Claire Poole

There is a bevy of reasons that carve-outs have become scarce of late — pandemic, inflation, war, etc. But the underlying reasons for carve-outs remain, even if the market is momentarily sparse. The CDT Roundup explores last week’s deals, which include a carve-out, as well as a few of the obstacles that put the wider market on pause.

Upstream deals have flourished in the first quarter of 2022, according to data from Enverus. Compared to the same stretch in 2021 they’ve more than tripled in value. And there are more deals out there, just waiting for commodity prices to stabilize. More on that possibility, along with last week’s transactions, in the CDT Roundup.

Following a seeming renaissance in 2021, IPO activity seems to have slowed thus far in 2022, according to several indicators. Still, Texas dealmakers say they expect the IPO markets to stay healthy — particularly in the energy industry. The CDT Roundup has some numbers, as well as last week’s deals and the names of lawyers behind them.

Kirkland and V&E advised the oil companies on the combination, which promises to generate enhanced free cash flow to return to shareholders.

Leading the legal team from Chevron is Siva Barnwell Adams, managing counsel in the major transactions law group at Chevron Upstream in Houston.

Texas lawyers from Kirkland and Gibson Dunn advised the Dallas buyer on acquiring the business, which represented $3.5 billion of net sales and $800 million in operating earnings last year.