Jeff Hildebrand’s harvest midstream to acquire $1 billion in MPLX pipeline assets
Harvest Midstream, the energy company owned by billionaire Jeff Hildebrand, has agreed to acquire natural gas gathering and processing assets worth $1 billion from MPLX, the companies announced on Wednesday.
The Houston-based firm, which already operates midstream assets in Alaska and North Dakota’s Bakken shale, will expand into the Uinta and Green River shale basins, covering Utah, Colorado, and Wyoming. Under the deal, Harvest will take ownership of about 1,500 miles (2,414 km) of natural gas pipelines and 1.2 billion cubic feet per day of processing capacity. In return, Harvest will dedicate around 12,000 barrels per day of natural gas liquids from these assets to MPLX for a seven-year period beginning in 2028. The transaction is expected to close in the fourth quarter of 2025, News.Az reports, citing Reuters.
For MPLX, the sale reflects a strategy to concentrate more investment in the Permian Basin of Texas and New Mexico, where the company has been highly active this year. MPLX has already completed about $3.5 billion in acquisitions in 2025, including the nearly $2.4 billion purchase of Northwind Midstream earlier this month. Alongside WhiteWater and other partners, MPLX also announced the final investment decision on the Eiger Express Pipeline, which will link the Permian Basin to export facilities on the U.S. Gulf Coast.
Shares of MPLX gained more than 1.4 percent in premarket trading following reports of the deal. Analysts say the move gives Harvest a significant foothold in new shale regions while allowing MPLX to streamline its portfolio and sharpen its focus on the fast-growing Permian.
Similar news
