Davis Polk Advises Williams on Its Sale of Its 50% Interest in Jackalope Gas Gathering Services to an Affiliate of Crestwood Equity Partners

Davis Polk advised The Williams Companies, Inc. on its $484.6 million sale of a 50% interest in Jackalope Gas Gathering Services, L.L.C. to an affiliate of Crestwood Equity Partners L.P. Prior to the transaction, Crestwood was Williams’ 50% joint venture partner in Jackalope where Williams acted as operator, responsible for managing construction and operations and Crestwood served as marketer, responsible for commercial services. Following the transaction, Crestwood has assumed operatorship of Jackalope.

Headquartered in Tulsa, Oklahoma, Williams is a premier provider of large-scale infrastructure connecting U.S. natural gas and natural gas products to growing demand for cleaner fuel and feedstocks. With major positions in top U.S. supply basins, Williams owns and operates more than 30,000 miles of pipeline system wide providing natural gas for clean-power generation, heating and industrial use. Headquartered in Houston, Texas, Crestwood Equity Partners L.P. is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States.

The Davis Polk corporate team included partner Oliver Smith and associates Laura C. Turano, Nicholas C. Phillips and Elizabeth R. Diggs. Partner Pritesh P. Shah provided intellectual property and technology advice. Partner Kyoko Takahashi Lin provided executive compensation advice. Counsel Betty Moy Huber provided environmental advice. Partner Brian D. Hirsch provided real estate advice. All members of the Davis Polk team are based in the New York office.