Back in 2020, Houston-based Piñon Midstream set out to cure a massive headache for producers in Perm Town’s most prolific eastern flank of the Delaware in N.M., and Texas—namely, the lack of infrastructure to gather and treat pervasive sour gas. Solving that problem would no doubt be a grand introduction into the nation’s hottest play. Solving another would be even grander. ...

When last we visited Energy Transfer earlier in May, the midstream machine and its combo platter of crude oil, natural gas, and NGL energy infrastructure had just wrapped up a spectacular 1Q. Perhaps there was a twinkle in the eye from Executive Chairman Kelcy Warren as the company marked its achievements, the reap of rewards from last year’s $9 billion in acquisitions, and the not-so-subtle hint there could be more fish to fry given just the right cast. ...