Stout was engaged for the purchase price allocation of a midstream master limited partnership (MLP), which had onshore gathering and processing operations in East Texas and the Permian Basin, and crude oil gathering operations in the Bakken oil play. The acquired business consisted of four reporting units. Stout valued the acquiree’s customer relationships, dedicated acreage contracts, and personal and real property assets that primarily consisted of pipelines and rights of way. Stout’s valuation was used by the acquirer for financial reporting purposes.