Trilogy Midstream Announces Partnership with NGP
January 9, 2018
HOUSTON – – (BUSINESS WIRE) – Trilogy Midstream Investments, LLC (“Trilogy Midstream” or the “Company”) is pleased to announce the addition of NGP as a partner. Both the Company’s Founders and NGP have made significant capital commitments to the Company in support of its strategy to develop midstream infrastructure along the Gulf Coast.
Trilogy Midstream was founded in 2017 by Jerry Dearing, Dave Marye and Drew Tingleaf who worked together for almost a decade at NET Midstream, which was sold to NextEra Energy Partners for $2.1 billion in 2015.
At the time of sale, NET Midstream operated seven natural gas pipelines in South Texas with a combined 3.0 Bcf/d of ship-or-pay contracts with a weighted average term of over 16 years and over 1.0 Bcf/d of available expansion capacity. The pipelines developed and operated by NET Midstream serve utilities, municipalities, power plants, industrial loads and natural gas producers.
Dave Marye, the Company’s President said, “Jerry, Drew and I started Trilogy with the goal of leveraging our expertise and experience to provide innovative and cost efficient midstream solutions for our customers. When we considered bringing on a private equity partner, we looked for a team with a great track record and the ability to support large-scale pipeline projects. We are proud to add NGP to the team and look forward to developing projects that will serve end-users and producers along the Gulf Coast.”
“We are thrilled to partner with the Trilogy management team to build upon their successful track record of creating value in the midstream sector,” said Chris Carter, Managing Partner of NGP. “What the team at NET Midstream was able to accomplish is an example of what can be achieved through the combination of industry experience, creativity and tenacity. The Trilogy management team’s track record building demand-driven midstream systems combined with anticipated oil and natural gas volume growth in the United States provides a compelling backdrop for this investment.”
Founded in 1988, NGP is a premier private equity firm in the natural resources industry with approximately $17 billion of cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors. For more information visit www.ngpenergycapital.com.