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Terminal News

Edgewater Midstream secures $400 million for storage terminal development

Edgewater Midstream secures $400 million for storage terminal development
Edgewater Midstream has secured a capital commitment of $400 million from EnCap Flatrock Midstream to focus on the acquisition, development, and operation of pipeline and terminal facilities.

Edgewater was formed in late 2019 to provide independent midstream logistics solutions to refiners, producers and marketers of crude oil, refined products and other bulk liquids. The company will focus on pipeline and terminal solutions between and in proximity to major North American petroleum trading hubs and demand centres.

The management team has more than 70 years of energy industry experience and has served in senior leadership roles at companies including Genesis Energy, Motiva Enterprises, ConocoPhillips and NuStar Energy. Its three founders are Stephen Smith, CEO, Brian Thomason, CCO, and Mike Truby, COO.

CEO Stephen Smith says: 'Changing dynamics in the North American petroleum market present attractive opportunities for Edgewater. We are thrilled to partner with an experienced, strategic investor like EnCap Flatrock Midstream. In addition to a large financial commitment, EnCap Flatrock's significant midstream industry expertise, relationships and successful track record provide a formidable platform to support Edgewater's growth.

'Of primary importance, our culture, goals and approach to value creation and risk management are aligned. When forming Edgewater, we recognised that societal, technological and policy trends are reshaping the arena in which traditional oil and gas midstream businesses operate. Our team embraces new technologies and environmentally sustainable practices.'



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