Crestwood Equity Partners has acquired Sendero Midstream Partners and First Reserve’s 50% equity interest in Crestwood Permian Basin Holdings. Crestwood will divest its legacy, non-core Barnett Shale assets to EnLink Midstream.

Crestwood is a limited partnership that owns and operates businesses in multiple shale resource plays.

“I am thrilled to announce this series of strategic transactions that greatly enhance the Crestwood franchise by creating immediate scale and additional runway in the Delaware Basin, high-grading our cash flow mix through the rationalization of non-core assets, and successfully maintaining our conservative balance sheet and financial flexibility,” said Robert G. Phillips, CEO of Crestwood.

RBC Capital Markets served as lead financial advisor, Citi acted as financial advisor, and Vinson & Elkins LLP and Locke Lord LLP served as legal advisors to Crestwood. Morgan Stanley & Co. LLC served as financial advisor, and Latham & Watkins LLP served as legal advisor to Sendero Midstream. Simpson Thacher & Bartlett LLP served as legal advisor to First Reserve. Baker Botts LLP served as advisor to EnLink Midstream.