Subsidiaries of midstream provider Lucid Energy Group II LLC closed on the purchase of certain assets of Agave Energy Co. and the acquisition of all outstanding stock in Agave Energy Holdings Inc. Agave owns and operates natural gas gathering and processing assets in the Delaware Basin of southeastern New Mexico and the Powder River Basin of eastern Wyoming.
Lucid II was formed in December 2015 by the team that continues to lead its predecessor, Lucid Energy Group LLC, or Lucid I. That company operates a large gathering and processing footprint in the Midland Basin, serving more than 30 customers across nine counties in West Texas.
This transaction turns the combined Lucid companies into the largest privately held natural gas processor in the Permian Basin, with 660 million cubic feet of natural gas processing capacity and more than 3,300 miles of pipeline in operation.
Lucid I and Lucid II are supported by equity capital commitments of over $850 million from EnCap Flatrock Midstream.
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