Candor Secures $200 M Equity Commitment from EnCap Flatrock Midstream

Candor Midstream, LLC (“Candor”) today announced an initial venture capital commitment of $200 million from EnCap Flatrock Midstream (“EnCap Flatrock”). Headquartered in Houston and established in 2017, Candor is an independent energy company focused on the development of midstream infrastructure across North America. Candor is pursuing organic, greenfield projects and select acquisition opportunities.

Candor offers tailored midstream solutions including gas gathering, processing and treating; crude oil gathering, terminaling and logistics; and produced water gathering.

Candor’s management team is a cohesive group of straightforward industry professionals with a long track record of value creation at companies including Crestwood Midstream Partners LP, Enbridge, ONEOK Inc. and Delhi Gas Pipeline Corp. The management team is led by Candor’s founder, President and Chief Executive Officer Darrel Hagerman, a 33-year energy industry veteran, and co-founder and Chief Commercial Officer Derek Gonseaux. Other key members of the Candor team are Chief Financial Officer Eric Howell and Senior Vice President, Operations Barry Robison.

CEO Perspective

“Our team is truly like no other,” said Candor President and CEO Darrel Hagerman. “We have a tremendous amount of experience and understand that every producer has unique needs. We spend a lot of time meeting face-to-face in our customers’ offices and getting our hands dirty out in the field, where we work alongside producers to get a first-hand look at their challenges and opportunities. We think that’s the best way to really get to know our customers and develop effective midstream solutions that start at the wellhead.”

“Candor has been blessed in so many ways. We are humbled and excited to work with EnCap Flatrock. We engaged with several potential financial sponsors, but ultimately chose to work with EnCap Flatrock. Our core values are aligned, which provides a sound footing to navigate the ever-changing industry landscape. EnCap Flatrock’s wisdom, sound business fundamentals, financial strength and foresight will help us execute on Candor’s aggressive growth strategy.”

Source: Candor Midstream, LLC
Date: Aug 21, 2018