Inergy Midstream (NYSE:NRGM) is a limited partnership that was fromed by Inergy, L.P. (NRGY). The LP was created to own and develop energy assets, in particular, natural gas and NGL storage and transportation. The LP is focused in the northeastern region of the US and makes money by charging a fee for storing or transporting the natural gas across regions of the northeast. The company plans to continue to strategically develop its capacities in the region. 
For the full year 2011 ended in September, Inergy Midstream LP generated $111M in revenue. This resulted in a net income of $42M. This compares to $95M in revenues and $31M in net income for 2010.
The company's initial public offering of stock on the NYSE occurred on December 15, 2011. The company offered 16M shares each for $17. This was below the $19-$21 price range. The deal raised a total of $272M. The lead mangers of the deal were Morgan Stanley, Barclays, BofA Merrill Lynch, Credit Suisse, and Wells Fargo.
Inergy Midstream relies on connections with third party pipelines which are connected to their pipelines and storage facilities. This dependence means that the capabilities, reliability, and fees that Inergy generates depend on the ability of the third party pipelines to also remain competitive. Interruptions in a third party pipeline could inflict significant disruptions on Inergy Midstream's activities.