[Context: On June 13, WhiteWater Midstream, backed by Denham Capital and Ridgemont Equity Partners, announced an agreement with WPX Energy to provide midstream services in the Delaware Basin. Details and related links are below.]
WhiteWater Midstream Announces New Commitments and Strategic Partner
AUSTIN, Texas–June 13, 2017–(BUSINESS WIRE)–WhiteWater Midstream today announced that it has recently completed an agreement with WPX Energy, which provides WPX with 300,000 MMBtu/d of natural gas transportation capacity from the Stateline area to Waha and grants WPX a 10 percent ownership interest in Agua Blanca. As part of the agreement, WPX has the right to increase its capacity to 500,000 MMBtu/d and its ownership up to 20 percent.
Construction of Agua Blanca remains on schedule with the initial commissioning of the project expected during the fourth quarter of 2017 and the complete path from Orla to Waha operational by the end of the first quarter of 2018.
“We are excited to be partnering with a company the caliber of WPX on Agua Blanca. Their team has done an extraordinary job in the Delaware Basin positioning WPX for substantial growth over the coming years. WPX is subscribing for a significant amount of capacity on the pipe, and with potential future Permian growth and strong interest from additional shippers, we are already considering expansion options for Agua Blanca,” said WhiteWater Chief Executive Officer Christer Rundlof.
Inquiries regarding Agua Blanca should be directed to firstname.lastname@example.org.
ABOUT AGUA BLANCA
Agua Blanca will initially consist of 75 miles of 36″ diameter pipe with a capacity of 1.25 Bcf/d, expandable to 1.75 Bcf/d with minimal capex. The project is supported by substantial long-term, firm volume commitments. The initial path of Agua Blanca will be from Orla, Texas to the Waha Hub, servicing portions of Culberson, Loving, Pecos, Reeves and Ward counties. Agua Blanca will have multiple direct downstream connections including to the Trans-Pecos Header.
ABOUT WHITEWATER MIDSTREAM
WhiteWater Midstream is an Austin-based, independent midstream company that provides gathering, treating, processing and transportation services to domestic oil and gas plays. WhiteWater was founded in 2016 and is backed by equity commitments from Denham Capital Management and Ridgemont Equity Partners. For more information about WhiteWater, visit www.whitewatermidstream.com.
ABOUT DENHAM CAPITAL
Denham Capital is a leading energy-focused global private equity firm with more than $8.4 billion of invested and committed capital across eight fund vehicles. The firm makes direct investments across all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.
ABOUT RIDGEMONT EQUITY PARTNERS
Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $3.5 billion in 136 companies. The firm focuses on investments of $25 million to $100 million in industries in which it has deep expertise, including basic industries and services, energy, healthcare and telecommunications/media/technology. For more information about Ridgemont, visit www.ridgemontep.com.