Lucid Energy Group II LLC, a midstream provider based in Dallas, Texas, has secured an initial equity commitment of $350 million from EnCap Flatrock Midstream and the Lucid II management team.
Lucid II was formed by the team that leads its predecessor company, Lucid Energy Group LLC (Lucid I), also backed by EnCap Flatrock. Lucid is led by President and CEO Michael J. Latchem, Executive Vice President and COO Jay L. Langham, and Senior Vice President and CCO Scott Brown.
Lucid I has developed a midstream footprint in the Midland Basin, serving more than 30 customers across nine counties in West Texas. The company’s assets include more than 700 miles of pipeline, multiple compressor stations, 345 million cubic feet per day of gas processing capacity, nitrogen rejection facilities, condensate stabilization facilities, and a crude oil gathering system.
Lucid II is pursuing organic development projects and strategic acquisitions in other producing basins. Locke Lord advised Lucid II, while Thompson & Knight advised EnCap Flatrock in this transaction.