EnCap Flatrock Midstream to sell Momentum Midstream (M6) to Williams for $5.5 billion
Type: Sale · Technology: Gas · Country: United States · Capacity: 6 Bcf/d · Value: $5.5B · Announced: 2026-08-20
EnCap Flatrock Midstream has agreed to sell its portfolio company, Momentum Midstream (M6), to U.S. midstream energy company Williams for up to $5.5 billion. The transaction includes $3.5 billion in cash and debt consideration, plus approximately $2 billion in Williams equity. M6 operates a large-scale natural gas system along the U.S. Gulf Coast, comprising over 4,000 miles of gathering and transmission pipelines serving key hubs in Texas and Louisiana. The system has a capacity of approximately 6 billion cubic feet per day (Bcf/d) and serves over 140 customers, including industrial users and power plants. M6's recent activities include acquiring two natural gas gathering and transmission assets in the Haynesville Shale in September 2022 and completing its transformation into a wellhead-to-market natural gas midstream platform with the acquisition of Clearfork Midstream in April 2025.
Analysis
EnCap Flatrock Midstream has announced an agreement to sell its portfolio company, Momentum Midstream (M6), to Williams for up to $5.5 billion. EnCap Flatrock Midstream is a North American private equity firm focused on midstream energy infrastructure, managing over $9 billion in institutional capital across four funds. Williams operates over 33,000 miles of natural gas pipelines, moving roughly one-third of U.S. natural gas. The transaction includes $3.5 billion in cash and debt consideration, plus approximately $2 billion in Williams equity, for M6's natural gas system along the U.S. Gulf Coast, which comprises over 4,000 miles of pipelines serving over 140 customers.
Key points
- EnCap Flatrock Midstream to sell Momentum Midstream (M6) to Williams.
- Deal value up to $5.5 billion, announced on 2026-08-20.
- Transaction includes $3.5 billion in cash and debt, plus approximately $2 billion in Williams equity.
- M6 operates over 4,000 miles of natural gas pipelines along the U.S. Gulf Coast.
- Williams operates over 33,000 miles of natural gas pipelines in the U.S.
Counterparties
- EnCap Flatrock Midstream (Seller)
- Momentum Midstream (M6) (Seller)
- Williams (Buyer)
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