Kirkland Advises Permian on Divesture of Gathering Systems to Kinetik for $180 Million

Kirkland & Ellis counseled Permian Resources Corporation (NYSE: PR) on entering into a definitive agreement to sell natural gas and oil gathering systems located primarily in Reeves County, Texas to Kinetik Holdings Inc. (NYSE: KNTK) for a total cash consideration of $180 million, subject to customary post-closing adjustments. The divested natural gas and oil pipeline systems include a combination of both recently purchased and legacy company-owned midstream infrastructure and exclude any water infrastructure or surface acreage.

The Kirkland team included corporate lawyers Chad M. Smith, Will Eiland, Mohammad Alkadhem and Dakota Priest; tax lawyers David Wheat, David Gilbert and Brooke Schafer; environmental transactions lawyers Jon Kidwell and Alyssa Huang; antitrust & competition lawyers Chuck Boyars and Rebekah Scherr; and energy regulatory lawyers Damien Lyster and Lilla Grisham.