Weld County Facility Increases Gas Processing Capabilities
Denver, Colorado – May 21, 2019 – Cureton Midstream, LLC (“Cureton” or the “Company”), a Denver-based, growth-oriented midstream company focused on providing commercial solutions, today announced that the Company has signed commercial agreements with six DJ Basin oil and gas producers. These producers have made long-term dedications of leasehold to Cureton’s gas gathering and processing system in Weld County, Colorado.
Over the last 18 months, Cureton has installed approximately 115 miles of low and high pressure gas gathering pipelines in Weld County. The Company also has fully commissioned and is operating a 60 MMSCFD cryogenic processing plant and 13,000 horsepower of compression near Keenesburg, Colorado. Due to the expansive growth in the DJ Basin and recent well performance around Cureton’s footprint, Cureton is looking to expand its gas processing capacity by up to 400 MMSCFD at multiple sites.
Charles Beecherl, President and Chief Executive Officer of Cureton Midstream, stated, “The DJ Basin is one of the best resource basins in the country with strong single well economics. Cureton is excited to partner with well-established oil and gas producers and expand its footprint in the oil rich rural development setting of the DJ Basin.”
Cureton is a portfolio company of Tailwater Capital LLC and funds managed by the Private Equity Group of Ares Management Corporation (NYSE: ARES).
About Tailwater Capital LLC
Dallas-based Tailwater Capital is a growth-oriented energy private equity firm with a well-established track record of working constructively with proven management teams to deliver value-added solutions. Tailwater currently manages more than $2.7 billion in committed capital and the team has executed more than 100 energy transactions in the upstream and midstream sectors representing over $19 billion in transaction value.
For more information, please visit www.tailwatercapital.com.
About Ares Management Corporation
Ares Management Corporation is a publicly traded, leading global alternative asset manager with approximately $137 billion of assets under management as of March 31, 2019 and 18 offices in the United States, Europe, Asia, Australia and the Middle East. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole.
For more information, visit www.aresmgmt.com.
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Joele Frank, Wilkinson Brimmer Katcher
Ares Management Corporation
Bill Mendel, 212-397-1030
Ares Management Corporation
Carl Drake, 800-340-6597