Enbridge, MPLX, WhiteWater, I Squared to enter pipeline joint venture

WhiteWater, I Squared, MPLX LP (MPLX), and Enbridge (ENB) jointly announce they have entered into a definitive agreement to strategically combine the Whistler Pipeline and Rio Bravo Pipeline project in a newly formed joint venture. Enbridge will contribute its wholly-owned Rio Bravo Pipeline project and cash in exchange for an ownership stake in the newly formed joint venture. Following the closing of the transaction, the ownership in the joint venture will be WhiteWater/I Squared (50.6%), MPLX (30.4%), and Enbridge (19.0%). Enbridge will retain a 25% economic interest in the Rio Bravo Pipeline project as part of its investment. WhiteWater will continue to operate the joint venture’s assets, including the Rio Bravo Pipeline project. The combined platform will provide significant benefits to the joint venture’s customers by connecting Permian supply to incremental LNG export markets via Rio Bravo’s connectivity with NextDecade’s Rio Grande LNG facility. Additionally, the creation of this platform is anticipated to support the development of incremental pipeline projects connecting Permian supply to export markets along the Gulf Coast. The transaction is expected to close in the second quarter of 2024 after receipt of required regulatory approvals and satisfaction of other customary closing conditions.