SOLITUDE PIPELINE SYSTEM REACHES FINAL INVESTMENT DECISION TO TRANSPORT GAS FROM THE PERMIAN BASIN TO THE GULF COAST

Rhea-AI Summary

WhiteWater and partners announced that their Solitude Pipeline System joint venture, including Devon Energy (NYSE: DVN), MPLX (NYSE: MPLX), Diamondback Energy (NASDAQ: FANG) and Western Midstream Partners (NYSE: WES), has reached a positive Final Investment Decision to build two 48-inch natural gas pipelines from the Permian Basin to Katy, Texas.

The project is backed by substantial long-term firm transportation agreements with predominantly investment-grade shippers. Solitude’s phased design targets initial capacity of about 2.25 Bcf/d in late 2029 and an additional 2.25 Bcf/d in 2030, with potential further expansions. Service is expected in the second half of 2029, subject to customary regulatory and other approvals. The joint venture ownership is WhiteWater 50%, Devon 25%, MPLX 10%, Diamondback 7.5% and Western Midstream 7.5%.

Positive

• Final Investment Decision reached for two large Permian-to-Katy gas pipelines
• Backed by long-term firm transportation deals with investment-grade shippers
• Initial Solitude capacity of 2.25 Bcf/d targeted for late 2029
• Additional 2.25 Bcf/d capacity planned for 2030 with expansion potential
• Defined joint venture stakes: WhiteWater 50%, Devon 25%, others 25% combined

Negative

• Pipeline system expected to enter service only in H2 2029
• Project remains subject to customary regulatory and other approvals

Market Context

MPLX’s prior 2.72% 24-hour reaction after earnings provides the platform’s nearest recent positive-n...

Analysis

MPLX’s prior 2.72% 24-hour reaction after earnings provides the platform’s nearest recent positive-news comparison for this FID. The key watchpoints were regulatory approvals, commissioning timing, and capacity delivery against stated phases.

Key Figures

Pipeline count and diameter: Two 48-inch pipelines Initial capacity: 2.25 Bcf/d Additional capacity: 2.25 Bcf/d +5 more

8 metrics

Pipeline count and diameter Two 48-inch pipelines Solitude Pipeline System

Initial capacity 2.25 Bcf/d Late 2029 commissioning

Additional capacity 2.25 Bcf/d 2030 commissioning

Expected service date Second half of 2029 Subject to customary regulatory and other approvals

WhiteWater ownership 50.0% Solitude joint venture

Devon Energy ownership 25.0% Solitude joint venture

MPLX ownership 10.0% Solitude joint venture

Other partner ownership Diamondback Energy 7.5%; Western Midstream Partners 7.5% Solitude joint venture

Historical Context

5 past events · Latest: Aug 10 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 10	Senior notes offering	Neutral	+1.1%	MPLX priced $2.25 billion of unsecured senior notes for refinancing and general partnership purposes.
Aug 04	Second-quarter earnings	Positive	+2.7%	MPLX reported higher net income and adjusted EBITDA and reiterated distribution growth expectations.
Jul 28	Quarterly distribution	Positive	+1.4%	MPLX declared a $1.0765 quarterly distribution and issued a related tax notice.
Jun 16	Earnings date notice	Neutral	+0.7%	MPLX scheduled its second-quarter results conference call for August 4, 2026.
May 11	Leadership appointment	Neutral	+0.7%	Marathon Petroleum appointed Brian Worthington to investor relations leadership effective May 25, 2026.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent MPLX news events were followed by positive 24-hour price reactions, while neutral-event reactions represented divergences from the event classification.

Key Terms

final investment decision, firm transportation agreements, investment-grade shippers

3 terms

final investment decision financial

"have reached a positive Final Investment Decision ("FID") to construct"

A final investment decision is the point at which a person or organization chooses to move forward with a particular project or purchase after reviewing all the necessary information and options. It is like deciding to buy a house after considering all the costs, benefits, and alternatives. This decision is important because it determines whether and when the investment will be made, impacting future financial plans and outcomes.

firm transportation agreements financial

"secured substantial long-term firm transportation agreements with predominantly"

Firm transportation agreements are contracts that guarantee a customer reserved capacity to move commodities (commonly natural gas, oil, or refined products) through a pipeline or transport network for a set period in exchange for fixed payments. They matter to investors because they create predictable, often long-term revenue for the transporter while reducing delivery risk for the shipper — like renting a locked parking space that provides steady income to the owner and reliable access to the renter, which influences cash flow, risk and valuation.

investment-grade shippers financial

"with predominantly investment-grade shippers to support the FID"

Shipping companies that have been given investment-grade credit ratings by recognized rating agencies, meaning their debt is judged to have relatively low default risk compared with lower-rated peers. For investors, these firms are like the 'blue-chip' of the maritime sector: their bonds and loans are considered safer and often cheaper to finance, which can affect borrowing costs, dividend stability and the perceived risk of holding their securities.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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AUSTIN, Texas, Aug. 17, 2026 /PRNewswire/ -- WhiteWater today announced that it, together with Devon Energy Corporation (NYSE: DVN), MPLX LP (NYSE: MPLX), Diamondback Energy, Inc. (NASDAQ: FANG) and Western Midstream Partners, LP (NYSE: WES), through their Solitude Pipeline System joint venture ("Solitude"), have reached a positive Final Investment Decision ("FID") to construct two 48-inch natural gas pipelines, each running from the Permian Basin to Katy, TX. The project has secured substantial long-term firm transportation agreements with predominantly investment-grade shippers to support the FID. 

Solitude will deliver scalable, long-haul natural gas transportation to support Permian Basin growth and expanding Gulf Coast consumption. The joint venture's pipeline system will feature a flexible, phased design that provides initial capacity of approximately 2.25 Bcf/d in late 2029, and an additional 2.25 Bcf/d in 2030 with the ability to increase capacity thereafter to accommodate shipper demand. Capacity commissioning can be accelerated or deferred to align with evolving market dynamics.

Solitude is expected to enter service in the second half of 2029, subject to receipt of customary regulatory and other approvals.

The joint venture is owned by WhiteWater (50.0%), Devon Energy (25.0%), MPLX (10.0%), Diamondback Energy (7.5%) and Western Midstream Partners (7.5%). I Squared Capital and FIC Partners Management, LP are partners in WhiteWater's Solitude investment. 

About WhiteWater

WhiteWater is an Austin, Texas based infrastructure company and operator of multiple gas transmission assets. For more information about WhiteWater, visit www.wwdev.com.  

About I Squared Capital

I Squared Capital is a leading independent global infrastructure investor dedicated to the mid-market, managing over $60 billion in assets. Founded in 2012, I Squared has evolved into one of the most diverse infrastructure investors in the world, with investments across power & utilities; transportation & logistics; digital infrastructure; environmental infrastructure; and social infrastructure, providing essential services to millions of people worldwide. Today, the portfolio includes over 100 companies operating in more than 70 countries. Headquartered in Miami, the firm has offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at www.isquaredcapital.com. 

About FIC

FIC Partners Management, LP ("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 seek to generate long-term capital appreciation in the gas transmission, downstream, power and utilities, renewables, and data/telecommunications industries. FIC partners with management teams and businesses to help accelerate the development of strategic assets that serve society's growing energy needs and the associated decarbonization of industrial infrastructure. FIC is the renamed firm following the merger of Emerald Bridge Capital, LP and First Infrastructure Capital Advisors, LLC. For more information about FIC, please visit www.FICfund.com. 

About Devon

Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio with assets in the Anadarko Basin, Eagle Ford, Marcellus Shale, Powder River Basin, Williston Basin, anchored by a world-class position in the Delaware Basin. Devon's disciplined cash-return business model is designed to achieve strong returns, generate resilient free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.

About MPLX

MPLX LP (NYSE: 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. 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 U.S. supply basins. More information is available at www.mplx.com. 

About Diamondback

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas.

About Western Midstream

Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells residue, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity-price volatility through fee-based contracts.

For more information about WES, please visit www.westernmidstream.com. 

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SOURCE WhiteWater

FAQ

What is the Solitude Pipeline System project involving Devon Energy (DVN) and partners?

The Solitude Pipeline System is a joint venture to build two 48-inch natural gas pipelines from the Permian Basin to Katy, Texas. According to WhiteWater, partners include Devon Energy, MPLX, Diamondback Energy and Western Midstream, providing long-haul capacity for growing Permian and Gulf Coast demand.

What capacity will the Solitude Pipeline System provide for DVN, WES, FANG and MPLX?

Solitude is designed for about 4.5 Bcf/d of total capacity, phased over time. According to WhiteWater, initial capacity of 2.25 Bcf/d is targeted for late 2029, with another 2.25 Bcf/d in 2030 and room for further expansion.

When is the Solitude Pipeline System expected to enter service for Devon Energy (DVN) and others?

Solitude is expected to enter service in the second half of 2029. According to WhiteWater, capacity will be phased, with initial volumes around that time and additional capacity in 2030, and timing can be accelerated or deferred to reflect market conditions.

How are ownership interests in the Solitude joint venture split among DVN, WES, FANG and MPLX?

According to WhiteWater, the Solitude joint venture ownership is 50.0% WhiteWater, 25.0% Devon Energy, 10.0% MPLX, 7.5% Diamondback Energy and 7.5% Western Midstream. These equity stakes define each partner’s interest in the planned Permian-to-Katy pipeline system.

What contracts support the Solitude Pipeline FID for DVN, MPLX, FANG and WES?

The Final Investment Decision is supported by substantial long-term firm transportation agreements. According to WhiteWater, these contracts are primarily with investment-grade shippers, providing revenue visibility for the Solitude Pipeline System and underpinning the decision to construct the two new pipelines.

What regulatory approvals are required before the Solitude Pipeline System starts service?

Solitude’s entry into service is subject to customary regulatory and other approvals. According to WhiteWater, the system is expected to begin operating in the second half of 2029, assuming timely receipt of these necessary permits and clearances from relevant authorities.