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Aspen Midstream, EnCap Flatrock Form Aspen II to Target Gas Growth

Aspen Midstream and EnCap Flatrock Midstream have launched Aspen II with a new equity commitment, targeting natural gas transmission and last-mile infrastructure across North America.

(P&GJ) — Aspen Midstream has secured an equity commitment from EnCap Flatrock Midstream and its management team to launch Aspen Midstream II, a new platform aimed at natural gas transmission and last-mile infrastructure projects across North America.

Aspen II will be led by co-founders and co-CEOs Matt Ray and Robert Underwood, alongside Chief Commercial Officer Stephen Reilly, CFO Blayne Dowell, and SVP of Corporate Development Ben Kardell. The team previously established Aspen I in 2017, which today operates a midstream system spanning multiple Texas counties in the Austin Chalk formation, including transmission, gathering, processing, CO₂ treating, and NGL transport.

“We are excited to once again partner with EnCap Flatrock Midstream, a trusted and valued partner for nearly a decade,” said Matt Ray, Co-CEO of Aspen Midstream. “We are confident in our ability to acquire assets and develop critical infrastructure that address the growing global demand for energy commodities such as natural gas.”

Sam Pitts, managing partner at EnCap Flatrock, added: “We are in the midst of a full-blown natural gas super-cycle driven by demand dynamics globally, in the form of LNG, and domestically, via power/datacenters. Aspen II’s extensive residue gas experience and deep commercial relationships positions the platform well for growth and value creation.”

Aspen was advised by Kirkland & Ellis LLP, while Willkie Farr & Gallagher LLP served as legal counsel to EnCap Flatrock.

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