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WhiteWater Acquires Waha Gas Storage Assets in Texas

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WhiteWater Midstream has acquired Enstor’s Waha gas storage assets in northwestern Texas, according to a Feb. 16 statement.

“I am extremely proud of our team for rapidly advancing this transaction to close, particularly during the COVID pandemic,” said Enstor CEO Paul Bieniawski. “WhiteWater Midstream’s acquisition of the Waha Gas Storage assets is a win-win for everyone at the table. The facility is a great fit with the WhiteWater asset portfolio and provides a positive return for our investor.”

WhiteWater is the operator of the Agua Blanca and Whistler pipelines. The Waha gas storage assets will be held in a newly formed joint venture entity, Waha Gas Storage LLC, which will be owned by Whistler Pipeline LLC and Delaware Basin Residue LLC, owner of Agua Blanca.

The Waha gas storage facilities will be connected to Agua Blanca’s Waha header system and will provide material storage capacities to customers of both the Agua Blanca and Whistler pipelines. With six existing caverns and five additional permitted caverns, the Waha Gas Storage facilities can provide approximately 10 billion cubic feet (Bcf) of storage capacity once fully developed.

“The Waha Gas Storage assets are strategically located near the Waha hub and our new joint venture plans on further optimizing these facilities and their capabilities in the near-term to better serve the customers of the Agua Blanca and Whistler pipelines,” said Christer Rundlof, CEO of WhiteWater. “We are extremely excited to provide our customers with another premier residue service and unmatched flexibility for their residue transportation needs.”

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The Waha Gas Storage facilities are expected to be in service in the fourth quarter of 2021, pending the receipt of customary regulatory and other approvals. Inquiries regarding Waha Gas Storage facilities and services should be directed to wgs@wwm-llc.com.

About Agua Blanca

Agua Blanca (Delaware Basin Residue) is a joint venture between MPLX LP and WhiteWater Midstream. The pipeline is capable of moving 3 Bcf/d of gas from Delaware Basin gas process plants to delivery points in and around Waha.

About Whistler Pipeline LLC

Whistler Pipeline LLC is a joint venture owned by MPLX, WhiteWater Midstream, Ridgemont Equity Partners and a joint venture between affiliates of Stonepeak Infrastructure Partners and West Texas Gas Inc. (WTG). Once in operation, the Whistler pipeline will be capable of delivering 2 Bcf/d from the Permian Basin to South Texas.

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.

About WhiteWater Midstream

Austin, Texas-based WhiteWater Midstream is a management owned midstream company. WhiteWater Midstream is partnered with multiple private equity funds including but not limited to Ridgemont Equity Partners, Denham Capital Management, First Infrastructure Capital and the Ontario Power Generation Inc. Pension Plan. Since inception, WhiteWater has reached final investment decision on approximately $3 billion in greenfield development projects.

About First Infrastructure Capital

First Infrastructure Capital Advisors LLC is a Houston-based investment firm specializing in greenfield projects and companies operating in the midstream, downstream, electric power, telecommunications, and renewable energy industries. First Infrastructure Capital Advisors, LLC is an SEC-registered investment adviser, which manages funds affiliated with First Infrastructure Capital LP.

About Ridgemont Equity Partners

Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $5 billion. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. Ridgemont’s most recent flagship fund, REP III, was formed in 2018 and has $1.65B of committed capital. 

About Stonepeak Infrastructure Partners

Stonepeak Infrastructure Partners is an infrastructure-focused private equity firm with more than$29.2 billion of assets under management (as of September 2020) and with offices in New York, Houston, Austin and Hong Kong. Stonepeak invests in long-lived, hard-asset businesses and projects that provide essential services to customers, and seeks to actively partner with high-quality management teams, facilitate operational improvements, and provide capital for growth initiatives.

About WTG

WTG (West Texas Gas Inc. & affiliates) is composed of a family of related natural gas midstream and downstream entities headquartered in Midland, Texas, since 1976 with operations in more than 90 Texas and Oklahoma counties. These WTG entities operate more than 700 MMcf/d of gas processing capacity with more than 10,000 miles of gathering systems, 1,800 miles of transmission pipelines and distribution systems serving approximately 25,000 LDC customers.

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