Akin Gump Advises Crestwood Conflicts Committee in First Reserve Pipeline Joint Venture

(Houston) – Crestwood Equity Partners LP and First Reserve, a global private equity firm, have announced that Crestwood Permian Basin Holdings LLC, a joint venture focused on developing, owning and operating midstream infrastructure in the Delaware Basin, has agreed to acquire Crestwood’s Willow Lake gathering and processing assets located in Eddy County, New Mexico. Akin Gump advised Crestwood’s conflicts committee in the matter.

Crestwood and First Reserve also announced that the joint venture has fully sanctioned the construction of a 200 million cubic-feet-per-day cryogenic gas processing plant located near Orla, Texas, and related infrastructure required to connect the Willow Lake system to the plant and multiple third-party pipelines. Upon completion of the project, the joint venture’s integrated gathering and processing footprint will span more than 100 miles. Initial project capital is expected to be approximately $170 million with an in-service date in the second half of 2018.

John Goodgame, a partner in Akin Gump’s oil and gas practice, led the team advising Crestwood. He was joined by associates Chase Armbrust and Leana Garipova and by tax partner Alison Chen.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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