© 2016 The Texas Lawbook.
By Natalie Posgate
(Oct. 17) – Lawyers from Baker Botts and Vinson & Elkins said today that they ended last week leading two separate deals worth a collective $1 billion for clients in the oil patch.
On Friday, V&E advised Quantum Energy Partners in its portfolio company’s agreement to purchase Freeport-McMoRan’s onshore California oil and gas assets for $742 million.
The portfolio purchaser, Sentinel Peak Resources, is a Denver-based company formed in 2016 by former Berry Petroleum COO Michael Duginski. The company has plans to open two offices in California – one in Los Angeles, the other in Bakersfield. Its primary focus is heavy oil development in California.
Leading the V&E team were Houston corporate partners Keith Fullenweider and Bryan Loocke, who received assistance on M&A matters from Houston associates Katherine Rollins and Caroline Kuehn.
V&E attorneys advising on other aspects of the deal included partner Brian Moss and associate James Longhofer (finance), partners John Lynch and Todd Way and associate Brian Russell (tax), partner Sean Becker (labor/employment), partner Stephen Jacobson and associate Kristy Fields (executive compensation/benefits) and partner Larry Nettles (environmental). All attorneys except Russell, who is based in Dallas, are based in the firm’s Houston office. V&E’s Washington, D.C. office handled the antitrust matters of the deal.
On Thursday, Baker Botts closed EQT Corp.’s $275 million sale of the Allegheny Valley Connector transmission and storage system and several Marcellus gathering systems to its master limited partnership, EQT Midstream Partners. Richards, Layton & Finger represented the conflicts committee of the partnership.
The Allegheny Valley Connector includes approximately 209 miles of transmission pipeline and 11 BcF of working gas storage capacity. It is fully contracted for the winter season by Peoples Natural Gas, one of Pennsylvania’s largest natural gas distribution companies, through a firm reservation commitment that expires in 2034. The Marcellus gathering assets include 87 miles of gathering pipeline.
Leading the Baker Botts deal team was Austin corporate partner Mike Bengtson, who received assistance from Houston partner Mike Bresson and Austin associates Robert Montgomery and Rob Goodin.
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