June 2022, Vol. 249, No. 6


Companies in the News June 2022


Rangeland Energy Secures $300 Million for Midstream Expansion 

Sugar Land, Texas-based Rangeland Energy announced that it has secured a $300 million growth equity commitment from EnCap Flatrock Midstream to support the formation of a new entity, Rangeland Energy IV, which will pursue midstream acquisitions and development opportunities in both conventional and unconventional plays in the United States and Canada, as well as new opportunities in decarbonized infrastructure.

The new venture will be led by President and Chief Executive Officer Chris Keene, Managing Partner and Chief Financial Officer Craig Peus, Managing Partner and Chief Operating Officer Josh Thomas, and Managing Partner and Chief Commercial Officer Orin Atkins. The company will also maintain Rangeland’s established presence in Canada via Rangeland Midstream Canada, Ltd., Rangeland’s Calgary-based subsidiary led by President and Chief Commercial Officer Briton Speer.  

The $300 million commitment is the fourth EnCap Flatrock growth equity commitment to Rangeland companies, bringing the total to $900 million since Rangeland’s formation in 2009. In 2010, Rangeland developed its first asset, COLT, a crude oil rail terminal, storage, and pipeline hub servicing customers in the Bakken and Three Forks Shale. Rangeland Energy II constructed the RIO System, a multipart crude and sand logistics system in the Delaware Basin, comprised of the RIO Pipeline, State Line Terminal, Midland Terminals and the RIO Hub.  Rangeland Energy III has developed and currently operates two midstream assets: the Marten Hills Pipeline System, a crude oil and condensate pipeline system located in north central Alberta and operated by Rangeland Midstream Canada, and the STEPS terminal located in Corpus Christi, Texas.  

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