CDT Roundup: 12 Deals, 11 Firms, 147 Lawyers, $34.5B

The ongoing once-in-a-generation wave of oil & gas consolidation has gained serious momentum, as witnessed by the $22.5 billion merger agreement reached last week between ConocoPhillips and Marathon Oil. What's driving it? The Roundup's Claire Poole tops off her weekly summary of Texas-related dealmaking with a roundup of factors behind the recent proliferation of big energy deals, and takes a bonus look at the prospect that they could lead to more.

June 4, 2024 Claire Poole

Waste Management Picks up Stericycle for $7.2B

The garbage giant tapped Vinson & Elkins and Baker Botts and the target used Latham & Watkins. The deal is expected to broaden the scope of the Houston-based buyer's service offerings.

June 3, 2024 Claire Poole

Wachtell, Kirkland Lead $22.5B Deal Between ConocoPhillips, Marathon

ConocoPhillips has agreed to acquire Marathon Oil for $22.5 billion in an all-stock deal, which includes $5.4 billion of net debt and offers Marathon shareholders a 14.7% premium. The merger is expected to generate $500 million in savings in its first year and significantly boost ConocoPhillips' U.S. onshore portfolio. Pending regulatory approval, the deal is anticipated to close in the fourth quarter, furthering the consolidation trend in the energy sector as companies seek to enhance reserves and cut operating costs.

May 29, 2024 Jeff Schnick

CDT Roundup: 13 Deals, 15 Firms, 171 Lawyers, $9.7B

We’re more used to writing about semiconductor chips than corn chips, but this week the CDT has the pleasure of highlighting the ones you stick in salsa. Yes, it’s a PE deal involving one of our favorites, And you can enjoy it alongside our usual review of last week’s dealmaking.

May 29, 2024 Claire Poole

Sidley Signs O&G Leader from Akin

Stephen M. Boone, Jr. brings “strong industry knowledge and significant corporate experience in the upstream and midstream sectors” to Sidley. In January, Boone helped guide Talos Energy in its $1.29 billion acquisition of QuarterNorth.

May 29, 2024 Brooks Igo

Gray Reed Gets Corporate Partner Michael Overstreet

Michael Overstreet, who practiced for the last eight years at Chamberlain Hrdlicka, said the “stars aligned” for a move to Gray Reed. The lawyer and CPA has worked on three deals recently that are indicative of a trend he is seeing in his practice.

May 29, 2024 Brooks Igo

Energy Transfer Snares WTG Midstream for $3.25B

V&E advised Energy Transfer and Sidley assisted private equity-backed WTG on the deal, which expands the buyer's natural gas pipeline and processing network in the Permian Basin.

May 28, 2024 Claire Poole

CDT Roundup: 11 Deals, 11 Firms, 173 Lawyers, $5.5B

While the oil and gas business remains the endoskeleton of the Texas economy, oil and gas are currently living divergent performance experiences. Oil is experiencing boom times; natural gas, not so much. In such a market the semi-annual Haynes Boone borrowing base and price deck surveys can offer a valuable lenders'-eye view of the immediate future. The CDT Roundup mines the latest data, along with the usual survey of last week's Texas-related deals.

May 21, 2024 Claire Poole