WhiteWater Announces Acquisition of Waha Gas Storage

AUSTIN, Texas, Feb. 16 /BusinessWire/ -- WhiteWater Midstream (WWM), operator of the Agua Blanca and Whistler pipelines, today announced the acquisition of Enstor's Waha gas storage assets. The assets will be held in a newly formed joint venture entity, Waha Gas Storage LLC, which will be jointly owned by Whistler Pipeline, LLC and Delaware Basin Residue, LLC, owner of Agua Blanca. The Waha gas storage facilities will be connected to Agua Blanca's Waha header system and will provide material storage capacities to customers of both the Agua Blanca and Whistler pipelines. With six existing caverns and five additional permitted caverns, the Waha Gas Storage facilities can provide approximately 10 billion cubic feet of storage capacity once fully developed.

"The Waha Gas Storage assets are strategically located near the Waha hub and our new joint venture plans on further optimizing these facilities and their capabilities in the near-term to better serve the customers of the Agua Blanca and Whistler pipelines," said Christer Rundlof, CEO of WhiteWater. "We are extremely excited to provide our customers with another premier residue service and unmatched flexibility for their residue transportation needs."

The Waha Gas Storage facilities are expected to be in service in the fourth quarter of 2021, pending the receipt of customary regulatory and other approvals. Inquiries regarding Waha Gas Storage facilities and services should be directed to [email protected].

About Waha Gas Storage LLC

Waha Gas Storage is a Joint Venture between the Agua Blanca and Whistler pipelines.

About Agua Blanca

Agua Blanca (Delaware Basin Residue, LLC) is a joint venture between MPLX LP (NYSE:MPLX) and WhiteWater Midstream. The pipeline is capable of moving 3 Bcf/d of gas from Delaware Basin gas process plants to delivery points in and around Waha.

About Whistler Pipeline LLC

Whistler Pipeline LLC is a joint venture owned by MPLX LP (NYSE: MPLX), WhiteWater Midstream, Ridgemont Equity Partners and a joint venture between affiliates of Stonepeak Infrastructure Partners and West Texas Gas, Inc. (WTG). Once in operation, the Whistler pipeline will be capable of delivering 2 Bcf/d from the Permian Basin to South Texas.

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

About WhiteWater Midstream

WhiteWater Midstream is a management owned, Austin based midstream company. WhiteWater Midstream is partnered with multiple private equity funds including but not limited to Ridgemont Equity Partners, Denham Capital Management, First Infrastructure Capital and the Ontario Power Generation Inc. Pension Plan. Since inception, WhiteWater has reached final investment decision on ~$3 billion in greenfield development projects. For more information about WhiteWater Midstream, visit www.whitewatermidstream.com.

About First Infrastructure Capital

First Infrastructure Capital Advisors, LLC is a Houston-based investment firm specializing in greenfield projects and companies operating in the midstream, downstream, electric power, telecommunications, and renewable energy industries. First Infrastructure Capital Advisors, LLC is an SEC-registered investment adviser, which manages funds affiliated with First Infrastructure Capital, L.P. For more information about First Infrastructure Capital, visit www.firstinfracap.com.

About Ridgemont Equity Partners

Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $5 billion. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. Ridgemont's most recent flagship fund, REP III, was formed in 2018 and has $1.65B of committed capital. www.ridgemontep.com

About Stonepeak Infrastructure Partners

Stonepeak Infrastructure Partners (www.stonepeakpartners.com) is an infrastructure-focused private equity firm with over $29.2 billion of assets under management (as of September 2020) and with offices in New York, Houston, Austin and Hong Kong. Stonepeak invests in long-lived, hard-asset businesses and projects that provide essential services to customers, and seeks to actively partner with high-quality management teams, facilitate operational improvements, and provide capital for growth initiatives.

About WTG

WTG (West Texas Gas, Inc. & affiliates) is composed of a family of related natural gas midstream and downstream entities headquartered in Midland, TX since 1976 with operations in more than 90 Texas and Oklahoma counties. These WTG entities operate more than 700 MMcfd of gas processing capacity with more than 10,000 miles of gathering systems, 1,800 miles of transmission pipelines and distribution systems serving approximately 25,000 LDC customers.

This press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements relate to, among other things, statements with respect to forecasts regarding capacity, rates, incremental investment, market conditions and timing for becoming operational for the opportunities discussed above. You can identify forward-looking statements by words such as "anticipate," "design," "estimate," "expect," "forecast," "plan," "project," "potential," "target," "could," "may," "should," "would," "will" or other similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of the companies and are difficult to predict. Factors that could impact the opportunities described above are set forth under the heading "Risk Factors" in MPLX's Annual Report on Form 10-K for the year ended Dec. 31, 2019, and Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission (SEC). In addition, the forward-looking statements included herein could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed here or in MPLX's Forms 10-K and 10-Q could also have material adverse effects on forward-looking statements. Copies of MPLX's Forms 10-K and 10-Q are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.

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