Kirkland Advises NGP-Backed Mora Energy on Permian Basin Acquisitions of Tejon Treating and West Texas Midstream Gas Services
Kirkland & Ellis advised Mora Energy, a portfolio company of NGP Energy Capital Management, on its acquisitions of (i) Tejon Treating & Carbon Solutions (Tejon) from Bayswater Exploration & Production and (ii) West Texas Midstream Gas Services, commonly known as the “Quail” system, from Williams Companies. Together, Tejon and Quail establish a meaningful operating footprint for Mora in the Midland Basin, comprising approximately 200 miles of natural gas gathering pipelines, four compressor stations, an amine treating facility and an acid gas injection well. Mora’s operations now span Andrews, Martin, Howard, Borden, Scurry and Mitchell Counties, Texas.
In conjunction with the acquisitions, NGP has significantly increased equity commitments to Mora, providing additional capital to support the company’s growth. Mora has also closed a new credit facility led by BOK Financial and Huntington Bank. Together with the increased equity commitments, the credit facility provides Mora with substantial liquidity to pursue additional expansion opportunities.
Read the transaction press release
The Kirkland team included corporate lawyers Kevin Crews, Jacqueline Scioli, Abby Feeney and Adam Wojcik; debt finance lawyers Andy Veit, Layton Bell and William Keller; investment funds lawyers Matt Nadworny and Geraldine Nash; tax lawyers David Wheat, Joe Tobias, David Gilbert and Sarah Gehr; real assets lawyers Jonathan Strom and Jake Johnson; environmental transactions lawyer Jon Kidwell; transactional liability lawyer Anna Geml; and antitrust & competition lawyers Mike Thorpe and Mackenzie Pike.
