Mora Energy Completes Two Permian Basin Acquisitions and Enhances Capitalization
Acquisitions establish operating platform in the Midland Basin Acquired assets include approximately 200 miles of
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Mora Energy (“Mora Energy” or “Mora”), today announced the closing of two acquisitions in the Midland Basin and a significant expansion of its available capital through increased equity commitments from its financial sponsor and the closing of a new revolving credit facility.
Acquisitions
Mora recently closed the acquisition of Tejon Treating and Carbon Solutions LLC (“Tejon”) from funds managed by Bayswater Exploration & Production, LLC. Tejon is a natural gas gathering, compression, and sour gas treating business in the northeast Midland Basin.
Mora also recently closed the acquisition of West Texas Midstream Gas Services, LLC, commonly known as the “Quail” system (“Quail”), from Williams Companies, Inc. Quail consists of natural gas gathering and compression infrastructure in the northwest Midland Basin.
Together, Tejon and Quail establish a meaningful operating footprint for Mora in the Midland Basin, comprising approximately 200 miles of natural gas gathering pipelines, four compressor stations, an amine treating facility and an acid gas injection well. Mora’s operations now span Andrews, Martin, Howard, Borden, Scurry and Mitchell Counties, Texas. Mora intends to use the acquired infrastructure as a platform for continued organic expansion and additional acquisitions.
Enhanced Capitalization
In conjunction with the acquisitions, funds managed by NGP Energy Capital Management, LLC (“NGP”) have significantly increased equity commitments to Mora, providing additional capital to support the company’s growth.
Mora has also closed a new credit facility led by BOK Financial and Huntington Bank. Together with the increased equity commitments, the credit facility provides Mora with substantial liquidity to pursue additional expansion opportunities.
Management Perspective
“These acquisitions represent an important milestone for Mora and our team’s return to owning and operating midstream infrastructure in the Permian Basin,” said Elliot Gerson, Chief Executive Officer of Mora. “We are excited to be back in the market and intend to move quickly to pursue both organic development and acquisition opportunities. With the increased support from NGP and our new credit facility, we have the financial flexibility to aggressively grow our footprint.”
Drew Bredthauer, President of Mora, added, “We have spent most of our careers building midstream businesses in the Permian, and we are excited to establish a new operating platform with high-quality infrastructure anchored by several premier oil and gas operators. We believe Mora is exceptionally well positioned to build a large-scale midstream business in the Permian Basin.”
Moelis & Company LLC served as financial advisor on the Quail transaction and Kirkland & Ellis LLP served as legal counsel to Mora.
About Mora
Mora Energy is an energy infrastructure company based in Dallas, Texas. For more information visit www.MoraEnergy.com.
About NGP
NGP is a premier private equity firm that believes energy is essential to progress. Founded in 1988, NGP is moving energy forward by investing in innovation and empowering energy entrepreneurs in natural resources and energy transition. With over $25 billion of cumulative equity commitments, we back portfolio companies focused on responsibly solving and securing the energy needs of today and leading the way to a cleaner, more reliable, more affordable energy future. For more information, visit www.ngpenergy.com.
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