TRAVERSE PIPELINE REACHES FINAL INVESTMENT DECISION TO TRANSPORT NATURAL GAS BETWEEN AGUA DULCE AND THE KATY AREA

AUSTIN, Texas, April 3, 2025 /PRNewswire/ -- WhiteWater today announced that WhiteWater, MPLX LP (NYSE: MPLX), and Enbridge Inc. (NYSE: ENB), through the WPC joint venture ("WPC"), have partnered with an affiliate of Targa Resources Corp. (NYSE: TRGP) and have reached final investment decision to move forward with the construction of the Traverse Pipeline, having secured sufficient firm transportation agreements with investment grade shippers.

The bi-directional Traverse Pipeline is designed to transport up to 1.75 billion cubic feet per day (Bcf/d) of natural gas through approximately 160 miles of 36-inch pipeline along the Gulf Coast between Agua Dulce in South Texas and the Katy area. Supply for the Traverse Pipeline will be sourced from multiple connections, including, but not limited to, the Whistler, Blackcomb, and Matterhorn Express Pipelines. The Traverse Pipeline enhances optionality for shippers to access multiple premium markets.

The Traverse Pipeline will be wholly owned by the Blackcomb Pipeline joint venture, which is owned 70.0% by WPC, 17.5% by Targa, and 12.5% by MPLX, which is incremental to MPLX's ownership interest in WPC.

The Traverse Pipeline will be constructed and operated by WhiteWater and is expected to be in service in 2027, pending the receipt of customary regulatory and other approvals.

About the WPC Joint Venture

The WPC joint venture is owned by WhiteWater (50.6%), MPLX (30.4%), and Enbridge (19.0%). WPC owns long-haul natural gas pipelines and storage assets which transport natural gas from the Permian Basin to South Texas with direct connections to LNG export markets. The WPC joint venture owns the Whistler Pipeline, the Rio Bravo Pipeline, 70% of the Blackcomb Pipeline, 70% of the Traverse Pipeline, 70% of the ADCC Pipeline, and 50% of the Waha Gas Storage facility. WhiteWater's stake in WPC is owned by I Squared Capital.

About WhiteWater

WhiteWater is an Austin, Texas based infrastructure company and operator of multiple gas transmission assets, including the Whistler Pipeline and the Blackcomb Pipeline. WhiteWater is partnered with multiple private equity funds, including but not limited to I Squared Capital. For more information about WhiteWater, visit www.wwdev.com.

About I Squared Capital

I Squared is a leading independent global infrastructure investor managing over $40 billion in assets. We build investment platforms from the ground up—starting small and scaling big. Combining global insight with local expertise, we tackle complex challenges, back smarter businesses, and invest in sustainable infrastructure that delivers essential services to millions worldwide. Our team of 280+ is headquartered in Miami with offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney, and Taipei. We manage a diverse portfolio of 89 companies across 70+ countries, employing over 66,000 people in sectors including utilities, energy, digital infrastructure, transport, environmental, and social infrastructure. Learn more at www.isquaredcapital.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. MPLX 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

About Enbridge Inc.

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're also advancing new technologies including hydrogen, renewable natural gas and carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

About Targa Resources Corp.

Targa Resources Corp. ("Targa") is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. Targa owns, operates, acquires and develops a diversified portfolio of complementary domestic infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. Targa's assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. Targa is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

Targa is a FORTUNE 500 company and is included in the S&P 500.

For more information, please visit the Company's website at www.targaresources.com.

SOURCE WhiteWater