When last we visited Energy Transfer earlier in May, the midstream machine and its combo platter of crude oil, natural gas, and NGL energy infrastructure had just wrapped up a spectacular 1Q. Perhaps there was a twinkle in the eye from Executive Chairman Kelcy Warren as the company marked its achievements, the reap of rewards from last year’s $9 billion in acquisitions, and the not-so-subtle hint there could be more fish to fry given just the right cast.

Reese Energy Consulting today is following the latest from Energy Transfer, which operates across 44 states with midstream systems comprised of 125,000 miles of pipeline, storage, terminals, and NGL fractionation, in addition to its proposed Lake Charles LNG plant and Blue Marlin offshore crude port. Of the company’s two acquisitions in 2023, the largest was its $7.2 billion deal with Crestwood Equity Partners, which further boosted ETP’s gathering and processing prowess in the Permian Delaware, further feeding its fractionation biz at Mont Belvieu while building its export muscle. And it’s Texas where Energy Transfer continues to bait its midstream hook.

The company has now reported it will reel in Midland, Texas-based WTG Midstream for $3.25 billion. The mostly cash and stock deal hands ETP the keys to a Midland midstream Permian-to-Gulf Coast engine that includes 6,000 miles of natural gas pipeline, eight processing facilities with 1.3 BCFD of capacity and two more plants on the way, and a 20% interest in the 425-mile BANGL NGL pipeline flowing an initial 125 MBD. In the words of River Monster’s Jeremy Wade, “Fish, ON!”