Edgewater Midstream Secures $400 Million Equity Commitment from EnCap Flatrock Midstream
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Edgewater Midstream has secured an initial capital commitment of $400 million from EnCap Flatrock Midstream and the Edgewater management team.
Edgewater was formed in late 2019 to provide independent midstream logistics solutions to refiners, producers, and marketers of crude oil, refined products, and other bulk liquids. The company will focus on the acquisition, development, and operation of pipeline and terminal solutions between and in proximity to major North American petroleum trading hubs and demand centers.
Based in Houston, Edgewater is led by its three founders: Stephen Smith, chief executive officer; Brian Thomason, chief commercial officer; and Mike Truby, chief operating officer. Collectively, the Edgewater management team has more than 70 years of energy industry experience and has served in senior leadership roles at companies including Genesis Energy, Motiva Enterprises, ConocoPhillips, and NuStar Energy.
“Changing dynamics in the North American petroleum market present attractive opportunities for Edgewater. We are thrilled to partner with an experienced, strategic investor like EnCap Flatrock Midstream. In addition to a large financial commitment, EnCap Flatrock’s significant midstream industry expertise, relationships and successful track record provide a formidable platform to support Edgewater’s growth,” said Chief Executive Officer Stephen Smith.
“Of primary importance, our culture, goals and approach to value creation and risk management are aligned. When forming Edgewater, we recognized that societal, technological and policy trends are reshaping the arena in which traditional oil and gas midstream businesses operate. Our team embraces new technologies and environmentally sustainable practices,” added Smith.
“We are excited to be working with Edgewater Midstream. Our partnership with Stephen, Brian, and Mike is illustrative of our strategy of supporting outstanding leaders with superb track records and integrity. We look forward to supporting the Edgewater team as it builds an independent midstream business focused on the demand end of the value chain,” said EnCap Flatrock Managing Partner Gregory C. King, who is also an Edgewater board member.
About Edgewater Midstream, LLC
Based in Houston and established in late 2019, Edgewater Midstream provides independent midstream solutions to refiners, producers and marketers of crude oil, refined products and other bulk liquids. The company will focus on the acquisition, development and operation of pipeline and terminal solutions between and in proximity to major North American petroleum trading hubs and demand centers.
To stop by Edgewater Midstream’s website, CLICK HERE
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