Align Midstream and Elevate Midstream announced the combination of their respective East Texas asset bases. Both companies are backed by Tailwater Capital. Align will immediately assume operatorship of the combined assets, which adds more than 180 mi of active pipeline to its existing footprint across Panola, Rusk, and Harrison counties. With an average daily volume of more than 300 million cu ft/d, the combination provides Align with added processing and compression capabilities, while further diversifying its customer base by adding several marquee East Texas producers who are active in both the Haynesville and Cotton Valley formations.
Concurrent with the closing of the transaction, Roger Fox and the management team of Elevate Midstream will create Elevate Midstream II with a USD 150 million equity commitment from Tailwater to further capitalize on midstream asset acquisitions and greenfield buildout opportunities.