This summer, like the spring, winter and fall that preceded it, has seen a lot of dealmaking among midstreamers. And not just M&A and divestitures by the folks who gather, transport and process hydrocarbons but a major acquisition — and a rare IPO! — in the produced water slice of the midstream pie. Apples and oranges, maybe, but there are two common themes, namely that bigger is better and that zeroing in on core areas is key. In today’s RBN blog, we discuss some of the most significant midstream deals of Q3 2025.
In our most recent look at midstream dealmaking at the end of Q2, we looked at Brookfield Infrastructure Partners’ roughly $9 billion acquisition of the Colonial Pipeline system; Targa Resources’ $1.8 billion purchase of the remaining 45% ownership interest in what had been the company’s 55/45 Badlands joint venture (JV) with units of Blackstone; and Hess Midstream LP’s buyout of Global Infrastructure Partners’ (GIP) 7.2% ownership interest in the master limited partnership (MLP) for $560 million. (Chevron, which closed on the acquisition of Hess Corp. in mid-July, now holds a 37.2% stake in Hess Midstream, with public shareholders owning the other 62.8%.)
Today, we discuss an even more diverse group of midstream deals, beginning with what may be the most valuable acquisition of a produced water specialist ever. Western Midstream Partners said August 6 that it will buy Aris Water Solutions in a deal valued at about $2 billion, including $1.5 billion in equity and cash and the assumption of about $500 million in debt. The transaction is expected to close in Q4 2025.
Figure 1. Western Midstream’s and Aris Water Solutions’ Produced Water Assets. Source: RBN
Join Backstage Pass to Read Full Article
About the song
“Apples and Oranges” was written by Syd Barrett. It was released as a single in November 1967 on the eve of Pink Floyd’s four-date concert tour of the U.S. West Coast. The single failed to make the charts but was later released as the first song on side two of Pink Floyd’s 1970 compilation album, Masters of Rock. Syd Barrett said of the song: “It’s a happy song about a girl I saw walking ’round town in Richmond.” The band, including Syd Barrett, lip-synched and mimed the song on The Pat Boone Show and American Bandstand in November 1967. After Barrett was replaced by David Gilmour in early 1968, they recorded a promotional film for the song with Gilmour on guitar and Roger Waters miming Barrett’s vocals. It was the final Pink Floyd song written by Syd Barrett. Personnel on the record were: Syd Barrett (lead vocals, guitar), Roger Waters (bass, backing vocals), Richard Wright (keyboards, falsetto vocal on bridge), and Nick Mason (drums, tambourine).
Pink Floyd is a British rock band formed in London in 1965 by Syd Barrett (lead vocals, guitar), Roger Waters (bass, backing vocals), Richard Wright (keyboards, backing vocals), and Nick Mason (drums, percussion). Guitarist David Gilmour joined the band in 1967, and Syd Barrett left the band in 1968. They have released 15 studio albums, seven live albums, 12 compilation albums, three EPs and 27 singles and have sold more than 250 million records worldwide. Pink Floyd has won four Grammy Awards, two Ivor Novello Awards and a Polar Music Prize and are members of the Rock and Roll Hall of Fame. The group has never officially disbanded, but Roger Waters and David Gilmour have stated that they have no interest in reuniting the band. Waters, Gilmour and Mason have successful solo careers. Syd Barrett died in July 2006 at 60 and Richard Wright died in September 2008 at 65.
