A subsidiary of Harvest Midstream has entered into a sales and purchase agreement to acquire MPLX LP's natural gas gathering and processing network in the Rockies for $1bn in cash.
This acquisition is a significant step in Harvest's growth as a privately held midstream company and is expected to close in the fourth quarter of 2025 (Q4 2025).
The deal includes MPLX’s natural gas gathering and processing assets in the Uinta and Green River basins across Wyoming, Utah and Colorado, US.
It covers natural gas gathering and transportation pipelines and 1.2 billion cubic feet per day of processing capacity, which operated at 52% capacity last year.
Harvest Midstream CEO Jason C. Rebrook said: “This acquisition is the beginning of the next chapter of Harvest’s ambitious and disciplined growth story.
“We are executing on a long-term vision to build a scaled, resilient midstream network capable of supporting America’s energy needs for decades to come – and these premier MPLX assets fit squarely into that strategy. We look forward to applying our operational expertise, commercial agility and proven track record to deliver long-term value for our customers.”
The Uinta Basin assets involved in the deal encompass around 700 miles of gas-gathering pipelines and roughly 345 million cubic feet per day (mcf/d) of active gas processing capacity at the Ironhorse and Stagecoach facilities.
Additionally, expansion efforts are currently in progress.
Assets within the Green River Basin, which facilitate operations in major gas fields across Wyoming, encompass roughly 800 miles of pipelines dedicated to the gathering and transportation of gas.
Additionally, there is an active gas processing capability of around 500mcf/d stemming from the Blacks Fork and Vermilion facilities, alongside a fractionation capacity of 10,000 barrels per day.
These assets are set to broaden Harvest's geographical presence and provide new opportunities for growth.
Upon completion of the transaction, Harvest will take over full operational control, ensuring uninterrupted service to existing customers and pursuing its goal of establishing a diversified midstream enterprise.
After the end of a pre-existing commitment, the company has also committed to providing around 12,000bpd of natural gas liquids to MPLX from these assets for seven years, starting in 2028.
MPLX president and CEO Maryann Mannen said: "Evaluating the competitive positioning of our portfolio is a strategic commitment.
"The divestiture of these assets better positions our portfolio for growth, anchored in the Marcellus and Permian basins."
The transaction is subject to standard closing conditions including approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
