A subsidiary of EnLink Midstream Partners LP and EnLink Midstream LLC (EnLink) completed its acquisition of certain subsidiaries of Tall Oak Midstream, LLC, EnLink said Jan. 7. The acquisition is worth $1.55 billion.

Tall Oak’s gathering, processing and compression assets are in the core of the Stack and Central-Northern Oklahoma Woodford plays. They complement EnLink’s existing position in the Cana-Woodford. Tall Oak’s key contracts are primarily fee-based with substantial acreage dedications and have a remaining weighted-average term of about 15 years.

Additionally, Devon will provide EnLink with five-year minimum volume commitments for gathering and processing on the dedicated Felix acreage.

Barry E. Davis, president and CEO of EnLink Midstream, said there are low breakeven prices and active producers in the area. He added that the assets are anchored by long-term fee-based contracts and that Devon is the largest customer.

EnLink Midstream is based in Dallas.