Elevate Midstream Partners Announces Eight-Year Gas Gathering and Treating Agreement with Sabine Oil and Gas Corporation
Increases Gas Gathering and Processing Capabilities in Carthage Area
Transaction in Partnership with Tailwater Capital
HOUSTON, August 19, 2019 – Elevate Midstream Partners, LLC (“Elevate”), a full-service midstream company headquartered in Houston, Texas, today announced that it has entered into an eight-year gas gathering and treating agreement with Sabine Oil and Gas Corporation (“Sabine”), a major Haynesville producer in Harrison and Panola Counties, Texas. The transaction was completed in partnership with Elevate’s financial sponsor, Tailwater Capital, an energy-focused private equity firm based in Dallas.
Elevate will build approximately 19 miles of 16-inch gas gathering pipelines plus associated laterals, including amine, dehydration and compression facilities in the Carthage area with interconnections to downstream takeaway markets. The system adds to Elevate’s existing asset base in the area and is designed to support both this agreement and aid other producers in moving gas to more attractive markets at the Carthage hub.
“We are pleased to announce the execution of this agreement with Sabine and commencement of this project,” said Roger Fox, Chief Executive Officer of Elevate. “With our existing assets strategically located in the core of the Haynesville and Cotton Valley formations, this new pipeline will both expand our footprint and provide access to the competitive Carthage hub markets for our customers. We are delighted that Sabine, our anchor customer, has entrusted us to build our pipeline and continue to service their ambitious needs. We will be looking to similarly assist other customers in the region to connect, via our pipeline, to more favorable markets that ultimately will access the increasing Gulf Coast demand.”
About Elevate Midstream Partners, LLC
Headquartered in Houston, Elevate Midstream Partners, LLC is a private midstream service company focused on providing responsive, scalable, value enhancing midstream solutions to exploration and production customers in the East Texas region. Elevate owns and operates more than 180 miles of active pipelines, 19,000-horsepower of compression, an 80 MMcf/d gas processing plant, and related dehydration and NGL stabilization equipment. For more information, please visit: www.elevatemidstream.com.
About Tailwater Capital, LLC
Dallas-based Tailwater Capital is a growth-oriented energy private equity firm with a well-established track record of working constructively with proven management teams to deliver value-added solutions. Tailwater currently manages more than $3.2 billion in committed capital and the team has executed more than 100 energy transactions in the upstream and midstream sectors representing over $19 billion in transaction value.
About Sabine Oil and Gas Corporation
Sabine Oil & Gas Corporation is a Houston, Texas based independent oil & natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties in the onshore United States. For additional information on Sabine Oil & Gas Corporation, please visit www.sabineoil.com.
Jonathan Keehner / Julie Oakes
Joele Frank, Wilkinson Brimmer Katcher