Realized Investments

Toledo Bend Midstream, April 2018
Toledo Bend focused on the Bossier-Haynesville shale play in western Louisiana, where the company managed and operated the Wildcat Sabine Gathering System, strategically located along the Texas-Louisiana border in the northwest corner of Sabine Parish, Louisiana, a core development area of the Bossier-Haynesville Shale trend. The system gathers, transports and treats natural gas for several area producers with a pipeline capacity of 250 MMcfd and approximately 110 MMcfd of treating capacity. Toledo Bend Midstream was sold in April 2018.

Lucid Energy Group II, February 2018
Lucid Energy Group II was formed in December 2015 with a focus on development in the Delaware Basin. Lucid II acquired Agave Energy Company in September 2016 and in 15 months expanded processing capacity by 750 percent, added approximately 210 miles of natural gas gathering pipeline and quadrupled the customer commitments to its systems. 

Lucid II was sold in February 2018 to a joint venture controlled by Riverstone Global Energy and Power Fund VI, L.P., an investment fund managed by Riverstone Holdings LLC and investment funds managed by the Merchant Banking Division of The Goldman Sachs Group Inc. for approximately $1.6 billion in cash. 

Rangeland Energy II, February 2018
Formed in early 2013 Rangeland Energy II, LLC focused on the construction, expansion and operation of its RIO System, which serves producers in the Delaware Basin. The RIO System consists of the RIO Hub, a large terminal facility designed to handle inbound frac sand and outbound crude oil and condensate; and the RIO Pipeline and related terminals at the Texas/New Mexico border and in Midland, Texas. The 110-mile RIO Pipeline transports crude oil and condensate produced in the Delaware Basin to the market center at Midland and takeaway pipelines to Cushing, the Gulf Coast and other market centers.

Rangeland Energy II sold to Tesoro Refining & Marketing Company LLC, a wholly owned subsidiary of Andeavor (NYSE: ANDV) for an undisclosed amount  in the first quarter of 2018.

Gravity Midstream, October 2017

Gravity Midstream Corpus Christi, LLC was sold to Pin Oak Corpus Christi, LLC in October 2017. The owners of Pin Oak Terminals, LLC, Dauphine Midstream, LLC and Mercuria Energy Group Ltd provided equity financing for the transaction. Pin Oak Corpus Christi is currently operational with pipeline connections into nearby refineries, 737,500 barrels of storage, a crude processing unit, a polymer modified asphalt plant, rail loading and unloading facilities, a truck rack, and access to Aframax and barge docks.

Gravity was the owner, developer and operator of the Gravity Midstream Oil Terminal at Corpus Christi ("GOTAC"), an intermodal facility located in the heart of the Corpus Christi refining complex.

EagleClaw Midstream, June 2017
EagleClaw Midstream Ventures, LLC was sold to Blackstone Energy Partners in June 2017 for approximately $2 billion. Blackstone Energy Partners is the energy-focused private equity business of Blackstone (NYSE: BX).

Founded in 2012 with growth capital from EnCap Flatrock, today EagleClaw is the largest privately held midstream operator in the Permian’s Delaware Basin in West Texas.

“We are pleased to join EagleClaw in announcing this realization,” said EnCap Flatrock Midstream Managing Partner and Founder Bill Waldrip. “Bob Milam and his team are to be commended for developing a world-class physical and contractual platform in the most active basin in the country. The sale to Blackstone will produce strong returns for our institutional investors and rewards the EagleClaw team for many years of very hard work. We also appreciate Blackstone’s interest and diligence in working with us to reach an agreement that is beneficial for everyone at the table. We are confident that Blackstone is the right partner to take EagleClaw to the next level and look forward to watching its story evolve.”

Tall Oak Midstream, January 2016
In January 2016, Tall Oak Midstream sold substantially all of its Oklahoma assets to a subsidiary of EnLink Midstream Partners, LP (NYSE:ENLK) and EnLink Midstream, LLC (NYSE:ENLC) (together "EnLink") for $1.55 billion. Tall Oak focused its operations in the Mid-Continent, where the company developed and expanded two natural gas gathering and processing systems: the CNOW System and the STACK system. Tall Oak established an impressive footprint of gathering, processing and compression assets in Oklahoma’s STACK and CNOW plays that included more than 500 miles of planned pipeline (375 miles in service), multiple compressor stations and 175 MMcf/d in processing capacity. The company also developed a crude oil system to serve producers in the STACK play.

Based in Oklahoma City, Tall Oak Midstream is led by its four founders; Ryan D. Lewellyn, CEO; Max J. Myers, CFO; Carlos P. Evans, CCO; and Lindel R. Larison, COO. The founders formed Tall Oak Midstream II in 2015 and Tall Oak Midstream III in 2017.

Nuevo Midstream, November 2014
In November 2014 Western Gas Partners, LP (NYSE: WES) completed the acquisition of Nuevo Midstream for $1.5 billion. Nuevo focused on developing, acquiring, owning and operating natural gas midstream assets in growing production areas to provide services to producers such as natural gas gathering, compression, transportation, measurement, treating/conditioning and processing. Nuevo's business strategy focused on building strong, effective partnerships with customers and purchasers of the products delivered from its systems. The company's growth was driven by organic growth from its existing asset base and asset acquisitions as well as grassroots development projects. Nuevo focused on established producing basins where its management team has prior experience and established relationships and those basins experiencing significant activity. The Nuevo management team has extensive experience developing, owning and operating midstream assets throughout the United States, including west Texas, the Gulf Coast, Midcontinent, Midwest and California.

Nuevo focused on the operation and expansion of its significant natural gas gathering processing footprint in the rapidly developing Delaware Basin in west Texas and southeast New Mexico, with particular focus on the production from the Avalon Shale trend and the Bone Springs and Wolfcamp formations. This region of the Permian Basin is generating strong demand for midstream infrastructure and the marketing services producers require to rapidly deliver liquids to high value markets.

Cardinal Midstream, December 2012
Headquartered in Dallas, Cardinal Midstream provides oil and gas producers with a complete array of midstream services including natural gas gathering, transportation, processing and treating. Cardinal’s growth strategy centered on building a full-service midstream business through acquisition and grassroots development projects. The company was founded in 2008 by Mack Lawrence, Jim Bryant, Doug Dormer and Marc Lyons.

On December 20, 2012, Atlas Pipeline Partners (NYSE: APL) completed the acquisition of substantially all of Cardinal Midstream's assets for $600 million. These assets include three operated cryogenic processing plants located in the Arkoma region of Oklahoma’s Woodford Shale totaling 220 million cubic feet per day in processing capacity, approximately 66 miles of gathering pipelines, treating and compression facilities, and a natural gas contract treating business. Cardinal’s management team is currently assessing opportunities for the continued pursuit of midstream development in unconventional resource plays across North America.

Rangeland Energy, December 2012
Founded in 2009, Rangeland Energy targeted development and acquisition opportunities in North Dakota's emerging Bakken oil-shale play in North Dakota. The company developed the COLT Hub, North Dakota's largest open-access crude oil loading terminal. On December 7, 2012, Inergy Midstream, L.P. (NYSE: NRGM) completed the acquisition of the COLT Hub and related assets, for $425 million.

Rangeland's management team has a strong track record of developing, constructing, acquiring, operating, optimizing and expanding both greenfield and existing crude oil, refined products and associated natural gas midstream assets. Construction of the COLT Hub began in May 2011. With six 120,000-barrel storage tanks and two 8,700-foot rail loops, the COLT Hub accommodates large 120-car unit trains and is capable of moving more than 120,000 barrels of crude oil per day out of the Bakken Shale. The COLT Connector, a 21-mile bidirectional pipeline connects the COLT Hub to Rangeland’s terminal at Dry Fork near the Beaver Lodge/Ramberg junction. The COLT Connector is capable of transporting an additional 70,000 barrels per day by pipeline. At the time of sale, The COLT system served four large crude oil refiners/marketers including Tesoro Corporation and Flint Hills Resources. Rangeland established inbound gathering connection agreements with Bear Tracker Energy, the Hiland Crude Market Center and the Tesoro High Plains Pipeline as well as outbound connections with Enbridge and Tesoro at its terminal near Beaver Lodge/Ramberg.

Caiman Energy, April 2012
On April 27, 2012, Williams Partners (NYSE:WPZ) completed the acquisition of Caiman Energy’s wholly owned subsidiary, Caiman Eastern Midstream LLC, for approximately $2.5 billion. In 2009 EnCap Flatrock Midstream joined with EnCap Investments L.P. to support the formation of Caiman Energy with initial equity commitments. EnCap Flatrock made additional commitments to Caiman as the company expanded its footprint in the Marcellus Shale. Williams' acquisition of Caiman Eastern Midstream resulted in a very positive return for our investors. EnCap Flatrock is proud to re-back the Caiman management team and Caiman Energy II as the company develops similar infrastructure in the Utica Shale.

Caiman's senior management team has more than 200 years of experience in designing, building, owning, operating and acquiring midstream assets in shale plays including the Barnett, Haynesville and Marcellus and has a strong reputation for superior producer service, the ability to quickly design and build midstream infrastructure and a track record of operational safety and reliability. Caiman's mission is to leverage its partners' deep industry experience to become a premier provider of midstream services to oil and gas producers and end users. Consistent with management’s past business success, Caiman’s strategy centers around building a natural gas midstream business focused on the acquisition and development of gathering, transportation, processing and treating assets in established producing basins where the team can successfully leverage its experience and relationships.

The acquisition of Caiman Eastern Midstream provides Williams Partners with a significant footprint and growth potential in the natural gas liquids-rich portion of the Marcellus Shale. Caiman Eastern Midstream is an independent gathering and processing business located in northern West Virginia, southwestern Pennsylvania and eastern Ohio. Caiman Eastern's physical assets include a gathering system, two processing facilities and a fractionator. 

Meritage Midstream Services, April 2012
On April 12, 2012, Howard Energy Partners (HEP) acquired substantially all of Meritage Midstream Services' natural gas gathering assets in south Texas. HEP acquired the Eagle Ford Escondido Gathering System and the Cuervo Creek Gathering System. The two systems, located in Webb County, Texas, consist of a recently constructed rich gas gathering system with approximately 83 miles of pipeline, a 102-­mile lean gas gathering system, two leased amine treating plants and multiple intrastate pipeline outlets for regional processing and transportation.

Meritage Midstream Services was one of EnCap Flatock's first portfolio companies. Early operations were focused on the Eagle Ford shale and other production zones in southwest Texas. Meritage worked with some of the most experienced and well-respected producers in the area to provide rapid and reliable access to multiple downstream markets.

Meritage expanded the traditional definition of midstream to provide producers with comprehensive, all-in solutions and opportunities for growth. Core capabilities included the gathering, treating and handling of natural gas, crude oil and condensates. Value-added services included handling flowback and produced water and carbon dioxide sequestration. The company focused on building strong, open relationships with its customers and all of the constituents in the value chain.