The transaction is expected to close in the third quarter of 2018, subject to customary closing conditions. As part of the transaction, Moda will acquire the IEC, a storage and export terminal designed to handle a wide range of vessels, including very large crude carriers, and connected directly to multiple “next generation” long-haul crude pipelines that link Eagle Ford Shale and Permian Basin production to key domestic and international markets, enabling the IEC to provide access to global markets for crude oil and LPG producers and marketers. Moda will also acquire certain crude oil pipeline assets and offsite logistics locations. The transaction value was not disclosed, but the transaction is part of a $2.6 billion midstream divestiture package announced by Oxy on August 8, 2018.
Baker Botts Lawyers/Office Involved:
Michael Swidler (Partner, New York); Scott Looper (Senior Associate, Houston); Kyle Doherty (Associate, Houston); Preston Bernhisel (Partner, Dallas); Bobby Philpott (Partner, Houston); Jon Finelli (Special Counsel, New York) and Kevin Henderson (Senior Associate, Dallas).