Clearfork Midstream strengthens its management team and announces new commercial agreements and optimization projects
FORT WORTH, Texas–(BUSINESS WIRE)–Clearfork Midstream LLC (“Clearfork”) today announced the addition of two senior executives to its management team, the conclusion of two new commercial agreements with natural gas producers and the launch of several optimization in order to improve the service for its existing customers. The announcement follows Clearfork’s recent acquisition of a natural gas gathering and processing platform that serves the core areas of the Haynesville Shale Formation and includes more than 800 kilometers of pipelines and 1.2 billion cubic feet per day of processing capacity in the North Louisiana and East Texas systems.
Additions to the management team
Clearfork is pleased to announce that Will Page has joined the company and will serve as Chief Financial Officer and member of the Board of Directors. Mr. Page is an accomplished finance professional with over 23 years of experience in investment banking, advising energy companies in executing M&A transactions and capital raisings. Mr. Page most recently served as Managing Director at Donovan Ventures, where he played a key role in the formation, funding and acquisition of Clearfork’s platform.
Clearfork is also pleased to announce that Victor Davis has joined the company as Executive Vice President of Operations. Mr. Davis is an accomplished energy industry professional with over 25 years of operations and project management experience in the upstream and midstream segments of the oil and gas industry. Mr. Davis has over 15 years of experience operating the midstream assets acquired by Clearfork, having previously served as Vice President of Operations for Azure Midstream and its predecessor TGGT Midstream (a joint venture between EXCO Resources and BG Group ) and Director of Midstream Operations for EXCO Resources. .
Mr. Page and Mr. Davis join Managing Director Kipper Overstreet, Chief Operating Officer George Grau Jr., Chief Commercial Officer Corey Lothamer and Executive Vice President Kevin Venturini to complete the company’s founding management team . Together, Clearfork’s management team has over 105 years of combined experience in the midstream oil and gas industry.
“We are very happy to have Will and Victor with us at Clearfork,” said Clearfork CEO Kipper Overstreet. “We take a very proactive approach to customer service and are a trusted channel partner, including working closely with our customers to develop new opportunities and achieve their production and marketing goals. We are currently investing in upgrades and expansions to meet the growing needs of our customers. Our management philosophy is quite simple: we are here to provide the best resources and solve problems. »
New business agreements, optimization projects
Clearfork has entered into two new commercial agreements with natural gas producers for its natural gas pipeline and processing facilities in Louisiana and Texas. The agreements announced today increase Clearfork’s throughput volumes and lay the foundation for building relationships and trust with customers. Midstream assets acquired by Clearfork were built for cost-effective processing and compression expansions and are now underutilized relative to historical throughput volumes. As a result, Clearfork is able to offer reliability and downstream market access at competitive rates to customers bringing in additional volumes through existing links.
Clearfork recently launched several optimization projects on its Holly system to upgrade the service and operate more efficiently for existing customers. These projects include adding new compression capacity and debottlenecking processing facilities to increase capacity and utilization. Clearfork plans to invest additional capital in its North Louisiana and East Texas systems to improve efficiency and increase capacity to meet growing Haynesville Shale production.
“On behalf of Clearfork’s leadership team, I also want to thank and acknowledge the hard work and excellent safety record of our highly respected field teams who operate our assets in Louisiana and Texas,” said Overstreet. “These experienced professionals are the backbone of our business and are responsible for the safe management and efficient operation of our natural gas processing facilities and pipelines.
Clearfork is also evaluating new downstream interconnects to provide additional market access and options to maximize bottom line revenue for customers. Clearfork currently has nine physical residual gas interconnections with major pipeline systems including Acadian Gas, Gulf South, ETC Tiger Pipeline, Line CP, Regency Intrastate Gas (RIG), EnLink LIG, TETCO and NGPL.
About Clearfork Midstream, LLC
Formed in 2020 and based in Fort Worth, Clearfork is a growth-oriented midstream company that provides midstream solutions to oil and gas producers in North America’s basins. The company’s vision is to build long-term, mutually beneficial relationships with producers by offering reliable intermediary services and a collaborative approach that maximizes production value. Services include the gathering, processing, treatment, dehydration and compression of natural gas; stabilization, handling, fractionation, storage and transportation of natural gas liquids; collection, storage and transportation of crude oil; and treatment and disposal of produced water. Clearfork is backed by a $400 million capital commitment from EnCap Flatrock Midstream. For more information, visit clearforkmidstream.com.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities in North America. The company was created in 2008 by a partnership between EnCap Investments LP and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages nearly $9 billion in investment commitments to a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently engaging with the management teams of EFM Fund IV, a $3.25 billion fund. For more information, visit efmidstream.com.