Enbridge, I Squared, and MPLX Secure Major Stake in Matterhorn Pipeline

Published 12 hours agoENB

Enbridge, I Squared, and MPLX Secure Major Stake in Matterhorn Pipeline

Enbridge Inc., I Squared Capital, and MPLX LP have successfully agreed to secure up to an 85% stake in the Matterhorn Express natural gas pipeline. This acquisition involves a strategic ownership structure where WhiteWater Midstream, supported by I Squared Capital and First Infrastructure Capital, will control up to 65% of the pipeline. Enbridge and MPLX are each set to own a 10% share. According to Reuters, these stakes have been acquired from Ridgemont Equity Partners and Devon Energy Corp.

The Matterhorn Express pipeline is an extensive infrastructure spanning 580 miles, capable of transporting up to 2.5 billion cubic feet of natural gas daily. It moves vital resources from the productive Permian Basin in West Texas and New Mexico straight to the outskirts of Houston. The entire operation has been valued at over $5 billion, which includes existing debt. Additionally, MPLX announced it has separately acquired a further 5% interest in the pipeline joint venture, amounting to $151 million.

Having commenced operations in October 2024, the Matterhorn pipeline plays a crucial role in easing bottlenecks and enhancing local gas price conditions. This, in turn, has supported increased oil production across the United States, particularly impacting the shale sectors. These recent developments highlight the ongoing strategy of Enbridge, I Squared Capital, and MPLX to expand their influence and capability in the natural gas market.

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