On May 6, Devon Energy announced it was selling its 12.5% stake in the line for $375 million but did not name the buyer. (Source: Shutterstock/ Matterhorn Express)
Investment firm I Squared and Enbridge (ENB) bought into the joint venture running the Matterhorn Express Pipeline, while MPLX (MPLK) increased its stake, the companies jointly announced on May 6.
Overall, the companies agreed to acquire 85% of the stakes in the Matterhorn Express Pipeline from Ridgemont Equity Partners and Devon Energy (DVN). Prior to the deal, Reuters reported that Miami-based I Squared was seeking a majority stake in the line valued at about $5 billion.
On May 6, Devon Energy announced it was selling its 12.5% stake in the line for $375 million but did not name the buyer.
Under the new arrangement, WhiteWater Midstream will own a 65% stake in the line and MPLX and Enbridge will each hold 10%. WhiteWater's equity interest in the Matterhorn will be jointly backed by infrastructure investment firm FIC and I Squared, according to the announcement. WhiteWater will continue to operate the line.
Midstream company ONEOK owns the remaining 15% stake.
The deal is expected to close by second-quarter 2025.
The Matterhorn Express began operations in 2024, providing much-needed natural gas egress out of the Permian Basin. East Daley Analytics reported the line’s flows passed 1.6 Bcf/d in April, reaching a daily peak of 1.79 Bcf/d on April 11.
Whitewater originally owned a 67.5% stake in the line, and MPLX owned 5%.
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