Vaquero Midstream

What Vaquero Midstream does

Vaquero Midstream is a privately-held natural gas midstream services company headquartered in Dallas, Texas, operating gathering, treating, and compression infrastructure for upstream producers in the Delaware Basin region of Texas. Founded in 2014, the company owns and operates a system anchored by the Caymus processing facility and provides end-to-end natural gas midstream solutions designed to connect wellhead production to downstream markets, including interstate pipeline takeaway. The company's core offering is fee-based natural gas gathering and processing, with commercial arrangements structured as long-term contracts directly with upstream operators in the basin.

The business operates on a transaction-fee revenue model, charging producers for transporting and processing natural gas through its owned pipelines and processing facilities. Vaquero's go-to-market is direct enterprise sales to upstream natural gas producers in the Delaware Basin, a prolific sub-region of the Permian. With a headcount of 11-50 employees, the company runs a lean, asset-heavy operating model concentrated in a single high-quality basin.

In April 2025, Vaquero secured a $400 million credit facility led by BOK Financial to fund a multi-year system expansion program planned for 2025 and 2026. The expansion is explicitly aimed at enhancing gathering and processing reliability and customer service for existing and prospective producer customers, indicating a growth-phase operating posture. The company remains privately held with no public listing, parent company, or disclosed equity investor base.

Name

Vaquero Midstream

Legal name

Vaquero Midstream

Website

https://vaqueromidstream.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Vaquero Midstream is a Dallas-based, privately-held natural gas midstream services company operating gathering, treating, compression, and processing infrastructure — anchored by the Caymus facility — for upstream producers in the Delaware Basin of Texas under fee-based, long-term contracts.

Ownership category

akta.pro rank

Product category

Natural Gas Midstream Services

NAICS

Pipeline Transportation of Natural Gas (48621)

SIC

Natural Gas Transmission (4922)

akta.pro primary industry

Natural Gas Compression Services (EUALACAG)

akta.pro secondary industries

Gas Metering, Measurement & Custody Transfer (EUAAACAJ), Natural Gas Compressor Station Operations & Services (TLAGACAD)

Keywords

• Natural gas gathering
• Natural gas processing
• Midstream services
• Gas treating compression
• Delaware Basin operations

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel

Revenue model

1. Natural Gas Gathering and Processing Services: Vaquero Midstream generates revenue through fee-based midstream services including natural gas gathering and processing. As a midstream operator, the company charges producers for transporting and processing their natural gas through its pipeline infrastructure and processing facilities.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Vaquero Midstream operates a natural gas midstream business providing gathering, treating, compression, and processing services to upstream oil and gas producers in the Delaware Basin region of Texas. The company owns and operates gathering pipeline infrastructure and the Caymus processing facility, transporting and processing natural gas from the wellhead to downstream pipeline takeaway markets. System expansion projects are planned for 2025 and 2026 to enhance reliability and customer service.

Product overview

Vaquero Midstream operates as a natural gas midstream company offering a unified gathering and processing service portfolio. The core offering consists of natural gas gathering and processing services centered around the Caymus processing facility in the Delaware Basin, with system expansion projects planned for 2025 and 2026 to enhance asset reliability and customer service.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas Gathering and Processing Services

Quantifiable outcome

• System expansion projects planned for 2025 and 2026 aim to enhance gathering and processing reliability and customer service.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators2 records

Recent moves3 records

Expansion highlights3 records

Broad incumbents

• Williams Companies: Major natural gas infrastructure operator with gathering, processing, and long-haul transmission systems across the U.S. Competes in the gathering and processing segment and offers scale advantages.
• Kinder Morgan: Diversified energy infrastructure operator with natural gas gathering, processing, and transportation assets. Competes in the broader midstream value chain, including the Permian region, though typically larger-scale than Vaquero.
• Enterprise Products Partners: One of the largest U.S. midstream operators with extensive Delaware Basin gas processing, NGL takeaway, and pipeline assets. Competes for producer volumes and offers a broader, integrated service portfolio than Vaquero.
• Energy Transfer: Large-scale midstream operator with gathering, processing, and intrastate/interstate pipeline systems spanning multiple basins including the Permian. Competes for Delaware Basin dedications and processing volumes.

Direct peers

• DCP Midstream: One of the largest U.S. natural gas gatherers and processors, with significant Permian/Delaware Basin operations. Directly comparable gathering and processing service offering to upstream producers.
• Crestwood Equity Partners: Midstream operator focused on gathering, processing, and NGL services across several basins, with a meaningful presence in the Delaware/Permian. Closely comparable in scale, asset type, and contract-based revenue model.
• EnLink Midstream: Integrated natural gas and NGL midstream provider with gathering, processing, and transportation services in key U.S. basins, including the Permian. Operates a comparable fee-based model targeting upstream producers.
• Targa Resources: Natural gas and NGL midstream operator with substantial gathering, processing, and downstream assets including operations in the Permian/Delaware region. Directly comparable fee-based midstream business model.
• Western Midstream Partners: Major natural gas and NGL midstream operator with significant gathering and processing assets in the Delaware Basin. Direct competitor for producer dedications and processing capacity in Vaquero's core operating region.

Emerging players

• BKV Corporation: Integrated natural gas and energy company with midstream and power-related assets overlapping with Delaware Basin producer activity. Smaller-scale and more focused than the large incumbents, comparable in profile to a growth-stage midstream operator.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/VaqueroMid
• Facebookfacebook.com/vaqueromidstream

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vaquero Midstream