Meritage Midstream Services II LLC announced that it has partnered with Riverstone Holdings LLC, an energy and power-focused private equity firm, to pursue midstream opportunities in North America’s emerging resource plays. Riverstone will provide Meritage II with up to $500 million in private equity capital to focus on developing midstream systems to serve producers of natural gas and natural gas liquids (NGLs).
Based in Golden, Colo., Meritage II is led by Chairman and Chief Executive Officer Steven B. Huckaby and President Nick Thomas, who have more than 40 years of combined experience in the midstream business. Mr. Huckaby and Mr. Thomas formed Meritage II’s precursor company, Meritage I, in 2009. Initial operations were focused in the Eagle Ford Shale, where Meritage I developed the Eagle Ford Escondido Gathering System and Cuervo Creek Gathering System. Howard Energy Partners purchased both systems from Meritage I in April 2012.
At the time of sale, the two systems consisted of a 102-mile lean gas gathering system, a rich gas gathering system with approximately 83 miles of pipeline, two amine treating plants and multiple intrastate pipeline outlets for regional processing and transportation. The systems were supported by sizable acreage dedications from multiple producers.
Recommended Reading
CNX, Appalachia Peers Defer Completions as NatGas Prices Languish
2024-04-25 - Henry Hub blues: CNX Resources and other Appalachia producers are slashing production and deferring well completions as natural gas spot prices hover near record lows.
TPH: Lower 48 to Shed Rigs Through 3Q Before Gas Plays Rebound
2024-03-13 - TPH&Co. analysis shows the Permian Basin will lose rigs near term, but as activity in gassy plays ticks up later this year, the Permian may be headed towards muted activity into 2025.
Comstock Continues Wildcatting, Drops Two Legacy Haynesville Rigs
2024-02-15 - The operator is dropping two of five rigs in its legacy East Texas and northwestern Louisiana play and continuing two north of Houston.
Evolution Petroleum Sees Progress on SCOOP/STACK, Chaveroo Operations
2024-03-11 - Evolution expects to participate in future development blocks, holding in aggregate over 70 additional horizontal well locations.
Repsol to Drop Marcellus Rig in June
2024-04-26 - Spain’s Repsol plans to drop its Marcellus Shale rig in June and reduce capex in the play due to the current U.S. gas price environment, CEO Josu Jon Imaz told analysts during a quarterly webcast.