Vivakor Inc (NASDAQ:VIVK) announced its Board has approved the acquisition of Endeavor Crude, Meridian Equipment Leasing, Equipment Transport, and Silver Fuels Processing, with the deal set to close on October 1, 2024.
The Endeavor Entities form a fully-integrated midstream logistics business, specializing in transporting, storing, treating, and selling crude oil, produced water, and hydrocarbons.
The group operates one of the largest oilfield trucking fleets in the US, serving regions such as the Permian Basin, Eagle Ford Basin, and Oklahoma’s STACK play.
Its assets also include a network of stations, terminals, and pipelines for processing and remediation services.
For the first half of 2024, the Endeavor Entities reported $47.3 million in revenue and $9.3 million in EBITDA, projecting an annual revenue of $94.6 million and EBITDA of $18.6 million, according to a statement from Vivakor.
James Ballengee, Vivakor’s CEO, hailed the acquisition as a major milestone. “The Endeavor Entities strategically integrate with our existing facilities and will enable immediate expansion, unlocking new revenue streams for the company,” Ballengee said.
Vivakor will pay $120 million for the Endeavor Entities, including a combination of stock and Series A Convertible Preferred Stock, with additional post-closing adjustments.
The deal positions Vivakor as a major player in oilfield logistics. "With one of the largest oilfield trucking fleets in the US, our integrated logistics solutions give us a strong competitive edge,” Ballengee added.