MPLX LP Closes Northwind Midstream Acquisition
MPLX LP (NYSE: MPLX) has completed the acquisition of Northwind Midstream for $2.375 billion. The acquisition enhances MPLX's Permian natural gas and NGL value chains by adding sour gas gathering, treating, and processing services in Lea County, New Mexico.
The transaction, expected to be immediately accretive to distributable cash flow, represents a 7x multiple on forecast 2027 EBITDA with mid-teen unlevered returns. The acquisition and expansion projects will be funded through $4.5 billion in senior notes issued in August 2025.
The acquired assets include 200,000+ dedicated acres, 200+ miles of gathering pipelines, and sour gas treating capacity expanding from 150 MMcf/d to 440 MMcf/d by second half of 2026, supported by minimum volume commitments.
MPLX LP (NYSE: MPLX) ha completato l'acquisizione di Northwind Midstream per $2.375 miliardi. L'operazione rafforza le catene del valore del gas naturale e degli NGL di MPLX nel Permian, aggiungendo servizi di raccolta, trattamento e lavorazione di gas acido nella contea di Lea, New Mexico.
L'accordo, che dovrebbe aumentare immediatamente il flusso di cassa distribuibile, corrisponde a un multiplo di 7x sull'EBITDA previsto per il 2027, con rendimenti unlevered a metà-dieci percento. L'acquisizione e i progetti di espansione saranno finanziati tramite $4,5 miliardi di obbligazioni senior emesse nell'agosto 2025.
Gli asset acquisiti comprendono oltre 200.000 acri dedicati, più di 200 miglia di condotte di raccolta e una capacità di trattamento del gas acido che passerà da 150 MMcf/d a 440 MMcf/d entro la seconda metà del 2026, supportata da impegni minimi di volume.
MPLX LP (NYSE: MPLX) ha cerrado la adquisición de Northwind Midstream por $2.375 mil millones. La operación fortalece las cadenas de valor del gas natural y los NGL de MPLX en el Permian, incorporando servicios de recolección, tratamiento y procesamiento de gas ácido en el condado de Lea, Nuevo México.
La transacción, que se espera sea inmediatamente acrecentadora del flujo de caja distribuible, equivale a un múltiplo de 7x sobre el EBITDA previsto para 2027, con retornos unlevered de mediados de dos dígitos. La compra y los proyectos de expansión se financiarán mediante $4.500 millones en bonos sénior emitidos en agosto de 2025.
Los activos adquiridos incluyen más de 200.000 acres dedicados, más de 200 millas de oleoductos de recolección y una capacidad de tratamiento de gas ácido que aumentará de 150 MMcf/d a 440 MMcf/d para la segunda mitad de 2026, respaldada por compromisos mínimos de volumen.
MPLX LP (NYSE: MPLX)가 Northwind Midstream를 $2.3750억에 인수 완료했습니다. 이번 인수는 뉴멕시코 리아 카운티에서의 산성 가스 집적, 처리 및 처리 서비스를 추가해 MPLX의 페르미안 지역 천연가스 및 NGL 가치사슬을 강화합니다.
이 거래는 분배가능 현금흐름을 즉시 증가시킬 것으로 예상되며, 2027년 예상 EBITDA 기준 7배의 멀티플에 해당하고 무차입 수익률은 중간 두 자릿수 수준입니다. 인수 및 확장 프로젝트는 2025년 8월 발행된 $45억의 선순위 채권으로 자금 조달됩니다.
인수 자산에는 전용 200,000+ 에이커, 200+ 마일의 집적 파이프라인, 산성 가스 처리 능력이 150 MMcf/d에서 440 MMcf/d로 2026년 하반기까지 확대되는 설비가 포함되며 최소 물량 약정으로 지원됩니다.
MPLX LP (NYSE: MPLX) a finalisé l'acquisition de Northwind Midstream pour 2,375 milliards $. Cette opération renforce les chaînes de valeur du gaz naturel et des NGL de MPLX dans le Permian en ajoutant des services de collecte, de traitement et de conditionnement de gaz acide dans le comté de Lea, Nouveau-Mexique.
La transaction, qui devrait être immédiatement accrétrice pour les flux de trésorerie distribuables, représente un multiple de 7x sur l'EBITDA prévu pour 2027, avec des rendements unlevered à la mi-dizaine de pourcentages. L'acquisition et les projets d'expansion seront financés par 4,5 milliards $ de senior notes émises en août 2025.
Les actifs acquis comprennent plus de 200 000 acres dédiés, plus de 200 miles de pipelines de collecte et une capacité de traitement du gaz acide passant de 150 MMcf/d à 440 MMcf/d d'ici le second semestre 2026, soutenue par des engagements de volume minimum.
MPLX LP (NYSE: MPLX) hat die Übernahme von Northwind Midstream für $2,375 Milliarden abgeschlossen. Die Transaktion erweitert MPLXs Permian-Gas- und NGL-Wertschöpfungsketten durch Hinzufügung von Sour-Gas-Sammel-, Aufbereitungs- und Verarbeitungsdiensten im Lea County, New Mexico.
Der Deal, der voraussichtlich sofortigs den ausschüttbaren Cashflow erhöht, entspricht einem 7x-Multiple auf das für 2027 prognostizierte EBITDA und liefert unverschuldete Renditen im mittleren zweistelligen Bereich. Die Übernahme und die Ausbauprojekte werden durch $4,5 Milliarden Senior Notes finanziert, die im August 2025 begeben wurden.
Zu den erworbenen Vermögenswerten gehören über 200.000 dedizierte Acres, mehr als 200 Meilen an Sammelleitungen sowie eine Behandlungskapazität für Sour Gas, die von 150 MMcf/d auf 440 MMcf/d bis zur zweiten Hälfte 2026 ausgebaut wird, gestützt durch Mindestmengenverpflichtungen.
- Immediately accretive to distributable cash flow
- Attractive 7x multiple on forecast 2027 EBITDA with mid-teen unlevered returns
- Expands capacity from 150 MMcf/d to 440 MMcf/d by 2026
- Assets supported by minimum volume commitments from top regional producers
- Complementary to existing Delaware basin operations
- Significant scale with 200,000+ dedicated acres and 200+ miles of gathering pipelines
- Substantial debt financing required with $4.5 billion senior notes issuance
- Additional $500 million in incremental capital expenditure needed
- Integration risks with existing operations
The acquisition is expected to be immediately accretive to distributable cash flow, and inclusive of estimated incremental capital of
The acquisition was financed and the incremental capital expenditures associated with in-process expansion projects will be funded by net proceeds from MPLX's
The acquired business is complementary and adjacent to MPLX's existing
About MPLX LP
MPLX is a diversified, large-cap/articles/market-capitalization-explained" title="Read: What Is Market Capitalization and How It Is Calculated" class="article-link" rel="noopener">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. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key
Investor Relations Contact: (419) 421-2071
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This press release contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX's expectations, estimates and projections concerning its business and operations and financial and strategic priorities. You can identify forward-looking statements by words such as "anticipate," "believe," "commitment," "could," "design," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: MPLX's ability to fully realize the expected benefits of the acquisition; the risk of any unexpected costs or expenses associated with the acquired business or incurred as a result of the acquisition; the adequacy of capital resources and liquidity, including the availability of capital resources to execute on its strategic priorities; changes to the expected construction costs and in service dates of planned and ongoing capital projects and investments, including the expansion projects announced herein, and the ability to obtain regulatory and other required approvals with respect thereto within the expected timeframes, if at all; and the other factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPLX's Annual Report on Form 10-K for the year ended Dec. 31, 2024, and in other filings with the SEC.
Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.
Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.
Use of Non-GAAP Financial Information -- This press release makes reference to forecasted earnings before interest, income taxes, depreciation and amortization (EBITDA). This is a non-GAAP financial measure. Forecasted EBITDA is based on MPLX's projections for the business to be acquired. Forecasted EBITDA is not presented as an alternative to the nearest GAAP financial measure, net income, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. We are unable to present the most directly comparable GAAP measure or a reconciliation of forecasted EBITDA to net income because certain elements of net income, including interest, depreciation and taxes, are not available without unreasonable effort.
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SOURCE MPLX LP
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