Sentinel Midstream Announces New Joint Venture Serving the Houston Energy Market
October 4, 2021
RICHARDSON, Texas, Oct. 4, 2021 /PRNewswire/ — Sentinel Midstream Texas LLC (“Sentinel”) today announced the formation of a joint venture with ExxonMobil Pipeline Company that owns crude oil pipelines and related transportation infrastructure in the Houston area. The joint venture, Enercoast Midstream LLC (“Enercoast”), provides the critical last-mile link for Permian, Gulf of Mexico, and other barrels in the Houston crude oil market.
For the joint venture, ExxonMobil will contribute two existing crude oil pipelines into Enercoast: a 16-inch pipeline originating at Webster Terminal with delivery points at ExxonMobil’s Baytown Refinery and Seabrook export terminal and a 20-inch crude pipeline with access to Moore Road station. Sentinel contributed cash for a majority equity position and will be the operator for the joint venture.
As operator, Sentinel brings an experienced, results-oriented management team with a proven track record of maximizing value while maintaining its core values of safe, reliable operations and environmental stewardship. Sentinel will undertake efforts to commercialize capacity on Enercoast’s system while pursuing opportunities to grow it’s operating footprint by building or acquiring new pipelines.
“We are extremely pleased to establish a joint venture with ExxonMobil to maximize the potential of Enercoast,” said Jeff Ballard, President and CEO of Sentinel. “Sentinel looks forward to the opportunity to serve ExxonMobil and other shippers in the Houston market.”
Enercoast began serving shippers as a common-carrier pipeline on October 1, 2021. Enercoast’s tariffs are available on Sentinel’s website.
Sentinel is headquartered in Richardson, Texas, offering midstream solutions for crude oil transportation, storage, and terminalling. Sentinel is backed by Cresta Fund Management, a middle-market infrastructure firm focused on investing in hard assets that transport, store, process or sequester basic materials.
For more information about Sentinel, please visit www.sentinelmidstream.com.
SOURCE Sentinel Midstream