasdaq Composite fell by 132.05 points, or 0.7%, to 19,902.84.
The Dow fell by 234.44 points, or 0.5%, at 43,914.12.
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