[Context: On August 28, EnCap Flatrock-backed Evolution Midstream announced continued expansion in the Powder River Basin with a natural gas processing facility combined with a fractionation and stabilization train. Further details and related links are below.]
Evolution Midstream Continues Expansion in the Powder River Basin With New State of the Art Facility; Jewell Facility to Begin Operating in the Fourth Quarter of 2018 and Reach Full Capacity in 2019; Introduces New Processing Technology to the Region, Delivering Flow Assurance and Superior Netbacks
DENVER–August 28, 2018–(BUSINESS WIRE)–Evolution Midstream, LLC, a leading provider of flexible midstream and ancillary services to oil and gas producers, today announced that it has broken ground on its Jewell Facility, a natural gas processing plant in Converse County, Wyoming in the heart of the Powder River Basin (PRB).
Strategically located nearby Evolution’s existing infrastructure in the PRB, the Jewell Facility will feature innovative processing technology unique to the region. Scheduled to commence operations in the fourth quarter of 2018, the plant will initially provide 40 MMcf/day of processing capacity, increasing to 100 MMcf/day in 2019 to meet the growing needs of producers in the region. The facility will include a 4,500-barrel per day fractionation and stabilization train designed to extract purity propane and provide stabilized condensate for sale in local and interstate markets. It will also offer residue gas connections to MIGC, WIC and interstate pipelines that extend to the Cheyenne Hub.
“The Powder River Basin continues to emerge as one of the most attractive oil plays in the Lower 48 and the Jewell Facility further solidifies Evolution’s leading position in the region,” said Raj Basi, CEO of Evolution Midstream. “The plant’s strategic location and innovative technology will differentiate our offering in the basin while allowing our team to better anticipate and reliably provide for our customers’ immediate and long-term gas-gathering and processing needs.”
“The Jewell Facility’s state of the art technology and best-in-basin NGL recoveries will not only create substantial value from superior netbacks, it will provide critical flow assurance for our producer customers,” said P.K. Dandapani, Senior Vice President of Commercial Development at Evolution Midstream. “Our team remains focused on project execution to improve and expand our asset base to meet the growing demand of producers in the basin.”
About Evolution Midstream, LLC
Based in Denver and founded in 2015, Evolution Midstream is an independent midstream company serving oil and gas producers operating in the Rockies. Evolution’s subsidiary, Rowdy Pipeline LLC, owns and operates rich gas and CBM gathering systems in the Powder River Basin. Evolution’s vision of success is built on fostering strong, long-term relationships with all constituents and finding creative ways to improve producer netbacks. Evolution cultivates these relationships based on trust, accountability and fairness to ensure that all stakeholders are heard, valued and served. Capabilities include in-field natural gas gathering, compression, treating and processing services; innovative NGL solutions; and crude oil gathering, transportation and storage. Evolution is backed by $300 million in equity commitments from funds managed by EnCap Flatrock Midstream.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently making commitments to new management teams from EFM Fund IV, a $3.25 billion fund.