News Releases

Baker Botts Represents Stifel as Financial Advisor to the Conflicts Committee in Sanchez Production Partners’ Acquisition of a 50% Interest in Carnero Gathering LLC

Release

Deal Description: July 5, 2016 – Sanchez Production Partners LP (NYSE: SPP) announced that the partnership has executed an agreement with Sanchez Energy Corporation (NYSE: SN) pursuant to which SPP has acquired Sanchez Energy's 50% interest in Carnero Gathering, LLC, a joint venture that is 50% owned by Targa Resources Corp. (NYSE: TRGP).

The consideration from SPP to Sanchez Energy for the transaction includes:

  • An initial payment of approximately $37 million in cash
  • The assumption of Sanchez Energy's remaining capital commitments to Carnero Gathering, which are estimated at approximately $7.4 million; and
  • Future payments that are dependent upon the achievement of certain volume, transportation fee and delivery targets.
  • Baker Botts represented Stifel, the sole financial advisor to the Conflicts Committee, in the drop down.

Baker Botts Lawyers/Office Involved: Josh Davidson (Partner, Houston); Hillary Holmes (Partner, Houston); Sean Salisbury (Associate, Houston)

For more information, please see Sanchez Production Partners’ news release by clicking here.

 

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