© 2015 The Texas Lawbook.
By Natalie Posgate
(March 16) – Three Texas firms showcased their energy law expertise last week when Pittsburgh-based EQT Corporation and Juno Beach, Florida-based NextEra Energy sold interests in their Mountain Valley Pipeline joint venture to subsidiaries of Houston-based Vega Energy Partners and Washington, D.C. based WGL Holdings.
Vega has acquired 3 percent of the pipeline project, while WGL purchased 7 percent. The cost of the project is estimated to be between $3 billion and $3.5 billion.
Baker Botts represented EQT and Mountain Valley Pipeline, Akin Gump advised WGL. Norton Rose Fulbright represented Vega.
Austin partner Mike Bengston led the Baker Botts deal team, which also included Austin partner Jon Nelsen and associate John Kaercher, as well as Houston associates Scott Looper, John Craven and Leah David Patrick.
The Akin Gump deal team was led by New York partner Jeffrey Kochian, but also included Houston counsel Cody Carper and New York associate Alyssa Dossick.
Houston partner Ned Crady and associate Kasyn Stevenson handled the deal for Norton Rose Fulbright.
NextEra handled the deal in-house, turning to Houston-based Assistant General Counsel Karina Amelang.
The Mountain Valley Pipeline is designed to address infrastructure constraints associated with the rapid development of natural gas from the Marcellus and Utica shale plays, while also offering critical supply diversity to meet the increasing demand for natural gas across the Southeast. The estimated 300-mile long pipeline is expected to provide at least 2 Bcf per day and has secured 20-year term commitments.
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