EnCap Flatrock Midstream has agreed to sell Momentum Midstream, also known as M6 Midstream, to Williams for consideration of up to $5.5 billion.
The transaction includes $3.5 billion in cash and debt consideration and approximately $2 billion in Williams equity.
Completion remains subject to regulatory approval and customary closing conditions.
M6 is a Houston-based natural gas infrastructure company operating a large gathering and transmission network across the Gulf Coast.
Its system includes more than 4,000 miles of pipelines supported by over 1 million dedicated acres.
The network transports natural gas to major hubs including Bethel, Carthage and Silsbee in East Texas and Gillis in southwestern Louisiana.
M6’s assets provide approximately 6 billion cubic feet per day of system capacity and serve more than 140 customers.
Its customer base includes 34 industrial users, 26 power plants, 16 municipal distribution points and 10 liquefied natural gas facilities.
The platform was built to connect natural gas production with growing Gulf Coast demand from power generation, industrial customers and LNG export facilities.
In September 2022, M6 acquired two natural gas gathering and transmission systems in the Haynesville Shale.
The company also made a final investment decision on its New Generation Gas Gathering project, known as NG3.
NG3 spans 255 miles and is designed to provide 1.75 billion cubic feet per day of gas delivery capacity to the Gillis hub in Louisiana.
The project also includes a carbon capture and sequestration system designed to handle up to 1.8 million metric tons of carbon dioxide annually.
In April 2025, M6 acquired Clearfork Midstream, completing its development into a wellhead-to-market natural gas platform positioned in a major area of U.S. gas demand growth.
EnCap Flatrock said the sale represents one of the largest private midstream transactions completed in the United States.
Barclays and Jefferies served as exclusive financial advisers to M6, while Kirkland & Ellis acted as the company’s legal counsel.
Willkie Farr & Gallagher served as legal counsel to EnCap Flatrock.
KEY QUOTES:
“In 2022, we set out with a strategy to build a premier natural gas gathering and transmission system to serve growing demand along the Gulf Coast, and because of the efforts of our incredible team, we’ve done just that.”
“This sale validates our thesis that demand for U.S. hydrocarbons domestically and abroad will continue to grow and assets like what we’ve built at M6 are critical to meet that need.”
Frank Tsuru, CEO of Momentum Midstream
“The sale of M6 is one of the most significant private midstream transactions in the U.S., producing strong results for our investors.”
“From Momentum’s executive leadership to their field personnel, their execution of the commercialization, buildout and safe operation of such a sizeable gas gathering and transmission complex was an incredible accomplishment.”
Billy Lemmons, Founder of EnCap Flatrock Midstream
