San Antonio oil investment firm commits $400 million to new Sugar Land company

February 13, 2018
Houston Chronicle

San Antonio-based midstream investment fund EnCap Flatrock Midstream is committing $400 million to a new crude oil infrastructure development company.

EnCap, which helps fund midstream oil and gas investments such as pipelines and storage terminals, committed the funds to Sugar Land-based Lotus Midstream, which was formed in January by former Sunoco Logistics executives to develop new crude oil gathering and transportation pipelines.

Lotus CEO Mike Prince said he retired from the midstream industry last summer but decided to return soon afterward. Prince and his team founded Lotus in January.