Irving-based Silver Creek Midstream LLC announced May 22 that Dallas-based Tailwater Capital LLC has increased its equity commitment in the midstream company from $150 million to $300 million. Tailwater’s increased equity commitment will be provided by both Tailwater Energy Fund III and EF-III limited partner co-investors.
Silver Creek will utilize the additional equity available to continue the buildout of its 100 percent-owned crude gathering system in the Powder River Basin in Montana and Wyoming. The wholly-owned gathering system will consist of up to 250 miles of crude oil infrastructure spanning Converse, Campbell, Johnson and Natrona Counties. With over 50-miles of existing gathering infrastructure already in place and 150,000 dedicated acres, Silver Creek expects the remaining gathering system and trunklines to be operational by February 2019 and allow for up to 175,000 barrels per day of capacity.
Tailwater Capital is a growth-oriented energy private equity firm that has executed more than 100 energy transactions in the upstream and midstream sectors representing over $18.6 billion in transaction value.