I Squared Capital Joins Permian Highway Pipeline Partnership In Delaware Basin

I Squared Capital partnered with Blackstone Energy Partners LP and EagleClaw Midstream Ventures LP on Nov. 2, making the global infrastructure firm the latest company to join the Permian Highway Pipeline project in the Delaware Basin. As part of its partnership, I Squared Capital committed more than $500 million cash and became a partner in BCP Raptor Holdco, the parent company for EagleClaw. The firm also contributed its Delaware Basin midstream portfolio company, Pinnacle Midstream, to EagleClaw. EagleClaw acquisition of Pinnacle included assets located in close proximity to the company’s existing footprint in the Delaware Basin. Pinnacle operated about 100 miles of natural gas and crude gathering pipeline, 30,000 barrels of crude storage facilities, and a 60 million cubic feet per day of natural gas processing facility. Additionally, Pinnacle served several highly active producers, who had committed roughly 35,000 acres for long-term dedication of midstream services.

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