Brazos Midstream Holdings, LLC’s subsidiary, Brazos Delaware LLC, has completed an expansion of its senior credit facility to $150 million in commitments. Additionally, the facility has an accordion feature, which can expand total commitments to $200 million. These funds support the ongoing expansion of Brazos’ crude gathering and natural gas gathering and processing systems in the Southern Delaware Basin.
“Since inception, Brazos has been very intentional in our partnerships and we greatly appreciate the support from this group of hand-picked lenders,” said Brazos Midstream Chief Financial Officer, William Butler. “This expanded credit facility, combined with our rapidly growing cash flow and equity capital available from Old Ironsides Energy, provides Brazos with ample liquidity to continue to prudently grow and execute future projects. We have an aggressive construction program underway which will further support our goal to be the best midstream partner to our producer customers.”
Brazos’ midstream investment is supported by long-term producer dedications covering over 200,000 acres in Ward, Reeves, and Pecos counties, Texas. The company commenced operation of its 60 million cubic feet per day (MMcf/d) natural gas processing plant (Comanche I) in December 2016 and is currently constructing a second gas processing plant (Comanche II), which will add 200 MMcf/d of incremental processing capacity. Comanche II is expected to be operational during the first quarter of 2018. Brazos plans to further expand its 260 MMcf/d of operated processing capacity during 2018 to meet continued volume growth in the Delaware Basin.