Tailwater Capital LLC, an energy-focused private equity firm based in Dallas, has made an initial equity commitment of $80 million to Goodnight Midstream (formerly 1804 Operating).
Goodnight Midstream provides water handling and salt water disposal solutions to oil and gas clients in high-growth areas of North America. The committed capital will be used to further develop water gathering and disposal facilities in North Dakota, and to fund Goodnight's expansion into Texas, and other regions of interest.
Headquartered in Dallas, Goodnight Midstream built its first water infrastructure in 2011. Goodnight now owns more than 150 miles of saltwater gathering pipelines connected to a network of 16 saltwater disposal facilities in North Dakota.
Concurrent with this investment, 1804 Operating officially changed its name to Goodnight Midstream to reflect its midstream expertise and approach to fluids management as the first true midstream water company.
In addition to Goodnight's position in North Dakota, the company has an emerging presence in Wyoming's Powder River Basin and the Permian Basin of Texas and New Mexico.