Clear Creek Midstream LLC Jan. 29 announced an initial venture capital commitment of $300 million from EnCap Flatrock Midstream. Headquartered in Houston and established in late 2018, Clear Creek is an independent energy company focused on the development of midstream infrastructure for oil and gas producers working in shale plays across North America. Clear Creek is pursuing organic, greenfield projects and select acquisition opportunities.
Clear Creek’s three founders have more than 50 years of combined experience in the energy industry and have generated in excess of $4 billion in transactions across the midstream sector. For the past three years, they worked together at EnLink Midstream, where they originated, built and operated large-scale crude oil gathering systems in the Permian Basin.
“Our experience is a great fit with EnCap Flatrock’s financial strength and approach to creating value in the midstream sector,” said Clear Creek CEO Rick Van Eyk. “The team at EnCap Flatrock understands that midstream is a service business. Success depends on strong producer relationships, an innovative approach to problem-solving and developing reliable, cost-effective solutions that ensure delivery to premium markets.”
“We are excited to welcome the Clear Creek team to EnCap Flatrock Midstream,” said EnCap Flatrock Managing Partner Greg King, a member of the Clear Creek board of directors. “Rick Van Eyk, David Kley and Chase Sturdevant are widely recognized by producers across the country as trusted partners. We look forward to bringing our expertise and contacts to bear as we help them grow their business.”
Porter and Hedges LLP served as legal adviser to Clear Creek with partner Joe Morrel in the lead role from the firm’s Houston office. Locke Lord LLP served as counsel to EnCap Flatrock Midstream with partner Eric Larson in the lead role from the firm’s Houston office.