Energy Transfer Acquires WTG Midstream in $3.25 Billion Deal

Plus, Aethon acquires natural gas company Tellurian upstream assests, AECOM awarded a contract from the U.S. Army Environmental Command for environmental remediation services, and more.

By Bridget Reis

Energy Transfer and WTG Midstream have agreed for Energy Transfer to acquire WTG Midstream Holdings in a transaction valued at approximately $3.25 billion. The purchase will be made from affiliates of Stonepeak, the Davis Estate, and Diamondback Energy. 

Energy Transfer holds more than 125,000 miles of pipeline and associated energy infrastructure in the U.S. This deal will aim to expand that pipeline by over 6,000 miles as well as its processing network in the Permian Basin. WTG Midtsream is based in Midland with primary operations in the Midland Basin, specializing in gas gathering, compression, and treating and processing solutions.

The transaction will include $2.45 billion in cash and around 50.8 million newly issued Energy Transfer common units. Expected to close in the third quarter of 2024, the deal is subject to regulatory approval and customary closing conditions.