Lotus Midstream and EnCap Flatrock Midstream Agree to Sell Lotus Midstream to Energy Transfer for .45 Billion
SAN ANTONIO & SUGAR LAND, Texas--(BUSINESS WIRE)--Mar 27, 2023-- Lotus Midstream ('the Company') and its financial sponsor EnCap Flatrock Midstream...
SAN ANTONIO & SUGAR LAND, Texas--(BUSINESS WIRE)--Mar 27, 2023-- Lotus Midstream ('the Company') and its financial sponsor EnCap Flatrock Midstream ('EnCap Flatrock') today announced they have signed a definitive agreement to sell Lotus Midstream to Energy Transfer LP (NYSE: ET) for approximately $1.45 billion. The transaction is expected to close in the second quarter of 2023, subject to regulatory approval and customary closing conditions. Located in Sugar Land, Texas, Lotus Midstream is a premier crude oil gathering and transportation system connecting the Permian Basin to Cushing and Gulf Coast markets.