Energy Transfer and WTG Midstream have entered into a definitive agreement, pursuant to which Energy Transfer will acquire WTG Midstream in a transaction valued at approximately $3.25 billion from affiliates of Stonepeak, the Davis Estate and Diamondback Energy.
Consideration for the transaction will be composed of $2.45 billion in cash and approximately 50.8 million newly issued Energy Transfer common units. The transaction is expected to close in the third quarter 2024, subject to regulatory approval and customary closing conditions.
WTG provides comprehensive midstream services including wellhead gathering, intra-basin transportation and processing services. The company’s 6,000-mile pipeline network serves significant operators in some of the most active areas of the Midland Basin including Martin, Howard, Upton, Reagan and Irion counties. WTG also operates eight processing plants with a total capacity of approximately 1.3 billion cubic feet per day and is constru
