Epic Approves Second Greenfield Fractionator at Robstown Complex
EPIC Y-Grade, LP announced that a subsidiary will construct a second, 110,000-barrel per day greenfield fractionator at its Robstown, Texas, fractionation complex.
EPIC's final investment decision (FID) on the project was made as the company upsized an existing loan $150 million to finance its construction, raising the company's total borrowing base to $950,000.
The EPIC fractionation complex at Robstown currently consists of 70,000 bpd of operational fractionation capacity and is the site of EPIC's first Greenfield fractionation, which is still under construction.
"The decision to sanction the second greenfield fractionator resulted from EPIC’s continued success securing fixed-fee multiyear supply contracts with several gathering and processing companies in the Permian Basin," EPIC said in a statement on its FID.
“We continue to execute on our strategic plan of bringing NGL supply for fractionation in the Corpus Christi, Texas, marketplace,” said Phillip Mezey, chief executive officer. “Our customers value EPIC as a strategic alternative to Mont Belvieu and we are committed to providing them the highest level of service.”
EPIC Y-Grade, LP was formed in 2017 to build and operate the EPIC Y-Grade Pipeline, a 700-mile, 24” natural gas liquids pipeline linking NGL reserves in the Permian and Eagle Ford to gulf coast refiners, petrochemical companies and export markets.
Interim crude service on the 24” Y-Grade Pipeline began in August 2019, with an initial capacity of up to 400,000 barrels of crude from Crane, Texas, to various terminals in Corpus Christi and Ingleside, Texas. Upon commencing operations on the EPIC Crude Oil Pipeline, which is currently scheduled for the first quarter of 2020, the Y-Grade Pipeline will be transitioned back to NGL service.
EPIC Y-Grade is backed by capital commitments from funds managed by the Private Equity Group of Ares Management Corporation, with additional equity ownership by Noble Midstream Partners and Salt Creek Midstream.
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