In the southern Delaware Basin’s heartland, EagleClaw Midstream Ventures LLC’s gas gathering and processing systems are sprawled across Reeves County, Texas—a 2,635-square mile wedge of land larger than Luxembourg. The pipelines, totaling about 375 miles, continue west into Culberson County, Texas, inching up toward the New Mexico border.

EagleClaw and its current and past financial backers like the company’s footprint. A jagged trail of lucrative deals and seized opportunities led EagleClaw and its sponsor, EnCap Flatrock Midstream, to sell the company in the second quarter in a blockbuster $2 billion deal.

Funds managed by Blackstone Energy Partners LP and Blackstone Capital Partners LP made the deal—for the Permian’s associated natural gas, not its crude oil. The transaction is expected to close by the end of July.

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