Energy Spectrum Capital

Energy Spectrum Capital is a private equity and venture capital firm based in Dallas, Texas, founded in 1995. The firm specializes in investments within the energy sector, particularly focusing on midstream energy, which includes oil and gas pipelines, storage, and transportation, as well as energy service and power development companies. Energy Spectrum Capital typically targets lower-middle market companies and invests between $50 million and $200 million in equity, including follow-on investments. Its investment strategy emphasizes North America, with a preference for the United States and Canada. The firm aims to support management teams with strategic guidance to help them achieve their business objectives and generally seeks to exit investments within a timeframe of three to seven years. Energy Spectrum Capital operates as a subsidiary of Energy Spectrum Securities Corp.

Peter W. Augustini

Managing Partner

James P. Benson

Co-Founder

Benjamin H. Davis

Managing Partner

Alison Fischer

Managing Partner and CFO

Mark Honeybone

Partner

Austin P. Lutz

Director

Mike Mayon

Partner

Michael P. Mitchell

Director

Chandler A. Phillips

Managing Partner

Thomas Whitener

President and Founding Partner

38 past transactions

Renegade Infrastructure

Private Equity Round in 2025
Renegade Infrastructure focuses on creating and purchasing midstream energy infrastructure. It offers a full range of midstream services designed specifically for producers of oil and gas.

Nightpeak Energy

Private Equity Round in 2022
Nightpeak Energy specializes in the development and operation of dispatchable power plants aimed at addressing the increasing capacity demands of a decarbonized energy grid. The company focuses on creating flexible and reliable energy projects, primarily in the U.S. West and Texas, to support communities experiencing rapid growth in intermittent renewable energy sources. By establishing these energy projects, Nightpeak Energy contributes to the transition towards a more sustainable energy landscape.

Tivoli Midstream

Private Equity Round in 2020
Tivoli Midstream LLC is a Houston-based company that specializes in acquiring, constructing, and managing storage and terminal facilities for oil, gas, and petrochemicals. The company provides logistics and handling services for a variety of products, including chemical and refined products, crude oil, renewable products, and dry-bulk commodities. Serving refiners, commodity traders, and the petrochemical industry, Tivoli Midstream aims to optimize logistics solutions that enhance client operations. The team is composed of experienced industry professionals with extensive knowledge in the oil, gas, and petrochemical sectors, underscoring the company's commitment to delivering critical infrastructure to its clients.

Caprock Midstream

Private Equity Round in 2019
Caprock Midstream is a privately held midstream operator based in Houston, Texas, focused on acquiring, building, and developing midstream infrastructure for crude oil, natural gas, and produced water. Founded in 2015, the company primarily operates in the Delaware Basin, particularly in Reeves and Ward counties, where it provides gathering, processing, and disposal services to energy producers. Caprock currently manages two natural gas processing facilities, with plans to expand processing capacity to 540 million cubic feet per day upon completion of additional facilities under construction. The company engages in both buy and build strategies, targeting project investments ranging from $20 million to $400 million, and aims to deliver cost-efficient midstream services to its clients.

Pinnacle Midstream II

Private Equity Round in 2019
Pinnacle Midstream LLC is a midstream services provider based in Houston, Texas, specializing in supporting oil and gas producers. Founded in 2014, the company offers a range of services including natural gas gathering and processing, crude oil gathering and stabilization, transloading, storage, produced water gathering, and saltwater disposal. Pinnacle Midstream focuses on creating strategic partnerships with producers to enhance the efficiency and profitability of their operations. By utilizing advanced technology and tailored solutions, Pinnacle aims to deliver products to market more quickly than competitors, thereby maximizing revenue for its partners. The company operates as a subsidiary of EagleClaw Midstream Services, LLC, and has established itself as a key player in various North American basins by meeting the energy infrastructure needs of its clients.

Laser Midstream

Private Equity Round in 2019
Laser Midstream Energy acquires and develops crude oil, natural gas, and water-related midstream assets.

Taproot Energy Partners

Private Equity Round in 2018
Taproot Energy Partners is a midstream company that specializes in the design, construction, and operation of midstream assets in the northeastern extension of Colorado. The company focuses on the gathering and transportation of crude oil, produced water, natural gas, and fresh water, along with natural gas processing and liquid handling. By developing efficient and cost-effective infrastructure, Taproot Energy Partners aims to facilitate the delivery of these products to market, thereby maximizing value for producers and enhancing their netback value.

Rimrock Energy Partners

Private Equity Round in 2017
Rimrock Energy Partners is an oil and gas production company that specializes in acquiring and developing midstream assets focused on crude oil, natural gas, and natural gas liquids. The company aims to connect North America's diverse energy basins to broader energy markets, with a strategic emphasis on regions such as the Niobrara Shale in the Rocky Mountains, the San Juan Basin in New Mexico, the Permian Basin, the Woodford Shale, and the Anadarko Basin. By leveraging current market dynamics, Rimrock Energy Partners seeks to facilitate sustainable expansion within the energy sector across states including Colorado, Wyoming, New Mexico, Texas, and Oklahoma.

Vesta Midstream Partners

Private Equity Round in 2017
Vesta Midstream Partners, LLC, founded in 2017 and based in Tulsa, Oklahoma, specializes in the design, construction, and operation of midstream infrastructure for natural gas and crude oil. The company focuses on developing gathering and processing assets, providing essential services that enable energy producers to enhance their asset value efficiently. Through its comprehensive offerings, Vesta Midstream Partners facilitates the gathering and processing of both low and high-pressure gas, ensuring timely and cost-effective solutions for its clients. As of December 31, 2019, Vesta operates as a subsidiary of Candor Midstream, LLC.

BlueJack Energy Solutions

Private Equity Round in 2016
BlueJack Energy Solutions, LLC is a company based in Frisco, Texas, that specializes in providing waste stream management services for the oil and gas industry. Founded in 2015, it focuses on developing and operating solutions for oilfield waste in key regions such as the Permian Basin and the Marcellus and Utica shale plays. The company offers a range of services, including saltwater transportation and disposal, solids processing and disposal, and wastewater recycling. BlueJack Energy Solutions collaborates with oil and gas producers to create tailored infrastructure solutions that address specific operational needs, ensuring effective waste management while emphasizing safety and environmental stewardship. With a commitment to high-quality customer service and extensive industry experience, the company aims to tackle current and future waste stream challenges for its clients.

Tristate Midstream II

Private Equity Round in 2015
Tristate Midstream, L.P. is a company engaged in the acquisition, construction, ownership, and operation of natural gas gathering and processing facilities. Founded in 2007 and headquartered in Irving, Texas, with an additional office in Longview, the company provides midstream services across East Texas, North Louisiana, and South Arkansas. Tristate specializes in natural gas and crude oil markets, offering services that include compression, dehydration, gathering, processing, and treating. The company also operates natural gas pipelines and focuses on meeting customer needs through reliable operations and innovative business solutions.

BlueWing Ventures

Private Equity Round in 2015
Bluewing Midstream LLC is an energy logistics company based in Houston, Texas, established in 2015. The company specializes in acquiring, operating, and optimizing terminaling, storage, and transportation facilities along the Gulf Coast of the United States. Bluewing Midstream provides strategic midstream solutions to a diverse clientele, including crude oil and liquids producers, refiners, marketers, and petrochemical manufacturers. With a focus on flexibility and efficiency, the company utilizes barge, rail, and truck capabilities to offer comprehensive solutions for various bulk liquid commodities, catering to the evolving demands of the import and export market. Bluewing Midstream is supported by a strategic partnership with Energy Spectrum Capital and is led by a team of experienced professionals from the energy sector.

Santa Fe Midstream

Private Equity Round in 2015
Santa Fe Midstream is a midstream services company based in Plano, Texas, focused on the oil and gas sector. The company specializes in developing and acquiring natural gas gathering, treating, compression, and processing systems. In addition to its natural gas operations, Santa Fe Midstream offers crude oil midstream services, catering to the needs of oil and gas producers. The company's mission is to create value for its customers by effectively managing and enhancing midstream infrastructure in the energy sector.

Liberty Midstream Services

Private Equity Round in 2013
Liberty Midstream Services specializes in providing midstream energy solutions to crude oil and natural gas producers. The company offers a comprehensive range of services, including gathering, processing, compression, dehydration, measurement, treating, and conditioning of natural gas, condensate, and crude oil. By focusing on the design, construction, operation, and acquisition of midstream assets, Liberty Midstream Services enables its clients to concentrate on their primary operations while ensuring efficient transportation and processing of energy products.

Kanata Energy Group

Private Equity Round in 2013
Kanata Energy Group is a midstream infrastructure and service company that specializes in the acquisition, construction, and operation of critical assets within the oil and gas sector. Operating primarily in Western Canada, the company focuses on developing field gathering, processing, and liquids extraction facilities. By providing essential infrastructure services, Kanata Energy Group plays a significant role in enhancing the efficiency and effectiveness of midstream operations in the region.

Prism Midstream

Private Equity Round in 2012
Prism Midstream specializes in acquiring and developing midstream assets, primarily in West Texas and the Gulf Coast regions. The company focuses on enhancing energy infrastructure to support growing oil and natural gas activities, particularly in East Texas and the Permian Basin. Prism Midstream provides a range of services, including liquid handling for both specification and off-spec natural gas liquids and crude condensate, as well as crude oil and gas gathering, processing, treating, transloading, and saltwater disposal. Its operations include a Liquid Handling Facility in the Southern Midland Basin and transloading services in Reeves County, Texas, catering to the needs of natural gas producers and related companies.

Rio Midstream

Private Equity Round in 2012
Rio Midstream acquires and develops crude oil, natural gas, and water-related midstream assets and also provides the infrastructure and services to transport hydrocarbons from wellhead to markets, enabling the energy producers to solve complicated gas gathering, processing, and transportation challenges.

Azure Midstream

Private Equity Round in 2012
Azure Midstream is a midstream company that focuses on the ownership, operation, development, and acquisition of energy infrastructure in key production areas across the United States. The company specializes in natural gas services, including gathering, compression, treating, and processing, primarily in northern Louisiana and east Texas. Azure operates in regions such as the Haynesville and Bossier Shale formations, the Cotton Valley formation, and the Travis Peak formation. With a foundation built on traditional values and a team of experienced natural gas professionals, Azure aims to efficiently and safely transport clean natural gas resources, contributing to economic growth and energy benefits in the regions it serves. The company also seeks opportunities to acquire additional businesses within the midstream sector to enhance its capabilities.

Tristate Midstream II

Private Equity Round in 2011
Tristate Midstream, L.P. is a company engaged in the acquisition, construction, ownership, and operation of natural gas gathering and processing facilities. Founded in 2007 and headquartered in Irving, Texas, with an additional office in Longview, the company provides midstream services across East Texas, North Louisiana, and South Arkansas. Tristate specializes in natural gas and crude oil markets, offering services that include compression, dehydration, gathering, processing, and treating. The company also operates natural gas pipelines and focuses on meeting customer needs through reliable operations and innovative business solutions.

Costar Midstream

Private Equity Round in 2011
Costar Midstream is engaged in the development and operation of natural gas gathering and processing facilities, primarily in Texas and North Dakota. The company has acquired and developed multiple assets that include over 500 miles of natural gas gathering pipelines, three cryogenic natural gas processing plants, and associated compression and treating infrastructure near Longview, Texas. Additionally, Costar holds significant processing and fractionating assets in East Texas and Oklahoma, enhancing its capabilities in midstream infrastructure.

Texas Energy Midstream

Private Equity Round in 2008
Texas Energy Midstream specializes in providing essential midstream services to the oil and gas industry, including gathering, transmission, treating, processing, and compression. The company is focused on acquiring and developing midstream assets with growth potential, particularly in Texas. Currently, Texas Energy Midstream is constructing a new gathering system and treating facility, which will enhance its service offerings and support its clients in achieving their operational objectives. By developing natural gas gathering systems and compression facilities, the company aims to ensure reliable and efficient service delivery in the evolving energy sector.

TransEdge Energy

Private Equity Round in 2007
TransEdge Energy pursues opportunities in the refined products pipeline and terminal sectors. TransEdge operates two heating oil, refined products, and propane distribution companies in the northern New Hampshire market, which were sold to Stone Road Energy in October 2014.

C&J Energy Services

Private Equity Round in 2006
C&J Energy Services, Inc. is an independent provider of hydraulic fracturing, coiled tubing, wireline, pressure pumping, and other oilfield services, specializing in complex well completions. The company offers a comprehensive range of completion, stimulation, and production enhancement services, along with manufacturing equipment for the oilfield sector and providing repair and refurbishment services. C&J also supplies parts and specialty chemicals for completion and production services, including fluids for hydraulic fracturing operations and related downhole tools. Headquartered in Houston, Texas, the company operates in major U.S. basins and has expanded its presence internationally with an office in Dubai, seeking to establish operations in key Middle Eastern countries.

High Sierra Energy

Private Equity Round in 2006
High Sierra Energy, LP gathers, transports, and markets crude oil and natural gas liquids.

Forrest Drilling

Private Equity Round in 2006
Forrest Drilling Company specializes in contract land drilling, operating a fleet of seven newly built diesel-electric SCR land drilling rigs with horsepower ranging from 1,000 to 1,500. The company conducts its operations primarily in Mississippi, Texas, and Oklahoma, where its rigs are capable of drilling to depths of 15,000 to 20,000 feet across various geological formations. In line with its growth strategy, Forrest Drilling plans to expand its fleet by acquiring existing operational equipment and constructing new rigs.

Clear Creek Energy Services

Private Equity Round in 2005
Clear Creek Energy Services is a midstream energy company that designs and operates gathering systems, treating facilities, and midstream transportation pipelines. Clear Creek has assets on the Powder River Basin in northeastern Wyoming and the Piceance Basin in western Colorado.

Midstream Energy Services

Private Equity Round in 2005
Midstream Energy Services specializes in the acquisition and management of natural gas gathering and treating systems. The company focuses on greenfield development opportunities, primarily in the Mid-continent area of the United States, while also seeking acquisitions and construction projects in other commercially viable regions. Its operational portfolio includes gathering systems and processing assets located in the Oklahoma panhandle, along with additional gathering systems in southwestern Louisiana and Indiana. Through its strategic initiatives, Midstream Energy Services aims to enhance its presence in the natural gas sector.

Dornick Hills Midstream

Private Equity Round in 2004
Dornick Hills Midstream operates natural gas gathering systems and processing plants in Cooke and Grayson counties near Sherman, TX from Dynegy.

Clipper Windpower

Private Equity Round in 2002
Clipper Windpower specializes in wind energy technology, focusing on the design and manufacturing of wind turbines and related components. Headquartered in Carpinteria, California, the company operates a manufacturing facility in Cedar Rapids, Iowa, and has research and development centers in both Carpinteria and Blyth Harbor, U.K. Clipper's turbines are capable of producing up to 2.5 megawatts of power, with over 700 turbines installed, contributing to the advancement of sustainable energy solutions. In addition to turbine production, the company is actively involved in the development of wind power generation projects, reinforcing its commitment to renewable energy.

CES Acquisition

Private Equity Round in 2001
CES Acquisition is an infrastructure development company that specializes in power generation projects.

Falcon Gas Storage

Convertible Note in 2000
Falcon Gas Storage develops and operates high deliverability, multi-cycle (HDMC) gas storage facilities. Falcon Gas Storage has more than 20 Bcf of working gas storage capacity at its Hill-Lake and Worsham-Steed gas storage facilities in Texas.

SemGroup

Private Equity Round in 2000
SemGroup Corporation is a public company that specializes in the midstream energy sector, focusing on the transportation, storage, and processing of oil and natural gas. It operates a comprehensive network of pipelines, terminals, and storage facilities primarily serving independent oil and natural gas producers, as well as petroleum refiners and other market participants. The company's operations are predominantly located in the Mid-Continent and Rocky Mountain regions of the United States, with additional activities in Canada, Mexico, and the United Kingdom. SemGroup's business segments include U.S. Liquids, which manages crude oil pipelines, truck transportation, and storage operations, and U.S. Gas and Canada segments, which focus on natural gas gathering and processing. This diverse portfolio enables SemGroup to provide essential midstream services across various energy markets.

Canadian Midstream Services

Private Equity Round in 1999
Canadian Midstream Services offers gas gathering, compression, and processing services to energy producers. CMSL expands its asset base by acquiring and developing additional midstream assets in western Canada.

Tobin International

Private Equity Round in 1998
Tobin International develops enterprise software and services, mapping data, and storage systems for the oil and gas industries.

Sulphur River Gathering

Private Equity Round in 1998
Sulphur River Gathering operates natural gas gathering, treating, and processing assets. Sulphur River Gathering's facilities include 1,100 miles of natural gas gathering pipelines, six gas treating plants with an elemental sulphur capacity of more than 900 long tons per day, three gas processing plants with a capacity of 245 mmcfd, and two nitrogen rejection plants with a capacity of 75 mmcfd.

STRATA Directional Technology

Private Equity Round in 1997
STRATA Directional Technology is a directional drilling and wireline company that provides engineering, directional drilling, downhole motor technology, and guidance services.

Pinnacle Natural Gas Company

Acquisition in 1997
Pinnacle Natural Gas Company operates natural gas gathering and transportation systems in West Texas, eastern New Mexico, Louisiana, and Mississippi. Pinnacle Natural Gas Company operates three lateral natural gas pipelines transporting up to 1.1 Bcf/d under firm contracts to power plants and 18 gathering systems gathering more than 44 MMcf/d.
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