Whiptail Midstream, LLC, a portfolio company of I Squared Capital, a leading independent global infrastructure investment manager, has announced it has completed the sale of its San Juan Basin midstream business to a subsidiary of MPLX LP for cash consideration of US$237 million.
Whiptail Midstream says its oil and gas gathering systems in the San Juan Basin played a role in supporting the growth of its producer customers in the Gallup oil play, and MPLX’s ownership will allow for continued investment and growth of the system as activity continues. Whiptail Midstream says the sale marks a major milestone for the company and its management team, which has developed and grown the company’s critical midstream infrastructure while delivering value to its stakeholders and ensuring the long-term sustainability of its operations.
"The Whiptail team has worked tirelessly from inception to grow the business for the benefit of our customers and partners while ensuring safe and reliable operations," said Bob O'Neal, President of Whiptail Midstream. "This transaction is a culmination of all the hard work that our employees have put in."
"I am very proud of the team on this successful transaction," said Josh Lamberton, CEO of Whiptail Midstream. "This business would not have had the success it has without the relationships we have built with our customers, employees, investors, and multiple other counterparties over the years."
Evercore served as Whiptail Midstream’s financial advisor. Sidley Austin LLP acted as legal counsel.
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