The crude oil logistics company Lotus Midstream LLC received an initial capital commitment of $400 million from its management team and the investment management firm EnCap Flatrock Midstream.
Lotus Midstream was formed in 2018 to develop midstream infrastructure and services for crude oil and condensate transportation, including crude gathering and storage services, according to a Feb. 13 news release. The company's operations would focus on high growth areas in the Permian Basin and the Midcontinent.
The Sugar Land, Texas-based Lotus Midstream is led by CEO Mike Prince, Chief Commercial Officer Emily Baker and COO Jen Fontenot, who all previously worked at Sunoco Logistics Partners LP, which recently merged with Energy Transfer Partners LP.
The former Sunoco Logistics General Counsel Kathleen Shea-Ballay served as Lotus Midstream's adviser, while Thompson & Knight LLP advised EnCap Flatrock Midstream. Matthew Falcone with Vinson & Elkins LLP's Houston office acted as Lotus Midstream's legal counsel.