Jerod Foster for The Texas Tribune
Fort Worth-based Clearfork Midstream LLC on Thursday announced that it has added two senior management professionals to its leadership team, secured two new commercial agreements with natural gas producers, and has begun several optimization projects to upgrade service for its existing customers.
The announcement follows Clearfork’s recent acquisition of a natural gas gathering and treating platform that serves core areas of the Haynesville Shale formation and includes more than 500 miles of pipelines and 1.2 billion cubic feet per day of treating capacity across systems in North Louisiana and East Texas.
Will Page has joined the company as chief financial officer and a member of the board of directors. Page has more than 23 years of investment banking experience advising energy companies in executing M&A transactions and capital raises. Page most recently served as managing director with Donovan Ventures, where he played a key role in Clearfork’s formation, financing and platform acquisition.
Victor Davis has joined the company as executive vice president of operations. Davis brings more than 25 years of operations and project management experience across both the upstream and midstream segments of the oil and gas industry. Davis has more than 15 years of experience operating Clearfork’s acquired midstream assets having previously served as vice president of operations for Azure Midstream and its predecessor TGGT Midstream and as director of midstream operations for EXCO Resources.
Page and Davis join CEO Kipper Overstreet, COO George Grau Jr., Chief Commercial Officer Corey Lothamer, and Executive Vice President Kevin Venturini to round out the company’s founding senior management team.
“We are taking a highly proactive approach to customer service and being a trusted midstream partner, including working closely with our customers to develop new opportunities and achieve their production and marketing goals,” Overstreet said. “We’re currently investing in upgrades and expansions to serve our customers’ growing needs. Our management philosophy is pretty simple: We’re here to provide best-in-class resources and solve problems.”
Clearfork also has secured two new commercial agreements with natural gas producers for its pipeline and natural gas treating facilities in Louisiana and Texas. The agreements increase Clearfork’s throughput volumes and lay the foundation for building customer relationships and trust. Clearfork’s acquired midstream assets were built for economical treating and compression expansions and are underutilized today relative to historical throughput volumes. As a result, Clearfork is able to offer reliability and downstream market access at competitive rates to customers bringing additional volumes through existing tie-ins.
Clearfork recently launched several optimization projects on its Holly System to upgrade service and run more efficiently for existing customers. These projects include adding new compression capacity and debottlenecking treating facilities to increase capacity and utilization. Clearfork plans to invest additional capital across both its North Louisiana and East Texas systems for efficiency improvements and capacity expansions to match the growing production from the Haynesville Shale.
“On behalf of the Clearfork management team, I would also like to thank and recognize the hard work and excellent safety record of our highly respected field teams who operate our assets in Louisiana and Texas,” Overstreet said. “These experienced professionals are the backbone of our company and are responsible for the safe management and efficient operation of our natural gas treating facilities and pipelines.”
Clearfork is also evaluating new downstream interconnects to provide additional market access and optionality to maximize netbacks for customers. Clearfork currently has nine physical residue gas interconnects with major pipeline systems, including Acadian Gas, Gulf South, ETC Tiger Pipeline, Line CP, Regency Intrastate Gas (RIGs), EnLink LIG, TETCO and NGPL.