Last week’s reverse merger between publicly traded Altus Midstream and PE-backed BCP Raptor—the parent of EagleClaw Midstream—may be a harbinger of things to come for smaller private operators looking to grow minus the challenges to combine with larger, publicly traded companies. With an enterprise value of $9 billion, the Altus-EagleClaw deal creates the biggest natural gas processor in the Delaware to include 2 BCF of processing capacity, 850,000+ acres under fee-based, long-term dedications, and interests in four newly built gas, NGLs, and crude oil pipelines, including the Permian Highway. But wait, there’s more. Reese Energy Consulting today is following the latest midstream combo pairing Crestwood Equity Partners and Oasis Midstream, both of which call the Delaware and Bakken their core operational focus. Assets between the two introduce new—or expand—each other’s existing infrastructure and capabilities to offer one-stop solutions for natural gas, crude oil, and water, including gathering systems for all three, gas processing, terminaling, transportation, and water disposal. Enterprise value of the new company is estimated at $7 billion.

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Crestwood Equity Partners

Oasis Midstream


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