Outrigger Energy II Completes Sale of Its Williston Basin Midstream System
Outrigger Energy II LLC announced today that it has completed the sale of its midstream system in the Williston Basin of North Dakota to Hiland Partners Holdings LLC, a wholly owned subsidiary of Kinder Morgan, Inc. (NYSE:KMI) for $640 million. Outrigger's Williston Basin system includes a 270 MMcfd cryogenic gas processing plant, approximately 104 miles of high-pressure, large diameter gathering pipelines and 6,720 horsepower of field compression. Outrigger's high pressure gathering system extends across Williams and Mountrail Counties receiving gas from multiple high-capacity receipt points and the system is anchored by long-term, fee-based contracts with significant minimum volume commitments from several leading Williston Basin operators.
Dave Keanini, Outrigger's President & CEO, stated, "The significant midstream system we developed, which includes the largest single-train cryogenic processing facility in North Dakota, is a career highlight. We are very proud of the exceptional results delivered by our team, particularly against the challenge of the Covid-19 pandemic during the construction phase. We appreciate the strong relationships we built with our customers and are confident that Kinder Morgan's extensive presence and expertise in the basin will provide substantial synergies with the Outrigger system to benefit area operators. Further, we are incredibly grateful for the consistent trust and support of our partners NGP and Brion G. Wise."
Advisors
Evercore served as lead financial advisor to Outrigger on the transaction. Citi also advised Outrigger. Vinson & Elkins acted as Outrigger's legal advisor.
About Outrigger Energy II
Outrigger Energy II LLC is a private, full service midstream energy that provides reliable and value-added services to its customers. Outrigger's core values include promoting safety across all aspects of the company and environmental stewardship within its communities. Outrigger is supported by equity commitments from NGP Energy Capital and an entity affiliated with Brion G. Wise. For more information, please visit www.outriggerenergy.com.
About NGP
NGP is a premier private equity firm that believes energy is essential to progress. Founded in 1988, NGP is moving energy forward by investing in innovation and empowering energy entrepreneurs in natural resources and energy transition. With over $24 billion of cumulative equity commitments, we back portfolio companies focused on responsibly solving and securing the energy needs of today and leading the way to a cleaner, more reliable, more affordable energy future. For more information, visit www.ngpenergy.com.
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