MPLX LP (MPLX), a large-cap master limited partnership, announced Friday that it has signed a definitive agreement with affiliates of WhiteWater and Diamondback Energy to buy the remaining 55% stake in BANGL, LLC for $715 million.
Additionally, MPLX would make earnout payments up to a specified cap upon achievement of specific financial performance metrics.
The acquisition is immediately accretive and is expected to generate mid-teen returns for the partnership.
The transaction is expected to close in July 2025, subject to customary closing conditions.
The BANGL pipeline system currently transports up to 250 thousand barrels per day of natural gas liquids from the Permian basin of Texas to fractionation markets along the Gulf Coast. The system is being expanded to 300 thousand barrels per day, which is anticipated to come online in the second half of 2026.
Following the deal closure, the BANGL Pipeline will be a wholly owned asset of MPLX and consolidated in MPLX's financial results.
MPLX expects the BANGL pipeline system would enable liquids to reach MPLX's Gulf Coast fractionation complex, which is expected in service in 2028.
Maryann Mannen, MPLX president and chief executive officer, said, "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."
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