Private equity firm EIV Capital has added Canes Midstream LLC to its list of oil and natural gas partners with a commitment allowing the new operator to acquire, construct, own and operate U.S. midstream assets.
Dallas-based Canes Midstream, co-founded earlier this year by former Lucid I Energy Group President Scott Brown and Producers Midstream LP chief commercial officer Chad Choate, is to offer a suite of midstream services to upstream, midstream and downstream customers that include producers, end-users, processors, pipeline operators and refiners. No financial details of the EIV Capital investment were disclosed.
“The Canes team brings a robust background that spans numerous basins and commodities, positioning the team well to partner with producers looking for midstream solutions,” said EIV Capital partner Greg Davis.
Canes Midstream CEO Scott Brown said he and Choate had “devoted our combined 50-year careers to the midstream space and strongly believe there will be increasing opportunities to partner with producers and continue to build midstream assets for our customers.”
EIV Capital in August raised its equity investment in produced water operator H2O Midstream LLC to pursue additional growth opportunities throughout the Permian Basin. H2O’s system consists of 435,000 barrels/day of disposal capacity, 240,000 barrels/day of deep disposal permits and 190 miles of pipeline. The company is also adding daily recycling capacity of 40,000 barrels of produced water, with the option to expand to 80,000 over time.
EIV Capital has also provided funding to AMP Americas, a compressed natural gas fueling provider in Chicago.