Realized Investments

Cogent Midstream, February 2022

Cogent Midstream provided midstream in the Midland Basin. At the time of its sale to Canes Midstram in February 2022, Cogent's assets included more than 796 miles of pipeline in operation and five active natural gas processing plants serving Coke, Crockett, Glassock, Irion, Mitchell, Reagan, Schleicher, Sterling and Tom Green counties. Natural gas processing capacity available totaled 520 million cubic feet of natural gas per day (MMcf/d), and crude oil gathering system capacity was 80,000 barrels per day. Cogent's 25-mile residue gas pipeline delivered residue gas from its Big Lake Natural Gas Processing Complex to Kinder Morgan’s Gulf Coast Express Pipeline with a capacity of approximately 400 MMcf/d.

Tall Oak Midstream II, February 2020

Tall Oak Midstream II managed and operated Tall Oak Midcon, a natural gas gathering and processing system in the NW STACK play in Oklahoma. The Tall Oak Midcon system spanned six counties with over 800 miles of pipe and 60 MMcf/d of processing capacity at the time of its sale in February 2020. Upon the sale of Tall Oak Midcon, Tall Oak Midstream II retained ownership of and continues to operate a 12-mile gas gathering and treating system in Custer and Blaine counties, Oklahoma.

Tall Oak Midstream III, February 2020

Tall Oak Midstream III managed and operated Tall Oak Woodford, a natural gas gathering and processing system in Oklahoma's Arkoma STACK play. At the time of its sale in February 2020, the Tall Oak Woodford system served customers in the liquids-rich window of the Arkoma and had more than 140 miles of pipe and 200 MMcf/d of processing capacity at the time of its sale in February 2020.

Caiman Energy II, November 2020

Caiman Energy II managed and operated Blue Racer Midstream, which was formed in December 2012 to own, operate, develop and acquire midstream assets in the Utica Shale and certain adjacent areas in the Marcellus Shale. Blue Racer focused on natural gas gathering, compression, dehydrating, treating, processing and transportation services and NGL fractionation and transportation services. Blue Racer’s assets — primarily gathering pipelines, processing plants, fractionators and related equipment — formed an interconnected midstream “Super System,” which enabled Blue Racer to gather and process natural gas, fractionate NGLs and redeliver residue gas and purity NGL products at multiple locations on its system.

Tradition Midstream, February 2019

Tradition Midstream focused on the acquisition, enhancement and operation of existing assets and the development of new assets in the liquids-rich Cotton Valley, Haynesville and Smackover formations located in the Northern Louisiana Salt Basin.  At the time of the sale, the system had over 65 miles of pipeline and strategic access to a third-party processing and fractionation facility. Tradition Midstream was sold in February 2019.

Cardinal Midstream II, March 2017 & June 2018

Cardinal Midstream II was formed in 2013 and focused on the development and operation of two greenfield natural gas gathering systems in Appalachia. The midstream systems supported producers operating in the Marcellus, Upper Devonian and Utica shale plays of Pennsylvania. The Cardinal PA system consisted of rich gas gathering pipeline and compression assets with delivery to a third-party processing plant, and the Cardinal NE system included dry gas gathering pipelines with delivery to a downstream residue gas pipeline. The Cardinal PA system was sold to Energy Transfer Partners in March 2017, and the Cardinal NE system was sold to DTE Pipeline Company in June 2018.

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 to 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.