Cardinal Midstream has formed Cardinal Midstream III LLC. Cardinal III, backed by a $250 million equity commitment from EnCap Flatrock Midstream, will pursue midstream acquisitions and development opportunities in both conventional and unconventional resource plays across North America.
Cardinal is led by Chairman and CEO Doug Dormer, President and CFO Tim Roberts, Executive Vice President and COO T. D. Baskin, and Executive Vice President and CCO Mark Ward. Cardinal is focused on natural gas and crude oil gathering, natural gas processing, centralized compression facilities, condensate stabilization, vapor recovery and natural gas treating.
On March 6, 2017, Cardinal Midstream II LLC closed on the sale of its interest in Cardinal PA Holdings LLC to a subsidiary of Energy Transfer Partners LP. Cardinal PA provides natural gas and condensate gathering, compression and condensate stabilization services in the Marcellus Shale of southwest Pennsylvania. Cardinal II continues to own and operate a natural gas gathering system in the dry gas Utica Shale of north central Pennsylvania.
Cardinal was advised by Mack Matheson & Marchesoni PLLC. Thompson & Knight LLP represented EnCap Flatrock Midstream.