Dallas-based midstream services provider Lucid Energy Group has secured an equity commitment for up to $250 million from Magnetar Capital to support Lucid’s proposed natural gas gathering and processing system in the Delaware Basin, a sub-basin of the Permian. “This important transaction, combined with the existing support of EnCap Flatrock Midstream, allows us to continue to aggressively expand our Delaware Basin franchise and offer large-scale, best-in-class service to producers in the region,” said Lucid CEO Mike Latchem. Lucid provides midstream services to producers in the Permian’s Midland and Delaware basins and is the largest privately held natural gas processor in the Permian with more than 930 MMcf of capacity in operation or under construction, and more than 3,600 miles of operational pipeline assets. Lucid in September 2016 acquired Agave Energy Co., the owner and operator of gas gathering and processing assets in the Delaware.
North Dakota is set to receive $15 million from the federal government to help defray the costs of providing emergency law enforcement services for the Dakota Access Pipeline (DAPL) protest encampment, Gov. Doug Burgum said. Burgum sought a presidential disaster declaration, citing costs of more than $37 million for the protest encampment, which spanned 233 days. He sent a separate letter to the Trump administration seeking a disaster declaration, which could provide more funds. In the request, Burgum said "significant federal responsibility exists for the start and continuation of the protest," including "the U.S. Army Corps of Engineers' failure to enforce its regulations and maintain law and order on its property." Sen. John Hoeven (R-ND) said the Justice Department budget in the federal government funding bill includes the $15 million reimbursement.