Practice Areas

Master Limited Partnerships (MLPs)

Client Successes

Represented Conflicts Committee of Crestwood Midstream Partners LP in its US$7.5B public-to-public merger with Crestwood Equity Partners LP

Advised Tall Oak Midstream, an EnCap Flatrock portfolio company, in its US$1.55B sale of assets to EnLink Midstream Partners, LP and EnLink Midstream, LLC

Represented Vanguard Natural Resources, in its US$614M public-to-public merger with Eagle Rock Energy Partners, LP

A Strategic Approach to MLPs

We find tax-efficient solutions to issues related to the formation, capitalization, and initial public offering of master limited partnerships, as well as acquisitions (including “drop-downs”) and mergers, in all asset classes qualifying for the natural resources tax exemption available to publicly traded partnerships under the Internal Revenue Code.

Expertise, Experience, and Innovation

  • Our team has industry-leading experience representing sponsors in MLP structuring, asset selection, and execution of IPOs, including advising on tax issues, accounting issues, and industry-specific regulatory issues.

  • We provide sophisticated tax structuring assistance for MLP formation and capitalization transactions, including drawing on our deep experience to advise with asset selection and entity structuring.

  • Our lawyers have worked on billion-dollar capital markets transactions over the last few years and have led numerous equity and debt private placements as well as PIPE transactions.

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