Kirkland & Ellis is advising LM Energy, a Dallas-based midstream company backed by Old Ironsides Energy, on the carveout sale of LM Energy’s crude oil gathering business in the Delaware Basin. The transaction includes 130 miles of crude pipelines and two terminals with 136,000 barrels of crude storage capacity in Eddy and Lea Counties, New Mexico. The transaction is expected to close during the fourth quarter of 2023. LM Energy will continue to operate its gas midstream system in the Delaware Basin.
The Kirkland team is led by corporate partners Kevin Crews and Adam Garmezy and associates Jessica Berkowitz, Max Chaffetz and Daly Brower; debt finance partners Lucas Spivey and James Bedotto and associates James Kelly and Michael Brunetti; tax partners David Wheat and Joe Tobias and associate David Gilbert; real assets partner Pat Corrigan; energy regulatory partner Brooksany Barrowes and associate Chad Richards; environmental transactions partners Jon Kidwell and Jennifer Cornejo and associate Courtney Tibbetts; employee benefits partner Maureen O’Brien; employment & labor partners Christie Alcala and R.D. Kohut; executive compensation partner Stephen Jacobson; and antitrust partner Michael Thorpe.