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April 18, 2017 Comments Off on Blackstone Makes $2B Permian Buy Views: 329 Texas - Other, Texas News

Blackstone Makes $2B Permian Buy

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Blackstone Energy Partners and Blackstone Capital Partners entered into a binding agreement to buy EagleClaw Midstream Ventures LLC and EnCap Flatrock Midstream. The $2-billion transaction is anticipated to close by the end of July 2017.

EagleClaw is the largest privately-held midstream operator in the Permian’s Delaware Basin in West Texas. The company has assets in Reeves, Ward and Culbertson counties, and includes more than 375 miles of natural gas gathering pipelines and 320 million cubic feet per day of processing capacity, with an additional 400 MMcf/d under construction. EagleClaw serves many of the region’s leading oil and gas producers, which have made long-term dedications of natural gas volumes to the company from more than 220,000 acres.

EagleClaw will retain its name, and operate as a Blackstone portfolio company. The leadership team and most employees will remain in their current roles, and are investing alongside Blackstone in this transaction.

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