Memorial Resource Development Corp. (MRD) closed its divestiture of Memorial Production Partners GP LLC (MEMP GP) to Memorial Production Partners (MEMP) on June 1. MEMP GP is the general partner of MEMP, MRD said June 2.

MRD is now fully separated from MEMP, subject to an agreement to manage certain post-closing separation expenses and transition services.

MEMP GP holds the general partner interest and 50% of the incentive distribution rights (IDRs) of MEMP.

MRD has no ownership interest in MEMP’s outstanding common units, IDRs or general partner interest.

Memorial Resource Development Corp. is based in Houston.