Scenario description
Assume Energy Transfer completes its announced acquisition of Vaquero Midstream by 2027-03-31 on materially the announced terms: approximately $2.625 billion to $2.63 billion of consideration, including about $1.95 billion in cash and roughly 33.3 million Energy Transfer units. The acquired Vaquero assets include Delaware Basin midstream infrastructure described in the current reporting as 675 MMcf/d of processing capacity and about 300 miles of pipelines, which Energy Transfer brings under its gathering and processing network after closing. Do not assume any additional asset sales, financing changes, regulatory remedies, or operating synergies beyond what is publicly confirmed by the resolution sources.