Dallas-based midstream infrastructure company Goodnight Midstream has received $500m investment from Tailwater Capital to expand its service offerings.
Goodnight is a major player in the produced water midstream sector, which is needs multi-billion dollar investments to accommodate projected volume growth in the company’s basins of operation.
The company has expanded its Bakken operations and entered the Delaware Basin, Midland Basin and Eagle Ford shale since receiving its initial investment from Tailwater in 2016.
Goodnight Midstream CEO and Co-Founder Patrick Walker said: “We are thrilled to continue our partnership with the team at Tailwater, who has added tremendous value to Goodnight over the past three years.
“This investment will provide a significant amount of equity growth capital from a trusted partner who understands that long-term growth in this sector requires a strong balance sheet.”
Assets of Goodnight in the Delaware Basin
Presently, Goodnight’s facilities and trans-basin pipeline systems in the Delaware Basin consists of over 700,000 barrels per day of throughput capacity providing flow assurance solution for producers in the region.
The company’s total platform now comprises of 805km of produced water pipelines with 1.6 million barrels per day of throughput capacity.
Recently, Goodnight has secured five new long-term customer contracts in the Delaware Basin and Bakken that is expected to record eighth consecutive year of double-digit volume growth on Goodnight-built, greenfield systems for the company.
Tailwater Capital co-founder and managing partner Jason Downie said: “We are excited to expand our partnership with the Goodnight team and to provide them with the capital to grow their footprint throughout North America.
“With a best-in-class management team, an industry leading platform and a robust portfolio of long-term contracts, we are confident that the future is bright for Goodnight.”
In March, Global alternative asset firm TPG Capital had agreed to acquire a majority stake in Goodnight Midstream for a sum of nearly $930m from Tailwater Capital and private investors.
