Shearman & Sterling advised Cardinal Midstream Partners (Cardinal) as it signed a definitive agreement with Medallion Midstream Services (Medallion) to acquire all of Medallion’s equity interests in Medallion Delaware Basin, Medallion’s natural gas gathering and processing business located in the Delaware Basin in West Texas. The transaction is subject to customary closing conditions and is expected to close in early 2023.
Cardinal is an independent midstream company based in Dallas, Texas. Cardinal pursues 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. Cardinal is backed by EnCap Flatrock Midstream.
Medallion is a Permian Basin focused midstream service provider with integrated assets located in the Midland and Delaware basins. Medallion is sponsored by the Energy & Minerals Group.
The Shearman & Sterling team below was supported by associates Rebecca McCraw (DC-AT), Janice Perri (NY-CGE), and Austin Grossfeld (NY-IPT).