![Moda Midstream II Receives Financial Commitment for Next Round of Development](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/03/moda-midstream-ii-receives-financial-commitment-encap-flatrock.jpg?itok=2gMCuYjZ)
Moda Midstream II was created in late 2023 for the same purpose as Moda Midstream, to work as an independent firm that specializes in development and management of midstream logistics solutions. (Source: Shutterstock/ EnCap Investments/ Moda Midstream)
Following the successful completion of several projects under Moda Midstream, Kingwood, Texas-based Moda Midstream II announced on March 20 that it received an equity commitment from EnCap Flatrock Midstream.
The amount of the commitment was not disclosed in the press release from Moda Midstream II.
"I am grateful for the opportunity to once again partner with the EnCap Flatrock team, following the completion of our successful investment together in Moda Midstream, LLC," said Moda II CEO Bo McCall. "We see tremendous opportunity in the market and anticipate leveraging our deep commercial strengths and experience to develop and build superior waterborne terminals."
Moda Midstream II was created in late 2023 for the same purpose as Moda Midstream, to work as an independent firm that specializes in development and management of midstream logistics solutions. The firm will focus on last-mile storage and transportation for traditional energy companies, as well as companies creating transitional fuels.
The first Moda Midstream developed the Moda Ingleside Energy Center in Corpus Christi, Texas. Enbridge eventually bought the center, which is now the largest crude export and storage facility in the U.S. by volume. Enbridge announced in early March that the company would expand the center further through a $200 million investment.
Moda Midstream formed in January 2015 and received a $750 million equity commitment from EnCap Flatrock Midstream in March of the same year.
“Bo has assembled another strong team with a complementary skill-set and broad range of experience setting up Moda II for the next wave of energy investing. The Moda II team is well-positioned to execute on their strategy, which is primarily focused on development activities along the U.S. Gulf Coast,” said Gregory C. King, EnCap Flatrock’s managing partner.
Recommended Reading
Avant Natural Resources Steps Out with North Delaware Avalon Tests
2024-08-21 - With the core of the Delaware Basin in full manufacturing mode, Avant Natural Resources is pushing an operated portfolio into the northern reaches of the New Mexico Delaware.
Private Equity Looks for Minerals Exit
2024-07-26 - Private equity firms have become adroit at finding the best mineral and royalties acreage; the trick is to get public markets to pay more attention.
Industry Consolidation Reshapes List of Top 100 Private Producers in the Lower 48
2024-06-24 - Public-private M&A brings new players to top slots in private operators list.
The OGInterview: BPX E-fracs Push ‘Values Up, Emissions Down,’ CEO Says
2024-07-02 - BPX Energy CEO Kyle Koontz discusses the company’s role as the “nimble entrepreneurial” arm of supermajor BP in the Permian Basin and Haynesville and Eagle Ford shales.
Permian Operations at Risk as Wastewater Equation Remains Unbalanced
2024-06-17 - Wastewater injection is a growing cause of induced seismic activity in oil- and gas-producing regions in the U.S., and without proper management solutions, operational capacities are at risk.