EagleClaw Midstream Services LLC

EagleClaw Midstream, funds managed by Blackstone Energy Partners, and I Squared Capital announced that the parties have executed and concurrently closed binding agreements pursuant to which I Squared Capital has committed over $500 million of cash and contributed its Delaware Basin midstream portfolio company, Pinnacle Midstream, and become a partner in BCP Raptor Holdco, the parent company for EagleClaw. In addition, the parties announced the closing of EagleClaw’s previously-announced acquisition of Caprock Midstream. Proceeds from I Squared Capital’s investment, together with additional investments by Blackstone and EagleClaw’s management team, are being used to fund EagleClaw’s continued growth, including the expansion of EagleClaw’s system, the acquisition of Caprock Midstream, and the ongoing construction of the Permian Highway Pipeline.