Harvest Midstream to Acquire MPLX Rockies Gas Assets for $1bn in Cash Deal

Harvest Midstream is acquiring MPLX's natural gas gathering and processing network in the Rockies for $1bn in cash. The deal includes 700 miles of gas-gathering pipelines, 1.2 billion cubic feet per day of processing capacity, and expansion efforts in progress. Upon completion, Harvest will take over operational control and commit to providing around 12,000 bpd of natural gas liquids to MPLX for seven years. The acquisition is expected to close in Q4 2025.

Harvest Midstream has agreed to acquire MPLX LP's natural gas gathering and processing network in the Rockies for $1 billion in cash [1]. The deal, expected to close in the fourth quarter of 2025, includes 700 miles of gas-gathering pipelines and 1.2 billion cubic feet per day of processing capacity. Upon completion, Harvest will assume full operational control and commit to providing around 12,000 barrels per day of natural gas liquids to MPLX for seven years, starting in 2028 [2].

The acquisition is a significant step in Harvest's growth as a privately held midstream company and aligns with its long-term vision to build a diversified midstream enterprise [3]. Harvest's CEO, Jason C. Rebrook, stated that the acquisition will broaden the company's geographical presence and provide new growth opportunities [3].

MPLX LP, which has a market capitalization of $51.7 billion and strong financial health, is expanding its board of directors to enhance governance and oversight. The company recently appointed Ray N. Walker, Jr. as a new director [4]. Despite a slight earnings miss in the second quarter of 2025, analysts maintain a positive outlook on MPLX's stock, rating it as a Buy with a $58.00 price target [4].

The transaction is subject to standard closing conditions, including approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 [2]. The acquisition is expected to position MPLX's portfolio for growth in the Marcellus and Permian basins [2].

References:
[1] https://www.marketscreener.com/news/harvest-midstream-company-agreed-to-acquire-rockies-gathering-and-processing-assets-from-mplx-lp-for-ce7c50dedf89f421
[2] https://stocktwits.com/news-articles/markets/equity/mplx-inks-deal-to-divest-rockies-gathering-and-processing-assets-for-1-b-to-harvest-midstream/chsx66BRdkH
[3] https://www.offshore-technology.com/news/harvest-midstream-acquire-mplx-rockies/
[4] https://www.ainvest.com/news/mplx-expands-board-elects-director-governance-strategy-move-2508/