The Dallas-based company, which is a 50/50 joint venture between private equity firm First Reserve and Caiman Energy II, is working with advisers to evaluate an IPO, said the people, who asked to not be identified because the matter isn’t public. Caiman Energy II has funding from pipeline company Williams Cos., Oaktree Capital Management LP and EnCap Flatrock Midstream.

Spokespeople for Blue Racer, EnCap, Williams and Oaktree declined to comment. A representative for First Reserve didn’t respond to a request for comment.

A potential IPO would follow the listing of Diamondback Energy Inc.’s pipeline spinoff, Rattler Midstream, which raised $665 million last month in the biggest energy IPO of the year. The stock rose 10% in its first day of trading.

Rattler’s success was a stark contrast to the rest of the pipeline sector, which has struggled to raise cash in the capital markets since the crude collapse that began in 2014 and a change in U.S. tax policy that affected oil and gas companies structured as master limited partnerships.

Dominion formed Blue Racer in 2012 through a joint venture with Caiman Energy II and sold its 50% stake to First Reserve last year for as much as $1.5 billion. Blue Racer’s assets consist of 700 miles (1,127 kilometers) of pipelines in Ohio and West Virginia.