Meritage Midstream Services II LLC announced that it has partnered with Riverstone Holdings LLC, an energy and power-focused private equity firm, to pursue midstream opportunities in North America’s emerging resource plays. Riverstone will provide Meritage II with up to $500 million in private equity capital to focus on developing midstream systems to serve producers of natural gas and natural gas liquids (NGLs).
Based in Golden, Colo., Meritage II is led by Chairman and Chief Executive Officer Steven B. Huckaby and President Nick Thomas, who have more than 40 years of combined experience in the midstream business. Mr. Huckaby and Mr. Thomas formed Meritage II’s precursor company, Meritage I, in 2009. Initial operations were focused in the Eagle Ford Shale, where Meritage I developed the Eagle Ford Escondido Gathering System and Cuervo Creek Gathering System. Howard Energy Partners purchased both systems from Meritage I in April 2012.
At the time of sale, the two systems consisted of a 102-mile lean gas gathering system, a rich gas gathering system with approximately 83 miles of pipeline, two amine treating plants and multiple intrastate pipeline outlets for regional processing and transportation. The systems were supported by sizable acreage dedications from multiple producers.
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