Century will pursue development and acquisition opportunities in liquids and liquids-rich producing basins, through a long-term partnership approach with upstream producers.
"We have tremendous respect for the First Reserve team and believe they bring unique value to our shared vision of building a pre-eminent midstream business," said Joe Blount. "We've assembled a talented team with strong backgrounds capable of providing reliable solutions for our customers. Timely and cost-effective build out of midstream infrastructure is critical to maintaining production schedules in shale plays today. With our extensive experience of providing on-time delivery and outstanding service to customers, we are excited about the opportunity ahead."
New drilling techniques and technology have opened previously uneconomic hydrocarbon basins and the application of these technologies is driving significant increases in both natural gas and crude oil production in the U.S. As such, the midstream sector is marked by a high level of growth, creating numerous opportunities to identify suitable assets around which to build a portfolio.
"Century is a great example of our approach of backing high-quality management teams and building long term sustainable businesses in attractive markets," said Tim Day, co-head of Buyout for First Reserve. "We have known Joe for over 10 years and are very excited about the opportunity to work alongside him and his team, who have deep relationships, experience and a history of value creation through organic and acquisitive growth."About Century Midstream Headquartered in Houston, Texas, Century Midstream LLC was formed in 2013 to focus on acquiring, developing, owning and operating midstream assets. The company is primarily focused on emerging shale plays across North America. The Century team possesses more than a century of combined midstream experience and is backed by a substantial equity commitment from First Reserve. Visit us at www.centurymidstream.com for more information. About First Reserve First Reserve is the largest global private equity firm exclusively focused on energy. With 30 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised more than USD $23 billion of aggregate capital since inception. Putting these to work, First Reserve has completed more than 450 transactions (including platform investments and add-on acquisitions) on six continents. Its portfolio companies operate in approximately 50 countries and span the energy spectrum, including resources, equipment and services, midstream / downstream and infrastructure. First Reserve has offices in Greenwich, CT; Houston; London and Hong Kong. Visit us at www.firstreserve.com for more information. Media Contact Caroline Harris-Gibson, Prosek Partners212-279-3115 ext.222 firstname.lastname@example.org SOURCE First Reserve
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