Christmas might be over, but this didn’t stop EnCap Flatrock Midstream from playing Santa to the sector. It issued $300 million in equity financing to two Texas-based midstream companies.
Rangeland Energy LLC secured a $200 million equity commitment from the private equity firm. It is the second time the company has backed the Rangeland management team. Its first cash injection came in November 2009 when EnCap made a $115 million commitment to Rangeland to support the company’s greenfield development of North Dakota’s COLT system. COLT was later acquired by Inergy Midstream LP for $425 million. The more recent $200 million commitment was made from EnCap Flatrock Midstream’s Fund II, which closed last July at $1.75 billion.
“We are all excited about this new equity commitment from EnCap Flatrock, and the continuation of our ongoing relationship with them. We didn’t look anywhere else,” Rangeland’s Chief Executive Chris Keene said in a public statement.
“We look forward to building on our success by pursing similar opportunities in North American shale plays with an emphasis on West Texas, the Gulf Coast, California and Canada.”
As well, Tradition Midstream LLC secured $100 million in equity financing last month from EnCapFlatrock. Tradition is focused on the acquisition, expansion and greenfield development of midstream assets across North America.
“We are focused on providing timely, cost-effective and reliable gathering, processing and transportation services to bring crude oil, natural gas, natural gas liquids and condensate to market,” Tradition President Don Brown said in a statement.
In other equity news, MarkWest Energy Partners LP closed a public offering of $1 billion in 4.5% senior unsecured notes due 2023. The partnership said it will use some proceeds to repay debt, fund its capital expenditure program and for other purposes.
Meanwhile, EagleView Technologies and Pictometry International announced that the businesses will be merged into a single entity.
The new entity will offer comprehensive and robust capabilities in aerial imagery collections, geospatial analytics and 3D measurement technologies, the companies say.
“Pictometry and EagleView each offer a highly valued set of solutions, which are excellent complements in the geo-referenced aerial imaging industry,” Chris Barrow, EagleView’s chief executive, said in a public statement. “In combining Pictometry’s world-class data and aerial image capture assets with EagleView’s remote measurement and analysis solutions, we are leveraging a portfolio of incredible technologies and world-class insights.”
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