Private equity-backed Tatanka Midstream LLC, a new independent midstream company based in San Antonio, TX, is seeking to acquire and build assets across the North American energy market.
Backed by an initial $500 million capital investment by private equity EnCap Flatrock Midstream, Tatanka plans to provide “innovative midstream solutions that are safe and environmentally responsible, forge optimal and efficient pathways to market, and create exceptional value for all stakeholders,” according to CEO Keith Casey, a former executive vice president at Andeavor Logistics LP before it combined with MPLX LP.
“EnCap Flatrock thinks about midstream and the midstream opportunity set the same way we do, the firm’s values are aligned with ours, and the EnCap Flatrock team brings a wealth of contacts and technical and commercial expertise that complement our own. We think it’s a powerful pairing,” the CEO said.
Joining Casey on the management team are two other former Andeavor executives, Chief Investment Officer Nate Weeks, who served as senior vice president of strategy and business development, and CFO Carlos Mata, who was senior director of strategy and business development.
EnCap managing partner Gregory King, who also is a member of the Tatanka board, said he supports the management team’s “early dedication to creating a socially responsible company.”
With an eye on creating value by improving the operations, maintenance and overall efficiency of acquired businesses, Tatanka also plans to build “highly competitive new assets that serve the continually growing and changing needs of the North American energy market.”
EnCap, also based in San Antonio, now has nearly $9 billion of investment commitments, including an initial commitment of $400 million for Edgewater Midstream LLC, which is focused on building out pipeline and terminal solutions for major North American petroleum trading hubs and demand centers, as well as a spinoff of Ironwood Midstream Energy Partners, which acquired a pair of oil gathering systems in South Texas from a subsidiary of Twin Eagle Holdings NA LLC.
Through its subsidiary Lotus Midstream, EnCap also is sponsoring the 1 million b/d Wink-to-Webster pipeline being developed in the Permian Basin, and it is backing Cogent Midstream LLC to develop a residue natural gas pipeline in the Permian Midland sub-basin.