Permico Midstream Project To Resume

HOUSTON - March 4, 2022 - PRLog -- Permico Founders, LLC is pleased to announce its acquisition of the midstream project formerly owned by Permico Midstream Partners, LLC after 22 months of legal and commercial negotiations that occurred amidst the economic downturn and subsequent energy market turmoil created as a result of the global pandemic, the 2020 oil price crash, and the energy market decarbonization transition.

Permico is now in the late stages of executing commercial contracts for the 10+ year subscription of its natural gas liquids pipeline, fractionation, and export terminal capacity.  Upon completion of project construction and commissioning, Permico's system will provide pipeline transportation and fractionation services for Permian and Eagle Ford Basin natural gas liquids production as well as downstream purity product access to domestic Gulf Coast and global waterborne markets.

Restructuring efforts and capital negotiations were led by Mr. Jeff Beicker and Mr. Jeff Sykes, both of whom are managing partners at Permico, along with Mr. Lloyd Lim, a partner at Kean Miller LLP, who is serving as bankruptcy counsel.  Mr. Craig Janies, Permico's Chief Commercial Officer, who continues to lead the commercial negotiations and contracting efforts, and Mr. Magin Puig, who is one of the heads of international business development and in-house counsel, are also involved.

Permico's system is projected to commence commercial operations in Q4 of 2024.