Cardinal Midstream Forms New Co. Targeting Utica, Other Plays

6/2/17 Update: A previous version of this post was incorrect. MDN confused Cardinal Midstream with Cardinal Gas, which led us to create a confusing post. We apologize to both companies–and regret the mistake! Below is a corrected introduction.

Cardinal Midstream II operates a pipeline gather/processing system in Tioga County, PA. The Tioga system gathers and processes gas from Utica Shale wells in the county (not Marcellus wells, at least not yet). Earlier this week Cardinal announced a new spin-off called Cardinal III, backed with money from EnCap Flatrock Midstream–the same company that has backed Cardinal’s other ventures. The new Cardinal III is getting a $250 million infusion from EnCap to “pursue midstream acquisitions and development opportunities in both conventional and unconventional resource plays across North America.” That means possibly more work in the Marcellus/Utica, but any/all other major plays are also up for grabs. Here’s the announcement…Continue reading