Nuevo Dos, a full-service midstream provider based in Houston, secured an initial equity commitment of $400 million from EnCap Flatrock Midstream (EnCap Flatrock) and the Nuevo Dos management team. Nuevo Dos was formed earlier this year by the team that led its successful predecessor company, Nuevo Midstream (Nuevo), which was also backed by EnCap Flatrock. After developing a significant midstream footprint in the Delaware Basin, Nuevo was sold to Western Gas Partners in October 2014 for $1.5 billion.
Nuevo Dos is pursuing organic and acquisition opportunities across North America. The members of the Nuevo Dos management team have significant experience in developing, constructing and operating strategic midstream assets and in oil, gas and liquids marketing. Their expertise includes natural gas gathering, compression, treating, processing and transportation; fractionation and natural gas liquids (NGL) storage and takeaway; and the gathering, storage and transportation of crude oil and condensate.
Randy Ziebarth will serve as Nuevos Dos president and CEO. Ziebarth served as Nuevo’s senior vice president and chief operating officer. He succeeds Jay Lendrum as president and CEO. Lendrum now serves as the chairman of Nuevo Dos.
EnCap Flatrock managing partner Dennis Jaggi will serve as a member of the Nuevo Dos board of directors.