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Management cannot reasonably estimate the outcome of this action at this time.
−Removed: On August 12, 2019, Sanchez Energy Corporation and certain of its affiliated companies (collectively, “Sanchez”) filed a voluntary petition for relief under Chapter 11 of the U.S.
−Removed: Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas.
−Removed: While Sanchez holds a working interest in the acreage dedicated to our Springfield system, Sanchez also was the upstream operator for substantially all of the natural gas, crude oil, and NGLs that the Springfield system gathers and that WES processes in the Eagle Ford Shale Play.
−Removed: On April 29, 2020, we received notice that Sanchez filed a motion to reject a number of midstream and downstream agreements with commercial counterparties, including Sanchez’s Springfield gathering agreements and agreements obligating Sanchez to deliver the gas volumes gathered by the Springfield system to our Brasada processing plant.
−Removed: We objected to Sanchez’s rejection and instituted an adversary proceeding regarding such rejection.
−Removed: On May 6, 2021, the Bankruptcy Court issued an opinion determining, among other things, that Sanchez’s Springfield gathering agreements were rejected, but that such agreements contain covenants running with the land that survive rejection, thus preserving the acreage dedication to our Springfield system.
−Removed: We intend to continue defending our contractual rights in the bankruptcy proceeding and any other appropriate venue.
−Removed: On May 15, 2020, Gavilan Resources LLC (“Gavilan”), an entity that owns a 25% working interest in the acreage where the Springfield gathering system and Brasada processing plant are located, also filed for Chapter 11 bankruptcy protection.
−Removed: As a part of this bankruptcy, Mesquite Energy, Inc.
−Removed: (the successor to Sanchez) (“Mesquite”) purchased Gavilan’s assets at auction.
−Removed: Gavilan did not assume and assign its agreements with Springfield as part of its asset sale.
−Removed: Instead, the assets sold to Mesquite remain subject to any covenants, servitudes, or similar agreements that could be equitable servitudes or covenants running with the land, pending a further order of the bankruptcy court.
−Removed: The parties to the Sanchez and Gavilan proceedings discussed above are currently working toward a comprehensive legal and commercial settlement of the matters in dispute.
−Removed: Nevertheless, we cannot make any assurances regarding the ultimate outcome of these negotiations or the Sanchez and Gavilan proceedings themselves, and any resulting impact on WES due to the uncertainties associated with the ongoing process.
On October 29, 2020, WGR Operating, LP (“WGR”), on behalf of itself and derivatively on behalf of Mont Belvieu JV, filed suit against Enterprise Products Operating, LLC (“Enterprise”) and Mont Belvieu JV (as a nominal defendant) in the District Court of Harris County, Texas.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.