Leading Provider of Growth Capital to Independent  Energy  Companies

Formed in 2008, EnCap Flatrock Midstream (EFM) is focused on identifying, investing in and enhancing the value of great businesses and attractive assets in the midstream sector of North America's energy industry.

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Our Midstream Portfolio

EnCap has been a significant source of capital to the upstream sector of the energy industry since 1988. We believe the landscape for investment in oil and gas remains compelling.

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Our Upstream Portfolio

EnCap's highly experienced energy transition team is leading our effort to pursue investment opportunities created by the global transition to a lower-carbon energy system.

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Our Energy Transition Portfolio

People drive our success. Across our upstream, midstream and energy transition platforms, our investment philosophy is to identify the best management teams with compelling business plans and provide them with growth capital and strategic support. As a result, we have generated consistent returns across an evolving energy landscape and multiple cycles.

Facts & Figures


Funds Raised

$40 Billion

LP Capital Commitments


Active Investors


Teams Backed

Our Approach

EnCap's core investment fundamentals have successfully guided the firm for more than 34 years.


We support seasoned management teams with proven track records of success. We look for strong technical and operational skills, a history of value creation, a well-defined business plan and a common understanding of risk.


We invest in management teams that understand the value of building strong relationships and put a premium on working with their stakeholders.


We take a conservative, disciplined approach to advancing capital, doing so in incremental stages as each business plan proves itself over time.

Early Stage

We believe early-stage companies make excellent investments when they are advised by a capital provider with deep experience in their sector and expertise in managing and building businesses.

Risk Management

We limit the use of leverage and apply a thoughtful investment philosophy that balances capital preservation with value creation.


As we have throughout our history, we continue to identify segments of the energy market that offer the most attractive opportunities, including opportunities created by the global transition to a lower-carbon energy system.

ESG photo

ESG in Action

We believe our fiduciary responsibility to our investors includes incorporating environmental, social and governance factors into our decision-making process. For more than three decades we have focused on being a good steward of our investors' capital. We remain committed to being a responsible investor by maximizing returns in an ethical way that protects the environment and our communities.

Meet Our Team

EnCap’s three verticals are led by teams of highly experienced energy executives who oversee professionals with deep backgrounds and complementary skill sets in energy investing and finance, M&A, energy operations, investor relations and fund administration.

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EnCap Investments Managing Partners Jason DeLorenzo and Doug Swanson.

Latest News

Rangeland Midstream Canada Enters Definitive Agreement to Sell Clearwater Assets to Kingston Midstream
Broad Reach Power Acquired by ENGIE from EnCap Energy Transition and Apollo Funds
Earthstone Energy to buy Delaware Basin-focused Novo Oil & Gas for $1.5 billion
Vital Energy Announces Deal to Acquire the Assets of Forge Energy II
Kimbell Royalty Partners, LP Announces $143.1 Million Acquisition of Sabalo Holdings, LLC Subsidiary


The EnCap team has been a steadfast partner for Broad Reach Power. Their support has been key to making us a U.S. energy transition leader.

Steve Vavrik
Managing Partner & CEO
Broad Reach Power

Patrick Noyes

We’ve built four companies with EnCap since 2003, including Grenadier I, II and III. Our core values are aligned, and that matters. Integrity is number one. It is the fundamental strength of our company and at the heart of our relationship with EnCap.”

Patrick Noyes
President & CEO
Grenadier Energy III, LLC 

EnCap Flatrock Midstream is the nation’s premier provider of midstream growth capital and a firm that for the past decade has demonstrated its ability to be successful in changing markets.”

Steven Huckaby
Humble Midstream, LLC

We are grateful to have EnCap as our financial sponsor. Their deep-rooted technical and financial knowledge has helped us aggressively source deals, develop assets and create value for our business.”

Steven Lipari
Silverback Exploration II, LLC

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