Trace Midstream raises $400m to pursue CCUS opportunities in North America

Sep 28 2022

Trace has secured a $400 million investment from Quantum Energy Partners to form Trace Midstream Partners II.

Headquartered in Houston, Texas, the Company will be focused on developing carbon capture and sequestration assets and supporting midstream infrastructure across North America. 

In support of its CCS focus, Trace II has appointed industry veteran David Dell’Osso as its Chief Operating Officer. David has extensive subsurface expertise as well as a proven track record in the development and operations of large-scale upstream assets and midstream infrastructure. Prior to Trace II, David served as Executive Vice President and Chief Operating Officer for Parsley Energy, a leading public E&P company, until its merger with Pioneer Natural Resources. Prior to Parsley, David spent 13 years with Southwestern Energy Company, where he most recently served as Senior Vice President and General Manager of the Northeast Appalachia Division.

“We are excited to continue our partnership with Quantum as we pursue the development of CCS assets and the midstream infrastructure required to service these projects,” said Josh Weber, CEO of Trace II. “With the addition of David and a dedicated subsurface team, we have assembled the in-house expertise required to develop, construct, and operate projects across the CCS value chain. We look forward to developing and commercializing projects that allow our customers to achieve their decarbonization goals.”

“The Trace team has a proven track record and history of success in both the traditional midstream and upstream space. Our equity commitment demonstrates our continued confidence in the Trace organization and their project development capabilities,” said Blake Webster, Managing Director of Quantum Energy Partners. “We’re excited about the opportunity across the CCS value chain and believe that the Trace team is well positioned to become a leading developer and operator of CCS assets.”

Trace Midstream
Quantum Energy Partners

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Issue 89 - Sept - Oct 2022

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