Crude oil logistics provider Getka
Energy LLC (“Getka”) today announced it has closed on the purchase
of the former Pacer Energy Terminal located in Cushing, Oklahoma. The
28-acre property houses crude oil storage tanks and several LACT units.
The terminal is connected to Enterprise Products’ Cushing Terminal via
pipeline.
Getka plans to upgrade the terminal to allow for increased throughput
and delivery into the Enterprise terminal and other planned
interconnections. Upgrades to the property are expected to take several
months. Getka anticipates it will bring the terminal back into service
at the end of the fourth quarter in 2018.
To allow for upgrades and further expansions, Getka is purchasing
approximately 22 acres in adjoining acreage to bring Getka’s total
footprint in Cushing to approximately 50 acres. This acreage will serve
as the foundation of the company’s ongoing development of a hub at the
Cushing market center. Getka's goal is to develop a hub-and-spoke
platform of integrated assets that work together to create efficient
access to producing basins and expand market delivery and optionality.
CEO Perspective
“This is the first step in Getka’s broad strategy to develop a new and
sophisticated crude oil delivery platform across Oklahoma,” said Getka
Energy CEO Dariusz Cichocki. “We are looking to add to Cushing’s value
and rich history, and we are extremely excited to bring new customers, a
unique and enhanced terminal design, and optionality for our customers
and the market.”
Legal Advisers
Getka Energy was advised by managing partner Zac Lindsey of LINDSEYfirm
in Tulsa, Oklahoma. Getka’s financial sponsor, EnCap
Flatrock Midstream, was advised by Gibson Dunn & Crutcher LLP with
partner Gerry Spedale in the lead role from the firm’s Houston office.
About Getka Energy LLC
Getka Energy is a crude oil logistics provider focused on storage,
blending and terminal solutions, as well as pipeline transportation and
market optionality for producers across North America and domestic and
international marketers. Headquartered in Tulsa, Getka was formed in
early 2018 and is backed by a $250M commitment from EnCap
Flatrock Midstream. For more information please visit www.getkaenergy.com.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven
management teams focused on midstream infrastructure opportunities
across North America. The firm was formed in 2008 by a partnership
between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based
in San Antonio with offices in Oklahoma City and Houston, the firm
manages investment commitments of nearly $9 billion from a broad group
of prestigious institutional investors. EnCap Flatrock Midstream is
currently making commitments to new management teams from EFM Fund IV, a
$3.25 billion fund. For more information please visit www.efmidstream.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180823005124/en/
Copyright Business Wire 2018
Source: Business Wire
(August 23, 2018 - 9:15 AM EDT)
News by QuoteMedia
www.quotemedia.com