Dallas-based independent midstream company Cardinal Midstream Partners said recently it is acquiring natural gas gathering and processing assets in Delaware Basin from Medallion Midstream Services. The system acquired includes about 80 miles of pipelines in Loving and Reeves counties and a gas processing facility (140 million cfd) for top-tier producer customers. Closing is expected in early 2023.
Doug Dormer, Cardinal CEO, said Nov. 2, “This acquisition in the prolific Delaware Basin will serve as the cornerstone of Cardinal’s natural gas gathering and processing business strategy… We look forward to expanding the asset base and providing meaningful midstream solutions to serve area producers’ growth.” Cardinal was formed in 2022 with initial capital commitment of $300 million from EnCap Flatrock Midstream.