Published by Todd Bush on March 28, 2023
SAN ANTONIO & SUGAR LAND, Texas--(BUSINESS WIRE)--Lotus Midstream (“the Company”) and its financial sponsor EnCap Flatrock Midstream (“EnCap Flatrock”) today announced they have signed a definitive agreement to sell Lotus Midstream to Energy Transfer LP (NYSE: ET) for approximately $1.45 billion. The transaction is expected to close in the second quarter of 2023, subject to regulatory approval and customary closing conditions.
>> In Other News: Argus Launches Carbon-adjusted Ammonia Price
Located in Sugar Land, Texas, Lotus Midstream is a premier crude oil gathering and transportation system connecting the Permian Basin to Cushing and Gulf Coast markets. The Company originally partnered with EnCap Flatrock in 2018 and is led by three founding partners, Chief Executive Officer Mike Prince, Chief Commercial Officer Emily Baker and Chief Operating Officer Jen Fontenot.
In September 2018, Lotus completed the acquisitions of the Centurion Pipeline and Southeast New Mexico (“SENM”) crude gathering systems. Management commercially transformed the business from a producer-centric system to an integrated transportation network providing wellhead connectivity to major downstream markets including Cushing, Nederland, Houston, and Corpus Christi. Lotus subsequently announced its participation in the Wink-to-Webster Pipeline which transports production to the Gulf Coast refining market via the largest crude takeaway pipeline out of the Permian Basin.
“We are thankful for the opportunity provided by EnCap Flatrock to have grown and developed Centurion Pipeline,” said Lotus Midstream CEO Mike Prince. “We have had the good fortune to work alongside outstanding and dedicated people, who are responsible for Centurion’s collective success.”
“We are pleased to have reached agreement with Energy Transfer for the sale of Lotus Midstream,” said EnCap Flatrock Managing Partner Greg King. “Mike, Emily, Jen and the Lotus team built a fantastic business. We are grateful for their partnership and are thankful to our investors for their support of this significant investment for EnCap Flatrock.”
Jefferies served as financial advisor and Vinson & Elkins as legal advisor to Lotus Midstream, and Sherman & Sterling as EnCap Flatrock’s legal advisor.
Based in Sugar Land, Texas, Lotus Midstream is an independent energy company focused on the development of midstream infrastructure and services necessary to transport crude oil and condensate from the wellhead to market. Lotus owns the Centurion Pipeline System, a large-scale, integrated network of approximately 3,000 miles of crude oil gathering and transportation pipelines that extends from southeast New Mexico across the Permian Basin of West Texas to Cushing, Oklahoma. Lotus Midstream is backed by EnCap Flatrock Midstream. For more information, please visit lotusmidstream.com.
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of over $9 billion from a broad group of prestigious institutional investors. For more information, please visit efmidstream.com.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Enable Midstream Partners
ENBL
EnLink Midstream LLC
ENLC
Energy Transfer LP
ET
Kinder Morgan, Inc.
KMI
Inside This Issue 🛠️ BHP, JSW Steel To Explore Use of Carbon Capture Technology in Steelmaking 🏝️ Exxon Mobil’s Landmark Acquisition for Offshore CO2 Capture: A Big Step Toward Carbon Reduction 🚗 ...
Inside this Issue 🌊 ExxonMobil Secures Largest CO2 Offshore Storage Site in the U.S. 🌱 Toyota Showcases Technology Developments Towards a Sustainable Future 💰 DOE's $29M Investment: Advancing Carb...
Inside this Issue 🌍 Scaling Up Carbon Dioxide Storagee to Achieve a Net-Zero Future 💰 Colorado School of Mines and Carbon TerraVault Secure $8.9 Million for CarbonSAFE Project 🤝 Rushnu Signs Two A...
TEMECULA, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) — Nikkiso Clean Energy & Industrial Gases (CE&IG) Group and SunLine Transit Agency recently celebrated the opening of a new liquid-hydrogen-...
Ohmium Announces Collaboration with SwitcH2 BV and BW Offshore for Floating Green Ammonia Plant
Ohmium has signed a Term Sheet with SwitcH2 BV to develop PEM electrolyzer solutions for a groundbreaking 300 MW Offshore Floating Ammonia Project NEWARK, Calif. & ROTTERDAM, Netherlands--(BUS...
DevvStream to Acquire 50% Equity Stake in Carbon Sequestration Hub Facility
VANCOUVER, BC, October 15, 2024 – DevvStream Holdings Inc. (“DevvStream” or the “Company”) (CBOE: DESG) (OTCQB: DSTRF) (FSE: CQ0), a leading carbon credit project co-development and generation firm...
Regulating Safety for Carbon Removal, Capture and Sequestration Projects in the US
Carbon dioxide removal (CDR) and carbon, capture and storage (CCS) will both play a limited, yet critical role in helping meet climate goals. However, like most nascent technologies, there are impo...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.