Locke Lord Represents Summit Midstream Partners in Two Acquisitions Totaling $305 Million

Locke Lord represented Summit Midstream Partners, a publicly traded partnership focused on developing, owning and operating midstream energy infrastructure assets, into definitive agreements with Outrigger Energy II LLC to acquire Outrigger DJ Midstream LLC and with Sterling Investment Holdings LLC to acquire Sterling Energy Investments LLC, Grasslands Energy Marketing LLC and Centennial Water Pipelines LLC, which own natural gas gathering and processing systems, a crude oil gathering system, freshwater rights and a subsurface freshwater delivery system in the DJ Basin, for cash consideration of $305 million, subject to customary transaction adjustments. The transactions are expected to close during the fourth quarter of 2022, subject to customary regulatory approvals.

A team led by Jennie Simmons and Bill Swanstrom (both of Houston) represented Summit in its acquisition of Outrigger DJ Midstream LLC, a 60 MMcfd high-efficiency, cryogenic processing plant and associated gas gathering systems and field compressor stations in the northeast portion of the DJ Basin in Weld County, Colorado. Additional assistance was provided by Lauren Richter, Ben Cowan, Laura L. Ferguson, David Harrell, Jerry Higdon, Eric Larson, Sara Longtain, Terry Radney, Rachael Beavers, Lani Blake, Andrew Nelson, Shannon Schroeder (all of Houston), Van Jolas, Bradley Weber, Angela Stockbridge (all of Dallas), Andrew Capalbo (Providence) and Thomas Knight (Washington D.C.).

The second transaction, a team led by Jennie Simmons and Bill Swanstrom (both of Houston) represented Summit in its acquisition of the operating subsidiaries of Sterling Energy Investments LLC, a Denver-based midstream company providing gas gathering, compression, processing, treating, NGL and natural gas marketing and pipeline water transportation. Additional assistance was provided by Lauren Richter, Laura L. Ferguson, David Harrell, Eric Larson, Sara Longtain, Terry Radney, Lani Blake (all of Houston), Van Jolas, Angela Stockbridge (both of Dallas) and Andrew Capalbo (Providence).

For more information on these two acquisitions, see the press release on the transactions.
Posted on October 19, 2022