Akin Gump Advises in $275M Rose Rock Midstream Acquisition of Interest in SemCrude Pipeline L.L.C.
(Houston) – A Houston-based Akin Gump team advised the Conflicts Committee of the Board of Directors of Rose Rock Midstream’s general partner in Rose Rock’s acquisition from SemGroup Corporation of an additional one-third interest in SemCrude Pipeline, L.L.C., which owns a 51 percent interest in White Cliffs Pipeline L.L.C., for $275 million. Rose Rock now owns a 67 percent interest in SemCrude Pipeline and indirectly owns a 34 percent interest in White Cliffs Pipeline.
White Cliffs Pipeline is a 527-mile common carrier, crude oil pipeline system that originates in Colorado and terminates in Cushing, Oklahoma. It has a current capacity of 76,000 barrels per day and is in the process of an expansion project that will increase total capacity to 150,000 barrels per day. Rose Rock will be responsible for funding its portion of the expansion. This project is expected to be completed mid-2014.
The Akin Gump deal team comprised Houston partner in charge and energy partner Christine LaFollette, energy partner John Goodgame, tax partner Tom Weir and energy associate Marcella Burke.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP, a leading international law firm, numbers more than 850 lawyers in the United States, Europe, Asia and the Middle East.
# # #