News

Liquids terminaling and logistics company Moda Midstream, LLC and Moda’s financial sponsor EnCap Flatrock Midstream announced they have entered into a definitive agreement to sell the Moda Ingleside Energy Center (“MIEC”) and other Moda assets to Enbridge Inc.

Liquids terminaling and logistics provider Moda Midstream, LLC announced it has placed into service the final 495,000 barrel tank from its 10 million barrel crude oil expansions at the Moda Ingleside Energy Center (MIEC) in Ingleside, Texas and the Moda Taft Terminal in Taft, Texas. The completion of this storage expansion brings total storage capacity at MIEC and the Moda Taft Terminal to approximately 12 million barrels.

The U.S. Army Corps of Engineers (USACE) awarded a $97.9 million construction contract on Wednesday to Callan Marine, Ltd., to complete the second phase of the four phase Corpus Christi Ship Channel Improvement Project. The project increases the channel depth from -47 feet Mean Lower Low Water (MLLW) to -54 ft MLLW, and widens the channel to 530 feet with an additional 400 feet of barge shelves.

HOUSTON – Liquids terminaling and logistics provider Moda Midstream, LLC (“Moda”) today announced it has commenced deliveries of storage tanks to customers from its 10 million barrel expansion at the Moda Ingleside Energy Center (“MIEC”) in Ingleside, Texas. To date, Moda has delivered 2.4 million barrels of new storage capacity ahead of schedule and has combined total storage of approximately 4.4 million barrels at MIEC and the Moda Taft Terminal.

Moda Midstream (Moda) and Lexicon, Inc. donated $6,772.50 to the Coastal Bend Disaster Recovery Group (CBDRG) to provide newly paved driveways to four Ingleside families in a check presentation ceremony. The event was held at the Shipp’s family home, on their completed driveway, who received a brand-new, rebuilt home from CBDRG in May of this year. Representatives from Moda, Lexicon, CBDRG and family and friends of the Shipp family were all in attendance to celebrate the donation.

HOUSTON – January 25, 2019 – Liquids terminaling and logistics provider Moda Midstream, LLC (“Moda”) today announced it has successfully commissioned upgrades to Berth 2A at the Moda Ingleside Energy Center (“MIEC”) in Ingleside, Texas, to enable loading of very large crude carriers (“VLCCs”). Moda developed these upgrades to provide existing and potential customers the ability to safely and cost-effectively load VLCCs at rates of up to 80,000 barrels per hour.

HOUSTON – August 8, 2018 – Liquids terminaling and logistics provider Moda Midstream, LLC (“Moda”) today announced it has entered into a definitive agreement to acquire the Oxy Ingleside Energy Center (“IEC” or the “Ingleside Energy Center”) and certain crude oil and LPG infrastructure from Occidental Petroleum Corporation (“Occidental”) (NYSE: OXY). The transactionis expected to close in the third quarter of 2018, subject to customary closing conditions.

On behalf of the Moda Midstream family, I am delighted to announce that we have made a number of recent hires to meet Moda’s needs as we look at acquiring and developing a variety of compelling projects. I am particularly pleased that these new hires reunite a number of very talented professionals who have a long, successful history of working together with Bo McCall, Jon Ackerman, Javier del Olmo and myself to develop, operate and grow best-in-class liquids logistics terminals.

HOUSTON – March 17, 2015 – Moda Midstream, LLC (“Moda”), a liquids terminaling and logistics provider, announced today that it has secured an initial equity commitment of $750 million from EnCap Flatrock Midstream and the Moda management team. Moda was formed earlier this year to provide independent terminaling, storage and distribution solutions to refiners, petrochemical manufacturers, marketers and producers of crude oil, condensate, NGLs, refined products and other bulk liquids.