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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 9 Deals, 9 Firms, 139 Lawyers, $3B

October 18, 2022 Claire Poole

As followers of the Corporate Deal Tracker are well aware, U.S. mergers and acquisitions in the upstream portion of oil and gas sector have boomed recently. In fact, they topped $16 billion in transacted value during the third quarter of 2022 — the best quarter of the year, according to Enverus.

The firm said the volume was achieved despite volatility in oil and gas prices, E&P stocks still missing market recognition and a surprising dearth of deals in the usually prolific Permian.

“To reach $16 billion of M&A value in 3Q22 required not only a couple more typical operated shale deals, but also transactions like a public mineral company merger and the largest California deal in decades,” Enverus Intelligence Research director Andrew Dittmar said.

Leading the way as the largest transaction of the quarter was EQT’s $5.2 billion purchase of West Virginia producer Tug Hill and associated XcL Midstream, both backed by Quantum Energy Partners (Kirkland & Ellis, Vinson & Ellis and Akin Gump advised).

In the Eagle Ford, Devon Energy bought an asset mostly for the value of its current production while adding inventory, Enverus continued. Its $1.8 billion purchase of Pontem Energy Capital’s Validus Energy was the largest in the play since 2018 and, along with the Tug Hill deal, yet another example of a private equity company finding an exit. (V&E and Kirkland faced off on that deal.)

Both EQT and Devon purchased production-centric deals delivering free cash flow yields of around 30 percent, Enverus said, making the transactions immediately accretive to their distribution programs.

Still, according to Dittmar, most companies are using the cash generated by high commodity prices to pay down debt and reward shareholders rather than seeking out acquisitions. “And when companies do make offers on assets, the bids are often disappointing to potential sellers,” he said.

A major contributor to the quarter was a deal brought on by regulatory challenges faced by oil producing regions of the U.S. Aera Energy – a joint venture between Shell and Exxon in California – was sold to Germany’s IKAV for nearly $4 billion, ending those companies’ historic involvement in the state’s petroleum business, Enverus said.

Rounding out activity for the quarter was the first merger between public mineral and royalty companies, the $2 billion acquisition of Brigham Minerals by Sitio Royalties. “These two companies were poised to go head-to-head for the best M&A opportunities, driving up prices,” Dittmar noted. “Instead, they will now have the power of a larger platform in the competitive minerals space.”

Going forward, challenges remain in the market, including negative investor sentiment, growing recessionary risks and concerns about cost inflation, according to Enverus. Additionally, the less common M&A deals like California transactions or mineral mergers may not necessarily be repeated.

But Permian M&A likely won’t stay down for long, given how important that basin is to the overall industry and U.S. supply, Enverus said. Just a couple weeks into Q4, the Permian logjam was broken by Diamondback Energy’s $1.6 billion purchase of Firebird Energy (see below), which could set off a wave of new Permian deals.
 
“There are some reasons to be positive on upstream M&A though,” Dittmar noted. “Despite rising costs, E&Ps are still generating a lot of cash and some companies may decide to direct portions of that toward M&A. Additionally, OPEC looks willing to reinsert itself into oil markets, which could bring stability and help buyers and sellers come together on pricing.”

Deals reported for the week ending Oct. 15 were thin, with seven M&A transactions worth $2.6 billion and two capital markets transactions worth a combined $457 million. That’s a deal value up from last week’s $2 billion, but well down from the 19 different deals. This time last year? There were 15 deals worth $3.9 billion.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)

Week Ending
Deal CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
09-Sept-2519$8,6221219013$2,8806$8,622
30-Aug-2510$6,56991097$3,5193$3,050
23-Aug-2523$15,2071012918$14,5005$707
16-Aug-2513$26,405121497$3,1806$23,225
09-Aug-2519$16,0661624515$11,3074$4,759
02-Aug-2517$19,4801110413$18,0024$1,478
26-Jul-2515$3,164129612$3,00233$162
19-Jul-2514$6,08014979$4,1655$1,915
12-Jul-2515$13,0121420812$10,9023$2,110
05-Jul-259$15,7788914$7,2805$8,498
28-Jun-2513$7,77781547$2,0316$5,746
21-Jun-2516$5,9841011311$3,0875$2,897
14-Jun-259$4788133603$478
07-Jun-2516$26,2101119611$24,7445$1,466
31-May-2519$23,3811116612$18,6657$4,717
24-May-2515$24,0331112113$23,6242$409
17-May-2516$21,7601214511$18,6155$3,145
10-May-2524$33,1751620619$30,7655$2,410
03-May-2511$4,249139011$2,226.52$2,022.5
26-Apr-2512$8,78791689$6,0113$2,776
19-Apr-2511$8,09771389$7,9852$112
12-Apr-2513$2,392815210$2,0653$327
05-Apr-2519$27,7621518816$25,4733$2,289
29-Mar-2521$8,1881025816$4,1255$4,064
22-Mar-2519$6,4851423115$4,1284$2,857
15-Mar-2513$13,7371315110$9,9324$3,805
8-Mar-257$2,2345665$2242$2,100
1-Mar-2511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/FUNDINGS

Diamondback expands in Midland Basin with $1.6B acquisition from FireBird

Deal Description: Midland-based Diamondback Energy announced Oct. 11 that it is paying $1.6 billion in stock and cash to acquire all leasehold interests and related assets owned in the Midland Basin by Fort Worth’s FireBird Energy, which is backed in part by Ontario Teachers’ Pension Plan. Attorneys from Kirkland, Akin and Weil counseled on the deal. More details, click here.

Bracewell advises Prosperity on two acquisitions

Deal Description: Bracewell announced Oct. 12 it counseled Prosperity Bancshares Inc. on two acquisitions worth $570.3 million. The first was for First Bancshares of Texas Inc., the parent of FirstCapital Bank of Texas, for 3.58 million shares of Prosperity stock plus $93.4 million in cash, or $341.6 million. FirstCapital Bank operates 16 banking offices in six different markets in West, North and Central Texas areas, including its main office in Midland. As of June 30, First Bancshares reported assets of $2.121 billion, loans of $1.589 billion and deposits of $1.781 billion. The second one was for Lone Star State Bancshares Inc., the parent of Lone Star State Bank of West Texas, for 2.37 million shares of Prosperity stock plus $64.1 million in cash, or $228.7 million. Lone Star operates five banking offices in the West Texas area, including its main office in Lubbock. As of June 30, Lone Star reported assets of $1.305 billion, loans of $933.5 million and deposits of $1.174 billion.

Expected Closing: Q1 2023

Prosperity’s In-House Counsel: General Counsel Charlotte Rasche

From Bracewell on both deals: Partners Will Anderson (Houston), Benjamin Martin (Houston), Rebecca L. Baker (Houston), Matthew Grunert (Houston) and Don Lonczak (Washington, D.C.); senior counsel Ian Brown (Dallas); and associates Shannon Baldwin (Houston), Margo McEntire (Houston) and Ben Meredith (Houston)

First Bancshares’ Outside Counsel: Fenimore Kay Harrison including partners Chet Fenimore and Jeremy Lemmon and associates John Wilson and Crystal Huffman 

Lone Star’s Outside Counsel: Fenimore Kay Harrison including partners Geoffrey Kay and Chet Fenimore 

Flexjet to become public via combination with SPAC Horizon

Deal Description: Flexjet Inc., a provider of private aviation services, and Horizon Acquisition Corp. II, a publicly traded special purpose acquisition company, announced Oct. 11 a definitive business combination agreement. Upon the closing of the transaction, Flexjet is expected to be listed on the NYSE under the ticker symbol “FXJ.” The transaction values the combined company at a pro forma enterprise value of $3.1 billion, representing 10.8 times projected 2022 adjusted management EBITDA of $288 million. The majority of proceeds in the combination are expected to be held on the company’s balance sheet. The transaction is backstopped with an up to $300 million common equity capital commitment from Eldridge Industries, an affiliate of Horizon’s sponsor, and Horizon’s sponsor, which consists of $155 million in non-redemption agreements and an up to $145 million redemption back-stop. Upon closing, Flexjet shareholders are expected to own 89 percent of the combination. Flexjet’s subscription-based recurring revenue comes from a customer base of ultra-high-net-worth individuals and Fortune 500 corporations through 10,000 contracts. The company has 3,100 employees, including 1,000 nonunion pilots and 450 licensed maintenance technicians across nine office locations in the U.S., the U.K. and Italy.

Expected Closing: Q2 2023

Horizon’s Financial Advisors: Credit Suisse Securities, Deutsche Bank Securities Inc. and RBC Capital Markets

Horizon Board Special Committee’s Financial Advisor: Houlihan Lokey Capital

Flexjet’s Outside Counsel: White & Case led by partners Matthew Kautz and Joel Rubinstein (both New York), Daniel Nussen (Los Angeles) and Neeta Sahadev (Silicon Valley) but including Houston associates Neil Clausen and Sadi Moradi

Horizon’s Outside Counsel: Sidley Austin including partners Myles Pollin in New York, William Howell and Ryan Scofield in Dallas and Christian Brause (tax) in New York

Credit Suisse, Deutsche Bank and RBC’s Outside Counsel: Skadden, Arps, Slate, Meagher & Flom

Houlihan Lokey’s Outside Counsel: Sullivan & Cromwell

NOG adds northern Delaware Basin bolt-on for $130M

Deal Description: Northern Oil and Gas Inc. announced Oct. 11 an agreement to acquire certain non-operated interests in the Delaware Basin from a private seller for $130 million in cash. The assets are in Lea and Eddy Counties, New Mexico, and Loving and Winkler Counties, Texas, and include about 2,100 net acres, 5.3 net producing wells, 2.1 net wells-in-process and around 17.2 net undeveloped locations. NOG said it expects strong growth and free cash flow from the properties with $25 million capital spending on the assets in 2023. The transaction is anticipated to be accretive to financial metrics.

Expected Closing: December 2022

NOG’s Financial Advisor: Wells Fargo Securities

NOG’s Outside Counsel: Kirkland & Ellis led by corporate partners David Castro Jr., Rahul Vashi and Fraser Wayne and associates Matt Gibson and Clayton Hart

Seller’s Financial Advisor: TPH&Co., the energy business of Perella Weinberg Partners

Seller’s Outside Counsel: Bracewell including partners Molly E. Butkus in Houston, Steven J. Lorch in New York and Charles H. Still Jr. in Houston and associates Luke Tanner, Nathan Guerra and Samantha Agnich, all in Houston

Powin buys EKS 

Deal Description: Kirkland & Ellis announced Oct. 10 it advised Powin on its acquisition of EKS Energy, a provider of power electronics and energy management solutions for energy storage and renewables. Terms weren’t disclosed. In an announcement Sept. 20, Portland, Ore.-based Powin said the transaction ensures customers will receive enhanced product and technology offerings, enabling the company to deliver a fully integrated grid-scale energy storage experience along with supply chain security.

From Kirkland: Led by corporate partners Jhett Nelson, Shubi Arora and Josh Teahen; tax partners Vincent Thorn and Liam Murphy; and debt finance partner Lucas Spivey. The team also included corporate associates Abbey Zuech and Bridget Hamway; debt finance associates Osaro Aifuwa, Kendall Burns and Nnamdi Ezenwa; and technology anf IP transactions partners Matthew Lovell and Shellie Freedman and associate Alex Barata

Clearlake buys Ticket Evolution

Deal Description: Clearlake Capital Group and Clearlake operating advisor Sam Soni announced Oct. 12 the acquisition of Ticket Evolution Inc., a software provider for the event ticketing industry. Terms were not disclosed. The acquisition was completed through Victory Live Inc., an event management and ticketing technology platform backed by Clearlake and Soni, who Clearlake claims is a pioneer and leader in the multi-billion-dollar premium ticket and sports hospitality event industry. Ticket Evolution manages thousands of sports and events tickets on behalf of professional ticket resellers and rightsholders through a B2B marketplace with distribution capabilities. The company’s offerings include a full-service and an automated SaaS platform providing operational needs to ticket distributors, including ticket fulfillment and delivery. The software solutions are complemented by Ticket Evolution’s pricing intelligence platform, which enables automated price changes in response to market fluctuations or pricing strategies. 

Clearlake’s/VictoryLive’s Outside Counsel: Sidley Austin including partners Mehdi Khodadad in Century City and Aaron J. Rigby in Dallas  

Ticket Evolution’s Outside Counsel: Nutter McClennen & Fish

CAPITAL MARKETS/FINANCINGS

Northern Oil and Gas priced upsized offering of $435M in senior notes 

Deal Description: Northern Oil and Gas Inc. announced Oct. 11 the pricing of its offering of $435 million in 3.625 percent convertible senior notes due 2029 in a private issue to qualified institutional buyers. The offering size was increased from the previously announced $350 million. The issuance and sale of the notes were set to settle on Oct. 14. The company also granted the initial purchasers of the notes an option to purchase up to an additional $65 million of notes. The company intends to use a portion of the net proceeds to fund the cost of entering into the capped call transactions, to repurchase $25 million to $30 million of its common stock and for general corporate purposes (initially, the repayment of outstanding debt under its revolver and ultimately to fund the cash purchase price for recently announced acquisitions of non-operated properties in the Delaware Basin). If the initial purchasers exercise their option to purchase more notes, the company expects to use a portion to enter into additional capped call transactions.

Initial Purchasers’ Outside Counsel: Latham & Watkins led by Austin partners David Miller and Michael Chambers, New York/Los Angeles partner Greg Rodgers and Los Angeles partner Arash Aminian Baghai with Austin corporate associates Connor Adams, Cecilia Turchetti and Cooper Shear. Along with partners Greg Rodgers and Arash Aminian Baghai, New York associate Ryan Gold and Los Angeles associate Andrew Bentz provided advice on convertible debt matters. New York partner Catherine Lee assisted on equity derivatives with New York associate Jack Neff and London associate Yi Wei; Houston partner Jim Cole and New York partner Bora Bozkurt on tax with New York associate Ted Gkoo; and Los Angeles/Houston counsel Josh Marnitz on environmental with Washington, D.C., associate Jacqueline Yap.

Issuer’s Outside Counsel: Kirkland led by capital markets partners Matthew Pacey and Bryan Flannery and associates Logan Weissler, Hunter Richey, Robbie Dillard and Daly Brower; with assistance from capital markets partner Matthew Turner; tax partners Mark Dundon and Bill Dong and associate Ryan Phelps; derivatives partner Jaime Madell; and debt finance partner Mary Kogut.

OTHER TRANSACTIONS

Latham & Watkins said Oct. 13 it counseled ExxonMobil on its collaboration on emissions-reduction project, the company’s first commercial agreement for low carbon solutions. ExxonMobil, CF Industries and EnLink Midstream announced Oct. 12 that they entered into the largest-of-its-kind commercial agreement in Louisiana to capture and permanently store up to 2 million metric tons of carbon dioxide emissions per year, which is equal to switching out 700,000 gasoline-powered vehicles for EVs. Start-up for the project is set for early 2025. A Houston-based Latham deal team advised led by partner Jonathan Castelan with associates Sam Bentley and Morgen Seim. Houston partner Jim Cole counseled on tax matters along with associate Chelsea Muñoz-Patchen and Orange County counsel Josh Bledsoe assisted on environmental.

Claire Poole

Claire Poole is a senior writer at The Texas Lawbook, where she covers corporate transactions.

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