Realized Investments

Toledo Bend Midstream, April 2018

Toledo Bend Midstream 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. At the time of the sale, the system had a pipeline capacity of 250 MMcf/d and approximately 110 MMcf/d 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 for approximately $1.6 billion in cash 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.


Rangeland Energy II, February 2018

Rangeland Energy II formed in early 2013 and focused on the construction, expansion and operation of its RIO System, serving producers in the Delaware Basin. The RIO System consisted 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. Additional facilities were planned at the time of the sale. Rangeland Energy II was sold for an undisclosed amount  in the first quarter of 2018 to Tesoro Refining & Marketing Company LLC, a wholly owned subsidiary of Andeavor.


Gravity Midstream, October 2017

Gravity Midstream Corpus Christi was the owner, developer and operator of the Gravity Midstream Oil Terminal at Corpus Christi, an intermodal facility located in the heart of the Corpus Christi refining complex. At the time of the sale, the company has established 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 sold in October 2017 o Pin Oak Corpus Christi, LLC. 


EagleClaw Midstream, June 2017

EagleClaw Midstream Ventures was founded in 2012 and grew to become the largest privately held midstream operator in the Permian’s Delaware Basin in West Texas. The company’s assets were strategically located in Reeves, Ward and Culberson counties and at the time of its sale included more than 375 miles of natural gas gathering pipelines and 320 million cubic feet per day (MMcf/d) of processing capacity with an additional 400 MMcf/d under construction. EagleClaw was sold in June 2017 for approximately $2 billion to Blackstone Energy Partners.


Tall Oak Midstream, January 2016

Tall Oak Midstream was founded in early 2014 and focused its operations in the Mid-Continent, where the company 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. In January 2016, Tall Oak Midstream sold substantially all of its Oklahoma assets for $1.55 billion to a subsidiary of EnLink Midstream Partners, LP  and EnLink Midstream, LLC. 


Nuevo Midstream, November 2014

Nuevo Midstream was founded in April 2011 and focused on the operation and expansion of a significant natural gas gathering processing footprint in the rapidly developing Delaware Basin in west Texas and southeast New Mexico. Nuevo assets included 300 million cubic feet per day (MMcf/d) of operational cryogenic processing capacity at its Ramsey processing complex in Reeves County, Texas; four field compressor stations; and a 275-mile gas gathering system that spanned a five-county area. Additional gathering pipeline and processing capacity was under construction at the time of its sale. In November 2014, Nuevo was sold for $1.5 billion to Western Gas Partners, LP. 


Cardinal Midstream, December 2012
Cardinal Midstream was founded in 2008 and built a full-service midstream business in the Arkoma region of Oklahoma’s Woodford Shale through acquisition and grassroots development projects, offering a complete array of midstream services including natural gas gathering, transportation, processing and treating. Cardinal's assets included three operated cryogenic processing plants 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 sold substantially all of its assets in December 2012 for $600 million to Atlas Pipeline Partners.


Rangeland Energy, December 2012

Rangeland Energy was founded in 2009 and targeted development and acquisition opportunities in North Dakota's emerging Bakken oil-shale play. The company developed the COLT Hub, North Dakota's largest open-access crude oil loading terminal, and the COLT Connector, a 21-mile, bidirectional, crude oil transmission pipeline that connected the COLT Hub to a point of interconnect with multiple crude oil pipelines. In December 2012, Rangeland sold the COLT Hub and related assets for $425 million to Inergy Midstream, L.P.


Caiman Energy, April 2012

Caiman Energy was formed in 2009 with equity commitments from EnCap Flatrock Midstream joined with EnCap Investments L.P. Caiman owned Caiman Eastern Midstream, an independent gathering and processing business in northern West Virginia, southwestern Pennsylvania and eastern Ohio. Caiman Eastern's physical assets included a gathering system, two processing facilities and a fractionator. In April 2012, Caiman Eastern Midstream was sold for approximately $2.5 billion to Williams Partners.


Meritage Midstream Services, April 2012

Meritage Midstream Services was founded in November 2009. Its early operations were focused on the Eagle Ford shale and other production zones in southwest Texas. 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. In April 2012, Meritage sold its natural gas gathering assets in South Texas, including the Eagle Ford Escondido Gathering System and the Cuervo Creek Gathering System, to Howard Energy Partners.