September 08, 2025 [MPLX LP]- MPLX LP (NYSE: MPLX) has completed the $2.375 billion acquisition of Northwind Delaware Holdings LLC (Northwind Midstream), which provides sour gas gathering, treating, and processing services in Lea County, New Mexico, enhancing its Permian natural gas and NGL value chains.

The acquisition is expected to be immediately accretive to distributable cash flow, and inclusive of estimated incremental capital of $500 million, represents a 7x multiple on forecast 2027 EBITDA and an estimated mid-teen unlevered return.

The acquisition was financed and the incremental capital expenditures associated with in-process expansion projects will be funded by net proceeds from MPLX’s $4.5 billion senior notes issued in August 2025.

The acquired business is complementary and adjacent to MPLX’s existing Delaware basin natural gas system. It consists of over 200,000 dedicated acres, 200+ miles of gathering pipelines, two in-service acid gas injection wells at 20 million cubic feet per day (MMcf/d), and a third permitted well that will bring its total capacity to 37 MMcf/d. The system currently has 150 MMcf/d of sour gas treating capacity and in-process expansion projects will increase capacity to 440 MMcf/d, expected to be completed in the second half of 2026. The system is supported by minimum volume commitments by top regional producers.