Devon, Ridgemont Divested Stake in Permian Basin Natural Gas Pipeline

SEATTLE (Oil Monster): Ridgemont Equity Partners and Devon Energy Corp. have made the decision to sell their interests in a Permian Basin natural gas pipeline. It is anticipated that the deals would be finished in 2025's second quarter.

Launched in November of last year, the Matterhorn Express Pipeline is expected to have a daily capacity of about 2.5 billion cubic feet.

Devon will get about $375 million in revenues from the deal, which will be used to improve the company's investment-grade financial standing. It stated that the terms and conditions of the company's secured capacity on the pipeline will remain unchanged as a result of the deal.

Devon announced in a different statement that it has chosen to end its collaboration with BPX on the Blackhawk field in the Eagle Ford shale.

In the first quarter of this year, Devon posted a net profit of $494 million. Meanwhile, revenue for the first quarter of 2025 was $4.45 billion, up from $4.4 billion in the previous quarter.


According to a joint statement released by the firms, WhiteWater, MPLX LP, and Enbridge Inc. would acquire 65 percent, 10 percent, and 10 percent of the pipeline, respectively, as a result of the stake sales. FIC and I Squared will jointly support WhiteWater's equity stake. Additionally, it stated that WhiteWater will keep running the pipeline.

Meanwhile, MPLX announced acquisition of 5% additional stake, thus making its total stake to 10%.