With a nice chunk of change from two private equity backers, Dallas-based Canes Midstream is ready-set-grow with its shiny new Permian prize.
Reese Energy Consulting today is following recent news from Canes, which has closed on the purchase of Dallas-based midstreamer Cogent. The price was not disclosed. As the former president of Cogent’s predecessor company until 2018, Canes’ founder and CEO Scott Brown knows well his acquired oil and gas assets—not to mention the increasing level of producer activity in the Southern Midland that’s put expansion on his mind.
The deal includes 800+ miles of pipeline, five natural gas processing plants with a total capacity of 520 MMCFD, 42 compressor stations, and a crude oil gathering system with a capacity of 80 MBPD. The system serves 10 counties. Cogent’s Big Lake Processing Complex in Reagan County includes two cryogenic plants and a 25-mile pipeline with a total capacity of 400 MMCFD to deliver residue gas to the Gulf Coast Express and Permian Highway pipelines.