HOUSTON, Dec. 6, 2018 /PRNewswire/ -- Easton Energy
LLC ("Easton" or the "Company"), a Houston based midstream company, today
announced the acquisition of approximately 416 miles of Gulf Coast
natural gas liquids (NGL) pipelines from The Williams Companies,
Inc. (NYSE: WMB) for $177 million in
cash. The pipeline assets are primarily used to transport
natural gas liquids from various supply sources to petrochemical
consumers in Texas and
Louisiana markets. The
transaction was completed in partnership with Easton's financial
sponsor, Cresta Energy Capital, an energy infrastructure focused
private equity firm based in Dallas.
"Paired with our salt cavern storage development at Markham, Texas, this acquisition represents an
opportunity for Easton to utilize a significant footprint of
pipelines to connect key NGL storage markets with end users along
the Texas Gulf Coast," said Joel
McComas, President, Easton
Energy.
"It has been exciting to partner with Easton since its
formation," said Chris Rozzell,
Managing Partner at Cresta Energy Capital. "This acquisition
highlight's Easton's commitment to investing in much needed natural
gas liquids infrastructure across the U.S. Gulf Coast. We look
forward to supporting Easton's ongoing growth as the company
continues to build on its existing platform."
About Easton Energy LLC
Easton Energy is a Houston
based midstream company focused on developing infrastructure assets
that support the transportation, storage, and processing of natural
gas liquids (NGL), refined products, and petrochemicals. Easton's
primary assets include liquid hydrocarbon salt cavern storage
facilities at Markham, TX and
approximately 416 miles of product distribution pipelines that
connect key product markets along the Texas and Louisiana Gulf Coast. Easton Energy
is backed by Cresta Energy Capital. For more information, please
visit: www.easton.energy
About Cresta Energy Capital
Cresta Energy Capital is a Dallas based private equity firm focused on
middle market infrastructure investments across the energy and
related sectors. Cresta was founded in 2016 by energy
infrastructure professionals that understand that executing on
successful value add investment opportunities requires a unique
perspective and a partnership mindset. For more information, please
visit: www.crestaenergy.com
Contact
Easton Energy LLC, Tyler Wharton,
twharton@easton.energy
Cresta Energy Capital, Dena
Peterson, dena.peterson@crestaenergy.com
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SOURCE Easton Energy LLC