M6 Midstream (Momentum) Acquires Align Midstream Partners II from Tailwater Capital

Phillips 66 Acquires Pinnacle Midstream from Energy Spectrum Capital

May 20, 2024

Energy

Phillips 66 has agreed to acquire Pinnacle Midland Parent LLC (Pinnacle Midstream II) from private equity firm Energy Spectrum Capital for $550 million to expand its natural gas gathering and processing footprint in the Midland Basin. The assets include the Dos Picos 220 MMcf/d processing plant, ~80 miles of gathering pipeline and 50,000 dedicated acres; the deal is expected to close mid‑2024 subject to customary conditions, including HSR clearance.

Tailwater Capital Acquires Majority Stake in Central Midstream

December 11, 2025

Oil & Gas

Tailwater Capital has acquired a majority interest in Central Midstream Partners, LLC, a Houston-based liquids transportation, storage and terminal services provider with assets across the Gulf Coast and Ohio/Utica region. Tailwater will invest additional equity from Tailwater Fund V to support growth projects while Central Midstream CEO George Jordan and the Jordan family remain involved post-transaction.

Tailwater Capital Acquires NorTex Midstream Partners

February 17, 2021

Oil & Gas

Dallas-based private-equity firm Tailwater Capital agreed to acquire NorTex Midstream Partners LLC, a Houston-based natural-gas storage and midstream operator. The acquisition gives Tailwater ownership of NorTex’s underground storage capacity (about 36 billion cubic feet), a trading hub and roughly 83 miles of pipeline near the Dallas–Fort Worth area to support gas-fired power generation as a complement to renewable energy.

Summit Midstream Corporation Acquires Tall Oak Midstream III from Tailwater Capital

October 1, 2024

Energy

Summit Midstream Corporation and its subsidiary Summit Midstream Partners, LP completed the acquisition of Tall Oak Midstream Operating, LLC (Tall Oak Midstream III) from an affiliate of Tailwater Capital. Consideration included $155 million in cash, 7.5 million common units/shares (equity consideration) and up to $25 million of contingent cash; the deal expands Summit's natural gas gathering and processing footprint in the Arkoma Basin and rebalances its portfolio toward natural gas.

Tailwater Capital Acquires Tall Oak Midstream II and III from EnCap Flatrock Midstream

January 27, 2021

Energy

Tailwater Capital LLC has signed definitive agreements to acquire Tall Oak Midstream II and Tall Oak Midstream III from EnCap Flatrock Midstream. The transactions — executed via Tailwater Energy Fund III (Tall Oak III) and Tailwater Energy Fund IV (Tall Oak II) — will be integrated operationally with Tailwater's portfolio company Connect Midstream to expand pipeline, processing and compression capacity in the Arkoma STACK basin. Financial terms were not disclosed.

Western Midstream Acquires Meritage Midstream for $885M

September 5, 2023

Energy

Western Midstream Partners, LP agreed to acquire Meritage Midstream Services II, LLC in an all-cash transaction for $885 million to expand its Powder River Basin footprint. The deal adds ~1,500 miles of gathering pipelines, ~380 MMcf/d processing capacity and the Thunder Creek NGL pipeline; closing was expected in Q4 2023 subject to customary approvals.