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Apollo Global Management LLC and Freestone Midstream Holdings LLC have partnered up to invest in water assets serving the oil and gas industry. Apollo has committed $200 million to back the plan. The partnership will focus initially on the Powder River Basin in Wyoming.

PRESS RELEASE

NEW YORK & DENVER–(BUSINESS WIRE)–Funds managed by Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) and Freestone Midstream Holdings, LLC (“Freestone” or the “Company”) announced today that they have formed a strategic relationship to invest in water assets serving the oil and gas industry, with an initial focus on the Powder River Basin in Wyoming. Freestone will identify and evaluate opportunities to acquire, develop, and operate water midstream and services assets serving upstream oil and gas operators across the full lifecycle of each barrel of water, including freshwater sourcing, transportation, logistics and storage, as well as produced water gathering, disposal and recycling. Funds managed by Apollo have provided Freestone with an equity commitment of $200 million in support of the Company’s business plan.

Freestone, which is headquartered in Denver, Colorado, is led by Ryan Hutcherson, Chief Executive Officer, and James Flavin, President, who have extensive experience across the water value chain. Prior to the formation of Freestone, Mr. Hutcherson and Mr. Flavin worked at Concord Energy, where they were instrumental in developing and managing Concord’s water business in the Powder River Basin.
Mr. Hutcherson commented, “We are excited about the opportunity to work with Apollo. Effective water management is critical to the growth and success of the oil and gas industry. We have a highly experienced team of water and midstream professionals dedicated to providing our customers with reliable and cost-effective solutions.”

Geoffrey Strong, Senior Partner at Apollo, said, “We believe Freestone is well positioned to serve as a value-added partner for oil and gas operators and land owners throughout the United States and create significant value acquiring and developing assets across the water value chain. We also are excited to have the opportunity to work with Ryan and James and their talented team as they build out Freestone’s asset base over the coming years.”

About Freestone
Freestone is a Denver, Colorado-based water midstream and management company focused on acquiring and developing water assets serving the oil and gas industry, with an initial focus on the Powder River Basin. Freestone expects to provide value-added services across the full lifecycle of a barrel of water.

About Apollo
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management of approximately $247 billion as of March 31, 2018 in private equity, credit and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.