Acquirer: MPLX LP
Target: Northwind Delaware Holdings LLC
Purchase Price: $2.375 billion in cash
Financing: Entirely funded by debt
Expected Close: Q3 2025,
Valuation Metrics:
7x forecasted 2027 EBITDA
Mid-teen unlevered return, inclusive of in-process expansion capital
Immediately accretive to distributable cash flow
Location: Lea County, New Mexico (Delaware Basin)
Dedicated Acreage: Over 200,000 acres
Infrastructure:
200+ miles of gathering pipelines
Two AGI (acid gas injection) wells, 20 MMcf/d each (40 MMcf/d total)
Third permitted AGI well, to raise total to 37 MMcf/d
Current treating capacity: 150 MMcf/d
Future capacity (by 2H 2026): 440 MMcf/d (through expansion)
Supported by minimum volume commitments from top-tier producers
Unlocks highly productive yet constrained sour gas areas of the Delaware Basin
Provides critical AGI capacity, which is a permitting bottleneck for many producers
Complements MPLX’s existing natural gas and NGL system in the basin
Adds critical sour gas treating and AGI capacity in a region with constrained infrastructure
Strengthens optional flow paths for gas and NGLs within MPLX’s integrated network
Unlocks 400 MMcf/d of incremental gas volumes
Adds up to 70 MBbl/d of new NGL throughput
Drives future growth in a supply-constrained, high-margin area
“The addition of 200,000 dedicated acres will increase MPLX's access to natural gas and NGL volumes. The optionality to direct these new volumes through our integrated system will accelerate our growth opportunities in the Permian.”
— Maryann Mannen, President & CEO, MPLX
Specialized in sour gas gathering, treating, and AGI solutions
Operates a critical system in southeast New Mexico
Provides services to leading Delaware Basin producers
Formerly known as Five Point Energy
Focus: powered land, water & surface infrastructure
~$8 billion AUM, based in Houston, TX