Plains All American and Oryx Midstream’s Permian Basin Joint Venture

Vinson & Elkins advised Plains All American on the deal while Sidley Austin advised Stonepeak Infrastructure Partners and Oryx Midstream Holdings LLC.

Plains All American (Nasdaq: PAA & PAGP) and Oryx Midstream Holdings LLC, a portfolio company of Stonepeak Infrastructure Partners, announced they have entered into a definitive agreement to merge their respective assets, operations and commercial activities within the Permian Basin into a newly formed strategic joint venture, Plains Oryx Permian Basin LLC. The transaction will include all of Oryx’s Permian assets and, with the exception of Plains’ long-haul pipeline systems and certain of its intra-basin terminal assets, the vast majority of Plains’ assets located within the Permian Basin.

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for primarily for crude oil and natural gas liquids (“NGL”).

Midland-based Oryx is a leading privately held midstream crude operator in the Permian Basin. The company owns and operates a crude oil gathering and transportation system underpinned by approximately 1.3 million acres under long-term dedications from more than 30 customers.

The V&E corporate team was led by partners Doug Bland (Picture) and Matt Falcone, with assistance from partners Alan Beck and Dave Oelman, senior associates Nettie Downs, Megan Menniti and Caroline Kuehn and associates Brian Broussard, Helen Xiang, Caroline McDonald, Sydney Verner, Erik Slavin and Will White. Also advising were partner John Lynch; partner Darren Tucker and senior associates Ryan Will and Evan Miller; partner Sean Becker, counsel Martin Luff and associate Annie Blanc; partner David D’Alessandro, counsel Dario Mendoza and associate Maddison Riddick; partner David Wicklund, senior associate Caitlin Snelson and associate Frank George; partner Larry Nettles; senior associate Sean Hill; and associate Jimmy Hopper.

The Sidley team was led by partners Tim Chandler and Tommer Yoked with support from associates Kayleigh McNelis, Ashley Moulder, Jack Messer, and Brian DiFilippo. The team included Energy Regulatory partners Kenneth Irvin and Lorrie Marcil, and counsel Casey Khan; Finance partners Herschel Hamner and Banks Bruce, and associates Andy Chen, Tiffany Van, and Haley Cambra; Technology & IP Transactions partner Josh Hofheimer; Tax partner Angela Richards; Environmental partner Heather Palmer; Antitrust/Competition partner Karen Kazmerzak, counsel Beth Chen, and associate Stewart Inman; Employee Benefits partner Eric Winwood and associate Marian Fielding; as well as Labor and Employment counsel James Weiss.

Involved fees earner: Banks Bruce – Sidley Austin LLP; Haley Cambra – Sidley Austin LLP; Timothy Chandler – Sidley Austin LLP; Andy Chen – Sidley Austin LLP; Elizabeth Chen – Sidley Austin LLP; Brian DiFilippo – Sidley Austin LLP; Marian Fielding – Sidley Austin LLP; Herschel Hamner III – Sidley Austin LLP; Joshua Hofheimer – Sidley Austin LLP; Stewart Inman – Sidley Austin LLP; Kenneth Irvin – Sidley Austin LLP; Karen Kazmerzak – Sidley Austin LLP; Casey Khan – Sidley Austin LLP; Lorrie Marcil – Sidley Austin LLP; Kayleigh McNelis – Sidley Austin LLP; Jack Messer – Sidley Austin LLP; Ashley Moulder – Sidley Austin LLP; Heather Palmer – Sidley Austin LLP; Angela Richards – Sidley Austin LLP; Tiffany Van – Sidley Austin LLP; James Weiss – Sidley Austin LLP; Eric Winwood – Sidley Austin LLP; Tommer Yoked – Sidley Austin LLP; Alan Beck – Vinson & Elkins LLP; Sean Becker – Vinson & Elkins LLP; Douglas Bland – Vinson & Elkins LLP; Brian Broussard – Vinson & Elkins LLP; Nettie Downs – Vinson & Elkins LLP; David D’Alessandro – Vinson & Elkins LLP; Matthew Falcone – Vinson & Elkins LLP; Frank George – Vinson & Elkins LLP; Sean Hill – Vinson & Elkins LLP; James Hopper – Vinson & Elkins LLP; Caroline Kuehn – Vinson & Elkins LLP; Martin Luff – Vinson & Elkins LLP; John Lynch – Vinson & Elkins LLP; Caroline McDonald – Vinson & Elkins LLP; Dario Mendoza – Vinson & Elkins LLP; Evan Miller – Vinson & Elkins LLP; Larry Nettles – Vinson & Elkins LLP; David Palmer Oelman – Vinson & Elkins LLP; Maddison Riddick – Vinson & Elkins LLP; Erik Slavin – Vinson & Elkins LLP; Caitlin Snelson – Vinson & Elkins LLP; Megan Stephens Menniti – Vinson & Elkins LLP; Darren Tucker – Vinson & Elkins LLP; Sydney Verner – Vinson & Elkins LLP; William White – Vinson & Elkins LLP; David Wicklund – Vinson & Elkins LLP; Ryan Will – Vinson & Elkins LLP; Helen Xiang – Vinson & Elkins LLP;

Law Firms: Sidley Austin LLP; Vinson & Elkins LLP;

Clients: Oryx Midstream Services, LLC; Plains All American Pipeline L.P.; Stonepeak Infrastructure Partners;

Author: Martina Bellini