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An MPLX subsidiary closed on a deal for Whiptail Midstream’s San Juan Basin assets, Whiptail announced May 9.
The $237 million deal was announced in March and consists of gathering systems for crude, gas and water in the U.S. Four Corners region that serve the Gallup oil play.
Whiptail’s assets include approximately 500 miles of pipeline that transport crude oil, natural gas and water production in the San Juan Gallup oil play.
Whiptail Midstream is a portfolio company of I Squared Capital, an independent global infrastructure investment management company. Evercore acted as Whiptail’s financial adviser, with legal counsel provided by Sidley Austin.
MPLX and I Squared were part of another major deal that was announced the same week. On May 6, I Squared bought a 65% stake in the Matterhorn Express Pipeline in Texas. MPLX, one of the members of the joint venture that owns the pipeline, increased its stake from 5% to 10%.
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