HOUSTON – January 29, 2019 – Clear Creek Midstream, LLC (“Clear Creek”) today announced an initial venture capital commitment of $300 million from EnCap Flatrock Midstream(“EnCap Flatrock”). Headquartered in Houston and established in late 2018, Clear Creek is an independent energy company focused on the development of midstream infrastructure for oil and gas producers working in shale plays across North America. Clear Creek is pursuing organic, greenfield projects and select acquisition opportunities.
Clear Creek’s three founders have more than 50 years of combined experience in the energy industry and have generated in excess of $4 billion in transactions across the midstream sector. For the past three years, they worked together at EnLink Midstream, where they originated, built and operated large-scale crude oil gathering systems in the Permian Basin.
The Clear Creek management team is led by Chief Executive Officer and founder Rick Van Eyk, an industry veteran with a 17-year track record of value creation at large energy companies including EnLink Midstream and Occidental Petroleum. He has generated billions of dollars of successful transactions and has led large teams working on the acquisition, construction and operation of approximately 3,600 miles of crude oil pipelines. Before forming Clear Creek, he served as vice president of business development, liquids and vice president of commercial crude at EnLink Midstream. Prior to EnLink, Mr. Van Eyk was vice president of midstream strategic development at Occidental Petroleum, where he was one of two executives running Occidental’s Centurion Pipeline System.
Joining Mr. Van Eyk as co-founders and members of the Clear Creek management team are Chief Operating Officer David Kleyand Chief Commercial Officer Chase Sturdevant. Mr. Kley has worked in the energy industry for more than 27 years. His broad background includes experience in developing, engineering and operating crude oil, natural gas and NGL systems. He been directly involved in the execution of multiple midstream greenfield projects and acquisitions. Mr. Kley most recently served as vice president of engineering at EnLink Midstream. Mr. Sturdevant has held a variety of roles in the energy industry, each with increasing responsibility. His expertise includes business development, commercial, and acquisitions and divestitures. He played a senior role in the evaluation and execution of several large transformational projects at EnLink Midstream and Occidental Petroleum.
“Our experience is a great fit with EnCap Flatrock’s financial strength and approach to creating value in the midstream sector,” said Clear Creek CEO Rick Van Eyk. “The team at EnCap Flatrock understands that midstream is a service business. Success depends on strong producer relationships, an innovative approach to problem-solving and developing reliable, cost-effective solutions that ensure delivery to premium markets.”
From EnCap Flatrock Midstream
“We are excited to welcome the Clear Creek team to EnCap Flatrock Midstream,” said EnCap Flatrock Managing Partner Greg King, a member of the Clear Creek board of directors. “Rick Van Eyk, David Kley and Chase Sturdevant are widely recognized by producers across the country as trusted partners. We look forward to bringing our expertise and contacts to bear as we help them grow their business.”
Porter and Hedges LLP served as legal adviser to Clear Creek with partner Joe Morrel in the lead role from the firm’s Houston office. Locke Lord LLP served as counsel to EnCap Flatrock Midstream with partner Eric Larson in the lead role from the firm’s Houston office.
About Clear Creek Midstream, LLC
Clear Creek Midstream is an independent energy company that provides a full suite of midstream services to oil and gas producers across North America. Headquartered in Houston, Clear Creek is led by a team of seasoned industry professionals who together have more than 50 years of experience in the energy industry. Clear Creek is backed by EnCap Flatrock Midstream. For more information please visit www.clearcreekmidstream.com.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently making commitments to new management teams from EFM Fund IV, a $3.25 billion fund. For more information please visit www.efmidstream.com.
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