TOP  was engaged by a midstream oil and gas industry MLP with an estimated  enterprise value in excess of $4.5 billion to prepare a purchase price  allocation in relation to the acquisition of a midstream oil and gas produced  water management business with operations in the Williston and Permian  basins. The base purchase price for the acquisition was approximately $200.0  million.    Our analysis included estimates of the fair value of acquired personal  property, real property, rights-of-way, and customer relationships. The  personal property assets in our scope included gathering system pipelines and  associated equipment, processing facilities and equipment, fresh water and  recycled water storage tanks, wastewater disposal wells, vehicles, office  equipment, and software. The personal property assets were valued using a  combination of the indirect and direct methods of the cost approach. The real  property assets in our scope included twelve parcels of land in Texas that  were valued using the sales comparison approach. The acquired company's  rights-of-way were also valued using a form of the sales comparison approach.  Customer relationships were valued using the multi-period excess earnings  method under the income approach. Given differing economics between the  company's operations in the Williston and Permian basins, customer  relationships associated with the company's operations in each operating area  were valued separately.    As part of the services, TOP also assisted the client with certain  estimates related to incremental borrowing rates (IBR), credit adjusted  risk-free rates (CARFR), and other inputs related to the assumed asset  retirement obligations (ARO).