We hosted an interesting “off the radar” private midstream player in our firm-wide CEO lunch series. Caprock Midstream, LLC is an Energy Spectrum Partners-backed, Delaware Basin focused “three phase” (oil, gas, water) infrastructure solutions provider. CEO Mike Forbau leads a veteran executive team – many of its members share a common El Paso pedigree. Key company attributes include: ~140 MMcfd gas processing capacity, more than 230 kbopd of oil transport assets and 140+ kpbd of water disposal capability on the Texas side of the Delaware Basin…with strong growth potential in all three phases. Mr. Forbau discussed the patience required to find “the right first deal” and why the Delaware Basin’s optionality – three produced fluid phases and multi-zone characteristics – presented the optimal platform. It was clear from Mike’s comments that the Delaware’s ultimate water solution is going to play a big role in the operating and cost experience of producers.