Rangeland Energy recently secured a $300 million growth equity commitment from EnCap Flatrock Midstream to support the formation of a new entity.
“We are very excited to launch Rangeland IV and continue our long-term partnership with EnCap Flatrock Midstream,” Rangeland Energy CEO Chris Keene commented in a company release on May 3.
Keene will lead the new entity, Rangeland Energy IV LLC, which will continue to pursue midstream acquisitions and development opportunities in both conventional and unconventional resource plays across the U.S. and Canada, as well as “new opportunities in decarbonized infrastructure,” the company release said.
“Rangeland IV will be focused on acquiring assets and developing projects that accommodate an ever-increasing global demand for traditional energy commodities while simultaneously assessing new opportunities in an evolving energy landscape,” Keene added.
Headquartered in Sugar Land, Texas, and with offices in Calgary and Athabasca, Alberta, Rangeland Energy was formed in 2009, and focuses on developing, acquiring, owning and operating midstream infrastructure that transports, processes, and stores crude oil, natural gas, NGL and biofuels across North America.
The $300 million commitment announced May 3 is the fourth EnCap Flatrock growth equity commitment to Rangeland companies, bringing the total to $900 million since Rangeland’s formation.
“Chris and his impressive team at Rangeland have created a portfolio of extremely successful, very complex midstream projects over the past 13 years,” said Morriss Hurt, EnCap Flatrock Midstream Managing Partner and COO who also serves as a member of the Rangeland board of directors.
EnCap Flatrock Midstream is currently making commitments to new management teams from EFM Fund IV, a $3.25 billion fund. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages commitments of nearly $9 billion from a broad group of prestigious institutional investors, according to the company release.
“We have full confidence that the Rangeland IV team will continue to be successful and we are honored to have the opportunity to partner with them again,” Hurt added.
In 2010, Rangeland developed its first asset, COLT, a crude oil rail terminal, storage, and pipeline hub servicing customers in the Bakken and Three Forks Shale. Rangeland Energy II successfully constructed the RIO System, a multipart crude and sand logistics system in the Delaware Basin, comprised of the RIO Pipeline, State Line Terminal, Midland Terminals and the RIO Hub. Rangeland Energy III has developed and currently operates two midstream assets: the Marten Hills Pipeline System, a crude oil and condensate pipeline system located in north-central Alberta and operated by Rangeland Midstream Canada, and the STEPS terminal located in Corpus Christi, Texas.
In addition to Keene, Rangeland IV’s leadership team includes Craig Peus (managing partner and CFO), Josh Thomas (managing partner and COO), and Orin Atkins (managing partner and chief commercial officer). The company will also maintain Rangeland’s established presence in Canada via Rangeland Midstream Canada Ltd., Rangeland’s Calgary-based subsidiary led by President and Chief Commercial Officer Briton Speer.
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