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EnCap dips into new fund for EagleClaw Midstream Services deal

7 Aug 2012

Fresh from closing its second oil and gas-focused fund on $1.75bn, EnCap Flatrock Midstream has made a $100m investment in EagleClaw Midstream Services, a new company pursuing greenfield and acquisition opportunities in the Permian Basin.

EagleClaw provides natural gas and crude oil producers in the Permian Basin with midstream services including gathering, compression, treating, processing and transportation.

Headquartered in Midland, Texas, the company is led by president Bob Milam, executive vice president and COO Curtis Clark, and executive vice president of commercial development Charles Kuss [pictured], who have all worked together and have deep experience in West Texas and the Permian Basin.

“While [the Permian Basin] has been one of the most prolific basins in North America for a long time, there has been a dramatic resurgence over the past year or two, and it’s more active than ever before,” said Milam.

“There are more than 500 rigs at work in the area, and production is reaching new highs.

“Our goal is to stay ahead of development schedules and provide producers with the rapid response time and flexible solutions that meet their infrastructure requirements on time and on budget so they can focus on their core business.”

William Lemmons Jr, a managing partner at EnCap and a member of the EagleClaw board of directors, added, “This is an extraordinary team that has a long history of success working with producers in the Permian Basin.

“They understand the unique challenges their customers face in the Permian and know how to build pipelines and plants in a way that aligns with producers’ schedules and business concerns.

“We’re looking forward to working with the EagleClaw team to grow its business and deliver rapid results for Permian producers.”

EnCap completed the final closing of its second oil & gas-focused private equity fund, EnCap Flatrock Midstream Fund II, at the end of last month on $1.75bn.

The fund exceeded its $1.25bn target and was significantly oversubscribed to reach its hard cap.

The San Antonio-based firm now has nearly $3bn in investment commitments and has made commitments to ten portfolio companies across Funds I and II.

EFM II is EnCap Investments’s sixteenth institutional fund.

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