Tailwater Capital Promotes Doug Prieto and Drew Winston to Partner
Rhea-AI Summary
Tailwater Capital promoted Doug Prieto and Drew Winston to Partner effective Dec. 16, 2025. The moves recognize their roles in advancing Tailwater’s energy and infrastructure investment strategy and expanding proprietary sourcing, technical capabilities, and long‑term value creation for limited partners.
Doug Prieto joined Tailwater in 2021, most recently served as CEO of Tailwater E&P, led mineral, royalty and non‑operated upstream investments, and serves on boards of Pivotal Petroleum Partners I & II and Pivotal Royalties Partners I & II. Drew Winston joined in 2018, leads deal sourcing and portfolio management, and serves on boards including WTG Energy, Central Midstream, Producers Midstream, Summit Midstream (NYSE: SMC) and Goodnight Midstream.
Positive
- Two senior promotions reinforce Tailwater’s leadership bench and succession depth
- Doug Prieto has led Tailwater E&P since joining in 2021
- Drew Winston has driven sourcing and portfolio management since joining in 2018
- Both partners hold multiple portfolio board seats including Summit Midstream (NYSE: SMC)
Negative
- None.
Key Figures
Market Reality Check
Peers on Argus
SMC fell -1.48% with elevated volume, while key peers KNOP, DLNG, MMLP, IMPP and NFE also declined between roughly -1% and -8%. Despite broad weakness in related midstream and energy names, scanner data does not classify this as a coordinated sector momentum move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 10 | Q3 2025 earnings | Positive | -0.1% | Improved Q3 EBITDA, throughput and cash flow with dividends still suspended. |
| Oct 28 | Earnings call setup | Neutral | +0.5% | Announcement of Q3 earnings date and participation in two finance conferences. |
| Aug 12 | Q2 2025 earnings | Negative | -16.6% | Q2 net loss and guidance toward low end of 2025 EBITDA range. |
| Jul 31 | Earnings call setup | Neutral | -4.5% | Scheduling Q2 call and conference attendance disclosure for management. |
| Jul 09 | Tax documentation | Neutral | +0.3% | Announcement of 2024 K-3 tax form availability for unitholders. |
Recent earnings releases with stronger operational metrics have not consistently driven positive price reactions, with one Q2 2025 report followed by a notably sharp selloff.
Over the last six months, SMC has been driven mainly by earnings and regulatory disclosures. Q2 2025 results on Aug 12 showed higher revenues but a net loss and guidance toward the low end of EBITDA, followed by a -16.63% reaction. Q3 2025 results on Nov 10 delivered higher adjusted EBITDA and free cash flow, yet shares moved only -0.09%. Administrative items like tax form availability and earnings call scheduling around July–October 2025 saw very small price moves. Today’s Tailwater-related governance news fits into an ongoing story where large shareholders remain active while fundamentals and leverage remain key drivers.
Market Pulse Summary
This announcement highlights leadership promotions at Tailwater Capital, a major shareholder in SMC via Connect Midstream, which recently reported ownership above one-third of the common stock. The news reinforces Tailwater’s strategic focus on energy and midstream assets, including board roles at Summit Midstream. Against a backdrop of prior net losses, meaningful secured notes and ABL borrowings, and SMC trading well below its $45.89 52-week high, investors may watch how Tailwater’s influence aligns with future capital allocation, leverage management and cash flow growth.
AI-generated analysis. Not financial advice.
Doug most recently served as Chief Executive Officer of Tailwater E&P and led the firm's mineral, royalty, and non-operated upstream investment strategy. Since joining the firm in 2021, Doug has helped build Tailwater E&P into a strategically focused and data-driven platform, known for executing proprietary transactions and managing a broad footprint of producing assets with deep inventory. He serves on the boards of Pivotal Petroleum Partners I & II and Pivotal Royalties Partners I & II, and is actively involved with Tailwater E&P SPV, LP.
"Doug has brought tremendous vision and discipline to our upstream platform, helping build what we believe is the leading royalty and non-op model in the industry," said Edward Herring, Tailwater Co-Founder and Managing Partner. "His leadership in assembling and managing world-class assets and teams has driven meaningful value creation for our investors."
Drew joined Tailwater in 2018 and since that time has led the sourcing, evaluation, execution, and ongoing management of investments across the firm. He currently serves on the boards of multiple portfolio companies including WTG Energy, Central Midstream, Producers Midstream, Summit Midstream (NYSE: SMC) and Goodnight Midstream. His leadership and sector expertise have been pivotal in identifying and executing several high-quality investments that have been instrumental to the growth of Tailwater's platform.
"Drew has consistently demonstrated an ability to pair deep industry relationships and strategic decision making to drive value across our portfolio and to our investors," said Jason Downie, Tailwater Co-Founder and Managing Partner. "His leadership style has fostered an environment of collaboration and innovation within Tailwater and has made him a trusted board member to our portfolio company management teams."
These promotions come at a time of strong momentum for Tailwater, as the firm expands its leadership focus on delivering reliable, high-return solutions in a dynamic market. Both Doug and Drew will continue to play critical roles in advancing Tailwater's investment strategy and reinforcing its reputation as a trusted, high-performing partner in energy and infrastructure investing.
About Tailwater Capital
Contact
Jill McMillan
Managing Director, Communications & Public Affairs
Phone: 214-489-7047
Email: jmcmillan@tailwatercapital.com
John Schaufele
Managing Director, Investor Relations & Fundraising
Phone: 214-489-7043
Email: jschaufele@tailwatercapital.com
Forward-Looking Statements
Includes non-Tailwater controlled capital pursuant to the Tailwater led management buyout processes for which Tailwater provides management related services.
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SOURCE Tailwater Capital
FAQ
Who was promoted to Partner at Tailwater Capital on December 16, 2025?
What roles did Doug Prieto hold before his promotion at Tailwater Capital?
Which portfolio boards does Drew Winston serve on, including Summit Midstream (SMC)?
When did Doug Prieto and Drew Winston join Tailwater Capital?
What does the promotion mean for Tailwater investors and portfolio companies?
