Kirkland & Ellis advised QL Capital Partners, LP in its decision to create a new partnership with Devon Energy Corporation to fund a selection of Devon gas capture and compression actors in the highly productive development zone "Cotton Draw From Devon in the Delaware Basin.
As part of the transaction, Devon will bring its existing gas collection and compression infrastructure into an area of common interest to Cotton Draw Midstream, LLC, a newly formed partnership that Devon will continue to operate under a contract management services. Devon will devote approximately 24,000 gross acres upstream to the Partnership Partnership collection and compression. QLCP will fund a $ 100 million distribution to Devon and will also fund the majority of the partnership's additional capital to develop the intermediate assets of Cotton Draw in the coming years.
Kirkland & Ellis acted as legal counsel to QLCP and Vinson & Elkins as a legal advisor to Devon.
The Kirkland team was led by transactional partners John Pitts (Picture) and Cyril Jones as well as associates Erik Shoemaker and Mark Kunzman; transactional partner Chad Smith and his associate Isaac Bate; and tax partners David Wheat and Bill Dong.
Fees involved: Isaac Bate – Kirkland and Ellis; William Dong – Kirkland and Ellis; Cyril Jones – Kirkland and Ellis; Mark Kunzman – Kirkland and Ellis; John Pitts – Kirkland and Ellis; Erik Shoemaker – Kirkland and Ellis; Chad Smith – Kirkland and Ellis; David Wheat – Kirkland and Ellis;
Law Firms: Kirkland and Ellis;
Clients: QL Capital Partners;