Cardinal Midstream
Cardinal Midstream Partners is a Dallas-based, EnCap Flatrock-backed private midstream company that provides natural gas gathering, compression, processing, and condensate stabilization services to top-tier oil and gas producers in the Delaware Basin of West Texas and Southeast New Mexico, operating ~150 miles of gathering pipeline and a 360 MMcf/d processing complex.
- Company typePrivate
- Founded2022
- HeadquartersDallas, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Cardinal Midstream does
Cardinal Midstream Partners is a Dallas-based, privately held midstream energy company founded in April 2022 by industry veterans Doug Dormer (CEO), Douglas Gale (CFO), Justin Garrity (CCO), and Clayton Hewett (COO), who collectively bring 90+ years of midstream experience. The company provides natural gas gathering, treating, compression, processing, and condensate stabilization services under fee-based long-term contracts to top-tier oil and gas producers operating in the Delaware Basin of West Texas and Southeast New Mexico.
Cardinal's asset base is anchored by the February 2023 acquisition of Medallion Midstream Services' Delaware Basin business, which contributed approximately 80 miles of high- and low-pressure gathering pipelines and a 140 MMcf/d processing facility. The company has since expanded its infrastructure footprint to nearly 150 miles of gathering pipelines (including 36 miles of new large-diameter pipeline completed in October 2025) and is bringing its Pecos River Processing Complex in Loving County, Texas to 360 MMcf/d of total processing capacity through a 220 MMcf/d Train III expansion scheduled for early 2026. The company markets its gathering and processing capacity to oil and gas producers in Loving and Reeves Counties, Texas and Eddy County, New Mexico, with management indicating flexibility for further capacity additions.
Cardinal generates revenue through transaction-fee-based service contracts with producer customers in the Delaware Basin, structured as volume throughput or capacity reservation agreements (specific pricing is not publicly disclosed). Its go-to-market is enterprise field sales led by the Chief Commercial Officer and VP of Business Development, focused on direct relationships with top-tier producer customers in the core of one of the most prolific U.S. oil and gas basins. The company is backed by EnCap Flatrock Midstream, which provided a $300 million initial capital commitment at formation and which manages over $9 billion in institutional commitments; Cardinal's stated strategy includes both acquisition of existing midstream assets and greenfield development, with a stated longer-term interest in carbon capture and sequestration opportunities.
Cardinal Midstream firmographics
Firmographics- Name
- Cardinal Midstream
- Legal name
- Cardinal Midstream Partners
- Website
- https://cardinalmp.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Cardinal Midstream Partners is a Dallas-based, EnCap Flatrock-backed private midstream company that provides natural gas gathering, compression, processing, and condensate stabilization services to top-tier oil and gas producers in the Delaware Basin of West Texas and Southeast New Mexico, operating ~150 miles of gathering pipeline and a 360 MMcf/d processing complex.
- Ownership category
- akta.pro rank
Cardinal Midstream industry classification
Industry- Product category
- Natural Gas Midstream Services
- NAICS
- Pipeline Transportation of Natural Gas (48621), Pipeline Transportation of Natural Gas (486210), Pipeline Transportation of Natural Gas (4862)
- SIC
- Natural Gas Transmission (4922), Oil & Gas Field Services, Nec (1389)
- akta.pro primary industry
- Interstate & Intrastate Natural Gas Transmission Pipelines (EUAAACAB)
- akta.pro secondary industries
- Gas Metering, Measurement & Custody Transfer (EUAAACAJ), Pipeline Operations, Integrity & Control (SCADA, Pigging, Leak Detection) (EUALADAK), Gas Pipeline & Midstream Asset Management (EUAEAMAF)
Keywords
Where Cardinal Midstream is headquartered
LocationHeadquarters
- HQ city
- Dallas
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Cardinal Midstream business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales
Revenue model
- Natural Gas Gathering Services: Fee-based natural gas gathering services providing transportation of natural gas from production wells through gathering pipelines to processing facilities. Services are contracted with oil and gas producers in the Delaware Basin.
- Natural Gas Processing: Natural gas processing services at the Pecos River Processing Complex, providing residue gas and NGL extraction capabilities. Processing capacity of 360 MMcf/d as of early 2026.
- Compression and Midstream Facilities: Compression services supporting the gathering system operations and providing reliable midstream services for customer development.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
Cardinal Midstream product offering
Product offeringCore offering
Cardinal Midstream Partners operates an integrated natural gas midstream platform in the Delaware Basin, providing high- and low-pressure gathering pipeline services, natural gas processing, compression, condensate stabilization, and vapor recovery. The company's infrastructure spans nearly 150 miles of gathering pipelines in Loving and Reeves Counties (Texas) and Eddy County (New Mexico), anchored by the Pecos River Processing Complex with 360 MMcf/d of cryogenic processing capacity. Services are delivered under long-term contracts to top-tier oil and gas producers operating in the basin.
Product overview
Cardinal Midstream Partners operates an integrated midstream platform focused on natural gas gathering and processing assets. The company's core offerings include high- and low-pressure natural gas gathering pipelines spanning approximately 150 miles in the Delaware Basin, the Pecos River Processing Complex with 360 MMcf/d capacity, natural gas compression, condensate stabilization, and vapor recovery services. The portfolio includes infrastructure acquired from Medallion Midstream in 2023, serving top-tier producer customers in the heart of the Delaware Basin.
Differentiator
Problem solved
Functional benefit
Products and services
- Natural Gas Gathering High- and low-pressure natural gas gathering pipeline systems that collect natural gas from upstream production wells and transport it to processing facilities. Delivered to top-tier oil and gas producers across Loving and Reeves Counties (TX) and Eddy County (NM) in the Delaware Basin.
- Natural Gas Processing Processing of raw natural gas to remove impurities and extract valuable NGLs and condensate, delivered through cryogenic processing facilities and the Pecos River Processing Complex. Provides residue gas and NGL streams to downstream markets for oil and gas producers in the Delaware Basin.
- Pecos River Processing Complex Cryogenic natural gas processing facility located in Loving County, Texas, anchored by Cardinal's Delaware Basin operations. Includes the Train III expansion scheduled for completion in early 2026, adding 220 MMcf/d of capacity to reach 360 MMcf/d total, with flexibility for further expansion.
- Natural Gas Compression Compression services provided across the gathering pipeline system to maintain pressure and flow of natural gas from production wells to processing facilities. Supports reliable midstream operations for producer customers in the Delaware Basin.
- Condensate Stabilization Processing service that stabilizes condensate extracted during natural gas production to meet pipeline and downstream market specifications for producer customers in the Delaware Basin.
- Vapor Recovery Capture and recovery of vapor streams to minimize emissions and maximize product yield from upstream production operations. Provided to oil and gas producers as part of Cardinal's integrated Delaware Basin midstream platform.
Quantifiable outcome
- Processing capacity expanded from 140 MMcf/d to 360 MMcf/d since acquiring Medallion assets in 2023
- +2 more outcomes
Companies that use Cardinal Midstream
Customer profileSegments1 record
Ideal customer profiles1 record
Cardinal Midstream technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Cardinal Midstream partnerships and signals
Strategic signalScale indicators7 records
Recent moves8 records
Expansion highlights6 records
Cardinal Midstream competitors and assessment
Company assessmentBroad incumbents
- Williams Companies: Major natural gas-focused midstream operator with large-scale gathering and processing assets across multiple basins, including the Delaware/Permian. Overlaps with Cardinal's core service lines as a broad incumbent.
- Enterprise Products Partners: One of the largest integrated midstream energy companies with Permian/Delaware Basin natural gas processing and NGL takeaway. Overlaps with Cardinal on the gathering/processing value chain but at vastly greater scale and integration.
- Energy Transfer: Large diversified midstream operator with extensive Delaware Basin gathering and processing assets and downstream pipelines. Acquired Cardinal II's interest in 2017; competes for acreage dedications across the same producers Cardinal serves.
- Kinder Morgan: Largest U.S. natural gas pipeline operator with gathering, processing, and transportation across multiple basins. Overlaps with Cardinal in upstream-midstream services and competes for producer offtake in the Permian.
- ONEOK: Major natural gas and NGL midstream platform with gathering, processing, and fractionation assets across key shale basins. Comparable to Cardinal's NGL- and gas-focused processing model at much larger scale.
Direct peers
- EnLink Midstream: Major gathering, processing, and transportation operator with a sizable Delaware Basin position (including the NGP JV where Cardinal's CCO previously worked). Directly comparable as a natural gas gathering and processing peer in the same basin serving similar producer customers.
- Crestwood Equity Partners: Midstream partnership focused on natural gas gathering, processing, and NGL handling, with significant Delaware Basin and other shale exposure. Comparable mid-cap gathering and processing platform.
- DCP Midstream: One of the largest natural gas gathering and processing operators in the U.S. with Permian Basin assets. Directly comparable service offering and customer base of upstream producers.
- Western Midstream Partners: Permian/Delaware Basin-focused midstream operator providing natural gas gathering, processing, and crude oil transportation. Directly comparable in scale, basin focus, and service mix.
- Targa Resources: Large-scale natural gas and NGL gathering/processing operator with major Permian and Delaware Basin presence. Comparable as a downstream competitor and benchmark for processing economics and NGL recovery in the same basin.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Cardinal Midstream social profiles
Digital presenceCardinal Midstream financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cardinal Midstream leadership team
Management profileNumber of profiles
Profiles10 records
Cardinal Midstream funding detail
Funding detailFunding overview
Funding rounds3 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cardinal Midstream M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cardinal Midstream
What does Cardinal Midstream do?
Cardinal Midstream Partners operates an integrated natural gas midstream platform in the Delaware Basin, providing high- and low-pressure gathering pipeline services, natural gas processing, compression, condensate stabilization, and vapor recovery. The company's infrastructure spans nearly 150 miles of gathering pipelines in Loving and Reeves Counties (Texas) and Eddy County (New Mexico), anchored by the Pecos River Processing Complex with 360 MMcf/d of cryogenic processing capacity. Services are delivered under long-term contracts to top-tier oil and gas producers operating in the basin.
Is Cardinal Midstream a public or private company?
Cardinal Midstream is a private company. It is classified as private equity controlled and is currently operating.
When was Cardinal Midstream founded?
Cardinal Midstream was founded in 2022. It employs 101 to 250 people.
Where is Cardinal Midstream based?
Cardinal Midstream is headquartered in Dallas, United States, in the North America region.
How does Cardinal Midstream make money?
Three revenue lines are on record. Natural Gas Gathering Services are the primary driver. The others are natural Gas Processing and compression and Midstream Facilities.
Who are Cardinal Midstream's main competitors?
Broad incumbents on record are Williams Companies, Enterprise Products Partners, Energy Transfer, Kinder Morgan and ONEOK. Direct peers are EnLink Midstream, Crestwood Equity Partners, DCP Midstream, Western Midstream Partners and Targa Resources.
Does Cardinal Midstream have an API?
No public API is recorded for Cardinal Midstream.
What industry is Cardinal Midstream in?
Cardinal Midstream's product category is Natural Gas Midstream Services. Its primary akta.pro industry code is EUAAACAB, Interstate & Intrastate Natural Gas Transmission Pipelines, with a secondary code of EUAAACAJ, Gas Metering, Measurement & Custody Transfer. Its NAICS code is 48621 and its SIC code is 4922.