MPLX to buy remaining interest in BANGL natural gas pipeline for $715 million

Adds details on transaction, background on pipeline and context in paragraphs 2-3

Feb 28 (Reuters) - Midstream company MPLX MPLX.N said on Friday it would buy the remaining 55% interest in the BANGL natural gas pipeline from the affiliates of WhiteWater and Diamondback Energy FANG.O for $715 million, as it looks to increase its Permian footprint.

Dealmaking in the pipeline sector has been picking up pace as some companies look to cut costs or add scale and gain access to attractive oil and gas producing regions and export facilities on the U.S. Gulf Coast.

The 425-mile BANGL pipeline transports natural gas liquids from the Permian basin of Texas to fractionation markets along the Gulf Coast. It will help liquids to reach MPLX's Gulf Coast fractionation complex, which is expected in service in 2028.

Natural gas liquids include a group of hydrocarbons extracted from natural gas in a processing plant, and are used as feedstocks in petrochemical plants, for heating, cooking and various other applications.

The BANGL pipeline currently moves 250,000 barrels per day of natural gas liquids. Earlier this month, an expansion of the pipeline was sanctioned to increase its capacity to 300,000 bpd, expected to come online in the second half of next year.

MPLX, the operator of the pipeline, will own BANGL as a subsidiary if the deal closes by July this year.