Sentinel Midstream Texas LLC formed a joint venture with ExxonMobil Pipeline Co. on Oct. 4 to provide “the critical last-mile link for Permian, Gulf of Mexico and other barrels in the Houston crude oil market.”
The JV, Enercoast Midstream LLC, will consist of two existing crude oil pipelines contributed by Exxon Mobil. According to the company release, Sentinel contributed cash for a majority equity position in the pipeline assets and will serve as operator of the Enercoast JV.
“We are extremely pleased to establish a joint venture with Exxon Mobil to maximize the potential of Enercoast,” Jeff Ballard, president and CEO of Sentinel, commented in the company release.
Backed by middle-market infrastructure firm Cresta Fund Management, Sentinel provides midstream solutions for crude oil transportation, storage and terminalling. The company is headquartered in Richardson, Texas.
Enercoast began serving shippers as a common-carrier pipeline on Oct. 1. The JV currently comprises of a 16-inch pipeline originating at Webster Terminal with delivery points at Exxon Mobil’s Baytown Refinery and Seabrook export terminal and a 20-inch crude pipeline with access to Moore Road station.
As operator, Sentinel said it will undertake efforts to commercialize capacity on Enercoast’s system while pursuing opportunities to grow it's operating footprint by building or acquiring new pipelines.
“Sentinel looks forward to the opportunity to serve Exxon Mobil and other shippers in the Houston market,” Ballard added in the release.
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