I Squared, MPLX, Enbridge increase Matterhorn Express pipeline stakes

I Squared, MPLX LP, and Enbridge Inc. have acquired Ridgemont Equity Partners and Devon Energy Corp.’s equity interests in the 2.5-bcfd Matterhorn Express natural gas pipeline. The pipeline ships Permian basin gas from the Waha hub to the Houston area.

Following closing of the transaction, WhiteWater, MPLX, and Enbridge will own 65%, 10%, and 10% of Matterhorn Express, respectively. Devon owned 12.5% of the pipeline. ONEOK Inc. also owns a portion of Matterhorn Express via its 2024 acquisition of EnLink Midstream LLC.

WhiteWater's equity interest in the pipeline will be jointly backed by First Infrastructure Capital Advisors and I Squared, and WhiteWater will continue to operate Matterhorn Express.

The transaction is expected to close second-quarter 2025.