Brazos Midstream
Brazos Midstream is a privately held, Fort Worth-based midstream energy company operating the largest privately held gas gathering, processing, and crude infrastructure platform in the Permian Basin, serving top-tier upstream producers under long-term acreage dedications.
- Company typePrivate
- Founded2014
- HeadquartersFort Worth, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Brazos Midstream does
Brazos Midstream is a privately held, Fort Worth, Texas-based midstream energy company that provides integrated natural gas gathering, processing, compression, treating, crude oil gathering, and water and condensate handling services to upstream oil and gas producers in the Permian Basin. Founded in late 2014 by Brad Iles, William Butler, Stephen Luskey, and Ryan Jaggi, the company operates approximately 1,435 miles of gathering pipelines, 16 compressor stations with 140,000+ horsepower of compression, and is on track for 1.3 Bcf/d of total Permian processing capacity by year-end 2026 through its Sundance and Cassidy processing complexes in the Midland Basin. The company secures its revenue base through long-term acreage dedications covering more than 375,000 acres from top-tier Permian producers including Diamondback Energy, Shell, and Callon Petroleum.
Brazos generates revenue primarily through fee-based, capacity-and-throughput pricing under multi-year contracts with upstream producer customers, with usage-based contracts across its natural gas gathering, natural gas processing, crude oil gathering, and compression service lines. Its go-to-market is direct enterprise field sales targeting investment-grade upstream operators, with senior commercial and business development executives negotiating multi-year fee-based acreage dedications in the most active counties of the Midland and Delaware Basins. The company is majority-owned by Morgan Stanley Infrastructure Partners (North Haven Infrastructure Partners II), which acquired the Delaware Basin subsidiaries in 2018 for $1.75 billion and retained ownership after Brazos sold those assets to Western Midstream in June 2026 for $1.6 billion.
Following the Delaware Basin divestiture, Brazos has intensified capital deployment in the Midland Basin, commissioning Sundance II (300 MMcf/d) in February 2026 and constructing Cassidy I (300 MMcf/d) for year-end 2026 completion, supported by expansion of its senior credit facility from $225 million to $1.1 billion. Capital is sourced from a combination of Term Loan B debt ($800 million issued February 2023), an expanded senior secured revolver, and equity from Old Ironsides Energy, EnCap Flatrock Midstream, and management. Management positions the company as the largest privately held midstream platform in the Permian Basin.
Brazos Midstream firmographics
Firmographics- Name
- Brazos Midstream
- Legal name
- Brazos Midstream Holdings LLC
- Website
- https://brazosmidstream.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Brazos Midstream is a privately held, Fort Worth-based midstream energy company operating the largest privately held gas gathering, processing, and crude infrastructure platform in the Permian Basin, serving top-tier upstream producers under long-term acreage dedications.
- Ownership category
- akta.pro rank
Brazos Midstream industry classification
Industry- Product category
- Midstream Oil and Gas Services
- NAICS
- Oil and Gas Field Machinery and Equipment Manufacturing (333132), Pipeline Transportation of Refined Petroleum Products (486910)
- SIC
- Oil & Gas Field Machinery & Equipment (3533), Wholesale-Petroleum Bulk Stations & Terminals (5171)
- akta.pro primary industry
- Oil & Gas Midstream & Pipeline O&M (Pipelines, Compressor Stations) (EUAEAGAF)
- akta.pro secondary industries
- Natural Gas Compression Services (EUALACAG), Midstream Commercial Services (Capacity Marketing, Balancing & Scheduling) (EUAAACAL), Gas Pipeline & Midstream Asset Management (EUAEAMAF), Gas Metering, Measurement & Custody Transfer (EUAAACAJ)
Keywords
Where Brazos Midstream is headquartered
LocationHeadquarters
- HQ city
- Fort Worth
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Brazos Midstream business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D
Revenue model
- Natural Gas Gathering and Processing Services: Fee-based natural gas gathering and processing services provided under long-term acreage dedications with leading energy producers. Revenue is generated through capacity-based fees for gas gathering, treating, and processing services. The company secures long-term commitments covering over 375,000 acres in the Midland Basin.
- Crude Oil Gathering Services: Crude oil gathering services including pipeline transportation and storage, with LACT (Lease Automated Custody Transfer) unit operations and terminal facilities.
- Compression Services: Field compression services supporting gas gathering operations with over 140,000 horsepower of compression capacity.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Multi-year contract | Fee-based midstream services under long-term acreage dedications |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Brazos Midstream product offering
Product offeringCore offering
Brazos Midstream operates midstream hydrocarbon infrastructure including natural gas gathering pipelines, cryogenic gas processing facilities, compression stations, crude oil gathering systems, and produced water management infrastructure across the Permian Basin. The company provides full-service midstream solutions from wellhead to market under long-term fee-based acreage dedications covering over 375,000 acres with leading Permian Basin producers.
Product overview
Brazos Midstream provides full-service midstream solutions across the Permian Basin, operating the largest privately held midstream platform in the Midland Basin. The company's integrated service offering combines natural gas gathering and processing infrastructure (including the Sundance and Cassidy processing complexes in the Midland Basin), crude oil gathering systems, compression services, gas treating, and water/condensate handling. The portfolio also included the Comanche processing complex in the Delaware Basin (sold to Western Midstream in 2026), which provided cryogenic gas processing with 460 MMcf/d capacity across Loving, Pecos, Reeves, Ward, and Winkler counties. Brazos operates approximately 1,435 miles of gathering pipelines and provides fee-based services under long-term acreage dedications from top-tier Permian producers covering over 375,000 acres in the Midland Basin.
Differentiator
Problem solved
Functional benefit
Products and services
- Natural Gas Gathering System High-pressure natural gas gathering pipeline network spanning the most prolific producing counties in the Midland Basin including Ector, Glasscock, Howard, Midland, Martin, Reagan, and Upton counties. Includes over 525 miles of natural gas gathering pipelines and 16 compressor stations serving upstream Permian producers.
- Sundance Processing Complex Cryogenic natural gas processing complex in Martin County, Texas consisting of Sundance I (200 MMcf/d) and Sundance II (300 MMcf/d), providing 500 MMcf/d of total processing capacity. Sundance II is the largest cryogenic plant constructed by the company to date.
- Cassidy Processing Complex Cryogenic natural gas processing complex under construction in Glasscock County, Texas. Upon completion of Cassidy I (300 MMcf/d) by year-end 2026, total Midland Basin processing capacity will reach 800 MMcf/d, with the complex designed for future expansion.
- Crude Oil Gathering Crude oil gathering services including pipeline infrastructure, storage terminals, LACT (Lease Automated Custody Transfer) operations, and stabilization facilities across approximately 75,000 barrels of crude oil storage capacity.
- Compression Services Field compression services with approximately 140,000 horsepower of compression capacity in the Midland Basin, including compressor station operations, maintenance, and performance evaluations.
- Gas Treating Services
Quantifiable outcome
- Processing capacity expansion from 200 MMcf/d to 1.3 Bcf/d by 2026
- +2 more outcomes
Companies that use Brazos Midstream
Customer profileNamed customers4 records
Segments1 record
Ideal customer profiles1 record
Brazos Midstream technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Brazos Midstream partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor and core.
- Rattler MidstreamminorBrazos acquired Rattler Midstream's Pecos Gas Gathering System in the Southern Delaware Basin, adding 150 miles of natural gas gathering pipeline and four compressor stations.
- Williams CompaniescoreStrategic joint venture in the Delaware Basin where Williams contributed existing Delaware Basin assets for a 15% minority position. Brazos holds 85% ownership and operates the joint venture with approximately 725 miles of gas gathering pipelines, 260 MMcf/d of processing capacity, 75 miles of crude oil gathering pipelines, and 75,000 barrels of oil storage. The partnership also includes joint development of natural gas residue solutions.
Scale indicators12 records
Recent moves13 records
Expansion highlights5 records
Brazos Midstream competitors and assessment
Company assessmentDirect peers
- Western Midstream Partners: Major Permian-focused midstream operator with overlapping natural gas gathering, processing, and crude oil gathering operations. Western Midstream is the most direct peer as it acquired Brazos's Delaware Basin II assets for $1.6 billion in June 2026 and competes head-to-head for Permian dedications.
- EnLink Midstream (now part of ONEOK): Integrated midstream company with overlapping Permian natural gas processing and crude oil gathering businesses. Several Brazos senior executives previously held leadership roles at EnLink/Crosstex, and EnLink was a prior operator of assets in overlapping Permian geographies.
- Crestwood Midstream: Permian-focused natural gas gathering and processing operator with comparable midstream infrastructure assets. Brazos's VP of Engineering previously served as Project Director at Crestwood, and the two compete for similar upstream dedications in the Delaware sub-basin.
- Targa Resources: Major Permian-focused natural gas processing, NGL, and crude gathering operator with significant cryogenic processing capacity. Targa is a direct competitor for gas processing dedications in the same core Permian counties where Brazos operates Sundance and Cassidy complexes.
- Williams Companies: Large-scale natural gas-focused midstream operator that held a 15% minority position in Brazos's Delaware Basin joint venture and contributed assets to it. Williams is a comparable gathering and processing peer with overlapping Permian and broader U.S. natural gas infrastructure.
Broad incumbents
- Enterprise Products Partners: One of the largest and most diversified U.S. midstream operators with significant Permian gas processing, NGL, and crude gathering exposure. Enterprise is a broad incumbent peer — overlapping with Brazos in Permian gas processing but with a much larger and more diversified asset base.
- Energy Transfer: Diversified midstream and transportation operator with natural gas processing, NGL, and crude gathering operations across multiple basins including the Permian. Energy Transfer is a broad incumbent competitor with greater scale and integrated downstream assets.
- ONEOK: Large-cap midstream operator focused on natural gas gathering/processing and NGL transportation following its acquisition of EnLink Midstream. ONEOK overlaps with Brazos in Permian gas processing and NGL value chain integration as a broad incumbent.
- MPLX: Diversified midstream partnership operated by Marathon Petroleum, with gathering, processing, and NGL infrastructure across major U.S. basins. MPLX is a broad incumbent with overlapping capabilities in Permian gas processing and crude gathering at much greater scale.
- Plains All American Pipeline: Large-scale midstream operator primarily focused on crude oil transportation, gathering, and storage with significant Permian Basin presence. Plains is a broad incumbent peer for Brazos's crude gathering and storage operations, though it lacks the natural gas processing focus.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Brazos Midstream social profiles
Digital presenceBrazos Midstream financial estimates
Financial estimateRevenue estimate
Valuation estimate
Brazos Midstream leadership team
Management profileNumber of profiles
Profiles17 records
Brazos Midstream subsidiaries and ownership
Company hierarchySubsidiaries6 records
Brazos Midstream funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Brazos Midstream M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Brazos Midstream
What does Brazos Midstream do?
Brazos Midstream operates midstream hydrocarbon infrastructure including natural gas gathering pipelines, cryogenic gas processing facilities, compression stations, crude oil gathering systems, and produced water management infrastructure across the Permian Basin. The company provides full-service midstream solutions from wellhead to market under long-term fee-based acreage dedications covering over 375,000 acres with leading Permian Basin producers.
Is Brazos Midstream a public or private company?
Brazos Midstream is a private company. It is classified as private equity controlled and is currently operating.
When was Brazos Midstream founded?
Brazos Midstream was founded in 2014. It employs 101 to 250 people.
Where is Brazos Midstream based?
Brazos Midstream is headquartered in Fort Worth, United States, in the North America region.
How does Brazos Midstream make money?
Three revenue lines are on record. Natural Gas Gathering and Processing Services are the primary driver. The others are crude Oil Gathering Services and compression Services.
Who are Brazos Midstream's main competitors?
Direct peers on record are Western Midstream Partners, EnLink Midstream (now part of ONEOK), Crestwood Midstream, Targa Resources and Williams Companies. Broad incumbents are Enterprise Products Partners, Energy Transfer, ONEOK, MPLX and Plains All American Pipeline.
Does Brazos Midstream have an API?
No public API is recorded for Brazos Midstream.
What industry is Brazos Midstream in?
Brazos Midstream's product category is Midstream Oil and Gas Services. Its primary akta.pro industry code is EUAEAGAF, Oil & Gas Midstream & Pipeline O&M (Pipelines, Compressor Stations), with a secondary code of EUALACAG, Natural Gas Compression Services. Its NAICS code is 333132 and its SIC code is 3533.