Brandon Webster, president and CEO of Connect Midstream LLC, is today’s featured Forty Under 40 honoree.
Connect Midstream, headquartered in Oklahoma City, is backed by a $150 million commitment from private equity firm Tailwater Capital. Webster helped form the private midstream energy company, which leadership team has diverse midstream and upstream experience.
In early 2018, Webster successfully led his team on the origination of three separate commercial contracts within a six-month window, which resulted in more than 170,000 net acres and 2.2 million gross acres being dedicated to Connect Midstream over 20 years.
However, by early 2019, Webster said it became clear that U.S. oil and gas was changing and we as a private-equity-backed midstream company needed to evolve.
“I went to the other members of our leadership team with a plan to switch our core focus from growth, development and transition to prioritizing operations and business optimization. ... It took us nearly a year, but the results have yielded a greater than 15% annualized reduction in operating expense and corporate overhead costs, a gathering and processing system averaging less than 1% L&U, plant recoveries well exceeding manufacturer modeled simulations while using less plant fuel, and safety and environmental metrics that continue to receive glowing feedback during third-party audits and inspections,” he said.
Occidental’s venture capital arm, Oxy Low Carbon Ventures, agreed to offtake and transport CO₂ from NextDecade’s planned Rio Grande LNG project and permanently sequester it in an underground geologic formation.
Woodside’s withdrawal from the Kitimat LNG project was just the latest blow.
The net-zero LNG trade, which typically involves companies offsetting emissions, is expected to grow as investors increasingly consider ESG factors and the energy transition gathers pace, analysts say.