Wolf Midstream Announces $500 Million Phase Three Expansion of its NGL North System

CALGARY, AB, Sept. 16, 2026 /CNW/ -- Wolf Midstream (Wolf) is pleased to announce that it has reached a final investment decision to proceed with an expansion of its proprietary NGL North System, representing an incremental investment of approximately $500 million in Alberta, with support from its shareholder, Canada Pension Plan Investment Board (CPP Investments).

Following the successful rollout of Wolf's NGL North Phase Two expansion announced in July 2024, this expansion (Phase Three) will increase production of natural gas liquids (NGL) for use in domestic and international markets. NGL North is Wolf's integrated system that recovers, separates and transports NGL, including ethane, propane, butane and condensate, from natural gas in Alberta.

This expansion will add approximately 0.6 billion cubic feet per day (Bcf/d) of natural gas processing to the NGL North System. It will also include a natural gas-fired cogeneration facility, expanded de-ethanization capacity and an expanded unit-train rail terminal at Wolf Feedstock Separation (WFS).

The vast majority of anticipated NGL production from Phase Three is contracted under long-term, fixed-fee commercial arrangements against investment-grade counterparty credit.

"Phase Three continues the disciplined expansion of our growing NGL system, moving the platform towards its ultimate design capacity of approximately 3 Bcf/d and 170,000 bpd of NGL production," said Bob Lock, President and Chief Executive Officer of Wolf. "This continued progress demonstrates the strength of our integrated commercial model, the proven execution capability of our team and the continued confidence of our customers and shareholder."

"Since our initial investment in Wolf over a decade ago, the company has evolved into a leading, integrated energy infrastructure business in Alberta and an important contributor to Canada's energy sector," said Bill Rogers, Managing Director, Head of Sustainable Energies, CPP Investments. "This expansion is another meaningful step in that evolution, positioning Wolf to support growing customer demand and continued critical infrastructure development in the province. We continue to support Wolf's growth and its ability to create long-term value for the CPP Fund."

With all required permits and approvals secured, construction and development activities on the core components of this expansion are already well underway, as further described below.

Wolf Recovery Facilities (WRF)

Wolf is adding a third NGL recovery train at each of its two northern Alberta recovery facilities: Wolf Recovery Facility 1 (WRF 1), located near Mariana Lake, Alberta, and Wolf Recovery Facility 2 (WRF 2), located northwest of Fort McMurray, Alberta.

At WRF 2, which is currently under construction, the additional train will increase total processing capacity to over 1.1 Bcf/d. WRF 2, including this expansion, is anticipated to be in service in early 2027.

At WRF 1, the additional train will increase total processing capacity to approximately 1 Bcf/d. The WRF 1 expansion is anticipated to be in service in mid-2028.

Combined, both WRF 1 and WRF 2 will have total processing capacity of over 2.1 Bcf/d with all recovered NGL shipped by pipeline to WFS for separation into high purity, specification products.

Wolf Feedstock Separation (WFS)

WFS, located in Sturgeon County, Alberta, is being expanded to include a third de-ethanizer tower, increasing total NGL production capacity to approximately 110,000 bpd, including more than 80,000 bpd of ethane. This expansion is anticipated to be in service in early 2027.

Wolf is also adding a 37-megawatt natural gas-fired cogeneration facility at WFS to generate both heat and power for the site. The cogeneration facility is anticipated to be in service in 2028. In addition, Wolf is expanding the unit-train rail facility at WFS, bringing initial rail loading capacity to approximately 60,000 bpd to accommodate both Wolf and third party volumes. The expanded unit train facility is expected to be in service later this year.

About Wolf Midstream

Wolf is a privately held, Alberta-based midstream company backed by Canada Pension Plan Investment Board (CPP Investments). Formed in 2016, Wolf develops and operates energy infrastructure in Western Canada. Wolf built, owns and operates the NGL North System, a proprietary and integrated natural gas liquids (NGL) recovery, transportation and separation system that produces ethane, propane, butane and condensate.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At June 30, 2026, the Fund totalled C$863.6 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

SOURCE Wolf Infrastructure Management Inc.

Media Contact: [email protected]