Energy Transfer, which owns and operates one of the largest and most diversified portfolios of energy assets in the United States, agreed to acquire WTG Midstream, a privately held midstream company headquartered in Midland, Texas, from Stonepeak, the Davis Estate and Diamondback Energy for $3.25bn. WTG’s extensive system processes significant volumes from large cap investment grade producers with firm, long-term contracts and acreage dedications. The addition of WTG assets is expected to provide Energy Transfer with increased access to growing supplies of natural gas and NGL volumes enhancing the partnership’s Permian operations and downstream businesses.