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Five Point Infrastructure Announces the Sale of Northwind Midstream to MPLX LP

By: via Business Wire

Transaction values Northwind at $2.375 billion

Five Point Infrastructure LLC (“Five Point”) today announced that it has entered into a definitive agreement to sell Northwind Delaware Holdings LLC (“Northwind” or the “Company”) to MPLX LP (“MPLX”) for $2.375 billion in cash consideration, subject to customary purchase price adjustments.

Founded by Five Point in 2022, Northwind provides sour gas gathering, treating, and processing services in Lea County, New Mexico. The Company is solving a highly critical issue in the Northern Delaware Basin, where upstream development has generally been restricted due to the lack of sour natural gas treating, acid-gas injection and sequestration well capacity. In addition, the Company contributes meaningfully to its customers’ sustainability objectives by capturing and sequestering the CO2 in the natural gas stream.

Northwind’s portfolio today includes over 200,000 dedicated acres, 200+ miles of gathering pipelines, two in-service carbon sequestration and acid gas injection (AGI) wells with a combined capacity of 20 million cubic feet per day (MMcf/d), and a third permitted well that will bring total capacity to 37 MMcf/d when completed in 2026.

David Capobianco, CEO and Managing Partner of Five Point Infrastructure, said, “We’re proud to have played a key role in unlocking development potential in the Northern Delaware Basin, which we continue to expect will be one of the most important oil producing regions in North America. This transaction is a clear validation of our investment thesis regarding the need for critical infrastructure development across the nation’s most productive energy basins. We congratulate MPLX on its acquisition of a great business and look forward to Northwind’s continued growth under their stewardship.”

The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Piper Sandler & Co. served as the exclusive financial advisor and Latham & Watkins LLP acted as legal advisor to the seller in connection with the transaction.

About Five Point Infrastructure

Five Point Infrastructure LLC is a private equity and infrastructure investor focused on investments within the North American powered land, surface management, water management, and sustainable infrastructure sectors. The firm was founded by industry veterans with demonstrated records of success investing in, building, and running infrastructure companies. Based in Houston, Texas, Five Point has approximately $8 billion of assets under management across multiple investment funds. For more information about Five Point, please visit: www.fpinfra.com.

About Northwind Midstream

Established in 2022, Northwind’s strategy is to develop, own and operate off-spec gas infrastructure in the Permian Basin. Northwind operates a highly efficient, environmentally focused and exceedingly reliable midstream system, which unlocks overall customer value while mitigating customer environmental concerns. Northwind’s developed solution provides producers with (i) a superior economic alternative, (ii) significant operational enhancements, (iii) meaningful emissions reductions, and (iv) tangible ESG benefits. Learn more at www.nwmidstream.com.

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.

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