WhiteWater said Thursday that its WPC joint venture with Enbridge (ENB.TO) and MPLX partnered with an affiliate of Targa Resources and signed a final investment decision to advance the construction of the Traverse pipeline after securing sufficient firm transportation agreements with investment grade shippers.
Enbridge shares traded 2.1% lower at last look to US$44.19 in NYSE pre-market trading after the news.
The pipeline is expected to be in service in 2027. It can transport up to 1.75 billion cubic feet per day of natural gas through about 160 miles of 36-inch pipeline along the Gulf Coast between Agua Dulce in South Texas and the Katy area, according to the news release.
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, WhiteWater said.
The Traverse pipeline will be wholly owned by the Blackcomb pipeline joint venture, which is owned 70% by WPC, 17.5% by Targa, and 12.5% by MPLX.
Enbridge owns a 19% stake in the WPC joint venture. WhiteWater owns 50.6% and MPLX owns 30.4%.
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