Shearman And Sterling

News April 02, 2019

Sale of Oryx Assets to Stonepeak Infrastructure Partners for $3.6 Billion

Shearman & Sterling represented Oryx Southern Delaware Holdings LLC and Oryx Delaware Holdings LLC in connection with the sale of substantially all of its assets to funds managed by Stonepeak Infrastructure Partners in a deal valued at about $3.6 billion. The sellers included affiliates of Quantum Energy Partners, Post Oak Energy Capital, Concho Resources (NYSE: CXO) and WPX Energy (NYSE: WPX).

Oryx will retain its name and continue to be headquartered in Midland, Texas. Its leadership team, led by Brett Wiggs and Karl Pfluger, who are investing alongside Stonepeak in this transaction, will remain in their current roles.

Oryx is the largest privately held midstream crude operator in the Permian Basin. The company owns and operates a crude oil gathering and transportation system underpinned by nearly one million acres under long-term dedications from more than 20 customers, including some of the Permian’s leading oil and gas producers.

The team