Whiptail Midstream Completes Sale of San Juan Basin Gathering Systems

Whiptail Midstream, LLC ("Whiptail" or "Whiptail Midstream"), a portfolio company of I Squared Capital ("I Squared"), a leading independent global infrastructure investment manager, successfully completed the sale of its San Juan Basin midstream business to a subsidiary of MPLX LP (“MPLX”) for cash consideration of $237 million.

Whiptail Midstream’s extensive oil, gas, and water gathering systems in the San Juan Basin played a critical role in supporting the growth of its producer customers in the Gallup oil play, and MPLX’s ownership will allow for continued investment and growth of the system as activity continues. The sale marks a major milestone for Whiptail Midstream and its management team, which has developed and grown the company’s critical midstream infrastructure while delivering value to its stakeholders and ensuring the long-term sustainability of its operations.

"The Whiptail team has worked tirelessly from inception to grow the business for the benefit of our customers and partners while ensuring safe and reliable operations," said Bob O'Neal, President of Whiptail Midstream. "This transaction is a culmination of all the hard work that our employees have put in."

"I am very proud of the team on this successful transaction," said Josh Lamberton, CEO of Whiptail Midstream. "This business would not have had the success it has without the relationships we have built with our customers, employees, investors, and multiple other counterparties over the years."

Evercore served as Whiptail Midstream’s financial advisor. Sidley Austin LLP acted as legal counsel.

About Whiptail

Based in Tulsa, Oklahoma, Whiptail Midstream was founded in 2016 by management and I Squared Capital together with an investment in midstream assets in the San Juan Basin in Northwest New Mexico. Whiptail Midstream is an energetic and innovative company with extensive experience throughout the midstream value chain. For more information, please visit www.whiptailmidstream.com.

About I Squared

I Squared Capital is a leading global infrastructure investor managing $45 billion in assets. We build and scale essential infrastructure businesses that deliver critical services to millions of people worldwide. Our portfolio includes over 90 companies operating in more than 70 countries and spanning sectors such as energy, utilities, digital infrastructure, transport, environmental and social infrastructure. Headquartered in Miami, our team of over 300 professionals is based across offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at www.isquaredcapital.com.

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