Cardinal Midstream II LLC secured a $200-million equity commitment from EnCap Flatrock Midstream  of San Antonio to support the continued growth and development of the company’s core business.

Additionally, EEP expects to exercise its options to pare down its economic interests in the Lakehead system expansions of both the Eastern Access and Mainline Expansion projects from 40% to 25%, by the June 30 deadline.

The partnership intends to use the net proceeds to repay outstanding amounts under its revolving credit facility.

Net proceeds from the offering will be used to make new portfolio investments, repay borrowings under the fund's credit facility and for general corporate purposes.

Phillips 66 formed Phillips 66 Partners to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and natural gas liquids pipelines and terminals and other transportation and midstream assets.

The company stated that it intends to use the net proceeds from the offering to reduce the indebtedness outstanding under its revolving credit facility.

Chesapeake plans to use such net proceeds to purchase, repay and/or redeem over time other outstanding indebtedness, including indebtedness outstanding under its corporate revolving bank credit facility.

, KMP received approximately $15 million of cash flow on an annual basis from its investment.