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Private equity-backed companies form STACK-focused oil, gas midstream JV

Two private equity-backed companies formed a joint venture that would focus on crude oil and gas midstream operations in Oklahoma's STACK play, as they plan system expansions and a new natural gas gathering and processing facility.

The joint venture, called Great Salt Plains Midstream Holdings LLC, was established by MVM Midstream LLC, an entity formed with the private equity fund Energy Spectrum Partners VII LP and the energy logistics company MVP Holdings LLC, and the Chisholm Oil & Gas LLC subsidiary Chisholm Midstream LLC. Chisholm Oil & Gas is supported by funds from Apollo Global Management LLC affiliates. Estimated CapEx for Great Salt Plains' planned projects are over $250 million, according to a Dec. 20 news release.

Great Salt Plains aims to connect STACK producers to the Cushing crude oil complex, among other marketing options. Under the agreement, MVP Holdings would contribute assets such as the 115-mile Great Salt Plains pipeline system, which carries crude from Cherokee, Okla., to Cushing, Okla. The pipeline is underpinned by long-term acreage dedications and throughput contracts, and its capacity is expected to be expanded to up to 40,000 barrels per day.

The joint venture also proposed to build a cryogenic processing facility in Major County, Okla., called the Silver Lake plant, which would have an initial processing capacity of 70 MMcf/d of natural gas, as well as expansion capacity of up to 220 MMcf/d. The project would also include 130 miles of gas gathering lines and compressor stations, and is scheduled to begin service by the second quarter of 2018.

"MVP and our investment partners are dedicated to providing the full range of midstream services to our producer community to support this crucial development of energy resources," said Gary Navarro, president and CEO of MVP Holdings.

Energy Spectrum Partners VII manages $1.23 billion in private equity funds. Chisholm Oil & Gas' leasehold position in the STACK play is approximately 75,000 net acres.