Dallas-based Cardinal Midstream Partners said last week it agreed to acquire the natural gas gathering and processing system of Medallion Midstream Services in Loving and Reeves counties. It consists of about 80 miles of high- and low-pressure natural gas gathering pipelines and a processing plant (140 million cubic feet per day). Closing is expected in early 2023. Cardinal’s initial capital commitment from EnCap Flatrock Midstream reportedly was $300 million.
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. The business is an ideal fit to leverage our team’s core competencies and industry relationships.”