Tall Oak’s assets include a gathering and processing system in the Arkoma Basin in Arkansas and Oklahoma, made up of two natural gas processing plants and 411 miles of gas-gathering lines. (Source: Shutterstock/ Summit Midstream)
Houston-based Summit Midstream concluded its $450 million acquisition of Tall Oak Midstream III, the company announced Dec. 2.
The deal was made for $155 million in cash, 7.5 million shares of Summit’s common units and 7.5 million shares of Summit’s class B common stock, as well as $25 million in cash for contingencies. Summit said it paid for the acquisition through Tailwater Capital, Tall Oak’s portfolio partner.
The original deal became public at the beginning of October. Summit shareholders approved the trade on Nov. 29, according to the company’s announcement.
Tall Oak’s assets include a gathering and processing system in the Arkoma Basin in Arkansas and Oklahoma, made up of two natural gas processing plants and 411 miles of gas-gathering lines.
Summit’s motivation for the acquisition was to rebalance the company’s portfolio between oil and gas assets, according to the company’s announcement.
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