MPLX LP has agreed to acquire the remaining 55% interest in BANGL LLC for $715 million from affiliates of WhiteWater and Diamondback, the midstream MLP announced Feb. 28. (Source: Shutterstock)
MPLX LP has agreed to acquire the remaining 55% interest in BANGL LLC for $715 million from affiliates of WhiteWater and Diamondback, the midstream MLP announced Feb. 28.
MPLX will now hold full ownership of the NGL pipeline, which is capable of bringing 250,000 bbl/d of NGL from the Permian Basin in West Texas to the Gulf Coast on the other side of the state. MPLX is currently building a fractionation complex in the Gulf Coast region, which is expected to be complete in 2028.
The BANGL pipeline is currently being expanded to 300,000 bbl/d, which will come online in the second half of 2026.
“With full ownership of BANGL and its expansion opportunities, our growth platform is further improved for the long term as we connect growing NGL production from the Permian basin to our recently announced Gulf Coast fractionation complex," said Maryann Mannen, MPLX president and CEO.
If the pipeline achieves certain performance metrics, MPLX would make earnout payments up to a certain amount as part of the deal, which is expected to close in July 2025 after satisfying certain closing conditions.
WhiteWater’s investment in BANGL was held by WhiteWater BANGL Holdings LLC, which is backed by Ridgemont Equity Partners, Trace Capital Management and First Infrastructure Capital. WhiteWater was advised by Simpson Thacher & Bartlett LLP as legal counsel and Barclays as financial adviser in connection with the transaction.
RELATED
Deal Change: BANGL Stake No Longer Part of Energy Transfer’s WTG Merger
Recommended Reading
Shell Completes Acquisition of ConocoPhillips’ Interest in Ursa Platform
2025-05-01 - Shell Offshore and Shell Pipeline Co. agreed in February to buy the 15.96% stake from ConocoPhillips.
Japan's Tokyo Gas to Buy Stake in Texas Shale from Chevron
2025-03-31 - The deal estimated to be worth tens of billions of yen, the Nikkei reported on March 31.
Abu Dhabi’s Mubadala Buys Stake in Kimmeridge Shale Gas, LNG Ventures
2025-04-10 - Mubadala Energy, owned by Abu Dhabi’s sovereign wealth fund, is buying a stake in Kimmeridge Texas Gas (KTG) and Commonwealth LNG as the United Arab Emirates company makes an entry into U.S. shale.
Archrock Closes $357MM Deal for Natural Gas Compression Systems
2025-05-04 - Archrock acquired NGCS’ compression business, which includes approximately 351,000 hp— 71% of which operates in the Permian Basin.
NatGas Rising: WhiteHawk Inks $118MM Marcellus Royalties Deal
2025-03-31 - WhiteHawk Energy is getting deeper in Pennsylvania’s Marcellus Shale with a $118 million deal as demand for natural gas grows.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.