MPLX enters into definitive agreement to divest its Rockies assets for $1.0B

MPLX (MPLX) announced it has entered into a definitive agreement to divest its Rockies gathering and processing assets to a subsidiary of Harvest Midstream for $1.0B 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. Assets included in the transaction are natural gas gathering and transportation pipelines and 1.2B cubic feet per day of processing capacity, which operated at 52% in 2024. The transaction is expected to close in the Q4, subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.