Cardinal Midstream on May 31 announced the formation of Cardinal Midstream III LLC to pursue midstream acquisitions and development opportunities across North America.
Cardinal III, backed by a $250 million equity commitment from EnCap Flatrock Midstream, will support the continued growth and development of Cardinal’s core business.
Cardinal has been involved in the acquisition, development and operation of more than $1.3 billion in midstream assets. It is focused on natural gas and crude oil gathering, natural gas processing, centralized compression facilities, condensate stabilization, vapor recovery and natural gas treating.
“Cardinal is proud to announce its third partnership with EnCap Flatrock. They have been a great partner and have supported us through multiple industry cycles,” said Cardinal Midstream Chairman and CEO Doug Dormer. “We are excited about the prospects to grow our gathering footprint in Tioga County, Pennsylvania, as well as the opportunity to enter other basins across the country. With a highly experienced team and a successful operational track record, Cardinal has established a solid platform that is well positioned for growth.”
“We are very pleased to continue our long and extremely successful relationship with Cardinal Midstream by supporting the formation of Cardinal III,” said EnCap Flatrock Managing Partner and Founder Billy Lemmons. “Cardinal has a great track record, driven by a deep understanding of producer needs and how to safely execute on them with speed and operational excellence.”
Recommended Reading
SLB to Buy Service Firm ChampionX in $7.7B All-stock Deal
2024-04-02 - SLB will acquire ChampionX for $7.74 billion in an all-stock deal that puts a 14.6% premium on ChampionX’s April 1 closing price.
ChampionX to Acquire RMSpumptools, Expanding International Reach
2024-03-25 - ChampionX said it expects the deal to extend its reach in international markets including the Middle East, Latin America and other global offshore developments.
ChampionX Acquires ALP to Grow Digital Solutions Portfolio
2024-02-28 - Artificial Lift Performance Ltd. specializes in software designed to maximize production and extend the life of artificial lift equipment.
CERAWeek: Exxon Mobil CEO Says Not Trying to Acquire Hess
2024-03-18 - CEO Darren Woods said Exxon Mobil is trying to secure preemption rights over Hess Corp.'s Guyana assets in its dispute with Chevron, not buy the company itself.
Chevron, Exxon in Dispute Over Hess Stake in Guyana Oil Block
2024-02-27 - Chevron’s $53 billion deal to buy Hess’ interests in the Stabroek Block offshore Guyana could be derailed as Exxon, CNOOC say they have first rights of refusal on the block’s interests.