Canes Midstream, an operator of midstream E&P assets in the Midland Basin, has tapped an advisor to explore a sale, sources told ReSource.
The Dallas-based firm, backed by EIV Partners and Trace Management, is working with Citi as sellside advisor in a process that is expected to launch soon, the sources added.
Officials at Canes, EIV, and Trace did not respond to requests for comment. Citi declined to comment via a spokesperson.
Backed by private equity firms EIV Partners and Trace Management, Canes operates assets located in the Southern Midland Basin, according to its website, including 520 million cubic feet per day of processing capacity, 800 miles of pipelines, 42 compressor stations, a crude oil gathering system, and substantial acreage dedications from Midland-focused producers.
EIV made its equity commitment to Canes in 2019. Trace Management is formerly Denham Capital’s energy resources investment platform.
Canes made an acquisition of Cogent Midstream in 2022, and has a $415m revolving credit facility that matures in 2027.
