Free Speech, Due Process and Trial by Jury
Irving-based Pioneer Natural Resources is buying Parsley Energy for $4.5 billion in stock and the assumption of $3.1 billion of Parsley's debt. Texas Lawbook writer Allen Pusey has the lawyers for Gibson Dunn and Vinson & Elkins.
Consolidation in the shale oil business took a big step Monday morning with the announcement that major Permian player Concho Resources has agreed to combine with Houston-based ConocoPhillips.
The week was defined by one big deal, a drop to single-digit transactions and a flurry of reports on the energy industry by Haynes and Boone that provide context for the transactions that pass through the CDT Roundup.
Energy companies are likely going to face a new lending environment, even when the nation exits from its current coronavirus woes, according to new reports by Haynes and Boone. Even though prices have stabilized banks are changing the rules, and O&G companies are moving toward greater self-reliance in the process.
The third quarter of 2020 ended last week, not with a bang, but with increased volume of work for Texas lawyers. The CDT Roundup reports that the deals for the week had heft.
The Q3 Mergermarket numbers are in. Deals were also up. But also down from last year. Total value was up. But both are well below average and rate poorly against the last 14 years. Allen Pusey has the numbers.
In a move to reduce debt and consolidate operations, chemical giant Sasol has sold a 50% interest in some of its Louisiana operations to LyondellBasell. Texas lawyers from Kirkland and Latham had a big part in the $2 billion deal.
The big deal last week was the $7 billion sale of a 42% stake in Houston's Cheniere Energy. Sure, it was a big deal; but as the CDT Roundup notes, it also marks a major inflection point for U.S. LNG exports which didn't even exist 15 years ago.
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