TOP was engaged by a midstream oil and gas MLP to estimate the fair value of certain assets in relation to the acquisition of two midstream oil and gas industry pipeline company joint venture investments. The acquired interests  included non-controlling stakes in an approximate 200.0 mile crude oil transportation pipeline spanning different parts of Wyoming and an approximate 300.0 mile refined products pipeline spanning points in Wyoming to Utah. The services were provided to assist the client in accounting for equity method investment basis differences in accordance with ASC 323.

Our analysis included estimates of the fair value of the companies' personal property, real property, and rights-of-way. The personal property assets in our scope included crude oil and refined products pipelines, storage tanks and associated equipment, terminal assets and associated equipment, furniture and fixtures, 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 six parcels of land located across Wyoming and Utah that were valued using the sales comparison approach. The companies' rights-of-way assets were also valued using a form of the sales comparison approach.