Locke Lord Represents Saddle Butte Acquisition by Black Diamond Gathering for $638.5 Million

A Locke Lord team led by Kevin Peter (Houston) represented Saddle Butte Rockies Midstream, LLC and affiliates (collectively “Saddle Butte”) in an acquisition by Black Diamond Gathering, LLC, a newly formed joint venture by Noble Midstream Partners LP and Greenfield Midstream, LLC. The acquisition, valued at $638.5 million, was announced Dec. 12, 2017 and closed on Jan. 31, 2018. According to the press release, the Saddle Butte assets include a large-scale integrated crude oil gathering system in the Denver Julesburg Basin, consisting of approximately 160 miles of pipeline in operation, 300,000 barrels per day of delivery capacity and approximately 210,000 barrels of crude oil storage capacity. Additional assistance was provided by Bill Swanstrom, Jerry Higdon, Ed Razim, Buddy Sanders, Mitch Tiras, Mechelle Smith, Jennie Simmons and Max Stubbs (all of Houston) Van Jolas and Geoff Polma (both of Dallas) and Derrick Hibbard (West Palm Beach).
Posted December 14, 2017