Lotus Midstream and EnCap Flatrock Midstream Agree to Sell Lotus Midstream to Energy Transfer for $1.45 Billion
Energy Transfer LP Common Units (ET)
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Source: Business Wire
SAN ANTONIO & SUGAR LAND, Texas--(BUSINESS WIRE)--Lotus Midstream (“the Company”) and its financial sponsor EnCap Flatrock Midstream (“EnCap Flatrock”) today announced they have signed a definitive agreement to sell Lotus Midstream to Energy Transfer LP (NYSE: ET) for approximately $1.45 billion. The transaction is expected to close in the second quarter of 2023, subject to regulatory approval and customary closing conditions.Located in Sugar Land, Texas, Lotus Midstream is a premier crude oil gathering and transportation system connecting the Permian Basin to Cushing and Gulf Coast markets. The Company originally partnered with EnCap Flatrock in 2018 and is led by three founding partners, Chief Executive Officer Mike Prince, Chief Commercial Officer Emily Baker and Chief Operating Officer Jen Fontenot.In September 2018, Lotus completed the acquisitions of the Centurion Pipeline and Southeast New Mexico (“SENM”) crude gathering systems. Management commercially transformed the busi
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