US-based natural gas company Williams has agreed to purchase Momentum Midstream (M6 Midstream) from EnCap Flatrock Midstream in a deal worth up to $5.5bn.
The transaction includes $3.5bn in cash and debt consideration and approximately $2bn in Williams equity. Completion of the acquisition is subject to regulatory review and standard closing conditions.
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Momentum Midstream, headquartered in Houston, Texas, operates more than 4,000 miles of natural gas-gathering and transmission pipelines.
The network serves more than one million dedicated acres and supplies gas to critical Gulf Coast locations including the Bethel, Carthage and Silsbee hubs in east Texas and the Gillis hub in south-west Louisiana.
Its system has a capacity of around six billion cubic feet per day (bcf/d), serving more than 140 customers including industrial end-users, power plants, city gates and liquefied natural gas facilities.
Momentum Midstream’s present owner, EnCap Flatrock Midstream, is a private equity firm founded in 2008 by Flatrock Energy Advisors and EnCap Investments.
In late 2022, Momentum Midstream acquired two gas-gathering and transmission assets in the Haynesville Shale. The company also made a final investment decision during that time on the New Generation Gas Gathering (NG3) project.
The NG3 pipeline runs 255 miles, offering 1.75bcf/d of gas deliverability to Gillis, Louisiana. It also features a carbon capture and sequestration programme intended to handle up to 1.8 million tonnes of CO₂ annually.
In April 2025, Momentum Midstream closed its acquisition of Clearfork Midstream to transform into a wellhead-to-market natural gas midstream platform.
Momentum Midstream CEO Frank Tsuru said: “In 2022, we set out with a strategy to build a premier natural gas-gathering and transmission system to serve growing demand along the Gulf Coast, and because of the efforts of our incredible team, we have done just that.
“This sale validates our thesis that demand for US hydrocarbons domestically and abroad will continue to grow and assets like what we have built at M6 are critical to meet that need.”
Barclays and Jefferies acted as exclusive financial advisers to Momentum Midstream, while Kirkland & Ellis provided legal counsel. Willkie Farr & Gallagher served as legal counsel to EnCap Flatrock.
Meanwhile, Williams reported unaudited financial results for the three and six months ended 30 June 2026. The company posted generally accepted accounting principles net income of $827m, or $0.68 per diluted share, an increase of 51% compared with the same quarter in 2025.
Adjusted net income reached $614m, or $0.50 per diluted share, increasing year-on-year (YoY) by 8%.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was $1.92bn, a YoY rise of 6%.
Williams raised its 2026 adjusted EBITDA guidance midpoint by $200m to $8.4bn, reflecting the inclusion of the Momentum acquisition.
In April this year, Williams started building the Northeast Supply Enhancement project, which will expand its Transco pipeline network.
