Devon Energy Production Company Forms Midstream Partnership with QL Capital Partners
Vinson & Elkins advised Devon Energy Production Company, L.P. in an agreement to form a midstream partnership in the Delaware Basin with QL Capital Partners, LP (QLCP).
As part of this transaction, Devon will contribute gathering system and compression assets in the Cotton Draw area to the partnership in exchange for certain special cash distribution funded by QLCP. Devon will continue to operate the assets pursuant to a management services agreement with the joint venture entity. QLCP has also committed an additional $40 million of expansion capital to the partnership to fund the build out of the Cotton Draw midstream assets over the next several years.
The V&E corporate team was led by partners Mingda Zhao and John B. Connally, with assistance from associates John McEntire, Caroline Kuehn, Robert Vezina, Zachary Parker, Torie Berkowitz and Ryan Logan. Also advising were counsel Suzanne Clevenger and associates R.J. Colwell and Alexandra Noll; partner Todd Way and associates Brian Russell and Emily Fawcett; partner Larry Nettles; senior associate Matt Falcone and associate Ayman Haq; partner David D’Alessandro and counsel Regina Ibarra; and partner Neil Imus and associate Ryan Will.
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