Cardinal Midstream closes on acquisition of natural gas business

Published by Sara Simper, Editorial Assistant
World Pipelines, Tuesday, 07 February 2023 13:00

Cardinal Midstream Partners, an independent midstream energy company based in Dallas, has announced it has closed its previously announced acquisition of Medallion Midstream Services’ natural gas gathering and processing business in the prolific Delaware Basin in West Texas. The newly acquired business spans Reeves and Loving counties and includes approximately 80 miles of high and low-pressure natural gas gathering pipelines and a 140 million ft³/d natural gas processing facility.

“We are excited to have completed this transaction as it positions us for significant growth and future bolt-on opportunities in the heart of one of the most prolific basins in the US,” said Doug Dormer, Cardinal CEO. “We believe that clean burning natural gas will continue to play an important role in the energy mix, driving global demand, upstream production, and accompanying midstream infrastructure. These assets are an ideal cornerstone for our business, and we look forward to meaningfully growing our footprint over time.”

Founded in early 2022, Cardinal is a portfolio company of EnCap Flatrock Midstream, a leading capital provider to proven management teams like Cardinal, who are focused on building and enhancing great businesses in North America’s midstream energy sector. Cardinal is led by four founders: Chief Executive Officer, Doug Dormer; Chief Financial Officer, Douglas Gale; Chief Commercial Officer, Justin Garrity; and Chief Operating Officer, Clayton Hewett.

Read the article online at: https://www.worldpipelines.com/business-news/07022023/cardinal-midstream-closes-on-acquisition-of-natural-gas-business/

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