Sentinel Midstream Announces ExxonMobil Joint Venture Serving the Louisiana Energy Market

DALLAS, Dec. 1, 2023 /PRNewswire/ -- 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.

For more information about Sentinel, please visit www.sentinelmidstream.com.

Sentinel Midstream Contacts

Public Relations & Media: [email protected]

Regulatory: Regulatoryinquiry@sentinelmidstream.com

SOURCE Sentinel Midstream