Latham & Watkins Advises Plains All American Pipeline in Acquisition of 55% Interest in EPIC Crude Holdings, LP

Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) (collectively, Plains) have announced that a wholly owned subsidiary has entered into a definitive agreement to acquire from subsidiaries of Diamondback Energy, Inc. and Kinetik Holdings Inc., a 55% non-operated interest in EPIC Crude Holdings, LP, which owns and operates the EPIC Crude Oil Pipeline. The transaction is valued at approximately US$1.57 billion, inclusive of approximately US$600 million of debt.

Latham & Watkins LLP represented Plains in the transaction with an M&A team led by Houston partners Ryan Lynch and Nick Dhesi, with associates Clayton Heery, Morgen Seim, and David Lee. Advice was also provided on tax matters by Houston partners Tim Fenn and Jared Grimley; on antitrust matters by Washington, D.C. partners Jason Cruise and Caitlin Fitzpatrick, with associate Mary Casale; on regulatory matters by Washington, D.C. partner Pat Nevins, with associate Jecoliah Williams; on environmental matters by Los Angeles/Houston partner Josh Marnitz, with associate Kate Johnstone; on benefits matters by Washington, D.C. partner Adam Kestenbaum, with associate Sam Sturgis; and on finance matters by Houston counsel Natalie McFarland, with associate Kara Burkett.