Oilfield

Canyon Midstream gets USD300m capital commitment from Kayne Anderson

Canyon Midstream Partners has received a capital commitment of USD300m from Kayne Anderson Capital Advisors and Canyon management to support the firm’s strategy to develop, acquire and operate midstream energy assets and businesses.

Canyon is focused on developing midstream assets and providing services in conventional and unconventional production regions in North America, where improved exploration and production technology is increasing hydrocarbon recoveries.

Canyon was formed by former senior management of Delphi Midstream Partners and Laser Northeast Gathering Company. The Canyon team is led by Michael Walsh, president and chief executive; Mark Fuqua, senior vice president of business development; and Dale Harper, senior vice president of engineering and operations.

Prior to forming Canyon, the management team led the development, construction and operation of the Laser Northeast Gathering System in Susquehanna County, Pennsylvania, and Broome County, New York, which was sold to Williams Partners in early 2012. The Laser Northeast system was the first independent gathering system developed in northeastern Pennsylvania and at the time of sale consisted of approximately 39 miles of pipeline, six field compression sites and an expandable 10,000 hp compressor station at the system's interconnection with the Millennium Pipeline.

"Canyon presented a unique opportunity for Kayne Anderson to invest in an established and proven management team that has developed, acquired and operated successful midstream businesses by focusing on their customers' business challenges. As a long-time investor in the E&P business, we have an appreciation for the value that can be created by a responsive, entrepreneurial and well-capitalized midstream company," says Danny Weingeist, managing partner of Kayne Anderson Energy Funds.

Walsh says: "The Canyon team is excited to partner with an experienced and successful energy investor like Kayne Anderson. We believe that the technical expertise, industry relationships and financial resources of our equity partner will augment the management team's experience in creating a world-class midstream company."

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