Harvest Midstream Company Profile

Background

Harvest Midstream Company, established in 1993, is a privately held energy infrastructure services provider headquartered in Houston, Texas. The company specializes in the transportation and processing of oil, natural gas, and natural gas liquids (NGLs) across the United States. With assets spanning Alaska, Louisiana, New Mexico, Ohio, Pennsylvania, and Texas, Harvest Midstream is committed to delivering essential energy services safely and responsibly. The company's mission is to enhance the well-being of its employees and communities through dedicated service, while its vision is to be the premier private energy infrastructure company. Core values such as integrity, operational excellence, and customer service are central to its operations.

Key Strategic Focus

Harvest Midstream's strategic focus centers on providing comprehensive midstream services, including natural gas gathering, transportation, processing, and treatment, as well as oil gathering and marine terminal management. The company leverages advanced technologies and a robust infrastructure to ensure efficient and safe energy transportation and processing. By maintaining a strong presence in key U.S. energy-producing regions, Harvest Midstream effectively addresses the needs of its diverse customer base.

Financials and Funding

As of 2024, Harvest Midstream reported estimated annual revenues of approximately $121.9 million, with a revenue per employee of $306,250. The company has experienced significant growth, with a 20% increase in employee count over the past year. In April 2024, Harvest Midstream completed a $500 million debt refinancing to support its ongoing operations and strategic initiatives.

Pipeline Development

Harvest Midstream has been actively expanding its infrastructure through strategic acquisitions and developments. In December 2022, the company acquired the Belle Chasse Terminal in Louisiana from Phillips 66, enhancing its capacity in the region. Additionally, in January 2023, Harvest Midstream entered into a long-term agreement with Interior Gas Utility to construct a natural gas treating, liquefaction, and truck loading facility near Deadhorse, Alaska. These initiatives underscore the company's commitment to expanding its service offerings and geographic reach.

Technological Platform and Innovation

Harvest Midstream employs a range of proprietary technologies and methodologies to optimize its operations. The company's technological stack includes:

FactSet: Utilized for business intelligence and analytics.

Cohesity: Employed for data management solutions.

Floating UI: Integrated for enhanced user interface experiences.

Fortinet: Implemented for network security and hardware solutions.

These technologies enable Harvest Midstream to maintain high standards of safety, efficiency, and reliability in its operations.

Leadership Team

Harvest Midstream's leadership team comprises experienced professionals dedicated to guiding the company's strategic direction:

Jason Rebrook: Chief Executive Officer

Sean Kolassa: President

Danielle Eveslage: Chief Financial Officer

Ellen Chin: Senior Vice President of Human Resources

Andrew Limmer: Vice President, Harvest Alaska

Joe Weaver: Vice President of Marketing

This team brings a wealth of experience in the energy sector, driving Harvest Midstream's growth and operational excellence.

Competitor Profile

Market Insights and Dynamics

The midstream energy sector is characterized by significant competition, with numerous companies vying for market share in the transportation and processing of oil and natural gas. Key industry trends include infrastructure expansion, technological advancements, and strategic mergers and acquisitions aimed at enhancing service capabilities and geographic reach.

Competitor Analysis

Harvest Midstream faces competition from several notable companies:

NorTex: Based in Houston, Texas, NorTex operates in the oil and gas exploration, production, and sales sector. The company generates between $5 million and $25 million in annual revenue and employs 25 to 100 individuals.

Enstor: Also headquartered in Houston, Texas, Enstor focuses on the oil and gas industry, with annual revenues ranging from $25 million to $100 million and a workforce of 100 to 250 employees.

Genesis Energy: Operating out of Houston, Texas, Genesis Energy is a significant player in the sector, boasting annual revenues of approximately $2.9 billion and a workforce of 2,110 employees.

These competitors, along with others in the industry, contribute to a dynamic and competitive market landscape.

Strategic Collaborations and Partnerships

Harvest Midstream has engaged in several strategic collaborations to bolster its market position:

Phillips 66: In December 2022, Harvest Midstream acquired the Belle Chasse Terminal from Phillips 66, enhancing its operational capacity in Louisiana.

Interior Gas Utility: In January 2023, the company entered into a long-term agreement to construct a natural gas facility near Deadhorse, Alaska, expanding its service offerings in the region.

These partnerships reflect Harvest Midstream's commitment to growth and service diversification.

Operational Insights

Harvest Midstream's strategic initiatives, including infrastructure expansion and technological integration, position the company competitively within the midstream energy sector. Its focus on safety, operational excellence, and customer service differentiates it from competitors and supports its long-term growth objectives.

Strategic Opportunities and Future Directions

Looking ahead, Harvest Midstream is poised to capitalize on opportunities in the evolving energy landscape. Potential areas for growth include:

Infrastructure Expansion: Continuing to develop and acquire assets in key regions to enhance service capabilities.

Technological Advancements: Investing in innovative technologies to improve operational efficiency and safety.

Strategic Partnerships: Forming alliances to expand market reach and service offerings.

By leveraging its current strengths and focusing on these strategic areas, Harvest Midstream aims to achieve sustained growth and industry leadership.