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EnCap-backed company to acquire Eagle Ford oil gathering, storage system

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EnCap-backed company to acquire Eagle Ford oil gathering, storage system

EnCap Flatrock Midstream-backed Nuevo Midstream Dos LLC said March 20 that it agreed to acquire another privately backed midstream company that owns a crude oil gathering, storage and intermediate transportation system in the Eagle Ford Shale.

Nuevo said it entered into a definitive agreement to buy Republic Midstream LLC from an affiliate of ArcLight Capital Partners LLC, according to a March 20 news release.

Nuevo plans to build up the Republic Midstream assets, which include about 100 miles of gathering pipeline feeding a central delivery point with 300,000 barrels of crude oil storage and a six-bay truck station. The system also has a 26-mile intermediate pipeline moving crude oil from the central delivery point to the Kinder Morgan Inc. Crude and Condensate Pipeline and the Enterprise Products Partners LP-owned Eagle Ford Crude Oil Pipeline System.

"The Eagle Ford is experiencing a resurgence and is advantaged by its proximity to the Gulf," Nuevo President and CEO Randy Ziebarth said. "Nuevo Dos looks forward to helping producers fully participate in moving crude and condensate to market."

Locke Lord LLP is advising Nuevo Dos on the transaction, which is expected to close early in the second quarter. Latham & Watkins LLP is providing legal counsel to Republic Midstream. Jefferies LLC served as exclusive financial adviser to ArcLight.