Energy Spectrum Capital

Energy Spectrum Capital, established in 1995, is a Dallas, Texas-based private equity firm specializing in the energy sector. It invests in lower-middle market companies, focusing on midstream energy, oil and gas infrastructure, and energy services. The firm typically deploys $50 million to $200 million in equity per investment, supporting management teams with strategic guidance and capital to execute business plans. Energy Spectrum Capital's investors include private and public pension funds, insurance companies, and other institutional investors.

Peter W. Augustini

Managing Partner

James P. Benson

Founding Partner and Senior Managing Partner

Benjamin H. Davis

Managing Partner

Alison Fischer

Managing Partner and CFO

Mark Honeybone

Managing Partner

Austin P. Lutz

Director

Michael P. Mitchell

Director

Chandler A. Phillips

Managing Partner

38 past transactions

Renegade Infrastructure

Private Equity Round in 2025
Renegade Infrastructure specializes in developing and acquiring midstream energy infrastructure, offering a comprehensive suite of services tailored to North American oil and gas producers. The company operates in the most prolific basins across the United States, focusing on acquisition, development, and operation of midstream assets to capitalize on strategic opportunities in the energy sector.

Nightpeak Energy

Private Equity Round in 2022
Nightpeak Energy is a company that develops and operates dispatchable power plants to support the evolving needs of a decarbonized energy grid. Focusing initially on the U.S. West and Texas, Nightpeak aims to address the increasing demand for flexible generation assets in regions experiencing rapid growth in intermittent renewable energy resources. By creating energy projects that enhance grid reliability, Nightpeak Energy plays a crucial role in facilitating the transition to a more sustainable energy landscape.

Tivoli Midstream

Private Equity Round in 2020
Tivoli Midstream LLC is a Houston-based company that specializes in the acquisition, construction, and management of storage and terminal facilities for oil, gas, and petrochemical products. The company provides logistics and handling services for a diverse range of commodities, including chemical products, refined products, crude oil, renewable products, and dry-bulk materials. By focusing on optimizing logistics solutions, Tivoli Midstream enables its clients, which include refiners, commodity traders, and the petrochemical industry, to enhance their operational efficiency. The company is staffed by experienced professionals with extensive knowledge in the oil, gas, and petrochemical sectors, contributing to its growth-oriented approach and the establishment of critical infrastructure for its customers.

Caprock Midstream

Private Equity Round in 2019
Caprock Midstream LLC is a privately held midstream operator based in Humble, Texas, founded in 2015. The company specializes in acquiring, building, and developing midstream assets related to crude oil, natural gas, and water. With a strategic focus on the Delaware Basin, particularly in Reeves and Ward counties, Caprock provides essential services such as gathering, processing, and disposal for producers in the region. Currently, the company operates two natural gas processing facilities with a total processing capacity of 540 million cubic feet per day, with plans for two additional facilities under construction. By pursuing both acquisition and development strategies, Caprock aims to deliver cost-efficient midstream solutions to its customers.

Pinnacle Midstream II

Private Equity Round in 2019
Pinnacle Midstream II, LLC is a Houston-based company that specializes in providing comprehensive midstream services to oil and gas producers. Founded in 2019, the company offers a range of services including natural gas gathering and processing, crude oil gathering and stabilization, transloading and storage, as well as produced water gathering and saltwater disposal. Pinnacle Midstream II focuses on creating strategic partnerships with producers to enhance the efficiency and value of their operations. By implementing tailored solutions for compression, treatment, processing, and dehydration, the company aims to ensure the maximum market value for its clients' oil and gas products. Its agile approach enables faster delivery of resources to the market, thereby increasing revenue potential for its partners across various North American basins.

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 specializing in the design, construction, and operation of midstream assets within the oil and gas sector. The company focuses on the efficient gathering and transportation of crude oil, produced water, natural gas, and freshwater, along with natural gas processing, treating, and liquid handling. Operating primarily in the northeastern extension of Colorado, Taproot Energy Partners aims to provide cost-effective solutions that enhance the value chain for producers, allowing them to achieve increased netback value while delivering essential resources to the market.

Rimrock Energy Partners

Private Equity Round in 2017
Rimrock Energy Partners is a company that specializes in the acquisition, development, and operation of midstream assets in the oil and gas sector. It focuses on connecting North America's energy basins to energy markets, primarily targeting crude oil, natural gas, and natural gas liquids. The company is strategically positioned to leverage opportunities within the dynamic North American energy landscape, with current operations centered in key areas 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. Through its initiatives, Rimrock Energy Partners aims to facilitate the sustainable expansion of the energy market across several states, including Colorado, Wyoming, New Mexico, Texas, and Oklahoma.

Vesta Midstream Partners

Private Equity Round in 2017
Vesta Midstream Partners, LLC is a midstream company founded in 2017 and headquartered in Tulsa, Oklahoma. It specializes in the design and construction of gathering and processing systems for natural gas and crude oil. Vesta develops assets that support energy producers by offering comprehensive services in low and high-pressure gas gathering and processing. This enables clients to enhance their asset value efficiently and cost-effectively. 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 provider of waste stream management services tailored for the oil and gas industry, with operations in the Permian Basin and the Marcellus and Utica shale plays. Founded in 2015 and headquartered in Frisco, Texas, the company specializes in saltwater transportation and disposal, solids processing and disposal, and wastewater recycling. BlueJack Energy Solutions focuses on constructing and operating infrastructure that meets the specific needs of its clients, leveraging its extensive knowledge and operational experience to address current and future waste stream challenges. The company is committed to delivering high-quality customer service while prioritizing safety and environmental stewardship in its operations.

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. Based 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 the development of natural gas gathering systems and processing facilities, as well as operating associated pipelines. The company has expertise in various aspects of the natural gas and crude oil markets, including compression, dehydration, gathering, processing, and treating. Through its reliable operations, Tristate Midstream aims to meet customer needs with effective business solutions. Founded in 2007, the company has established a significant presence in the midstream sector.

BlueWing Ventures

Private Equity Round in 2015
Bluewing Midstream LLC is an energy logistics company based in Houston, Texas, that specializes in acquiring, operating, and optimizing terminaling, storage, and transportation facilities along the U.S. Gulf Coast. Founded in 2015, the company delivers strategic midstream solutions tailored for crude oil and liquids producers, refiners, marketers, and petrochemical manufacturers. Bluewing Midstream enhances operational efficiency by providing flexibility and efficiency through various transportation methods, including barge, rail, and truck capabilities. This positions the company to effectively serve the expanding import and export market for bulk-liquid commodities.

Santa Fe Midstream

Private Equity Round in 2015
Santa Fe Midstream is a midstream services company based in Plano, Texas, focusing on natural gas, crude oil, and natural gas liquids (NGL). The company specializes in the development, acquisition, and management of infrastructure for natural gas gathering, treating, compression, and processing. By offering robust midstream energy solutions, Santa Fe aims to create value for its customers in the oil and gas sector. Through its comprehensive services, the company plays a crucial role in enhancing the efficiency and reliability of midstream operations for oil and gas producers.

Liberty Midstream Services

Private Equity Round in 2013
Liberty Midstream Services is a midstream energy company that specializes in providing essential services to crude oil and natural gas producers. The company focuses on the design, construction, operation, and acquisition of midstream assets, offering a comprehensive range of services that include gathering, processing, compression, dehydration, measurement, and treatment of natural gas, condensate, and crude oil. By delivering these critical services, Liberty Midstream enables its clients to concentrate on their core operations while ensuring efficient and effective transportation and processing of energy resources.

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 is a company dedicated to acquiring and developing midstream assets primarily in West Texas and the Gulf Coast regions. Specializing in midstream energy infrastructure, it supports the emerging oil and natural gas sectors in East Texas and the Permian Basin. The company's services include liquid handling for both spec and off-spec natural gas liquids, as well as crude condensate processing at its facility in the Southern Midland Basin. Additionally, Prism Midstream provides a range of services such as crude oil and gas gathering, processing, treating, transloading, and saltwater disposal, catering to natural gas producers and trucking and marketing firms.

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 energy company focused on the ownership, operation, development, and acquisition of midstream energy infrastructure in key producing regions of the United States. The company specializes in providing natural gas gathering, compression, treating, and processing services, primarily in northern Louisiana and east Texas, where it operates in the Haynesville and Bossier Shale formations, the Cotton Valley formation, and the Travis Peak formation. Founded by seasoned natural gas professionals with extensive industry experience, Azure Midstream emphasizes traditional values such as hard work and cooperation, while also prioritizing the safe and efficient movement of clean natural gas resources. The company's strategy includes not only operating existing infrastructure but also expanding its portfolio through acquisitions in the midstream sector.

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. Based 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 the development of natural gas gathering systems and processing facilities, as well as operating associated pipelines. The company has expertise in various aspects of the natural gas and crude oil markets, including compression, dehydration, gathering, processing, and treating. Through its reliable operations, Tristate Midstream aims to meet customer needs with effective business solutions. Founded in 2007, the company has established a significant presence in the midstream sector.

Costar Midstream

Private Equity Round in 2011
Costar Midstream is a developer and operator of midstream energy assets specializing in the gathering and processing of natural gas. The company has successfully acquired and developed numerous gathering and processing facilities, primarily located in Texas and North Dakota. Its portfolio includes over 500 miles of natural gas gathering pipelines, three cryogenic natural gas processing plants, and various compression and treating assets situated in a four-county area near Longview, Texas. Additionally, Costar Midstream has significant processing and fractionating capabilities in East Texas and Oklahoma, positioning itself as a key player in the midstream infrastructure sector.

Texas Energy Midstream

Private Equity Round in 2008
Texas Energy Midstream is a company that specializes in providing essential midstream services to the oil and gas sector. It focuses on gathering, transmission, treating, processing, and compression of hydrocarbons, enabling efficient movement and management of energy resources. The company is actively involved in the development and operation of natural gas gathering systems and compression facilities, aiming to enhance its asset portfolio in Texas. Currently, Texas Energy Midstream is constructing a new gathering system and treating facility, which will further support its clients in achieving their operational objectives by delivering reliable and effective midstream solutions.

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 is a provider of contract land drilling services, operating a fleet of seven newly built diesel-electric SCR land drilling rigs with horsepower ranging from 1,000 to 1,500. The company specializes in drilling capabilities that reach depths of 15,000 to 20,000 feet and can operate in various geological formations. Forrest Drilling primarily serves regions in Mississippi, Texas, and Oklahoma. The company has plans to expand its operations by acquiring existing drilling rigs and constructing new equipment, further enhancing its service offerings in the competitive drilling market.

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 region of the United States, while also engaging in acquisitions and construction projects in other commercially viable areas. Its operational footprint includes gathering systems and processing assets in the Oklahoma panhandle, as well as additional gathering systems located in southwestern Louisiana and Indiana. Through these initiatives, Midstream Energy Services aims to enhance its portfolio and contribute to the efficiency of natural gas infrastructure.

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 is a company focused on wind energy technology, specializing in the design and manufacture of wind turbines and related components. Headquartered in Carpinteria, California, it operates a manufacturing facility in Cedar Rapids, Iowa, and maintains research and development sites in both Carpinteria and Blyth Harbor, U.K. Clipper's turbines are capable of generating up to 2.5 megawatts of power, and the company has an installed base of over 700 turbines. In addition to turbine manufacturing, Clipper Windpower is also involved in the development of wind power projects, contributing to the advancement of sustainable green energy solutions.

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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