EPP said $1.15 billion has been paid and $1 billion will be paid within a year. Pioneer held 50.1% and Reliance 49.9%.
EFS Midstream provides natural gas gathering, treating, compression, and condensate processing in the Eagle Ford shale. The system includes 460 miles of gas gathering pipelines, 10 central gathering plants, 780 MMcfd of gas treating capacity, and 119,000 b/d of condensate stabilization capacity (OGJ Online, June 1, 2015).
Under terms of the agreements, the Pioneer and Reliance joint development dedicated its Eagle Ford shale acreage to EPP under a 20-year, fixed-fee gathering agreement that includes a minimum volume requirement for the first 7 years (OGJ Online, June 24, 2010).
Pioneer and Reliance also dedicated their Eagle Ford shale acreage under related 20-year fee-based agreements with EPP for gas processing, NGL transportation and fractionation, and for gas, processed condensate, and crude oil transportation services.