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Goodnight Midstream Secures $500MM Investment from Tailwater
by Valerie Jones|Rigzone Staff|Wednesday, October 09, 2019

Goodnight Midstream Secures $500MM Investment from Tailwater
Private equity firm Tailwater Capital LLC has committed to investing more than $500 million to Goodnight Midstream, a company that builds and operates midstream oilfield water infrastructure for producers.
Private equity firm Tailwater Capital LLC has committed to investing more than $500 million to Goodnight Midstream, a company that builds and operates midstream oilfield water infrastructure for producers.

Goodnight first received an initial investment from Tailwater in 2016 and since then, has expanded its Bakken operations and entered the Delaware Basin, Midland Basin and Eagle Ford shale. Goodnight’s facilities and trans-basin pipeline systems in the Delaware Basin include more than 700,000 barrels per day of throughput capacity.

Goodnight’s platform now has 500 miles of produced water pipelines with 1.6 million barrels per day of throughput capacity. Goodnight also recently signed five new long-term customer contracts in the Delaware Basin and Bakken.

“We are thrilled to continue our partnership with the team at Tailwater, who has added tremendous value to Goodnight over the past three years,” Goodnight CEO Patrick Walker said in a company statement. “This investment will provide a significant amount of equity growth capital from a trusted partner who understands that long-term growth in this sector requires a strong balance sheet. With this capital flexibility, we will continue to meet the increasing demand from our customers for scalable produced water infrastructure solutions and remain focused on providing safe, reliable and environmentally sustainable produced water logistics services to our customers.”

Tailwater co-founder and managing partner Jason Downie added, “we are excited to expand our partnership with the Goodnight team and to provide them with the capital to grow their footprint throughout North America.”