John Mackay

Manav Gupta

Michael Blum

Jeremy Tonet

Keith Stanley

Theresa Chen

Neal Dingmann

Berg Sansavero

Indraneel Mitra

Neel Mitra

- MPLX LP completed the **$2.375 billion** acquisition of Northwind Delaware Holdings LLC (Northwind Midstream) on **September 2, 2025**, enhancing its Permian natural gas and NGL value chains.  **[1552000_20250902CL62894:0]** 
- The acquisition was financed by net proceeds from MPLX's **$4.5 billion senior notes issued in August 2025**.  **[1552000_20250902CL62894:0]** 
- It is expected to be immediately accretive to distributable cash flow, representing a **7x multiple on forecast 2027 EBITDA** and an estimated **mid-teen unlevered return**, inclusive of **$500 million** in incremental capital for expansion projects.  **[1552000_20250902CL62894:0]** 
- Northwind Midstream's assets include sour gas gathering, treating, and processing services in Lea County, New Mexico, with treating capacity expanding from **150 MMcf/d** to **440 MMcf/d** by the **second half of 2026**.  **[1552000_20250902CL62894:0]**

MPLX Completes Northwind Midstream Acquisition

- The **Eiger Express Pipeline**, a **450-mile**, **42-inch** diameter natural gas pipeline, has received final investment approval and will proceed to construction, aiming to transport up to **2.5 billion cubic feet per day** from the Permian Basin to the Katy area near Houston.  **[1552000_bdced05b233b42d3ae5d7007ff054970]** 
- The project is a joint venture led by WhiteWater Midstream, with **MPLX LP** and ONEOK, Inc. each holding **15% direct ownership** in addition to their stakes through the Matterhorn joint venture, resulting in MPLX's total ownership of **22%**.  **[1552000_bdced05b233b42d3ae5d7007ff054970]** 
- The pipeline has secured firm transportation agreements with contract terms of **10 years or longer** from primarily investment-grade shippers and is expected to begin operations by **mid-2028**.  **[1552000_bdced05b233b42d3ae5d7007ff054970]**

MPLX LP's Eiger Express Pipeline Project Receives Final Approval

MPLX (MPLX)