MPLX announces agreement to acquire remaining 55% interest in BANGL pipeline system
Published by Alfred Hamer,
Editorial Assistant
World Pipelines,
MPLX LP has announced it has signed a definitive agreement with affiliates of WhiteWater and Diamondback Energy to acquire the remaining 55% interest in BANGL, LLC for US$715 million. Additionally, upon achievement of specific financial performance metrics, MPLX would make earnout payments up to a specified cap. The transaction is immediately accretive and is expected to generate mid-teen returns for the partnership.
"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 chief executive officer.
The transaction is expected to close in July 2025 and is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Following closing, the BANGL Pipeline will be a wholly owned asset of MPLX and consolidated in MPLX's financial results.
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Read the article online at: https://www.worldpipelines.com/business-news/03032025/mplx-announces-agreement-to-acquire-remaining-55-interest-in-bangl-pipeline-system/
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