Enterprise Products Partners L.P. (NYSE: EPD) closed its acquisition of a natural gas gathering affiliate of Occidental in a debt-free transaction for $580 million in cash.
The acquired assets include certain natural gas gathering systems in the Midland Basin, as well as approximately 200 miles of natural gas gathering pipelines that support Occidental’s production activities in the Midland Basin.
With access to more than 1,000 drillable locations, these systems will immediately expand Enterprise's natural gas gathering footprint in the Midland Basin and provide long-term development visibility.
Troutman Pepper Locke and Sidley Austin LLP served as legal advisors to Enterprise, and Skadden, Arps, Slate, Meagher & Flom LLP and White & Case LLP served as legal advisors to Occidental.