Stakeholder Midstream forms with $250 million equity from EnCap Flatrock

Source: DollarPhotoClub

A new independent midstream company, serving oil and gas producers operating in unconventional shale plays throughout North America, has been formed with an initial equity commitment of $250 million from EnCap Flatrock Midstream.

Based in San Antonio, the newly-formed Stakeholder Midsteam will serve oil and gas producers by providing midstream solutions, including in-field natural gas gathering, compression, treating and processing services; innovative NGL solutions; and crude oil gathering, transportation and storage. The company will build on the management team’s deep technical and commercial experience in the Eagle Ford Shale and other major basins throughout North America.

Stakeholder is led by founding principals Robert F. Liddell and Gaylon E. Gray. Mr. Liddell serves as Stakeholder’s Chief Executive Officer and Mr. Gray is the company’s Chief Operating Officer.

Mr. Liddell and Mr. Gray established a track record of success in South Texas while working together at TexStar Midstream Services (now Southcross Energy Partners). During their tenure at TexStar, Mr. Liddell and Mr. Gray secured dedications totaling more than 375,000 acres. They negotiated over $1 billion of guaranteed revenues to support their deployment of over $1.4 billion of capital across South Texas, where they developed greenfield projects to support TexStar’s growth in the Eagle Ford Shale. Mr. Liddell and Mr. Gray helped grow TexStar from four to more than 100 employees prior to its merger with Southcross.

“EnCap Flatrock Midstream is the nation’s leader in midstream private equity and brings a wealth of experience in the space. We are excited to partner with their team to build a growth-oriented and deeply engaged midstream company,” said Stakeholder Principal and Chief Executive Officer Robert Liddell.

“We think of ourselves as problem solvers who create value by developing midstream solution sets that deliver safe, reliable and cost-effective results. We have an experienced leadership team with a strong history of execution across the midstream value chain. Our goal is to build enduring relationships with all of our stakeholders based on hard work, trust, ethical behavior and equitable dealings.”

Bill Waldrip, one of EnCap Flatrock’s three managing partners and a member of the Stakeholder board of directors, said, “Our strategy is to invest in skilled management teams with successful track records. Our initial equity commitment to Stakeholder reflects our confidence in Rob and Gaylon and their proven ability to effectively deploy capital, develop complex assets and grow a dynamic midstream company. They have a deep understanding of producers’ midstream needs and how to move quickly to meet them.”

Principal and Chief Executive Officer Rob Liddell has significant expertise in the areas of customer and investor relations, project management, financial structuring, and business and commercial development with a focus on the midstream space.

Principal and Chief Operating Officer Gaylon Gray is a third-generation midstream professional and has worked in the midstream industry since high school. He has worked throughout Texas, the Mid-Continent and Louisiana engineering, constructing and operating sour gas assets, compressor stations, treating facilities, processing plants and fractionators, as well as crude oil gathering and transportation pipelines and terminals.

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