I Squared, MPLX, and Enbridge to Acquire Interests in Matterhorn Express Pipeline
Rhea-AI Summary
In a significant infrastructure deal, I Squared, MPLX LP (MPLX), and Enbridge Inc. (ENB) have agreed to acquire equity interests in the Matterhorn Express Pipeline from Ridgemont Equity Partners and Devon Energy (DVN). Post-transaction, the ownership structure will be distributed as follows: WhiteWater will hold 65%, while MPLX and Enbridge will each own 10% of the pipeline. WhiteWater's equity stake will be jointly supported by FIC and I Squared, and they will continue to operate the pipeline. The deal is scheduled to close in Q2 2025.
Positive
- Devon Energy successfully divests its interest in Matterhorn Express Pipeline, potentially improving its balance sheet
Negative
- None.
Following the close of the transaction, WhiteWater, MPLX and Enbridge will own
The transaction is expected to close in the second quarter of 2025.
About the Matterhorn Express Pipeline
The Matterhorn Express Pipeline was placed into service in November 2024 and has approximately 2.5 billion cubic feet per day of fully contracted capacity. The system is comprised of an approximately 510-mile 36-inch and 42-inch diameter mainline and associated compression that transports natural gas from the Waha area in the Permian Basin to
About WhiteWater
WhiteWater is an Austin, Texas based infrastructure company and operator of multiple gas transmission assets, including the Whistler Pipeline, the Blackcomb Pipeline and the Matterhorn Express Pipeline. WhiteWater is partnered with multiple private equity funds, including but not limited to FIC and I Squared Capital. For more information about WhiteWater, visit www.wwdev.com.
About I Squared
I Squared Capital is a leading global infrastructure investor managing
About FIC
FIC is an investment firm with a focus on critical infrastructure assets across the energy and power use value chains. FIC focuses on investment opportunities that generate long-term capital appreciation in the gas transmission, downstream, power and utilities, renewables, and data/telecommunications industries. We partner with management teams and businesses to accelerate the development of strategic assets that serve society's growing energy needs and the associated decarbonization of industrial infrastructure. For more information about FIC, please visit www.FICfund.com.
About MPLX LP
MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. MPLX also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key
About Enbridge Inc.
At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're also advancing new technologies including hydrogen, renewable natural gas and carbon capture and storage. Headquartered in Calgary,
About Ridgemont Equity Partners
Ridgemont Equity Partners is a
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SOURCE WhiteWater
FAQ
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