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.
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