Sentinel Midstream Announces ExxonMobil Joint Venture Serving the Louisiana Energy Market

DALLAS, TEXAS – December 1, 2023 — Sentinel Midstream (“Sentinel”), a midstream solutions provider for crude oil transportation, storage, and terminaling, today announced the expansion of its last mile energy infrastructure platform with the formation of a second joint venture with ExxonMobil Pipeline Company LLC (“ExxonMobil”). The joint venture, called Enercoast Midstream Louisiana LLC (“Enercoast”), provides critical pipeline connectivity between crude oil terminals in Raceland, St. James, and Anchorage, Louisiana.
ExxonMobil contributed two existing crude oil pipelines into Enercoast: a 16-inch crude pipeline originating at St. James with a delivery point at Anchorage, and a 16-inch crude pipeline originating at Raceland and St. James with a delivery point at Anchorage. With their delivery points at Anchorage, these pipelines provide connectivity to the ExxonMobil Baton Rouge, Placid, and Delek Krotz Springs refineries. Sentinel contributed cash for a majority equity position in and will be the operator of the joint venture.
As operator, Sentinel brings an experienced, results-oriented management team with a proven track record of maximizing value while maintaining its core values of safe, reliable operations and environmental stewardship. Sentinel will undertake efforts to commercialize capacity on Enercoast’s system while pursuing opportunities to grow its operating footprint in Louisiana.

“We are extremely pleased to continue the growth of our joint venture with ExxonMobil to maximize the potential of Enercoast in the critical Louisiana crude oil market,” said Jeff Ballard, President and CEO of Sentinel. “ExxonMobil and Sentinel’s decision to form a second joint venture, in a new geographic area, speaks to the growth of our relationship and the value each party places on it.”

Enercoast began serving shippers as a common-carrier pipeline on December 1, 2023. Enercoast’s tariffs are available on Sentinel’s website.

Sentinel was represented by Willkie Farr & Gallagher LLP and ExxonMobil was represented by Troutman Pepper Hamilton Sanders LLP.

About Sentinel

Sentinel, headquartered in Dallas, Texas, offers midstream solutions for crude oil transportation, storage, and terminaling. Sentinel is backed by Cresta Fund Management, an investment manager with over $1.4 billion of assets under management funding specialized middle market energy infrastructure opportunities.

Sentinel Midstream Contacts

Public Relations & Media: info@sentinelmidstream.com
Regulatory: Regulatoryinquiry@sentinelmidstream.com


Sentinel Midstream Announces New Joint Venture Serving the Houston Energy Market

RICHARDSON, TEXAS – October 4, 2021 — Sentinel Midstream Texas LLC (“Sentinel”) today announced the formation of a joint venture with ExxonMobil Pipeline Company that owns crude oil pipelines and related transportation infrastructure in the Houston area. The joint venture, Enercoast Midstream LLC (“Enercoast”), provides the critical last-mile link for Permian, Gulf of Mexico, and other barrels in the Houston crude oil market.

For the joint venture, ExxonMobil will contribute two existing crude oil pipelines into Enercoast: a 16-inch pipeline originating at Webster Terminal with delivery points at ExxonMobil’s Baytown Refinery and Seabrook export terminal and a 20-inch crude pipeline with access to Moore Road station. Sentinel contributed cash for a majority equity position and will be the operator for the joint venture.

As operator, Sentinel brings an experienced, results-oriented management team with a proven track record of maximizing value while maintaining its core values of safe, reliable operations and environmental stewardship. Sentinel will undertake efforts to commercialize capacity on Enercoast’s system while pursuing opportunities to grow it’s operating footprint by building or acquiring new pipelines.

“We are extremely pleased to establish a joint venture with ExxonMobil to maximize the potential of Enercoast,” said Jeff Ballard, President and CEO of Sentinel. “Sentinel looks forward to the opportunity to serve ExxonMobil and other shippers in the Houston market.”

Enercoast began serving shippers as a common-carrier pipeline on October 1, 2021. Enercoast’s tariffs are available on Sentinel’s website.

About Sentinel

Sentinel is headquartered in Richardson, Texas, offering midstream solutions for crude oil transportation, storage, and terminalling. Sentinel is backed by Cresta Fund Management, a middle-market infrastructure firm focused on investing in hard assets that transport, store, process or sequester basic materials.

Sentinel Midstream Contacts

Public Relations & Media: info@sentinelmidstream.com
Regulatory: Regulatoryinquiry@sentinelmidstream.com


Sentinel Midstream’s “Texas GulfLink” Deepwater Port Achieves Major Milestone

Richardson, Texas – November 30, 2020 –Sentinel Midstream LLC, through its subsidiary Texas GulfLink, LLC, announced today that the United States Coast Guard and United States Maritime Administration have released Texas GulfLink’s Draft Environmental Impact Statement (“DEIS”).  This is a critical step in the regulatory process toward receiving a license to operate a deepwater port. Texas GulfLink is a planned deepwater crude oil export facility, to be located off the coast of Freeport, Texas, that will be capable of fully loading Very Large Crude Carrier (“VLCC”) tankers.

“The Texas GulfLink team has been actively working with the United States Maritime Administration and the United States Coast Guard to timely address questions and provide additional information relevant to the DEIS.  We are pleased with the release of the DEIS, which represents a major milestone in our goal of obtaining a deepwater port license. Recognizing these are challenging times for the energy industry, we strongly believe that the energy market will recover as global demand stabilizes and that Texas GulfLink will be uniquely positioned to benefit from this recovery. It will address the current VLCC loading limitations off the Texas coast by offering a more safe, reliable, and economic crude oil movement solution,” said Sentinel Midstream President and CEO Jeff Ballard.  “We believe Texas GulfLink is the infrastructure that is needed for the US to link domestic crude oil supply with global markets, especially through chartered VLCCs bound for Asia.”

“In addition,” Ballard continued, “Texas GulfLink will allow for more efficient loading of VLCC’s, which will significantly reduce overall emissions, including carbon and other greenhouse gases, by approximately 80% when compared to the cumulative effects of reverse lightering, the current ship-to-ship transfer practice off the Texas Coast.”  “Another advantage for Texas GulfLink,” Ballard added, “is that it will reduce congestion in shore-based ports, delivering additional environmental and safety benefits.  All of these factors lead us to believe that Texas GulfLink will be a major step forward for US crude oil exports and a driving factor toward a low-carbon emissions future.”

Texas GulfLink will include an onshore oil storage terminal connected by a 42” pipeline to a manned offshore platform approximately 30 miles off the Gulf Coast.  From the platform, the crude oil will be transported to two Single Point Mooring buoys to allow for VLCCs to receive up to two million barrels of crude oil with loading rates up to 85,000 barrels per hour.  Designed with safety in mind, the offshore platform will have around-the-clock monitoring, which will provide shippers with a safe and reliable mooring operation for VLCCs and other crude oil tankers.

About Sentinel Midstream

Sentinel Midstream is headquartered in Richardson, Texas, offering first-class midstream solutions for crude oil transportation, storage, and terminalling.  Sentinel’s management has a successful track record of unlocking value for customers by creating tailored commercial solutions. Sentinel is backed by Cresta Fund Management, a middle-market infrastructure firm focused on investing in hard assets that transport, store, process or sequester basic materials. For more information, please visit www.sentinelmidstream.com and www.texasgulflink.com.

Phone: 214.613.3493 and email: info@sentinelmidstream.com  

Texas GulfLink Contacts

Public Relations & Media: info@sentinelmidstream.com
Vendor & Contractor: Vendorinquiry@sentinelmidstream.com
Regulatory & Permitting: Regulatoryinquiry@sentinelmidstream.com


Sentinel Midstream and Freepoint Commodities Execute Agreements on Texas GulfLink’s Deepwater Crude Oil Export Facility

Dallas, Texas – January 22, 2020 –Sentinel Midstream, LLC, through its subsidiary Texas GulfLink, LLC, today announced its alignment with Freepoint Commodities LLC (“Freepoint”) in furtherance of the construction, operation, and utilization of Texas GulfLink.   Texas GulfLink is a deepwater crude oil export facility that will be located off the coast of Freeport, Texas, and will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.

Texas GulfLink will include an onshore oil storage terminal connected by a 42” pipeline to a manned offshore platform approximately 30 miles off the Gulf Coast.  From the platform, the oil will be transported to two Single Point Mooring buoys to allow for VLCCs to receive two million barrels of crude oil with loading rates up to 85,000 barrels per hour.  Designed around safety, the offshore platform will have around-the-clock monitoring, which will provide shippers with a safe and reliable mooring operation for VLCCs and other crude carrier vessels.

“We are pleased with the additional level of commercial support that Freepoint’s involvement will provide to Texas GulfLink.  As the project continues to move forward with the deepwater crude oil license application process, Sentinel is excited that Freepoint has chosen to align with Texas GulfLink and will utilize their substantial global and commercial resources to create value for their customers,” said Sentinel Midstream President and CEO, Jeff Ballard.  “Through their Asian market focus, Freepoint will lead efforts to meet the growing demand from Asian refineries for US produced crude oil.”

“Freepoint recognizes the significant experience that the Texas GulfLink team has in deepwater port projects and the team’s ability to construct and operate to the highest standards,” said Freepoint CEO David Messer.  “The Texas GulfLink project will help meet the demands our customers have to reliably source US crude oil through a neutral infrastructure export option.”

About Sentinel Midstream

Sentinel Midstream is headquartered in Richardson, Texas, offering first-class midstream solutions for crude oil transportation, storage, and terminaling. Sentinel’s management has a successful track record of unlocking value for customers by creating tailored commercial solutions. For more information, please visit: www.sentinelmidstream.com

Phone: 214.613.3493 and email: info@sentinelmidstream.com


Sentinel Midstream Submits License Application for a Deepwater Crude Oil Export Facility

Dallas, Texas – June 3, 2019 – Sentinel Midstream, LLC, through its subsidiary Texas GulfLink, LLC, today announced that on May 30, it submitted a license application with the U.S. Maritime Administration (MARAD) to construct and operate a deepwater crude oil export facility. The port will be located off the coast of Freeport, Texas, and will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.

Texas GulfLink will include an onshore oil storage terminal connected by a 42” pipeline to a manned offshore platform approximately 30 miles off the Gulf Coast. From the platform, the oil will be transported to two Single Point Mooring buoys to allow for VLCCs to receive two million barrels of crude oil with loading rates up to 85,000 barrels per hour. The offshore platform will have around-the-clock monitoring, which will provide shippers with a safe and reliable mooring operation for VLCCs and other crude carrier vessels.

“With the submission of the license application to MARAD, Texas GulfLink has completed a major milestone towards receiving approval to construct and operate a deepwater crude oil export facility. As the neutral infrastructure export solution for shippers, Texas GulfLink will provide a necessary crude oil export outlet for the expected increase in U.S. crude oil production,” said Sentinel Midstream President and CEO, Jeff Ballard. “Texas GulfLink will utilize its team’s significant deepwater port experience and expertise to construct and operate with the highest commitment to safety, reliability, and environmental standards.”

Project financing is being provided by Cresta Fund Management. Cresta Managing Partner Chris Rozzell said, “We are pleased with the commercial support Texas GulfLink has received and the continued strong interest from shippers who recognize the need for additional export capacity. By reducing capacity constraints in Gulf Coast ports and creating an economic oil export outlet, Texas GulfLink will allow U.S oil producers to continue to develop and increase U.S. oil production without potential production curtailments due to lack of export capacity.”

Abadie-Williams served as the primary engineering and regulatory consultant and Kean Miller LLP served as the lead legal advisor on behalf of Texas GulfLink.

About Sentinel Midstream

Sentinel Midstream is headquartered in Dallas, Texas, offering first-class midstream solutions for crude oil transportation, storage, and terminaling. Sentinel’s management has a successful

track record of unlocking value for customers by creating tailored commercial solutions. For more information, please visit: www.sentinelmidstream.com

About Cresta Fund Management

Cresta Fund Management is a Dallas-based private equity firm focused on middle market infrastructure investments across energy and related sectors. Cresta was founded in 2016 by energy infrastructure professionals who understand that executing on successful value add investment opportunities requires a unique perspective and a partnership mindset. For more information, please visit: www.crestafunds.com

Contacts

Public Relations & Media: info@sentinelmidstream.com
Vendor & Contractor: Vendorinquiry@sentinelmidstream.com
Regulatory & Permitting: Regulatoryinquiry@sentinelmidstream.com
Cresta Fund Management, Dena Peterson, dena.peterson@crestaenergy.com


Sentinel Midstream Announces New Deepwater Crude Oil Export Facility

Dallas, Texas – February 11, 2019 – Sentinel Midstream has announced its planned development of Texas GulfLink, a proposed Deepwater Crude Oil Export Terminal, located near Freeport, Texas. The completed facility will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.

Texas GulfLink will include an onshore terminal with up to 18 million barrels of storage, an offshore 42-in. pipeline, and a manned offshore platform to facilitate port operations with two (2) Catenary Anchor Leg Mooring (CALM) Single Point Mooring (SPM) buoys.  Projected export loading rates will be up to 85,000 barrels per hour, with a nominal capacity of 1.2 million barrels per day over the course of a calendar year.

“Texas GulfLink will provide the United States with an economical solution to clear the over-supply barrels destined for the Gulf Coast,” said Sentinel Midstream President and CEO Jeff Ballard. “We have compiled a team of industry leading professionals who possess unique experience in construction and operations of deepwater ports and are well positioned to leverage that experience as prudent operators. Our team of seasoned professionals is committed to developing Texas GulfLink with a specific focus on exceeding industry standards for safety and environmental protection.”

Over the past year, Sentinel Midstream developed Texas GulfLink in conjunction with multiple stakeholders, including federal, state, and local agencies. The project has secured necessary commercial support to justify the capital investment and is preparing its submission of a formal permit with the United States Maritime Administration (MARAD).

Project financing is being provided by Cresta Fund Management. Cresta Managing Partner Chris Rozzell said, “Sentinel has assembled the best-in-class team, with deep experience developing and operating deepwater export solutions. We are excited to partner with them as they bring this critical facility to the Gulf Coast market.” Rozzell added, “We view the company’s value proposition, which provides a neutral infrastructure solution without the inherent conflicts of affiliated marketing, as the best approach to support the interests of U.S. producers and lead to the greatest outcome for all stakeholders.”

About Sentinel Midstream

Sentinel Midstream is headquartered in Dallas, Texas, offering first-class midstream solutions for crude oil gathering, storage, and terminaling. Sentinel’s management has a successful track record of unlocking value for customers by creating tailored commercial solutions. For more information, please visit: www.sentinelmidstream.com

About Cresta Fund Management

Cresta Fund Management is a Dallas-based private equity firm focused on middle market infrastructure investments across energy and related sectors. Cresta was founded in 2016 by energy infrastructure professionals who understand that executing on successful value add investment opportunities requires a unique perspective and a partnership mindset. For more information, please visit: www.crestaenergy.com

Contacts

Commercial: info@sentinelmidstream.com
Vendor & Contractor: Vendorinquiry@sentinelmidstream.com
Regulatory & Permitting: Regulatoryinquiry@sentinelmidstream.com
Cresta Fund Management, Dena Peterson, dena.peterson@crestaenergy.com