Whiptail Midstream, a portfolio company of I Squared Capital, has finalized the sale of its San Juan Basin midstream business to a subsidiary of MPLX LP for a total cash consideration of $237 million. This transaction marks a significant milestone for Whiptail Midstream, highlighting the company's success in developing critical midstream infrastructure in the region.

Whiptail Midstream's operations in the San Juan Basin have been pivotal in supporting the growth of producer customers, particularly in the Gallup oil play. The company's extensive network of oil, gas, and water gathering systems has played a crucial role in facilitating the efficient transportation and processing of resources. With the acquisition by MPLX, the San Juan Basin assets are poised for continued investment and expansion, ensuring the ongoing development of the region's energy resources.

The sale represents the culmination of years of dedicated effort by the Whiptail Midstream team. "The Whiptail team has worked tirelessly from inception to grow the business for the benefit of our customers and partners while ensuring safe and reliable operations," stated Bob O'Neal, President of Whiptail Midstream. "This transaction is a culmination of all the hard work that our employees have put in."

Josh Lamberton, CEO of Whiptail Midstream, also expressed his pride in the team's achievement. "I am very proud of the team on this successful transaction," said Lamberton. "This business would not have had the success it has without the relationships we have built with our customers, employees, investors, and multiple other counterparties over the years."

Whiptail Midstream, headquartered in Tulsa, Oklahoma, was founded in 2016 by its management team in partnership with I Squared Capital. The company has focused on providing midstream infrastructure solutions in the San Juan Basin, demonstrating a commitment to innovation and efficiency throughout the midstream value chain.

I Squared Capital, Whiptail Midstream's parent company, is a leading independent global infrastructure investment manager with a substantial portfolio. The firm manages $45 billion in assets and invests in essential infrastructure businesses worldwide. I Squared Capital's investments span various sectors, including energy, utilities, digital infrastructure, transport, and environmental and social infrastructure. The company has a global presence with over 300 professionals based in offices across Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney, and Taipei, with its headquarters in Miami.

The sale to MPLX is expected to facilitate the continued growth and development of the San Juan Basin's midstream infrastructure, ensuring reliable and efficient services for producers in the region.