Brazos Delaware Gas’ $93 Million Acquisition of Pecos County Gas Gathering Assets

Akin Gump Strauss Hauer & Feld advised Rattler Midstream on the deal, while Kirkland & Ellis counseled Brazos Midstream.

Diamondback subsidiary Rattler Midstream LP, which owns, operates, develops, and acquires midstream infrastructure assets, announced the $93 million sale of its Pecos County gas gathering assets to Brazos Delaware Gas, LLC. The sale comprised approximately $83 million of cash at closing and an additional $10 million of contingent future consideration based on volume thresholds on the gas gathering assets.

Headquartered in Fort Worth, Texas, Brazos is one of the largest private natural gas and crude oil midstream companies in the Delaware Basin. 

Brazos has operated the Pecos Gas Gathering System, located in the Southern Delaware Basin, on behalf of Diamondback and Rattler since 2017. The system will add an additional 150 miles of natural gas gathering pipeline and four associated compressor stations, complementing the Company’s existing high pressure natural gas gathering system and cryogenic processing complex located in Reeves County, Texas. 

Akin Gump corporate partners Stephen Boone (Picture) and John Goodgame, global corporate practice co-head, led the cross-practice deal team. They were joined by corporate partner Gabe Procaccini and associates Leana Garipova and Katherine Raymond, along with tax partner Alison Chen and associate Sangita Sahasranaman. Corporate partner Alan Laves and associates Morgan Francy and Laura Lindsay Tatum handled the debt finance aspects.

The Kirkland team was led by corporate partners Kevin Crews, Courtney Jamison Roane and Danny Nappier and associates Jack Dougherty and Brock Baker; antitrust partner Carla Hine; energy regulatory partner Marcia Hook; environmental transaction partners Jonathan Kidwell and James Dolphin and associate Caleb Anderson; labor & employment partner Richard Kidd and associates Kayla Davis and Jaclyn Schruhl; employee benefits of counsel Patrick Ryan; and tax partners David Wheat and Joe Tobias.

Involved fees earner: Stephen Boone Jr. – Akin Gump Strauss Hauer & Feld LLP; Alison Chen – Akin Gump Strauss Hauer & Feld LLP; Morgan Francy – Akin Gump Strauss Hauer & Feld LLP; Leana Garipova – Akin Gump Strauss Hauer & Feld LLP; John Goodgame – Akin Gump Strauss Hauer & Feld LLP; Alan Laves – Akin Gump Strauss Hauer & Feld LLP; Gabriel Procaccini – Akin Gump Strauss Hauer & Feld LLP; Katherine Raymond – Akin Gump Strauss Hauer & Feld LLP; Laura Lindsay Tatum – Akin Gump Strauss Hauer & Feld LLP; Sangita Vani Sahasranaman – Akin Gump Strauss Hauer & Feld LLP; Caleb Anderson – Kirkland & Ellis; Brock Baker – Kirkland & Ellis; Kevin Crews – Kirkland & Ellis; Kayla Davis – Kirkland & Ellis; James Dolphin – Kirkland & Ellis; Jack Dougherty – Kirkland & Ellis; Carla Hine – Kirkland & Ellis; Marcia Hook – Kirkland & Ellis; Richard Kidd – Kirkland & Ellis; Jonathan Kidwell – Kirkland & Ellis; Danny Nappier – Kirkland & Ellis; Courtney Roane – Kirkland & Ellis; Patrick Ryan – Kirkland & Ellis; Jaclyn Schruhl – Kirkland & Ellis; Joe Tobias – Kirkland & Ellis; David Wheat – Kirkland & Ellis;

Law Firms: Akin Gump Strauss Hauer & Feld LLP; Kirkland & Ellis;

Clients: Brazos Midstream; Diamondback Energy, Inc.;

Martina Bellini

Author: Martina Bellini