Seminole Energy Services, LLC, a Tulsa, OK-based diversified natural gas service provider with operations spanning the natural gas value chain throughout the Mid-continent and into Appalachia, has received a “major” investment of undisclosed amount from Harvest Partners, LP.
The proceeds from the financing will be used to fund acquisitions, finance accretive growth projects and repurchase equity units from certain existing holders.
In conjunction with the investment, Harvest will occupy two seats on Seminole’s Board of Directors and obtain additional governance rights.
The company’s primary business units include natural gas midstream services, producer services, wholesale marketing and retail marketing. Seminole owns interests in 14 midstream facilities including over 900 miles of gathering pipelines, 28,000 horsepower of compression, gas processing facilities and a natural gas liquids storage facility and rail terminal.
Additionally, the company has wholesale marketing relationships with over 750 natural gas producers and a retail marketing business encompassing 16 states that services over 1.5 billion cubic feet of natural gas per day in peak seasons.
In Illinois and Michigan, Seminole operates under its affiliate brands, Vanguard Energy Services and Lakeshore Energy Services, respectively.
The company currently numbers over 6,200 customers.
FinSMEs
23/07/2010