Joint Venture • Oil/Gas Exploration

EIG Partners and XPLR Infrastructure Acquire STX Midstream

On December 10, 2019, asset manager EIG Partners and XPLR Infrastructure acquired oil/gas exploration company STX Midstream

Acquisition Context
  • This is EIG Partners’ 17th and XPLR Infrastructure’s 1st transaction in the Oil/Gas Exploration sector.
  • This is EIG Partners’ 28th and XPLR Infrastructure’s 4th transaction in the United States.
  • This is EIG Partners’ 15th and XPLR Infrastructure’s 1st transaction in Texas.

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M&A Deal Summary

Date December 10, 2019
Target STX Midstream
Sector Oil/Gas Exploration
Buyer(s) EIG Partners
XPLR Infrastructure
Deal Type Joint Venture

Target Company

STX Midstream

Texas, United States
STX Midstream owns a portfolio of operational, long-term contracted natural gas pipeline infrastructure assets in Texas, including the NET Mexico Pipeline that provides a source of natural gas transportation for low-cost, US-sourced gas to Mexico.
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Buyers Overview 2

Buyer

EIG Partners

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1982
PE ASSETS 39.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

EIG Global Energy Partners specializes in private investments in energy and energy-related infrastructure around the world. Specific areas of interest include upstream oil and gas, midstream, power generation, renewables, and related infrastructure. EIG manages a variety of funds that provide hybrid debt and structured equity financing solutions to energy projects and companies. The Firm also offers credit/direct lending vehicles that target higher credit-quality project finance instruments. EIG Global Energy Partners is headquartered in Washington, District of Columbia.


Deal Context for Buyer #
Overall 41 of 55
Sector: Oil/Gas Exploration 17 of 21
Type: Joint Venture 2 of 2
State: Texas 15 of 16
Country: United States 28 of 34
Year: 2019 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 NGL

Tulsa, Oklahoma, United States

NGL operates a vertically integrated energy business with three operating segments: midstream, wholesale supply and marketing, and retail propane. NGL was founded in 1940 and is based in Tulsa, Oklahoma.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-02 Middle River Power

Chicago, Illinois, United States

Middle River Power is a 500+ MW portfolio of efficient, natural gas-fired generators in California, providing reliability to the State’s electrical grid as it increases its renewable power standards. Middle River Power CalPeak is a 400+ MW portfolio of efficient, natural gas-fired generators across California, providing reliability to the State’s electrical grid as it increases its renewable power standards. Middle River Power is based in Chicago, Illinois.

Buy -
Buyer

XPLR Infrastructure

Juno Beach, Florida, United States

Category Company
Founded 2014
Sector Utilities
Revenue 1.2B USD (2024)
DESCRIPTION

XPLR Infrastructure acquires, manages, and owns contracted clean energy projects with stable, long-term cash flows. XPLR Infrastructure was founded in 2014 and is based in Juno Beach, Florida.


Deal Context for Buyer #
Overall 4 of 4
Sector: Oil/Gas Exploration 1 of 1
Type: Joint Venture 1 of 1
State: Texas 1 of 1
Country: United States 4 of 4
Year: 2019 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-30 Meade Pipeline Co.

United States

Meade Pipeline Co. LLC owns a 39.2% interest in the Central Penn Line, a 185-mile intrastate natural gas pipeline that is an integral part of a pipeline system regulated by the Federal Energy Regulatory Commission (FERC) that provides the Marcellus natural gas-producing region access to large demand centers in the mid-Atlantic and Southeastern regions of the U.S.

Buy $1.4B