GE takes Whiptail stake

25.04.16. I Squared Capital has sold to a 28 percent stake in Whiptail Midstream to GE Energy Financial Services.
Whiptail Midstream was formed by I Squared Capital to manage and operate a newly- constructed 220 mile three-commodity (oil, gas, water) gathering system in New Mexico, USA. It previously acquired the gathering system from WPX Energy in March 2016 for approximately US$285 million in cash.
Whiptail Midstream is a subsidiary of Cube Midstream, a portfolio company of the ISQ Global Infrastructure Fund. The company is focused on providing midstream infrastructure to operators in San Juan basin oil sector. The gathering system, which was designed and constructed by WPX as part of its ongoing development, will continue to support WPX’s multi-year drilling program on its 96,000 net acres in the basin. In addition, as an independent midstream company, Whiptail Midstream is looking to expand and offer other producers a means of transporting commodities to market.