Ovintiv Inc. signaled last month that the focus this year would be Permian Basin oil, and on Monday, the Denver independent advanced those ambitions by striking a nearly $4.3 billion cash-and stock deal to build West Texas inventory. “Substantially all leasehold interest and related assets” were acquired from companies managed by private equity (PE) giant…
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EnCap, Double Eagle Tout $2.3B in Commitments to Accelerate Permian Drilling Program
A private equity (PE)-backed oil and gas partnership formed last year has secured about $600 million in additional capital commitments to acquire and develop drilling opportunities in the Permian Basin. EnCap Investments LP, Double Eagle Energy Holdings IV and Tumbleweed Royalty IV LLC on Sunday announced a “successful equity commitment upsize” to $2.3 billion, and…
Iron Horse Expanding Natural Gas Processing in Anadarko Basin
Iron Horse Midstream is adding another natural gas cryogenic processing plant at its 120-acre complex in Grady County, OK, in the heart of the Anadarko Basin. The Dallas-based firm said the 200 MMcf/d plant would boost natural gas processing capacity in the SCOOP/STACK (South Central Oklahoma Oil Province and Sooner Trend of the Anadarko Basin,…
Momentum Midstream Takes FID on 1.7 Bcf/d Haynesville Natural Gas Gathering, Carbon Capture Project
Private equity-backed Momentum Midstream LLC said Thursday it is moving forward with the New Generation Gas Gathering (NG3) project in the Haynesville Shale. The project, which is meant to supply growing Gulf Coast and LNG export demand, is to have initial capacity of 1.7 Bcf/d, expandable to 2.2 Bcf/d. Momentum is a subsidiary of Encap…
EnCap-Backed Clearfork Gains Entry into Haynesville with Azure Acquisition
Fort Worth, TX-based Clearfork Midstream LLC said Tuesday it plans to acquire Azure Midstream Energy LLC, giving it entry into the core areas of the Haynesville Shale in North Louisiana and East Texas. The price was not disclosed for the takeover, which was funded by Clearfork sponsor EnCap Flatrock Midstream LLC (EFM). The private equity…
Equinor Takes $900M for Bakken Assets as Lower 48 Portfolio Continues to Shrink
Equinor ASA, an enthusiastic buyer in the early days of the Lower 48 unconventional oil and gas revolution, has put the portfolio in reverse, with the Bakken Shale the latest to change hands. The Norwegian major said Wednesday it agreed to sell its North Dakota and Montana assets to EnCap Investments-backed Grayson Mill Energy for…
New Midstreamer Humble to Pursue Acquisitions, Greenfield Projects with EnCap Backing
Newly formed Humble Midstream LLC said Tuesday it has secured an initial $300 million capital commitment from private equity firm EnCap Flatrock Midstream, aka EFM. “Based in Denver and formed in mid-2020, Humble Midstream is an independent energy company focused on acquiring and building midstream assets in conventional and unconventional plays across North America,” the…
New Midstreamer Tatanka Snags $500M to Pursue North American Assets
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.
New Midstreamer Edgewater Secures EnCap Backing to Develop North American Crude Solutions
With an initial commitment of $400 million from EnCap Flatrock Midstream, newly formed operator Edgewater Midstream LLC is focusing on acquiring and developing pipeline and terminal solutions for major North American petroleum trading hubs and demand centers.
EnCap Flatrock’s Newest Venture Snags South Texas Gathering Systems
With a $400 million initial capital commitment from EnCap Flatrock Midstream and management, an Ironwood Midstream Energy Partners spin-off Tuesday said it would acquire a pair of crude oil gathering systems in South Texas from a subsidiary of Twin Eagle Holdings NA LLC.