During a horrible stretch for traditional oil and gas transactions, there is one category of energy transactions that has been holding its own: renewables. And even under the mudslide of bankruptcies and recap transactions, it’s hard not to notice that Texas lawyers are beginning to cash in.
V&E Leads Noble Energy’s Sale to Chevron
Houston-based Noble Energy GC Rachel Clingman chose Vinson & Elkins to lead the oil and gas company’s sale to Chevron for $5 billion or $13 billion in enterprise value, which includes debt. Chevron hired lawyers at Paul Weiss and Shearman & Sterling as its legal advisors. This is the largest M&A deal in the Texas oil patch this year.
CDT Roundup: 11 Deals, 12 Firms, 75 Lawyers, $565.1M
With the transactional markets a mess, you might expect venture capital to be lagging. A new report by PitchBook suggests that your instincts are correct. This week’s CDT Roundup has the details.
CDT Roundup: 10 Deals, 8 Firms, 98 Lawyers, $8.9B
This week’s numbers may hold a glimpse of a foreseeable future: one full of DIP lending, consolidation, reshuffled credit, renewable energy and re-securitized debt.
1,160 Texas Law Firms Receive Pandemic Paycheck Protection
Updated to include lender details According to data released Monday by the U.S. Treasury Department, 1,160 Texas law firms applied for and received as much as $924 million total in ultimately forgivable loans from the Paycheck Protection Program. The Texas Lawbook has the entire list and it includes law firms from every corner of the state.
Texas Law Firm PPP Loans
The U.S. Treasury Department released this week the names of Texas businesses receiving loans under the Paycheck Protection Program voted by Congress in response to the COVID-19 pandemic. Among the
Kirkland-Dallas Involved In $2.65B Uber Acquisition of Postmates
Uber Technologies, which has sought to delay planned investments in Texas due to the COVID-19 pandemic, announced the acquisition of one of its home-delivery rivals. Allen Pusey has the details.
M&A Hits Lowest Mark Since 2009
UPDATED: Texas-headquartered dealmaking has plummeted to historic levels in 2020. The second quarter had only 89 deals, only one more than Q1 2009, at the nadir of the Great Recession. The Texas Lawbook has the numbers and they include a nearly 94% drop in year-over-year value from 2019.
State Bar Discipline
The State Bar of Texas reported its formal actions for June, including 3 disbarments, 11 lawyers suspended and 2 public reprimands. There were no judicial actions reported.
CDT Roundup: 8 Deals, 10 Firms, 50 Lawyers, $6.9B
The oil and gas industry is still reeling from “Black April” — when the NYMEX oil benchmark hit bottom and kept going. Last week two major price reporting agencies launched their own benchmarks aiming to solve the problem by setting the price of Texas oil in Texas.