FINDLAY, Ohio, Sept. 2, 2025 /PRNewswire/ -- 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.

About MPLX LP

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.MPLX.com.

Investor Relations Contact: (419) 421-2071

Kristina Kazarian, Vice President Finance and Investor Relations

Brian Worthington, Senior Director, Investor Relations

Isaac Feeney, Director, Investor Relations

Evan Heminger, Analyst, Investor Relations

Media Contact: (419) 421-3577

Jamal Kheiry, Communications Manager

This press release contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX's expectations, estimates and projections concerning its business and operations and financial and strategic priorities. You can identify forward-looking statements by words such as "anticipate," "believe," "commitment," "could," "design," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: MPLX's ability to fully realize the expected benefits of the acquisition; the risk of any unexpected costs or expenses associated with the acquired business or incurred as a result of the acquisition; the adequacy of capital resources and liquidity, including the availability of capital resources to execute on its strategic priorities; changes to the expected construction costs and in service dates of planned and ongoing capital projects and investments, including the expansion projects announced herein, and the ability to obtain regulatory and other required approvals with respect thereto within the expected timeframes, if at all; and the other factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPLX's Annual Report on Form 10-K for the year ended Dec. 31, 2024, and in other filings with the SEC.

Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.

Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.

Use of Non-GAAP Financial Information -- This press release makes reference to forecasted earnings before interest, income taxes, depreciation and amortization (EBITDA). This is a non-GAAP financial measure. Forecasted EBITDA is based on MPLX's projections for the business to be acquired. Forecasted EBITDA is not presented as an alternative to the nearest GAAP financial measure, net income, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. We are unable to present the most directly comparable GAAP measure or a reconciliation of forecasted EBITDA to net income because certain elements of net income, including interest, depreciation and taxes, are not available without unreasonable effort.

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SOURCE MPLX LP

MPLX LP Closes Northwind Midstream Acquisition