News

Brazos Midstream announced the completion of several significant milestone projects consisting of major new-build pipelines and processing facilities located in the core of the Midland Basin, one of the most active oil and gas producing regions in the United States.

Brazos Midstream announced that its subsidiary, Brazos Delaware II LLC, has completed the issuance of a new $800 million senior secured Term Loan B due February 2030. The Company used the net proceeds from the Term Loan, along with excess balance sheet cash, to repay its existing $830 million Term Loan B due May 2025. As part of the transaction, Brazos has also increased its currently undrawn super-priority revolving credit facility to $150 million from $90 million and extended the facility’s maturity date to 2028.

Brazos Midstream announced two significant transactions in the Permian Basin region of West Texas. Brazos Delaware, LLC acquired the Pecos Gas Gathering System (Pecos) from Diamondback Energy, Inc. (Diamondback) and its midstream affiliate Rattler Midstream (Rattler). Additionally, newly-formed Brazos Midland, LLC has closed on the acquisition of Diamondback’s Mustang Springs Gas Gathering System, dba Permian Gathering, LLC (Mustang Springs).

Brazos Midstream announced it has executed gathering and processing agreements with Shell Exploration & Production to construct a new natural gas gathering system located in the core of the Delaware Basin. Brazos’ new midstream infrastructure is anchored by fifteen year, fee-based acreage dedications totaling 55,000 acres in Loving, Ward, and Winkler counties. Brazos will construct 16 miles of high-pressure pipeline that will extend from the Company’s existing gathering and processing systems and can be expanded further to support multi-well pad development by current producer customers, as well as other producers in the area.

Williams (NYSE: WMB) and Brazos Midstream announced that they have agreed to enter into a joint venture (the “Partnership”) in the Delaware Basin. Under terms of the agreement, Williams will contribute its existing Delaware Basin assets to the Partnership, in exchange for a 15 percent minority position in the joint venture. The contribution of the Williams assets will expand the footprint of the current Brazos system and the combined capabilities of the Partnership will provide existing and prospective customers with an enhanced suite of services.

Brazos Midstream Holdings, LLC and Old Ironsides Energy today announced the completion of its previously announced sale of the Company’s Delaware Basin subsidiaries to a subsidiary of North Haven Infrastructure Partners II (“NHIP II”) for $1.75 billion. NHIP II is an investment fund managed by Morgan Stanley Infrastructure (“MSI”). The transaction included committed debt financing of $950 million ($900 million of term loan and $50 million of revolving credit facility), underwritten and arranged by Jefferies Finance LLC and Royal Bank of Canada.

Brazos Midstream Holdings, LLC and its financial sponsor, Old Ironsides Energy, announced they have entered into a definitive agreement to sell its Delaware Basin subsidiary companies to North Haven Infrastructure Partners II (“NHIP II”) and related funds for approximately $1.75 billion in cash. Closing is expected in the second quarter of 2018 and is subject to customary approvals and closing conditions.

Brazos Midstream Holdings, LLC announced that subsidiaries of The Company have closed on the purchase of a natural gas gathering system from Callon Petroleum Company (NYSE: CPE) (“Callon”). As part of the acquisition, Brazos signed a long-term, fee-based agreement with Callon for gas gathering and processing services for acreage under development in Ward and Pecos counties, one of the premier areas of the Southern Delaware Basin. Including the Callon dedication, Brazos’ midstream infrastructure is anchored by long-term acreage dedications covering approximately 240,000 acres with top-tier Permian operators.

FORT WORTH, TEXAS – Brazos Midstream Holdings, LLC announced that its subsidiary, Brazos Delaware LLC, has completed an expansion of its senior credit facility to $150 million in commitments from a syndicate of banks. Additionally, the facility has an accordion feature, which can expand total commitments to $200 million. These funds support the ongoing expansion of Brazos’ crude gathering and natural gas gathering and processing systems in the Southern Delaware Basin, one of the most active oil and gas producing basins in the United States.

Brazos Midstream Holdings, LLC announced the completion of multiple crude oil and gas gathering and processing projects in the southern Delaware Basin, one of the most active oil and gas producing basins in the United States. Brazos commenced operation of a new 60 million cubic feet per day (MMcf/d) natural gas processing plant (“Comanche I”), several new compressor stations and approximately 150 miles of large diameter, low and high-pressure gas gathering pipelines. The project also included the construction of 35 miles of crude oil gathering pipelines, two crude oil storage terminals with a combined capacity of 50,000 barrels (bbls) and connections to multiple downstream crude oil pipelines.

Fort Worth-based Brazos Midstream Holdings, LLC announced that it has partnered with Old Ironsides Energy, LLC, a leading independent oil and gas investment manager, to pursue the acquisition and development of midstream assets in the United States. The Brazos management team possesses broad energy experience across all commodities and throughout a variety of onshore U.S. basins and will initially focus on the development of crude and natural gas gathering, treating and processing assets.