AUSTIN,
Texas, July 31, 2024 /PRNewswire/ -- WhiteWater
today announced that WhiteWater, MPLX LP (NYSE: MPLX), and Enbridge
Inc. (NYSE: ENB), through the WPC Joint Venture, the joint
venture that owns the Whistler Pipeline, have partnered with an
affiliate of Targa Resources Corp. (NYSE: TRGP) to reach final
investment decision to move forward with the construction of the
Blackcomb Pipeline after having secured sufficient firm
transportation agreements with predominantly investment grade
shippers, including, but not limited to, Devon Energy, Corp. (NYSE:
DVN), Diamondback Energy, Inc. (NYSE: FANG), Marathon Petroleum
Corp. (NYSE: MPC), and Targa Resources Corp. I Squared owns
WhiteWater's stake in Whistler.
The Blackcomb Pipeline is designed to transport up to 2.5
billion cubic feet per day (Bcf/d) of natural gas through
approximately 365 miles of 42-inch pipeline from the Permian Basin
in West Texas to the Agua Dulce area in South Texas. Supply for the Blackcomb Pipeline
will be sourced from multiple upstream connections in the Permian
Basin, including gas processing facilities in the Midland Basin and
the Agua Blanca Pipeline in the Delaware Basin, a joint venture between
WhiteWater and MPLX.
"We are excited to partner with Targa by leveraging Whistler's
expansive footprint in Waha and Agua
Dulce to develop the Blackcomb Pipeline. Blackcomb will
provide much needed incremental natural gas takeaway capacity for
Permian shippers," said Christer
Rundlof, CEO of WhiteWater.
The Blackcomb Pipeline is a joint venture owned 70.0% by WPC,
17.5% by Targa, and 12.5% by MPLX, which is incremental to MPLX's
ownership interest in WPC.
The Blackcomb Pipeline will be constructed and operated by
WhiteWater and is expected to be in service in the second half
of 2026, pending the receipt of customary regulatory and other
approvals.
About the WPC Joint Venture
The WPC joint venture is owned by WhiteWater (50.6%), MPLX
(30.4%), and Enbridge (19.0%). WPC owns long-haul natural gas
pipelines and storage assets which transport natural gas from
the Permian Basin to South
Texas with direct connections to LNG export markets.
The WPC joint venture owns the Whistler Pipeline, the Rio Bravo
Pipeline, 70% of the Blackcomb Pipeline, 70% of the ADCC Pipeline,
and 50% of the Waha Gas Storage facility. WhiteWater's stake in WPC
is owned by I Squared Capital.
About WhiteWater
WhiteWater is an Austin, Texas
based infrastructure company and operator of multiple gas
transmission assets, including the Whistler Pipeline and the
Blackcomb Pipeline. WhiteWater is partnered with multiple private
equity funds, including but not limited to I Squared Capital. For
more information about WhiteWater, visit www.wwdev.com.
About I Squared Capital
I Squared Capital is a leading independent global infrastructure
investment manager with over $40
billion in assets under management. We are known for the
development of investment platforms in infrastructure projects
where we start small and grow big. We use global insights and deep
local intelligence to solve complex problems, foster smarter
businesses, serve local communities, and invest in a more
sustainable future to provide essential services to millions of
people around the world. We are a team of over 280 people,
headquartered in Miami with
offices in Abu Dhabi, London, Munich, New
Delhi, São Paulo, Singapore, Sydney and Taipei. We operate a diverse portfolio of 85
companies in 81 countries with over 66,000 employees in a variety
of sectors including utilities, energy, digital infrastructure,
transport, environmental infrastructure, and social infrastructure.
You can find out more by visiting: www.isquaredcapital.com.
About MPLX LP
MPLX is a diversified, large-cap master limited partnership that
owns and operates midstream energy infrastructure and logistics
assets and provides fuels distribution services. MPLX's assets
include a network of crude oil and refined product pipelines; an
inland marine business; light-product terminals; storage caverns;
refinery tanks, docks, loading racks, and associated piping; and
crude and light-product marine terminals. MPLX also owns crude oil
and natural gas gathering systems and pipelines as well as natural
gas and NGL processing and fractionation facilities in key U.S.
supply basins. More information is available at www.MPLX.com
About Enbridge Inc.
At Enbridge, we safely connect millions of people to the energy
they rely on every day, fueling quality of life through our North
American natural gas, oil and renewable power networks and our
growing European offshore wind portfolio. We're investing in modern
energy delivery infrastructure to sustain access to secure,
affordable energy and building on more than a century of operating
conventional energy infrastructure and two decades of experience in
renewable power to advance new technologies including hydrogen,
renewable natural gas and carbon capture and storage. Headquartered
in Calgary, Alberta, Enbridge's
common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn
more, visit us at enbridge.com.
About Targa Resources Corp.
Targa Resources Corp. ("Targa") is a leading provider of
midstream services and is one of the largest independent midstream
infrastructure companies in North
America. Targa owns, operates, acquires and develops a
diversified portfolio of complementary domestic midstream
infrastructure assets and its operations are critical to the
efficient, safe and reliable delivery of energy across the United States and increasingly to the
world. Targa's assets connect natural gas and NGLs to domestic and
international markets with growing demand for cleaner fuels and
feedstocks. Targa is primarily engaged in the business of:
gathering, compressing, treating, processing, transporting, and
purchasing and selling natural gas; transporting, storing,
fractionating, treating, and purchasing and selling NGLs and NGL
products, including services to LPG exporters; and gathering,
storing, terminaling, and purchasing and selling crude oil.
Targa is a FORTUNE 500 company and is included in the S&P
500.
For more information, please visit the Company's website at
www.targaresources.com.
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SOURCE WhiteWater
