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BANGL Adds Rattler Midstream LP as Strategic Partner Following Fourth Quarter 2021 In-Service Date
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
WhiteWater Midstream, MPLX, and West Texas Gas have added Rattler Midstream as a fourth partner in their BANGL joint venture. Concurrently, Diamondback Energy entered into a long-term natural gas liquids product dedication with BANGL. The venture commenced full commercial service in Q4 2021, facilitating NGL takeaway capacity from MPLX and WTG plants in the Permian Basin to Sweeny, Texas. BANGL aims to expand its capacity up to 300,000 barrels per day, enhancing the efficiency of gas processing and fractionation in the region.
Positive
Addition of Rattler Midstream enhances operational capacity and partnerships.
Long-term NGL product dedication with Diamondback Energy secures stable revenue stream.
Expansion capacity of BANGL up to 300,000 barrels per day indicates growth potential.
Negative
None.
AUSTIN, Texas--(BUSINESS WIRE)--
WhiteWater Midstream (WhiteWater), MPLX LP (MPLX NYSE: MPLX), and West Texas Gas (WTG) are pleased to announce the addition of a fourth partner, Rattler Midstream LP (Rattler NASDAQ: RTLR), to the companies’ BANGL, LLC joint venture (BANGL). Concurrent with Rattler’s investment in the project, Diamondback Energy, Inc. (NASDAQ: FANG), Rattler’s upstream operating parent, entered into a significant, long-term natural gas liquids (NGL) product dedication with BANGL.
BANGL began full commercial service in the fourth quarter of 2021 and provides NGL takeaway capacity from MPLX and WTG gas processing plants in the Permian Basin to the NGL fractionation hub in Sweeny, Texas. WhiteWater’s investment in BANGL is backed by Ridgemont Equity Partners, Denham Capital Management and the Ontario Power Generation Inc. Pension Plan.
About BANGL, LLC
BANGL is a joint venture between White Water, MPLX, WTG, and Rattler. The natural gas liquids pipeline system connects the Delaware and Midland basins of Texas to the fractionation market in Sweeny, Texas and has expansion capacity of up to 300,000 barrels per day.
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
WhiteWater is a management owned, Austin based midstream company. WhiteWater 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, visit www.whitewatermidstream.com.
About WTG
WTG (together with its affiliates) comprises a family of related natural gas midstream and downstream entities headquartered in Midland, Texas since 1976 with operations in more than 90 Texas and Oklahoma counties. These WTG entities operate more than 900 MMcfd of gas processing capacity with more than 9,000 miles of gathering systems, 1,800 miles of transmission pipelines and distribution systems serving approximately 25,000 LDC customers.
About Rattler Midstream LP
Rattler is a Delaware limited partnership formed by Diamondback Energy, Inc. to own, operate, develop and acquire midstream and energy-related infrastructure assets. Rattler owns crude oil, natural gas and water-related midstream assets in the Permian Basin that provide services to Diamondback Energy, Inc. and third party customers under primarily long-term, fixed-fee contracts. For more information, please visit www.rattlermidstream.com.
About Diamondback Energy, Inc.
Diamondback Energy, Inc. is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.
About Ridgemont Equity Partners
Ridgemont Equity Partners (Ridgemont) is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $5.5 billion. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. For more information about Ridgemont, visit www.ridgemontep.com.
About Denham Capital Management
Denham Capital Management (Denham) is a leading energy and resources-focused global private equity firm with more than $12 billion of invested and committed capital across multiple fund vehicles and offices in Houston, Boston, Toronto, London and Perth. The firm makes direct investments in the energy and resources sectors, including businesses involving energy resources, sustainable infrastructure and mining, across the globe and all stages of the corporate lifecycle. Denham’s investment professionals apply deep technical, operational and industry experience and work in close partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.
