Industry veterans secure funding for new gas midstream firm
Cardinal Midstream Partners, a new independent natural gas midstream company launched earlier this year by four industry veterans with a combined 80 years of experience, said April 21 it had secured an initial capital commitment of $300mn from EnCap Flatrock Midstream.
Cardinal’s business model includes the pursuit of acquisition and development opportunities in prolific natural gas basins across North America, with a focus on gas gathering and processing and congruent carbon capture and sequestration.
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“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,” Cardinal Midstream CEO Doug Dormer said. “We look forward to being part of the energy solution, aggressively pursuing a hybrid strategy focused on natural gas gathering and processing, and carbon capture and sequestration.”
Dormer is joined on the Cardinal Midstream leadership team by CFO Douglas Gale, CCO Justin Garrity and COO Clayton Hewett. The company will be headquartered in Dallas, Texas.
“Doug has assembled a world class team who have deep industry relationships and outstanding reputations in the energy industry,” EnCap Flatrock managing partner Billy Lemmons said. “The company’s strategy and focus provide a solid platform, well positioned for growth and value creation.”