Mike Latchem, president and CEO of Lucid Energy Group, discusses operations in the Midland Basin at the recent Midstream Texas conference in Midland, Texas. (Source: Hart Energy)
MIDLAND, Texas—Midstream gatherer and processor Lucid Energy Group is completely focused on the Permian Basin, but its businesses in the two sub-basin areas are on separate trajectories. It’s got high-growth potential in the Delaware and a mature, consolidating business in the Midland Basin.
The privately held company, backed by EnCap Flatrock, operates in 12 counties and has more than 2 million total acres dedicated to its systems from 80 customer counterparties. It can process 1 Bcf per day and claims a network of 2,200 miles of pipelines.
The company has a new project in the Northern Delaware that it is feverishly working on, said Mike Latchem, president and CEO. Latchem spoke at Hart Energy’s Midstream Texas conference and exhibition in late May. Unquestionably, acquisition and exploitation in the Delaware Basin has delivered Lucid’s recent growth, and these assets are the bright shiny jewels in its portfolio.
The company first planted its flag in the Midland Basin, however.