FINDLAY, Ohio, Aug. 27, 2025 /PRNewswire/ -- MPLX LP (NYSE: MPLX) today announced it has entered into a definitive agreement to divest its Rockies gathering and processing assets to a subsidiary of Harvest Midstream for $1.0 billion in cash consideration, subject to customary purchase price adjustments. Harvest has contractually agreed to dedicate approximately 12 thousand barrels per day of NGLs from these assets to MPLX for a period of seven years commencing in 2028, following the expiration of a pre-existing commitment.
"Evaluating the competitive positioning of our portfolio is a strategic commitment," said Maryann Mannen, MPLX president and chief executive officer. "The divestiture of these assets better positions our portfolio for growth, anchored in the Marcellus and Permian basins."
Assets included in the transaction are natural gas gathering and transportation pipelines and 1.2 billion cubic feet per day of processing capacity, which operated at 52% in 2024.
The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
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 Harvest Midstream
Harvest Midstream is a privately held midstream service provider based in Houston, TX that operates various crude oil and natural gas gathering, storage, transportation, treatment and terminalling assets across the United States.
Investor Relations Contact: (419) 421-2071
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This press release contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX's expectations, estimates and projections concerning its business and operations and financial and strategic priorities. You can identify forward-looking statements by words such as "anticipate," "believe," "commitment," "could," "design," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: MPLX's ability to consummate the announced divestiture within the expected timeframe, if at all, including as a result of not obtaining required regulatory approvals or satisfying the other conditions to the closing; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement relating to the announced divestiture; MPLX's ability to fully realize the expected benefits of the announced divestiture; the adequacy of capital resources and liquidity, including the availability of capital resources to execute on its strategic priorities; and the other factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPLX's Annual Report on Form 10-K for the year ended Dec. 31, 2024, and in other filings with the SEC.
Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.
Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.
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SOURCE MPLX LP