Cardinal Midstream Partners Acquires Medallion's Delaware Basin Gas Gathering and Processing Business

ONEOK Acquires Medallion Midstream from Global Infrastructure Partners

October 31, 2024

Oil & Gas

ONEOK, Inc. (NYSE: OKE) has closed its acquisition of Medallion Midstream from Global Infrastructure Partners for approximately $2.6 billion in cash. The deal adds over 1,200 miles of crude gathering pipelines (≈1.3 million barrels per day capacity) and ~1.5 million barrels of crude storage in the Permian Basin, expanding ONEOK's crude gathering, transportation and storage capabilities and creating commercial synergies with its existing pipeline network.

Phillips 66 Acquires Pinnacle Midstream from Energy Spectrum Capital

May 20, 2024

Energy

Phillips 66 has agreed to acquire Pinnacle Midland Parent LLC (Pinnacle Midstream II) from private equity firm Energy Spectrum Capital for $550 million to expand its natural gas gathering and processing footprint in the Midland Basin. The assets include the Dos Picos 220 MMcf/d processing plant, ~80 miles of gathering pipeline and 50,000 dedicated acres; the deal is expected to close mid‑2024 subject to customary conditions, including HSR clearance.

MPLX LP Acquires Northwind Midstream for $2.375 Billion

September 2, 2025

Energy

MPLX LP completed the $2.375 billion acquisition of Northwind Delaware Holdings LLC (Northwind Midstream), adding sour gas gathering, treating and processing capacity in Lea County, New Mexico. The deal strengthens MPLX’s Permian Basin natural gas and NGL value chains, is expected to be immediately accretive to distributable cash flow, and includes an estimated $500 million of incremental capital for expansion projects.

Enterprise Products Partners Acquires Piñon Midstream for $950M

August 21, 2024

Energy

Enterprise Products Partners L.P. completed the acquisition of Piñon Midstream, LLC, a Black Bay Energy Capital portfolio company, for $950 million in cash. Piñon provides sour natural gas gathering and treating services (including acid gas injection and carbon sequestration) in the eastern flank of the Delaware Basin, and the deal expands Enterprise's footprint and capabilities in that region.

Voyager Midstream Acquires East Texas Gas Gathering and Processing Assets From Phillips 66

September 3, 2024

Energy

Voyager Midstream Holdings, a Pearl Energy Investments portfolio company, acquired natural gas gathering and cryogenic processing assets from Phillips 66 located in East Texas and north Louisiana, including roughly 550 miles of pipelines, 400 MMcf/d processing capacity, and 12,000 bpd fractionation capacity. The deal also includes the Carthage Hub, a major gas trading and delivery hub with >1 Bcf/d handling capability, and is intended to expand Voyager's footprint in the Haynesville Shale and improve producer connectivity to Gulf Coast markets.

Enbridge Acquires Moda Midstream Operating for US$3.0 Billion

October 12, 2021

Oil & Gas

Enbridge Inc. has completed the acquisition of Moda Midstream Operating from Encap Flatrock Midstream for US$3.0 billion, gaining a 100% operating interest in the Ingleside Energy Center and associated pipeline and logistics assets. The deal also gives Enbridge a 20% interest in the Cactus II Pipeline and advances its U.S. Gulf Coast export strategy and connectivity to Permian and Eagle Ford reserves.