Following the successful completion of several projects under Moda Midstream, Kingwood, Texas-based Moda Midstream II announced on March 20 that it received an equity commitment from EnCap Flatrock Midstream.
The amount of the commitment was not disclosed in the press release from Moda Midstream II.
"I am grateful for the opportunity to once again partner with the EnCap Flatrock team, following the completion of our successful investment together in Moda Midstream, LLC," said Moda II CEO Bo McCall. "We see tremendous opportunity in the market and anticipate leveraging our deep commercial strengths and experience to develop and build superior waterborne terminals."
Moda Midstream II was created in late 2023 for the same purpose as Moda Midstream, to work as an independent firm that specializes in development and management of midstream logistics solutions. The firm will focus on last-mile storage and transportation for traditional energy companies, as well as companies creating transitional fuels.
The first Moda Midstream developed the Moda Ingleside Energy Center in Corpus Christi, Texas. Enbridge eventually bought the center, which is now the largest crude export and storage facility in the U.S. by volume. Enbridge announced in early March that the company would expand the center further through a $200 million investment.
Moda Midstream formed in January 2015 and received a $750 million equity commitment from EnCap Flatrock Midstream in March of the same year.
“Bo has assembled another strong team with a complementary skill-set and broad range of experience setting up Moda II for the next wave of energy investing. The Moda II team is well-positioned to execute on their strategy, which is primarily focused on development activities along the U.S. Gulf Coast,” said Gregory C. King, EnCap Flatrock’s managing partner.
Recommended Reading
Analysts, SLB Execs See Stability in $7.7B ChampionX Deal
2024-04-04 - The acquisition of ChampionX vaults SLB’s chemical production business to No. 1 globally and orients SLB's business toward resource recovery that is less tied to price volatility.
ChampionX to Acquire RMSpumptools, Expanding International Reach
2024-03-25 - ChampionX said it expects the deal to extend its reach in international markets including the Middle East, Latin America and other global offshore developments.
ChampionX Acquires ALP to Grow Digital Solutions Portfolio
2024-02-28 - Artificial Lift Performance Ltd. specializes in software designed to maximize production and extend the life of artificial lift equipment.
Talos Energy Sells CCS Business to TotalEnergies
2024-03-18 - TotalEnergies’ acquisition targets Talos Energy’s Bayou Bend project, and the French company plans to sell off the remainder of Talos’ carbon capture and sequestration portfolio in Texas and Louisiana.
Permian Activity in ‘Low-to-no-growth’ Mode for First Half
2024-02-22 - After multiple M&A moves in 2023 and continued E&P adherence to capital discipline, Permian Basin service company ProPetro sees the play holding steady.