Vinson & Elkins advised Summit Midstream Partners, LP on the deal
Hess North Dakota Pipelines LLC entered into an agreement to purchase the crude oil and gas gathering assets of Summit Midstream Partners’ Tioga Gathering System for cash consideration of approximately $60 million gross, or approximately $12 million net to Hess Midstream, with the potential for an additional $7 million of gross contingent payments in future periods subject to certain future performance metrics.
In addition, Hess Midstream’s sponsor, Hess Infrastructure Partners LP (“HIP”), separately agreed to acquire the water gathering assets of the Tioga System from Summit Midstream Partners. Hess Midstream expects that HIP will offer it a right of first offer to acquire the water assets in the event HIP decides to sell the assets in the future. The acquisition is expected to close in the first quarter of 2019, subject to customary closing conditions.
Vinson & Elkins advised Summit Midstream Partners, LP with a team led by partner Doug Bland (Picture) with associates Michael Zarcaro and Kara Chung. Also advising were partners David Peck and Joe Garcia, senior associate Julia Pashin and associate Emily Fawcett; counsel Scot Dixon; and partner Darren Tucker and associate Evan Miller.
Involved fees earner: Douglas Bland – Vinson & Elkins LLP; Kara Chung – Vinson & Elkins LLP; Scot Dixon – Vinson & Elkins LLP; Emily Fawcett – Vinson & Elkins LLP; Joe Garcia Jr. – Vinson & Elkins LLP; Evan Miller – Vinson & Elkins LLP; Julia Pashin – Vinson & Elkins LLP; David Peck – Vinson & Elkins LLP; Darren Tucker – Vinson & Elkins LLP; Michael Zarcaro Jr. – Vinson & Elkins LLP;
Law Firms: Vinson & Elkins LLP;
Clients: Summit Midstream Partners, LP;