Sage Midstream, LLC is partnering with investment funds affiliated with Riverstone Holdings LLC, an energy and power-focused private equity firm, and Kaiser Midstream, an oil and gas midstream services company owned by George B. Kaiser, to form a new company with up to $500 million of equity commitments. Sage will pursue natural gas liquids- related midstream opportunities in North America’s liquids-rich production plays.
Headquartered in Houston, Sage is led by President Greg Bowles and Vice President of Business Development John Steen. Bowles was Executive Vice President of Lone Star NGL, a joint venture between Energy Transfer Partners, L.P. and Regency Energy Partners, L.P. where he was responsible for all commercial operations and development. At Lone Star NGL Bowles and Steen developed more than $1 billion of NGL infrastructure projects.
Joining them as Vice President of Engineering and Operations is Nick Cocavessis who worked with Bowles and Steen at LDH Energy Asset Holdings, which was acquired by Energy Transfer and Regency in 2011. The three principals have more than 50 years of combined experience in the acquisition, development, construction, and operation of NGL-related infrastructure.
The company will pursue greenfield development and acquisition opportunities to provide producers with the necessary midstream infrastructure to ensure reliable access to the highest value markets for their production.