Lotus Midstream has secured capital of $400m from EnCap Flatrock Midstream and the Lotus management team to work on the development of midstream infrastructure and services necessary to transport crude oil and condensate from the wellhead to market, including crude gathering, transportation and storage.
Established this year, Lotus is led by its three founding partners, who have a successful history of working together in the energy industry. Lotus CEO Mike Prince, Chief Commercial Officer Emily Baker and Chief Operating Officer Jen Fontenot have more than 55 years of combined energy industry experience. Prior to establishing Lotus, they worked together for five years as key members of the business development team at Sunoco Logistics Partners where they executed projects and acquisitions in excess of $2bn.
Mike said: “We look forward to building Lotus Midstream with a focus on high growth areas in the Permian Basin and the Midcontinent, where we see multiple opportunities and have an established track record, a thorough knowledge base and strong relationships. We are excited to have EnCap Flatrock Midstream’s support in this new venture. EFM is the best in the business — an experienced, strategic investor with an outstanding 10-year record of success and a vision that is aligned with ours. Their commitment gives us the financial strength we need to execute our business plan.”
For more information visit www.lotusmidstream.com
15th Feb 2018