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

Co-Founder

Benjamin H. Davis

Managing Partner

Alison Fischer

Managing Partner and CFO

Mark Honeybone

Partner

Austin P. Lutz

Director

Michael P. Mitchell

Director

Chandler A. Phillips

Managing Partner

Past deals in Natural Gas

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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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