MPLX Acquires Whiptail Midstream’s San Juan Basin Assets for $237 Million
(P&GJ) — Whiptail Midstream has completed the sale of its oil, gas, and water gathering systems in the San Juan Basin to a subsidiary of MPLX LP for $237 million in cash, the companies announced.
The midstream assets served producers in the Gallup oil play and were developed by Whiptail, a portfolio company of I Squared Capital. MPLX's acquisition is expected to support further investment in the region’s gathering infrastructure as activity continues.
“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,” added 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 financial advisor to Whiptail. Legal counsel was provided by Sidley Austin LLP.
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