M&A Deal Summary

Western Gas Partners Acquires Nuevo Midstream

On October 28, 2014, Western Gas Partners acquired oil/gas exploration company Nuevo Midstream from EnCap Flatrock Midstream for 1.5B USD

Acquisition Highlights
  • This is Western Gas Partners’ 2nd transaction in the Oil/Gas Exploration sector.
  • This is Western Gas Partners’ largest (disclosed) transaction.
  • This is Western Gas Partners’ 2nd transaction in the United States.
  • This is Western Gas Partners’ 1st transaction in Texas.

M&A Deal Summary

Date 2014-10-28
Target Nuevo Midstream
Sector Oil/Gas Exploration
Buyer(s) Western Gas Partners
Sellers(s) EnCap Flatrock Midstream
Deal Type Add-on Acquisition
Deal Value 1.5B USD
Advisor(s) Barclays Investment Bank (Financial)
Vinson & Elkins (Legal)

Target

Nuevo Midstream

Houston, Texas, United States
Nuevo Midstream LLC is a full-service midstream company offering gathering, compression, processing, treating, transportation and marketing services to oil and gas producers in the Delaware Basin.

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Buyer(S) 1

Buyer

Western Gas Partners

The Woodlands, Texas, United States

Category Company
Founded 2007
Sector Oil/Gas Exploration
Revenue 1.8B USD (2015)
DESCRIPTION

Western Gas Partners LP owns, operates, acquires and develops midstream energy assets. WES is engaged in the business of gathering, processing, compressing, treating and transporting natural gas, condensate, natural gas liquids and crude oil for Anadarko, as well as third-party producers and customers.


DEAL STATS #
Overall 2 of 3
Sector (Oil/Gas Exploration) 2 of 3
Type (Add-on Acquisition) 1 of 1
State (Texas) 1 of 2
Country (United States) 2 of 3
Year (2014) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-17 Red Desert Complex

Wyoming, United States

Red Desert Complex is located in Sweetwater and Carbon Counties of Wyoming. The complex gathers, compresses, treats, processes and fractionates natural gas and NGLs produced in the eastern portion of the Greater Green River Basin, providing service primarily to the Red Desert and Washakie Basins. The Red Desert Complex is strategically linked to Anadarko’s land grant acreage across the southern Wyoming corridor.

Buy $483M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-24 Springfield Pipeline

Houston, Texas, United States

Springfield Pipeline LLC consists of 548 miles of gas gathering lines with a capacity of 795 MMcf/d and 241 miles of oil gathering lines with a capacity of 130 MBbls/d, located in Dimmit, La Salle, Maverick and Webb Counties in South Texas.

Buy $750M

Seller(S) 1

SELLER

EnCap Flatrock Midstream

San Antonio, Texas, United States

Investor Investor Investor Investor Investor


Category Venture Capital Firm
Founded 2008
PE ASSETS 9.0B USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

EnCap Flatrock Midstream is a private investment firm focused on venture related opportunities in the midstream energy sector. EnCap Flatrock seeks majority positions in natural gas gathering, treating, processing and storage; crude oil gathering and transportation; and natural gas liquids fractionation, storage and transportation. EnCap Flatrock Midstream is affiliated with investment firm EnCap Investments, a large diversified energy investment firm. EnCap Flatrock is based in San Antonio, Texas.


DEAL STATS #
Overall 4 of 15
Sector (Oil/Gas Exploration) 4 of 12
Type (Add-on Acquisition) 3 of 9
State (Texas) 3 of 10
Country (United States) 4 of 15
Year (2014) 1 of 1
Size (of disclosed) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-21 RiverRock Energy

Shavano Park, Texas, United States

RiverRock Energy provides oil and gas producers with midstream solutions including gathering, transportation and storage infrastructure for crude oil, water, natural gas, natural gas liquids and other liquid hydrocarbon products. RiverRock Energy is based in Shavano Park, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-17 Moda Midstream

Houston, Texas, United States

Moda Midstream is a logistics company that provides independent terminal, storage and distribution solutions to refiners, petrochemical manufacturers, marketers and producers of crude oil, condensate, NGLs, refined products and other bulk liquids. Moda Midstream was founded in 2015 and is based in Houston, Texas.

Buy -