Kevin T. Crews, P.C.

Kirkland & Ellis advised Tailwater E&P, the upstream platform of Tailwater Capital, in connection with its acquisition of a significant non-operated working interest asset package in the Permian Basin from Accelerate Resources. The acquired assets include more than 5,000 net leasehold acres in the core of the Midland and Delaware Basins, and currently produce more than 5,000 net barrels of oil equivalent per day. Read the transaction press release The Kirkland team was led by corporate partners Kevin Crews, Thomas Laughlin and Jacqueline Scioli; investment funds partners Matt Nadworny and Brian Delaney; and tax partner Steve Butler.

Oct 1

1 min

Kirkland & Ellis represented Tall Oak Midstream III (Tall Oak), a Tailwater Capital (Tailwater) portfolio company, on its definitive agreement to be acquired by Summit Midstream (NYSE: SMC) (Summit) for $450 million, comprised of $155 million of initial cash consideration, $25 million of contingent cash consideration and an approximate 40% equity interest in Summit. Kirkland also advised Tailwater Capital, in its capacity as the selling sponsor of Tall Oak, on the terms of its new partnership with Summit. At closing, Tailwater will hold its equity interest in Summit through an up-C structure and will appoint four Tailwater-affiliated directors to serve on the pro forma Summit board of directors. In addition to significantly de-levering Summit’s balance sheet, the transaction expands Summit’s operations to the Arkoma Basin, adding 440 million cubic feet per day of processing capacity, over 400 miles of pipelines and over 300,000 of dedicated acres with significant undeveloped locations. Read the Tailwater press release The Kirkland team was led by corporate partners Kevin Crews, Adam Garmezy and Jacqueline Scioli, with support from corporate associate Carter Johnston; capital markets partner Matt Pacey and associate Sara Lampert; tax partners David Wheat and Joe Tobias; executive compensation partner Rob Fowler; employment & labor partner Christie Alcala; and environmental transactions partner Jon Kidwell.

Oct 2

1 min

Kirkland & Ellis represented a consortium led by EOC Partners and Elda River Capital in a preferred equity investment in Brazos Midstream Holdings III, a Permian Basin midstream company backed by Old Ironsides Energy, EnCap Flatrock Midstream, Brazos management and other strategic investors. The proceeds of the investment will be used to, among other things, fund construction of new-build gathering and processing infrastructure in the Midland Basin, culminating in 500 million cubic feet per day (MMcf/d) total processing capacity and 260 miles of natural gas gathering pipelines and 10 compressor stations. Read the transaction press release The Kirkland team was led by corporate partners Kevin Crews and Josh Teahen; and includes corporate associate Jack Chadderdon; debt finance partners Lucas Spivey and Osaro Aifuwa; and tax partner Mark Dundon.

Aug 15

1 min

Kirkland & Ellis counseled LM Energy, a Dallas-based midstream company backed by Old Ironsides Energy, on the sale of LM Energy’s natural gas gathering system in the Northern Delaware Basin to Trace Midstream, backed by Quantum. The transaction includes existing and under-construction high-and low-pressure gas gathering systems in Eddy and Lea counties in New Mexico consisting of 170 miles of pipelines and 12 compressor stations. The new high-pressure southern extension will allow producers access to multiple processing outlets. Read the transaction press release The Kirkland team is led by corporate partners Kevin Crews and Adam Garmezy; and includes debt finance partner Lucas Spivey; and tax partner David Wheat.

Aug 6

1 min

Kirkland & Ellis advised Bregal Investments and its portfolio company Aqua Terra Permian (ATP) on the sale of ATP to Lane42 in partnership with Karis Midstream. ATP is a produced water disposal company serving exploration and production customers with core acreage positions in the Permian Basin. The platform will be led by the Karis team with Odely Sakazi and David Melton serving as CEO and COO, respectively. Read the transaction press release The Kirkland team included corporate lawyers Kevin Crews and Adam Wojcik; debt finance lawyer Osaro Aifuwa; tax lawyers David Wheat and Joe Tobias; and real assets lawyer Patrick Corrigan.

Jan 5

1 min