Scenario description
Assume Energy Transfer does not complete the Vaquero Midstream acquisition on materially the announced terms by 2027-03-31. This includes a termination of the transaction, a delay with closing still pending after the cutoff, a renegotiation that materially changes the total consideration or cash-and-units structure, or closing conditions or remedies that materially constrain the transfer of Vaquero’s reported Delaware Basin processing and pipeline assets to Energy Transfer. Do not assume the reason for non-completion unless the resolution sources identify it.