WhiteWater announced that WhiteWater, MPLX LP, ONEOK, Inc. and Enbridge Inc., through their Matterhorn joint venture ("Matterhorn JV"), have partnered with affiliates of ONEOK and MPLX and reached final investment decision to move forward with the construction of the Eiger Express Pipeline, having secured sufficient firm transportation agreements with primarily investment grade shippers. The Eiger Express Pipeline is designed to transport up to 2.5 billion cubic feet per day (Bcf/d) of natural gas through approximately 450 miles of 42-inch pipeline from the Permian Basin in West Texas to the Katy area. Supply for the Eiger Express pipeline will be sourced from multiple connections in the Permian Basin, including gas processing facilities in the Midland Basin, and from the Delaware Basin via the Agua Blanca Pipeline, a joint venture between WhiteWater, Enbridge and MPLX.
ONEOK's and MPLX's direct ownership interests in the Eiger Express Pipeline joint venture are incremental to their ownership through the Matterhorn JV, resulting in 25.5% and 22% ownership in the pipeline, respectively. The Eiger Express Pipeline will be constructed and operated by WhiteWater and is expected to be in service in mid-2028, pending the receipt of customary regulatory and other approvals. The Matterhorn JV is owned by WhiteWater (65%), ONEOK (15%), MPLX (10%), and Enbridge (10%).
The joint venture owns long-haul natural gas pipelines which transport natural gas from the Permian Basin to the Gulf Coast with direct connections to LNG export markets. The Matterhorn JV owns the Matterhorn Express Pipeline and 70% of the Eiger Express Pipeline. WhiteWater's stake in the matterhorn JV is owned by FIC and I Squared Capital.
Simpson Thacher represented WhiteWater Midstream LLC in connection with the formation of a joint venture with MPLX LP and ONEOK, Inc. to construct the Eiger Express Pipeline, through their existing joint venture with MPLX, ONEOK and Enbridge Inc. for the Matterhorn Express Pipeline. The Simpson Thacher team included Shamus Crosby, Katy Lukaszewski, Breen Haire, Tushar Parashar, Gavin Jaco, Jacob Bryant, John Carter and Kimberly Jacobs (Corporate); and Adam Arikat and Elizabeth Trask (Tax).
