Blackcomb Pipeline Reaches Final Investment Decision to Transport Growing Natural Gas Production from the Permian Basin to the Gulf Coast Region

PRNewswire 31-Jul-2024 5:00 PM

AUSTIN, Texas, July 31, 2024 /PRNewswire/ -- WhiteWater today announced that WhiteWater, MPLX LP (NYSE:MPLX), and Enbridge Inc. (NYSE:ENB), through the WPC Joint Venture, the joint venture that owns the Whistler Pipeline, have partnered with an affiliate of Targa Resources Corp. (NYSE:TRGP) to reach final investment decision to move forward with the construction of the Blackcomb Pipeline after having secured sufficient firm transportation agreements with predominantly investment grade shippers, including, but not limited to, Devon Energy, Corp. (NYSE:DVN), Diamondback Energy, Inc. (NYSE:FANG), Marathon Petroleum Corp. (NYSE:MPC), and Targa Resources Corp. I Squared owns WhiteWater's stake in Whistler.

The Blackcomb Pipeline is designed to transport up to 2.5 billion cubic feet per day (Bcf/d) of natural gas through approximately 365 miles of 42-inch pipeline from the Permian Basin in West Texas to the Agua Dulce area in South Texas. Supply for the Blackcomb Pipeline will be sourced from multiple upstream connections in the Permian Basin, including gas processing facilities in the Midland Basin and the Agua Blanca Pipeline in the Delaware Basin, a joint venture between WhiteWater and MPLX.

"We are excited to partner with Targa by leveraging Whistler's expansive footprint in Waha and Agua Dulce to develop the Blackcomb Pipeline. Blackcomb will provide much needed incremental natural gas takeaway capacity for Permian shippers," said Christer Rundlof, CEO of WhiteWater.

The Blackcomb Pipeline is a joint venture owned 70.0% by WPC, 17.5% by Targa, and 12.5% by MPLX, which is incremental to MPLX's ownership interest in WPC.

The Blackcomb Pipeline will be constructed and operated by WhiteWater and is expected to be in service in the second half of 2026, pending the receipt of customary regulatory and other approvals.

About the WPC Joint Venture

The WPC joint venture is owned by WhiteWater (50.6%), MPLX (30.4%), and Enbridge (19.0%).  WPC owns long-haul natural gas pipelines and storage assets which transport natural gas from the Permian Basin to South Texas with direct connections to LNG export markets.  The WPC joint venture owns the Whistler Pipeline, the Rio Bravo Pipeline, 70% of the Blackcomb Pipeline, 70% of the ADCC Pipeline, and 50% of the Waha Gas Storage facility. WhiteWater's stake in WPC is owned by I Squared Capital. 

About WhiteWater

WhiteWater is an Austin, Texas based infrastructure company and operator of multiple gas transmission assets, including the Whistler Pipeline and the Blackcomb Pipeline. WhiteWater is partnered with multiple private equity funds, including but not limited to I Squared Capital. For more information about WhiteWater, visit www.wwdev.com.

About I Squared Capital

I Squared Capital is a leading independent global infrastructure investment manager with over $40 billion in assets under management. We are known for the development of investment platforms in infrastructure projects where we start small and grow big. We use global insights and deep local intelligence to solve complex problems, foster smarter businesses, serve local communities, and invest in a more sustainable future to provide essential services to millions of people around the world. We are a team of over 280 people, headquartered in Miami with offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. We operate a diverse portfolio of 85 companies in 81 countries with over 66,000 employees in a variety of sectors including utilities, energy, digital infrastructure, transport, environmental infrastructure, and social infrastructure. You can find out more by visiting: www.isquaredcapital.com.

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. MPLX 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

About Enbridge Inc.

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power to advance new technologies including hydrogen, renewable natural gas and carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

About Targa Resources Corp.

Targa Resources Corp. ("Targa") is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. Targa owns, operates, acquires and develops a diversified portfolio of complementary domestic midstream infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. Targa's assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. Targa is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

Targa is a FORTUNE 500 company and is included in the S&P 500.

For more information, please visit the Company's website at www.targaresources.com.

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SOURCE WhiteWater