Industry Veterans Form Cardinal Midstream Partners, Secure Initial $300 Million Capital Commitment from Encap Flatrock Midstream
DALLAS, TEXAS – April 21, 2022 – Cardinal Midstream Partners (“Cardinal”), a newly-formed independent midstream company based in Dallas, announced today it has secured an initial capital commitment of $300 million from EnCap Flatrock Midstream (“EnCap Flatrock”). Led by a team of industry veterans with a proven track record of success and value creation, Cardinal will pursue acquisition and development opportunities in prolific basins across North America with a focus on natural gas gathering and processing as well as congruent carbon capture and sequestration.
The Cardinal leadership team includes four founders: Chief Executive Officer Doug Dormer; Chief Financial Officer Douglas Gale; Chief Commercial Officer Justin Garrity; and Chief Operating Officer Clayton Hewett. With more than 80 years of combined experience in the energy industry, the founders each have built notable careers creating, managing, constructing, and operating successful midstream businesses through full life cycle.
“EnCap Flatrock has been a trusted and valued partner to me for over a decade and I am excited to continue as we work together to grow Cardinal Midstream Partners,” said Doug Dormer, Cardinal chief executive officer. “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. 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.”
From EnCap Flatrock
“We are excited to continue our longstanding relationship with Doug Dormer and partner with Cardinal Midstream Partners,” said Billy Lemmons, EnCap Flatrock managing partner. “Doug has assembled a world class team who have deep industry relationships and outstanding reputations in the energy industry. The company’s strategy and focus provide a solid platform, well positioned for growth and value creation.”
Cardinal was advised by Akin Gump Strauss Hauer & Feld LLP, led by partner Wesley P. Williams. Sarah E. McClean, partner with Sherman & Sterling, LLC acted as legal counsel to EnCap Flatrock.
About Cardinal Midstream:
Based in Dallas, Cardinal Midstream Partners was founded in 2022 and is focused on the pursuit of midstream acquisition and development opportunities across North America, specifically natural gas gathering and processing and congruent carbon capture and sequestration. The company is led by four founders: Chief Executive Officer Doug Dormer; Chief Financial Officer Douglas Gale; Chief Commercial Officer Justin Garrity; and Chief Operating Officer Clayton Hewett. For more information, visit www.cardinalmp.com.
About EnCap Flatrock Midstream:
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCapInvestments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently making commitments to new management teams from EFM Fund IV, a $3.25 billion fund. For more information, please visit efmidstream.com.
Meredith Hargrove Howard
Redbird Communications Group