Ironwood Midstream II Completes Acquisition of Twin Eagle Systems
(P&GJ) — Ironwood Midstream Energy Partners II said it has closed on its acquisition of West Texas gathering pipelines from a subsidiary of Twin Eagle Holdings and named a Twin Eagle executive to its management team and board of directors.
Ironwood Midstream Energy Partners announced last month that its newly formed Ironwood II would acquire Twin Eagle’s Gardendale and Asherton gathering systems, which together include 137 miles of active crude oil gathering pipeline with connections to multiple long-haul pipelines, allowing access to the U.S. Gulf Coast, Three Rivers and Houston markets. Interconnects include Plains All American Pipeline, Harvest Pipeline Company, NuStar Logistics L.P. and the upcoming EPIC Crude Oil Pipeline.
The Gardendale and Asherton systems span Dimmit and La Salle counties and are supported by long-term dedications totaling more than 124,000 acres.
“The Gardendale system ... looks to have a long life, great geologic characteristics and positive producer economics, even at current commodity price levels," said Mike Williams, chairman, president and CEO of Ironwood II. "We look forward to working with existing customers and bringing on new customers as we expand the footprint of the Gardendale system.“
Ironwood II is supported by an initial capital commitment of $400 million from EnCap Flatrock Midstream and management.
The company also announced that former Twin Eagle's chief operating officer, Danny J. Rea, has joined Ironwood II as chief commercial officer and director. Since 2015, Mr. Rea has handled both commercial and operational management for Twin Eagle’s midstream assets, which include crude gathering, crude and sand transload terminals, and crude transportation in many of the major U.S. producing basins.
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