June 1, 2015 - A team of Locke Lord lawyers led by Terry Radney and including Joe Perillo, Hunter Summerford and Walker Clarke, provided counsel to Enterprise Products Operating, LLC (“Enterprise”) in its $2.15 billion purchase of the Eagle Ford Shale Midstream business (EFS Midstream) of Pioneer Natural Resources Company (“Pioneer”) and Reliance Holding USA, Inc. (“Reliance”). Assistant General Counsel Charlie San Miguel led the legal team at Enterprise on the deal. The transaction is subject to regulatory approvals and normal closing adjustments. Pioneer owns 50.1% of EFS Midstream and Reliance owns the remaining 49.9%.
EFS Midstream provides gas gathering, treating, compression and condensate processing services in the Eagle Ford Shale. Pursuant to the terms of the transaction, Pioneer and Reliance will dedicate their Eagle Ford Shale acreage to Enterprise for natural gas processing and transportation, natural gas liquids transportation and fractionation, and processed condensate and crude oil transportation services under, 20-year term, fixed fee agreements.
An Enterprise news release announcing the transaction is available here.