A month ago, Lucid Energy Group announced that they have began the process of selling one of their subsidiaries to a joint venture between Riverstone Global Energy and Goldman Sachs for 1.6 billion dollars.
Originally the Delaware Basin was acquired during the purchase of Agave. The Delaware Basin, which has been property of Lucid since mid-2016 has now been sold to the two companies mentioned above.
“We are very pleased to join Lucid in announcing this exciting realization of the largest acquisition in our nine-year history.” said EF Midstream Managing Director Morriss Hurt.
Along with Riverstone founders David Leuschen and Pierre Lapeyre, Baran Tekkora, a partner at Riverstone had praise for Lucid. Tekkora spoke highly of the platform that Mike Latchem and his company Lucid had built in such a little time. He expressed pride in working with such innovative people in the oil business. He also had kind words for the people over at Goldman Sachs.
EnCap Flatrock Midstream teamed up with Lucid Energy Group as a financial sponsor. EF Midstream is an investment firm that primarily focuses on North America’s oil and gas industry. The company is based in the heart of Texas, San Antonio.
Lucid Energy Group is an energy company that focuses its services on gas and oil production in North America. Lucid’s Midland Basin is a 700 mile stretch of pipeline. The site is capable of gathering seventy-five thousand barrels of crude oil per day.
“EnCap Flatrock Midstream has been instrumental in helping us acquire, expand and optimize the assets in our Agave transactions,” said head of Lucid Energy Group, Mike Latchem.
Latchem had positive sentiments towards Riverstone Global Energy and Goldman Sachs as well. Latchem expressed confidence that the new owners of his former subsidy would expand on the innovative infrastructure that makes up the mechanical aspects of the pipeline.
Last month’s deal insures immediate growth to all parties involved, and it seems all sides seem eager to begin working together to expand the oil drilling and refinement business.…