EnCap Flatrock Midstream Nets $800 Million in Plains All American Transactions
(P&GJ) — EnCap Flatrock Midstream (EFM) has finalized agreements to sell Ironwood Midstream Energy Partners II and its Plains Series A Preferred Units to Plains All American for over $800 million in cash.
The transactions, pending regulatory approvals and customary closing conditions, are expected to conclude in the first quarter of 2025.
EFM Managing Partner Gregory C. King described the deals as a strategic opportunity to deliver value to investors. “This is an exciting time for the midstream industry, and we’re grateful for the opportunity to monetize our midstream investments and unlock value for our investors,” King said. “Our focus every day is to be good partners, good stewards of our investors’ capital, and build great assets.”
Ironwood II, based in San Antonio, operates a crude oil gathering and transportation system serving upstream customers in South Texas’ Eagle Ford shale region. The company partnered with EFM in 2019 to pursue a consolidation strategy in the Eagle Ford, growing into a leading midstream provider in the area thanks to its team’s efforts.
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