USA’s MPLX to acquire Northwind Midstream for $2.375 billion

HOUSTON, August 4, 2025 – USD midstream operator MPLX has agreed to acquire Northwind Delaware Holdings for USD 2.375 billion in cash to enhance its sour gas and NGL operations in the Permian Basin, MPLX said on Thursday.

The acquisition will be financed through debt and is expected to be immediately accretive to distributable cash flow. It is based on a 7x multiple of forecast 2027 EBITDA and a mid-teen unlevered return inclusive of capital expansion costs.

Northwind operates over 200,000 dedicated acres in Lea County, New Mexico, with more than 200 miles of gathering pipelines and sour gas treating capacity set to expand from 4.25 mcm (150 mcf) per day to 12.46 mcm (440 mcf) per day by late 2026. The system is supported by minimum volume commitments from leading regional producers.

MPLX said the deal strengthens its integrated gas system and increases access to 11.33 mcm (400 mcf) per day of incremental gas and 70,000 barrels per day of new NGL volumes. “The optionality to direct these new volumes through our integrated system will accelerate our growth opportunities in the Permian,” MPLX president and chief executive officer Maryann Mannen said.

The deal is expected to close in Q3 2025, pending customary closing conditions and regulatory approvals.

MPLX is a US-based master limited partnership engaged in midstream energy infrastructure and logistics. Its operations include crude oil and refined product pipelines, inland marine transport, terminals, storage, and natural gas and NGL gathering, processing, and fractionation services across major US supply basins.

Photo courtesy of Northwind Delaware

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