Comprehensive Energy Data Intelligence
Information About Energy Companies, Their Assets, Market Deals, Industry Documents and More...
Cardinal Acquires Natural Gas Business in Prolific Delaware Basin to Expand
11/28/2022.png)
On November 2, Cardinal Midstream Partners, an independent Dallas-based midstream energy company, concluded definitive agreements with Medallion Midstream Services to purchase Medallion’s natural gas gathering and processing business in the Delaware Basin in West Texas. The transaction is subject to customary closing conditions and is expected to close in early 2023.
The recently bought midstream infrastructure includes natural gas gathering and processing solutions for top-tier producer customers in the heart of the Delaware Basin. The system includes Reeves and Loving counties and about 80 miles of high- and low-pressure natural gas gathering pipelines and a 140 million cubic feet per day (MMcf/d) natural gas processing facility.
This purchase in the prolific Delaware Basin will serve as the cornerstone of Cardinal’s natural gas gathering and processing business strategy. The business is an ideal fit to leverage our team’s core competencies and industry relationships. The company anticipates building up the asset base and providing meaningful midstream solutions to serve area producers’ development.
Cardinal was the first management team that was backed when EnCap Flatrock was formed in 2008 and Doug Dormer, Cardinal Chief Executive Officer, has been an incredible partner. EnCap Flatrock is enthusiastic about this next chapter of the Cardinal story with the acquisition of this high-quality asset and expects Doug and his team to continue their track record of success.
Being founded in 2022 Cardinal Midstream Partners is focused on the pursuit of midstream acquisition and development opportunities in North America, especially natural gas gathering and processing and congruent carbon capture and sequestration.
The company is managed by four founders: Chief Executive Officer Doug Dormer; Chief Financial Officer Douglas Gale; Chief Commercial Officer Justin Garrity; and Chief Operating Officer Clayton Hewett. With more than 80 years of combined experience in the energy industry, the founders each have built notable careers creating, managing, constructing, and operating successful midstream businesses through a full life cycle.
As global demand development improves production and accompanying midstream infrastructure expansions, Cardinal Midstream Partners plans to build an asset-based midstream platform utilizing a hybrid method concentrated on natural gas gathering and processing, and congruent carbon capture and sequestration (CCS). This unique strategy offers a broad range of opportunities for value creation through acquisitions and greenfield projects.
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC.
Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently making commitments to new management teams from EFM Fund IV, a $3.25 billion fund.
Shearman & Sterling LLP serves as legal advisor to Cardinal. Locke Lord LLP serves as legal advisor and Greenhill & Co., LLC. serves as financial advisor to Medallion.
If you are looking for more information about energy companies, their assets, and energy deals, please, contact our sales office mapping@hartenergy.com, Tel. 619-349-4970 or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.
Matador Expands In Delaware; Purchases Acreage from Advance Energy at $1.6 Billion
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/127Blog_Matador_Expands_In_Delaware_Purchases_Acreage_from_Advance_Energy.png)
On January 24, Matador spread the word that it will add oil- and gas-producing assets in Lea County, N.M., and Ward County, Texas, and some midstream infrastructure. Most of the acreage is strategically situated in Matador’s Ranger asset area in Lea County. The bolt-on includes about 18,500 net acres, 99% held by production, in the core of northern Delaware. The deal would also extend Matador’s inventory by 406 gross (203 net) drillable horizontal locations with prospective targets in the Wolfcamp, Bone Spring, and Avalon formations.
Tokyo Gas Is Set to Buy Rockcliff Energy: One of the Top Haynesville's Producers
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/114Blog_Tokyo_Gas_Wants_to_Acquire_Rockcliff_Energy_01_2023.png)
On January 3, U.S. natural gas producer Rockcliff Energy from private equity firm Quantum Energy Partners was set to be sold to a unit of Tokyo Gas Co. Ltd. for roughly $4.6 billion, including debt. The all-cash agreement with Houston-based TG Natural Resources, which is 70% possessed by the Japanese energy firm, is decided to be claimed this month, according to anonymous resources, as the discussions were requested to be confidential. Castleton Commodities International (CCI) owns the rest of TG Natural Resources.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/184Blog_Rangeland Energy Divests Canadian Pipeline to Kingston Midstream.png)
Rangeland Energy has agreed to sell Rangeland Midstream Canada to Kingston Midstream Alberta and remains committed to future Canadian midstream investments. Texas-based Rangeland Energy, supported by financial partner EnCap Flatrock Midstream, has inked a deal to sell its Canadian subsidiary, Rangeland Midstream Canada Ltd., to Calgary's Kingston Midstream Alberta Ltd. for cash.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/187Blog_ONEOK Completes Acquisition of Magellan Midstream.png)
The merger between ONEOK and Magellan received approval from Magellan shareholders, securing just 55% of the total votes at Magellan’s meeting on Sept. 21. ONEOK Inc. has successfully concluded the acquisition of Magellan Midstream Partners LP on Sept. 25. The deal will bring together their respective assets and expertise, resulting in a powerful entity boasting an extensive network of approximately 25,000 miles of pipelines primarily focused on transporting liquids.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/186Blog_Viper Energy Secures $1 Billion in Permian.png)
Viper Energy's deal, comprised of cash and equity, secures an additional 2,800 net royalty acres in the Midland Basin and 1,800 in the Delaware Basin. Viper Energy Partners LP, a Diamondback Energy Inc. subsidiary, has inked a deal to acquire mineral and royalty interests in the Permian Basin. The deal, valued at around $1 billion, is with Warwick Capital Partners and GRP Energy Capital. Viper was established by Diamondback with the purpose of owning, purchasing, and capitalizing on oil and natural gas assets in North America, specifically targeting mineral and royalty interests.