UL Water Midstream Announces New Strategic Investment Commitments
HOUSTON, July 25, 2019 /PRNewswire/ -- UL Water Midstream LLC ("ULWM") today announced that it has added a new strategic equity partner (the "Strategic Partner") that will provide further alignment with University Lands along with additional capital to fuel the continued growth of ULWM. The original ULWM partners, H2O Midstream LLC and Layne Water Midstream LLC will retain joint control of ULWM with the strategic and financial support of its sponsors, EIV Capital LLC, Genesis Park LP, Post Oak Energy Capital LP, along with the new Strategic Partner.
In January 2019, ULWM signed a long-term contract with University Lands to serve as the exclusive preferred water services provider on 167,000 acres located in Ward, Winkler and Loving counties in the Delaware Basin to develop and operate water infrastructure on the University Lands acreage. University Lands manages the surface and mineral interests of 2.1 million acres of land across nineteen counties in West Texas for the benefit of the Permanent University Fund.
Stephen McNair and Byron Bevers, the President of UL Water Midstream and Vice President of UL Water Midstream, respectively, jointly stated, "This new strategic investment facilitates ULWM growth organically and through acquisitions. The support of all of our investors demonstrates the importance of the development of water infrastructure across the Delaware Basin."
About UL Water Midstream
UL Water Midstream was formed to provide full-cycle water midstream services to oil and gas producers across University Lands acreage in the Delaware Basin. ULWM is a partnership of H2O Midstream, Layne Water Midstream and the new Strategic Partner. As the preferred water service provider for University Lands on it 167,000 acres in Ward, Winkler and Loving counties, ULWM is uniquely positioned to provide efficient and creative solutions to the water needs and demands of producers on that acreage. ULWM is led by President Stephen McNair, an industry veteran who headed the development of Pioneer Natural Resources' water business before joining H2O Midstream as EVP and Chief Development Officer. For more information, visit www.ulwatermidstream.com.
About Layne Water Midstream
Layne Water Midstream ("LWM") is a full cycle water midstream business providing upstream oil and gas companies with water sourcing, disposal and recycling services in the Delaware and Midland Basins. Anchored by an exclusive long-term contract with the State of Texas General Land Office and an experienced water management team, LWM operates significant source water, water transportation and produced water management infrastructure and is committed to further growth to support its upstream customers in the Delaware and Midland Basins. LWM is a portfolio company of Post Oak Energy Partners LP and Genesis Park LP. For more information, visit www.laynewatermidstream.com.
About H2O Midstream
H2O Midstream was founded on the vision that water should be treated as a commodity, not a waste, and partners with producers, landowners, and other stakeholders to improve the efficiency, reliability and safety of water operations while lowering costs across the entire value chain. Led by an executive team with over 150 years of collective midstream experience, H2O Midstream currently owns and operates the Permian's only truck-free, third-party produced water hub and pipeline network consisting of 1,000,000 barrels of storage and 290,000 barrels per day of permitted disposal capacity from 14 owned and third-party disposal wells, all interconnected via 150 miles of pipeline tied to seven producers. H2O Midstream is a portfolio company of EIV Capital LLC. For more information, visit www.h2omidstream.com.
Contact:
UL Water Midstream
Stephen McNair, President
[email protected]
214.263.3780
Byron Bevers, Vice President
[email protected]
832.472.8650
Kelly Kimberly, Sard Verbinnen & Co
[email protected]
832.680.5120
SOURCE UL Water Midstream LLC
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