“Lotus Midstream racks up $400 mln”
Lotus Midstream, LLC (“Lotus”), a crude oil logistics provider, announced today it has secured an initial capital commitment of $400 million from EnCap Flatrock Midstream (“EFM”) and the Lotus management team. The company is focused on the organic development of midstream infrastructure and services necessary to transport crude oil and condensate from the wellhead to market, including crude gathering, transportation and storage. Lotus also is pursuing strategic acquisition opportunities.
Established in early 2018, Lotus Midstream is led by its three founding partners, who have a successful history of working together in the energy industry. Lotus CEO Mike Prince, Chief Commercial Officer Emily Baker and Chief Operating Officer Jen Fontenot have more than 55 years of combined energy industry experience. Prior to establishing Lotus, they worked together for five years as key members of the business development team at Sunoco Logistics Partners L.P. (now Energy Transfer Partners, L.P.), where they executed projects and acquisitions in excess of $2 billion.
…Lotus Midstream was advised by former Sunoco Logistics General Counsel Kathleen Shea-Ballay. Matthew Falcone with Vinson & Elkins LLP’s Houston office also provided legal counsel to Lotus Midstream. EnCap Flatrock Midstream was advised by Thompson & Knight LLP, with partner Sarah McLean leading the team from the firm’s Houston office.