HOUSTON, Dec. 6, 2018 /PRNewswire/ — Easton Energy LLC (“Easton” or the “Company”), a Houston based midstream company, today announced the acquisition of approximately 416 miles of Gulf Coast natural gas liquids (NGL) pipelines from The Williams Companies, Inc. (NYSE: WMB) for $177 million in cash. The pipeline assets are primarily used to transport natural gas liquids from various supply sources to petrochemical consumers in Texas and Louisianamarkets. The transaction was completed in partnership with Easton’s financial sponsor, Cresta Fund Management, an energy infrastructure focused private equity firm based in Dallas.
“Paired with our salt cavern storage development at Markham, Texas, this acquisition represents an opportunity for Easton to utilize a significant footprint of pipelines to connect key NGL storage markets with end users along the Texas Gulf Coast,” said Joel McComas, President, Easton Energy.
“It has been exciting to partner with Easton since its formation,” said Chris Rozzell, Managing Partner at Cresta Fund Management. “This acquisition highlight’s Easton’s commitment to investing in much needed natural gas liquids infrastructure across the U.S. Gulf Coast. We look forward to supporting Easton’s ongoing growth as the company continues to build on its existing platform.”
About Easton Energy LLC
Easton Energy is a Houston based midstream company focused on developing infrastructure assets that support the transportation, storage, and processing of natural gas liquids (NGL), refined products, and petrochemicals. Easton’s primary assets include liquid hydrocarbon salt cavern storage facilities at Markham, TX and approximately 416 miles of product distribution pipelines that connect key product markets along the Texas and Louisiana Gulf Coast. Easton Energy is backed by Cresta Fund Management. For more information, please visit: www.easton.energy
About Cresta Fund Management
Cresta Fund Management is a Dallas based private equity firm focused on middle market infrastructure investments across the energy and related sectors. Cresta was founded in 2016 by energy infrastructure professionals that understand that executing on successful value add investment opportunities requires a unique perspective and a partnership mindset. For more information, please visit: www.crestafunds.com
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SOURCE Easton Energy LLC