MPLX Inks Deal To Divest Rockies Gathering and Processing Assets For $1B To Harvest Midstream

MPLX LP (MPLX) said on Wednesday it has entered into a definitive agreement to divest its Rockies gathering and processing assets to a subsidiary of Harvest Midstream for $1 billion in cash.

The company stated that Harvest has contractually agreed to dedicate approximately 12,000 barrels per day of natural gas liquids from these assets to MPLX for a period of seven years, commencing in 2028, following the expiration of a pre-existing commitment.

Harvest Midstream was founded in 1993 by Jeff Hildebrand, the owner of Hilcorp Energy. Harvest Midstream is a provider of midstream services intended for the oil and natural gas industries and offers a wide range of services such as natural gas gathering, processing and treatment, oil gathering assets, managing marine terminals, among others.

"Evaluating the competitive positioning of our portfolio is a strategic commitment," said MPLX CEO Maryann Mannen, adding that the divestiture of these assets better positions the company’s portfolio for growth, anchored in the Marcellus and Permian basins.

Retail sentiment on MPLX remained unchanged in the ‘bullish’ territory, with chatter at ‘low’ levels, according to data from Stocktwits. Shares of the company were up 2% in premarket trading.

MPLX said that the assets included in the transaction are natural gas gathering and transportation pipelines and 1.2 billion cubic feet per day of processing capacity, which operated at 52% in 2024.

The transaction is expected to close in the fourth quarter of 2025 following completion of conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, MPLX said.

MPLX stock has jumped 6% so far this year and gained 21% in the last 12 months. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Also See: Altcoins Surge: Solana, Dogecoin Lead While Ethereum Outpaces Bitcoin’s Rebound