October 20, 2017 [PR Newswire] - Pin Oak Corpus Christi ("Pin Oak Corpus Christi" or the "Company") announced today that it has closed on the acquisition of 100% of the equity interests in Gravity Midstream Corpus Christi ("GMCC") from EnCap Flatrock Midstream, a venture capital firm based in San Antonio.
The owners of Pin Oak Terminals, LLC, Dauphine Midstream, LLC (“Dauphine”) and Mercuria Energy Group Ltd. (“Mercuria”), provided equity financing for the transaction. Dauphine and Mercuria also recently commissioned a new liquids terminal in Mt. Airy, Louisiana, Pin Oak Terminals, which has approximately four million barrels of contracted capacity.
Pin Oak Corpus Christi is currently operational with pipeline connections into nearby refineries, 737,500 barrels of storage, a crude processing unit, a polymer modified asphalt plant, rail loading and unloading facilities, a truck rack, and access to Aframax and barge docks. There are long-term contracts in place to significantly expand the terminal’s operations.
“The team at Corpus Christi is excited to be joining the Pin Oak family and partnering with investors who are dedicated to taking the terminal to the next level by expanding the terminal’s operations and building a strategic hub in Corpus Christi,” said Craig Peus, CEO of GMCC, who will remain as CEO of the Company.
“We all emphasize the importance of creating a safe work environment and fostering a partnership with the Corpus Christi community, the Port of Corpus Christi, and the state of Texas.”
“With this investment, Pin Oak Corpus Christi will be able to operate and develop an independent logistics hub in Corpus Christi,” said Dauphine Chief Investment Officer Harris Ziskroit. “The site is optimally located and has tremendous potential to become one of the only multi-modal terminal facilities in Corpus Christi, offering a wide array of service offerings to move, store and process petroleum products.”
“Mercuria is excited to grow Pin Oak and expand its investment partnership with Dauphine,” said Chief Investment Officer – Americas, Brian Falik. “We look forward to driving additional growth at the Corpus Christi site, consistent with our efforts to be a long-term partner in providing our customers an expanding suite of logistics solutions at the multiple Pin Oak midstream facilities across North America.”
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