Oryx Midstream Services

In late 2013, CEO Brett Wiggs and President Karl Pfluger founded Oryx Midstream with a straightforward goal: to become a strategic partner for oil producers in the Permian Basin. Their business was to build and operate the 'midstream' infrastructure—the pipelines and storage terminals that transport crude oil from the wellhead to major market hubs. The company began by constructing the Oryx Trans Permian Pipeline, which by 2016 included hundreds of miles of pipeline and three storage terminals. The company's strategy of developing custom solutions for producers paid off. By 2019, Oryx had become the largest privately-held midstream crude operator in the Permian Basin. This success attracted significant attention, leading to a major turning point: in April 2019, Stonepeak Infrastructure Partners acquired Oryx's assets for approximately $3.6 billion. The leadership team, including Wiggs and Pfluger, remained in their roles to continue the company's growth. Following the acquisition, Oryx continued to expand. Later in 2019, the Qatar Investment Authority made a substantial investment of about $550 million. The next significant event occurred in October 2021, when Oryx merged its Permian assets with Plains All American in a cashless transaction, forming a new joint venture called Plains Oryx Permian Basin. This move created a more extensive and efficient pipeline network, solidifying its position as a key player in one of North America's most vital oil regions.