EnCap-backed Cardinal buys Medallion Midstream Services’ gas gathering business in Delaware Basin

• Cardinal was founded in early 2022
• EnCap Flatrock Midstream is focused on midstream infrastructure opportunities across North America
• Encap was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors LLC

Cardinal Midstream Partners, which is backed by EnCap Flatrock Midstream, has acquired Medallion Midstream Services’ natural gas gathering and processing business in the Delaware Basin in West Texas. No financial terms were disclosed.

Dallas-based Cardinal is a midstream energy company.

“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 United States,” said Doug Dormer, Cardinal CEO, in a statement. “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 led by four founders: CEO Dormer; Chief Financial Officer Douglas Gale; Chief Commercial Officer Justin Garrity; and Chief Operating Officer Clayton Hewett.

EnCap Flatrock Midstream is focused on midstream infrastructure opportunities across North America. The San Antonio-based firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC.