Nuevo Midstream Dos LLC (Nuevo Dos), a full-service midstream provider based in Houston, has secured an initial equity commitment of $400 million from EnCap Flatrock Midstream and the Nuevo Dos management team.
Nuevo Dos was formed earlier this year by the team that led its successful predecessor company, Nuevo Midstream LLC (Nuevo), which was also backed by EnCap Flatrock. After developing a significant midstream footprint in the Delaware Basin, Nuevo was sold to Western Gas Partners LP in October 2014 for $1.5 billion.
Nuevo Dos is pursuing organic and acquisition opportunities across North America. The members of the Nuevo Dos management team have experience in developing, constructing, and operating strategic midstream assets and in oil, gas, and liquids marketing. Their experience includes natural gas gathering, compression, treating, processing, and transportation; fractionation and NGL storage and takeaway; and the gathering, storage and transportation of crude oil and condensate.
Nuevo Dos President and CEO Randy Ziebarth served as Nuevo’s senior vice president and COO. He succeeds Jay Lendrum as president and CEO. Lendrum now serves as the chairman of Nuevo Dos. EnCap Flatrock Managing Partner Dennis Jaggi also serves as a member of the Nuevo Dos board of directors.