Harvest Midstream Seals $1B Rockies Deal, Signals Shift in Energy Infrastructure Ownership

Denver, CO – November 13, 2025 – Harvest Midstream today completed its $1 billion acquisition of natural gas gathering and processing assets from MPLX in the Uinta and Green River Basins, solidifying its presence in the Rockies and signaling a broader shift in ownership of critical energy infrastructure. The deal, announced earlier this year, has closed following customary closing conditions and regulatory approvals, including Hart-Scott-Rodino (HSR) antitrust clearance.

While the transaction itself isn’t unexpected, industry analysts point to the acquisition as further evidence of a trend: private equity-backed firms increasingly consolidating control of midstream assets as publicly traded companies streamline portfolios and focus on different strategies. This acquisition positions Harvest to capitalize on potential growth in both basins, despite differing production forecasts.

A Strategic Expansion for Harvest

The acquired assets encompass approximately 640 million cubic feet per day of natural gas processing capacity, along with extensive gathering pipelines and 10,000 barrels per day of fractionation capacity. The assets are strategically located in both the Uinta Basin of Utah and the Green River Basin spanning Wyoming and Colorado. Harvest plans to integrate these assets into its existing portfolio and pursue further regional expansion.

“This is a significant step forward for Harvest,” said a source familiar with the transaction. “It allows us to scale our operations in key basins and provide reliable midstream services to producers. We see opportunities to improve efficiency and unlock value in these assets.”

Uinta Basin: Growth Amid Constraints
The Uinta Basin, known for its challenging “waxy crude” oil production, is experiencing a resurgence in overall production. Natural gas is frequently produced as associated gas. Forecasts predict a significant increase in associated gas production, rising from approximately 0.2 billion cubic feet per day (Bcf/d) in 2023 to 0.6 Bcf/d by 2040. However, historically, limited takeaway capacity has constrained growth.

“The Uinta Basin has been starved for infrastructure for years,” explained one industry consultant. “Adding processing and pipeline capacity is crucial to unlock the full potential of the region.”

The acquisition positions Harvest to benefit from the expected growth, particularly given ongoing pipeline expansions like those led by Williams and Kinder Morgan. However, the assets were running at approximately 52% capacity under MPLX’s ownership, suggesting Harvest will need to ramp up utilization.

Green River Basin: Navigating a Mature Play
The Green River Basin presents a different dynamic. While historically a major natural gas producing region, production has been in long-term decline since 2009. Forecasts from industry analysts like Incorrys suggest a continued decrease to approximately 0.9 Bcf/d by 2033. However, some see potential for a resurgence, particularly if natural gas prices rise and LNG export demand increases.

“The Green River Basin is a mature play, but it still has untapped potential,” commented an energy analyst. “A rising gas price environment could incentivize increased drilling activity.”

Harvest’s investment, with its existing processing infrastructure, positions it to benefit from any potential upside. Moreover, the region’s growing interest from data centers—which require significant natural gas for power generation—could create new demand.

A Shift in Ownership: The Rise of Private Control
The acquisition isn’t an isolated incident. Over the past several years, a growing number of private equity firms and other private investors have been acquiring midstream assets from publicly traded companies. Several factors are driving this trend.

“Publicly traded companies are under increasing pressure from investors to focus on shareholder returns,” explained an M&A advisor. “Midstream assets, while stable, often don’t generate the same level of growth as other investments. Private equity firms, on the other hand, are more willing to take on long-term investments and can often operate with greater flexibility.”

Additionally, some analysts believe that private ownership can lead to greater efficiency and innovation. “Private companies aren’t subject to the same level of scrutiny as public companies,” said one energy consultant. “This allows them to make quicker decisions and implement changes more easily.”

Regulatory Landscape & Future Outlook
The transaction underwent standard regulatory review, including HSR clearance. State-level oversight from commissions in Colorado, Wyoming, and Utah will ensure continued operational compliance.

Looking ahead, Harvest Midstream plans to integrate the acquired assets into its existing portfolio and pursue further regional expansion. The company’s success will depend on its ability to increase utilization rates, capitalize on potential growth in both basins, and navigate the evolving regulatory landscape. The acquisition signals not just a change of ownership, but potentially a new chapter for midstream infrastructure in the Rockies, with private firms playing an increasingly dominant role.