EnCap Flatrock to Sell Momentum Midstream to Williams for Up to $5.5B

EnCap Flatrock Midstream has agreed to sell portfolio company Momentum Midstream, known as M6, to The Williams Companies for as much as $5.5 billion.

The consideration consists of $3.5 billion in cash and assumed debt and approximately $2 billion in Williams equity. EnCap Flatrock is M6’s financial sponsor.

Houston-based M6 owns more than 4,000 miles of natural gas gathering and transmission pipelines supported by over 1 million dedicated acres. Its network serves Gulf Coast markets, including the Bethel, Carthage and Silsbee hubs in East Texas and the Gillis hub in southwestern Louisiana.

The system provides approximately 6 billion cubic feet per day of capacity to more than 140 customers. Those customers include 34 industrial users, 26 power plants, 16 city gates and 10 liquefied natural gas facilities.

M6 expanded in September 2022 through the acquisition of two gathering and transmission assets in the Haynesville Shale. It also approved the 255-mile New Generation Gas Gathering project, which provides 1.75 billion cubic feet per day of capacity to the Gillis hub.

The company acquired Clearfork Midstream in April 2025, extending its network into a wellhead-to-market natural gas platform.

“This sale validates our thesis that demand for U.S. hydrocarbons domestically and abroad will continue to grow,” M6 CEO Frank Tsuru said.

Barclays and Jefferies served as M6’s exclusive financial advisers. Kirkland & Ellis advised M6, while Willkie Farr & Gallagher represented EnCap Flatrock.

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