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Bracewell Counsels Western Gas Partners LP Special Committee in WES Acquisition of Springfield Pipeline LLC

March 1, 2016

HOUSTON – Bracewell LLP advised Western Gas Partners (WES), LP Special Committee in WES’s acquisition of Springfield Pipeline LLC from Anadarko Petroleum Corporation for $750 million.

Springfield’s owns a 50.1% interest in a gathering system consisting of 548 miles of gas gathering lines and 241 miles of oil gathering lines in South Texas.

The consideration for the acquisition will consist of $712.5 million in cash and the issuance of 1,253,761 common units.  WES plans to fund the cash portion of the consideration through $440 million in proceeds from the sale of 8.5% perpetual convertible preferred units to First Reserve Advisors, L.L.C. and Kayne Anderson Capital Advisors, L.P. at a price of $32 per unit, $25 million in proceeds from the sale of common units to Western Gas Equity Partners, LP at a price of $29.91 per common unit, and borrowings of $247.5 million under WES’s revolving credit facility.

The transaction is expected to close by March 15, 2016.

Bracewell attorneys involved in this transaction included:

Partners: Gary W. Orloff, R. Daniel Witschey, Daniel E. Hemli, Robert A. Jacobson, D. Kirk Morgan II, and Tim A. Wilkins

Associates: Kathy Witty Medford, Stephen M. Boone, Elizabeth P. Corey, Yaniv M. Maman, and Caitlin E. Tweed