© 2014 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
(May 1) – Baker Botts announced Thursday two deals it is handling for Pittsburgh-based EQT Corporation.
One deal involves the $1.18 billion sale of the company’s Jupiter natural gas gathering system to its limited partnership, EQT Midstream Partners, LP.
The other transaction involves EQT’s agreement to purchase approximately 73,00 net acres in the Permian Basin from Fort Worth-based Range Resources Corporation for an undisclosed amount.
Austin M&A partner Mike Bengtson led both deals. Bengtson has represented EQT Corporation on a number of upstream and midstream M&A transactions for the last 16 years. Two recent matters Baker Botts has handled for EQT include the $390 million sale of its Big Sandy Pipeline to Houston-based Spectra Energy Partners LP and the sale of its Sunrise Pipeline to EQT Midstream Partners for $540 million.
Other attorneys who played a crucial role in the Jupiter deal include Houston partners Robert P. Wright, Michael P. Bresson and James Chenoweth and Austin associate Robert Montgomery.
The terms of the Jupiter transaction were approved by the Conflicts Committee of the board of directors of EQT Midstream Services, LLC. Delaware law firm Richards, Layton & Finger advised the conflicts committee on legal matters, and Evercore Partners, Inc. handled the financial aspects of the deal.
The Jupiter system gathers EQT’s Marcellus production in portions of Greene and Washington Counties, Pennsylvania and consists of approximately 35 miles of natural gas gathering pipeline and about 21,300 horsepower of compression.
Other Baker Botts attorneys who worked significantly on the transaction with Range Resources included Houston partner James Chenoweth and Austin partner Aileen Hooks; Houston associates Coleson R. Bruce, Bryan Cory, Scott Looper and Kristen Smith; and Austin associate Christopher Janisch.
Range Resources turned to its in-house counsel for the deal: David Goldberg, the company’s deputy general counsel and vice president. Before Goldberg joined Range last year, he was a corporate partner at Kelly, Hart & Hallman. He is also a former general counsel of Fort Worth-based Union Drilling, Inc.
The deal is expected to close in the second quarter of 2014.
The Permian Basin acreage EQT is acquiring from Range involves multiple horizontal, stacked pay drilling opportunities in the Upper Wolfcamp, Lower Wolfcamp and Cline horizons. In exchange, Range will receive EQT’s interest in 138,000 net acres and the supporting gathering system in the Nora Field of Virginia.
In-house EQT attorneys who are based outside of Texas also played a significant role in both deals, including Deputy General Counsel Robert Williams. Previously, Williams has been the assistant general counsel at Enron International and a partner at Bracewell & Giuliani.
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