Intrepid and NGL Energy Partners Agree to Joint Marketing Agreement for the Sale of Water in Southeast New Mexico
The agreement covers the developed and undeveloped water rights Intrepid acquired in the acquisition of the
Current oilfield activity in
- Over 100 operating rigs
- 25 frac crews
- Over 500 drilled but uncompleted wells
- Over 4,500 drilling permits
“This agreement will allow Intrepid and NGL to quickly and economically expand the water infrastructure footprint of the three ranches,” said
Jornayvaz continued, “We have nearly two decades of experience in water and brine transfer from the operation of our solar solution potash mines and more recently the sale of water from our Caprock wells and along the Pecos River. Partnering with NGL, the leading water midstream company in the
Intrepid will host its second quarter 2019 earnings conference call on
Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt and water products essential for customer success in agriculture, animal feed and the oil and gas industry. Intrepid is the only U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications and used as an ingredient in animal feed. In addition, Intrepid produces a specialty fertilizer, Trio®, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid also provides water, magnesium chloride, brine and various oilfield services.
Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid’s mineral production comes from three solar solution potash facilities and one conventional underground Trio® mine.
Intrepid routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Relations tab. Investors and other interested parties are encouraged to enroll at intrepidpotash.com, to receive automatic email alerts or RSS feeds for new postings.
This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause Intrepid’s actual results in future periods to differ materially from anticipated or projected results. Forward-looking statements in this press release include statements regarding the expectation for growing water demand, Intrepid’s ability to improve water infrastructure to increase reliability and lower operating costs, and future opportunities on the Intrepid South property. An extensive list of specific material risks and uncertainties affecting Intrepid is contained in its Annual Report on Form 10-K for the year ended
Source: Intrepid Potash, Inc