Shearman & Sterling advised Frontier Midstream Solutions IV in connection with a midstream joint venture with Concho Resources to create Beta Crude Connector, with Frontier serving as operator. Beta Crude Connector will construct, own and operate a crude oil gathering and transportation pipeline system in the Permian Basin that is expected to include more than 100 miles of pipe and have storage capacity of over 100,000 barrels.
Frontier has committed a minimum of $66 million in initial capital towards the joint venture, after which Frontier and Concho will each contribute capital on a 50/50 basis.
Frontier is a private-equity backed midstream company headquartered in Tulsa, Oklahoma that focuses on providing full-service midstream services and developing domestic midstream oil and natural gas assets. Frontier is backed by private equity firm Energy Spectrum Capital.