Mergers and acquisitions in the upstream part of the oil and gas business, which includes exploration and production, started off 2022 with a bang. The $6 billion transacted in January was the strongest M&A market launch in five years, according to energy data provider Enverus.
The first quarter amounted to $14 billion worth of deals versus $3.7 billion in the same period last year and only $600 million in 2020 (when Covid broke out).
“All the factors that kept upstream deals resilient in 2021 carried over into the new year,” Enverus director Andrew Dittmar said. “That included a need for inventory by public companies, ready private sellers and favorable pricing.”
However, the last significant transaction occurred in early March before a spike in commodity prices temporarily halted activity, Enverus noted. “The volatility in energy prices caused by Russia’s invasion of Ukraine stalled nearly all deals in March,” Dittmar added.
Overall, the Rockies region was the most active in deals — more than 50 percent of first quarter value — driven particularly by buyer interest in North Dakota’s Williston Basin and Colorado’s DJ Basin, followed by the Permian (30 percent) and the eastern region (20 percent). There was a noticeable lack of deals in the previously active Haynesville shale, Enverus said.
Mergers of equals, which are less susceptible to commodity pricing risk, returned with the $3.88 billion combination of Oasis Petroleum and Whiting Petroleum in the Bakken in early March — the first public-public company merger since August 2021, Enverus points out. Private company exits also remained a theme accounting for four of the five largest deals of the quarter, highlighted by Chesapeake’s $2.6 bilion purchase of gas-focused inventory in the northeast Marcellus owned by Chief Oil & Gas and Tug Hill.
There should still be plenty of upstream deals to be had, Dittmar said, citing further private exits, non-core sales by the big producers like ConocoPhillips and ExxonMobil or the remaining smaller E&Ps finding merger partners.
“We just need some stability in commodity pricing and an acquisition or two to benchmark deals to reignite what should be an active market,” he said.
Activity involving Texas lawyers for the week ending April 16 included 11 deals worth $6.6 billion, down from the 17 deals the previous week but up from $4.4 billion. The deals below include eight M&A deals worth $2.35 billion and three capital markets transactions valued at $4.28 billion.
Weekly Corporate Deal Tracker Roundup Stats
A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
(Deal Values in Millions)
| Week Ending | Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | CapM Value $M |
|---|---|---|---|---|---|---|---|---|
| August 6, 2022 | 24 | $7,948.9 | 12 | 240 | 17 | $3,577 | 7 | $4,371.9 |
| July 30, 2022 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
| July 23, 2022 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
| July 16, 2022 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
| July 9, 2022 | 10 | $3,557.7 | 7 | 68 | 9 | $3,557.7 | 1 | 0 |
| July 2, 2022 | 18 | $8,609.4 | 13 | 152 | 15 | $2,754.4 | 3 | $5,855 |
| June 25, 2022 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
| June 18, 2022 | 17 | $11,890.1 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
| June 11, 2022 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
| June 4, 2022 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
| May 28, 2022 | 9 | $3,197.6 | 11 | 86 | 9 | $3,197.6 | 0 | 0 |
| May 21, 2022 | 14 | $7,284.5 | 12 | 185 | 11 | $6,609 | 3 | $675.5 |
| May 14, 2022 | 11 | $306.6 | 9 | 80 | 10 | $306.6 | 1 | $225 |
| May 7, 2022 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
| April 30, 2022 | 16 | $2,296.5 | 16 | 157 | 12 | $895.5 | 4 | $1,401 |
| April 23, 2022 | 10 | $2,241 | 11 | 58 | 8 | $1641 | 2 | $600 |
| April 16, 2022 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
| April 9, 2022 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
| April 2, 2022 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
| March 26, 2022 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
| March 19, 2022 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
| March 12, 2022 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
| March 5, 2022 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
| February 26, 2022 | 12 | $5,095 | 8 | 149 | 9 | $4,437.5 | 3 | $658 |
| February 19, 2022 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
| February 12, 2022 | 12 | $2,344.7 | 10 | 73 | 8 | $641.7 | 4 | $1,703 |
| February 5, 2022 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
| January 29, 2022 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
| January 22, 2022 | 13 | $5,143.5 | 10 | 99 | 12 | $4,842.5 | 1 | $301 |
| January 15, 2022 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
| January 8, 2022 | 13 | $8,256.2 | 11 | 102 | 13 | $8,256.2 | 0 | 0 |
| January 1, 2022 | 9 | $1,273.8 | 6 | 50 | 9 | $1,273.8 | 0 | 0 |
| December 25, 2021 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
| December 18, 2021 | 26 | $7,325.2 | 15 | 193 | 18 | $3,640.2 | 8 | $3,685.2 |
| December 11, 2021 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
| December 4, 2021 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
| November 27, 2021 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.6 |
| November 20, 2021 | 20 | $22,792 | 15 | 157 | 12 | $18,864.5 | 8 | $3,928 |
| November 13, 2021 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
| November 6, 2021 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
| October 30, 2021 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103. |
| October 23, 2021 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.6 |
| October 16, 2021 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
| October 9, 2021 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
| October 2, 2021 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
| September 25, 2021 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
| September 18, 2021 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
| September 11, 2021 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
| September 4, 2021 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
| August 28, 2021 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
| August 21, 2021 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
| August 14, 2021 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
| August 7, 2021 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
| July 31, 2021 | 21 | $8,160 | 11 | 134 | 10 | $3,574 | 10 | $4,586 |
| July 24,2021 | 21 | $6,367 | 11 | 139 | 15 | $3,712 | 6 | $2,655 |
| July 17, 2021 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
| July 10, 2021 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
| July 3, 2021 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
| June 26, 2021 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
| June 19, 2021 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
| June 12, 2021 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
| June 5, 2021 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
| May 29, 2021 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
| May 22, 2021 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
| May 15, 2021 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
| May 8, 2021 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
| May 1, 2021 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
| April 24, 2021 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
| April 17, 2021 | 14 | $6,270 | 8 | 102 | 11 | $4,0180 | 3 | $2,260 |
| April 10, 2021 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
| April 3, 2021 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
| March 27, 2021 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.5 |
| March 20, 2021 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
| March 13, 2021 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
| March 6, 2021 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
| February 27, 2021 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
| February 20, 2021 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
| February 13, 2021 | 12 | $4,852.6 | 7 | 81 | 7 | 2,766 | 5 | $2,086.6 |
| February 6, 2021 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
| January 30, 2021 | 18 | $9,449 | 9 | 182 | 15 | $8753.8 | 3 | $695.3 |
| January 23, 2021 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
| January 16, 2021 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.9 |
| January 9, 2021 | 22 | $6,829 | 14 | 135 | 18 | $3,139.3 | 4 | $3,690 |
| January 2, 2021 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
| December 26, 2020 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
| December 19, 2020 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
| December 12, 2020 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
| December 5, 2020 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
| November 28, 2020 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
| November 14, 2020 | 14 | $864.1 | 14 | 157 | 12 | $289.1 | 2 | $575 |
| November 7, 2020 | 13 | $6,332 | 9 | 129 | 9 | $2,483.5 | 4 | $3,849 |
| October 31, 2020 | 10 | $3,995.8 | 8 | 103 | 6 | $3,231.1 | 4 | $754.7 |
| October 24, 2020 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
| October 17, 2020 | 8 | $351.9 | 5 | 55 | 8 | $351.9 | 0 | 0 |
| October 10, 2020 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
| October 3, 2020 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
| September 26, 2020 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
| September 19, 2020 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
| September 12, 2020 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
| September 5, 2020 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
| August 29, 2020 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
| August 22, 2020 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
| August 15, 2020 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
| August 8, 2020 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
| August 1, 2020 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
| July 25, 2020 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
| July 18, 2020 | 6 | $1,982.5 | 5 | 50 | 4 | $1,407.5 | 2 | $575 |
| July 11, 2020 | 11 | $565.1 | 12 | 75 | 10 | $65.1 | 1 | $500 |
| July 4, 2020 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.3 |
| June 27, 2020 | 8 | $6,874 | 10 | 50 | 5 | $4,972.5 | 3 | $2,081.5 |
| June 20, 2020 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
| June 13, 2020 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
| June 6, 2020 | 11 | $3,213.7 | 8 | 65 | 7 | $470 | 4 | $2,743.7 |
| May 30, 2020 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
| May 23, 2020 | 4 | $432.4 | 4 | 34 | 3 | $432.4 | 1 | 0 |
| May 16, 2020 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
| May 9, 2020 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
| May 2, 2020 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
| April 25, 2020 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
| April 18, 2020 | 19 | $9,500 | 14 | 92 | 8 | $185.7 | 11 | $9,360 |
| April 11, 2020 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
| April 4, 2020 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
| March 28, 2020 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
| March 21, 2020 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
| March 14, 2020 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
| March 7, 2020 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
| February 29, 2020 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
| February 22, 2020 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
| February 15, 2020 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
| February 8, 2020 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
| February 1, 2020 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
| January 25, 2020 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
| January 18, 2020 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
| January 11, 2020 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
| January 4, 2020 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
| December 28, 2019 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.4 |
| December 14, 2019 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
| December 7, 2019 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
| November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.5 |
| November 23, 2019 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
| November 16, 2019 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
| November 9, 2019 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
| November 2, 2019 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
| October 26, 2019 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
| October 19, 2019 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
| October 12, 2019 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
| October 5, 2019 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
| September 28, 2019 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
| September 21, 2019 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
| September 14, 2019 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
| September 7, 2019 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
| August 31, 2019 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
| August 24, 2019 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
| August 16, 2019 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
| August 9, 2019 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
| August 2, 2019 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
| July 27, 2019 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
| July 20, 2019 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
| July 13, 2019 | 10 | $775 | 7 | 46 | 8 | $542.5 | 2 | $233 |
| July 6, 2019 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
| June 29, 2019 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
| June 22, 2019 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
| June 15, 2019 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
| June 8, 2019 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
| June 1, 2019 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
| May 25, 2019 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
| May 18, 2019 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
| May 11, 2019 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
| May 4, 2019 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
| April 27, 2019 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
| April 20, 2019 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
| April 13, 2019 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
| April 6, 2019 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
| March 30, 2019 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
| March 23, 2019 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
| March 16, 2019 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
| March 9, 2019 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
| March 2, 2019 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
| February 23, 2019 | 12 | $2,040 | 8 | 69 | 9 | $614.6 | 3 | $1,430 |
| February 16, 2019 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
| February 9, 2019 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
| February 2, 2019 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
| January 26, 2019 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
| January 19, 2019 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
| January 12, 2019 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
| January 5, 2019 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
| December 22, 2018 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
| December 15, 2018 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
| December 8, 2018 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
| December 1, 2018 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
| November 28, 2018 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
| November 19, 2018 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
| November 14, 2018 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
| November 6, 2018 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
| October 29, 2018 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
| October 24, 2018 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
| October 17, 2018 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
| October 10, 2018 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
| October 2, 2018 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
| September 25, 2018 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
| September 18, 2018 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
| September 11, 2018 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
| September 7, 2018 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
| August 29, 2018 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
| August 20, 2018 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
| August 14, 2018 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
| August 7, 2018 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
| July 31, 2018 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
| July 23, 2018 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
| July 17, 2018 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
| July 9, 2018 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
| July 3, 2018 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
| June 25, 2018 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
| June 18, 2018 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
| June 11, 2018 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
| June 6, 2018 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
| May 31, 2018 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
| May 22, 2018 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
| May 15, 2018 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
| May 9, 2018 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
| May 1, 2018 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
| April 24, 2018 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
| April 17, 2018 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
| April 11, 2018 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
| April 3, 2018 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
| March 28, 2018 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
| March 19, 2018 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
| March 12, 2018 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
| March 6, 2018 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
| February 27, 2018 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
| February 19, 2018 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
| February 12, 2018 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
| February 5, 2018 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
| January 30, 2018 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
| January 24, 2018 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
| January 18, 2018 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
| January 9, 2018 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
| January 3, 2018 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
| December 27, 2017 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
| December 18, 2017 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
| December 11, 2017 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
| December 4, 2017 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
| November 28, 2017 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
| November 16, 2017 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
| November 8, 2017 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
| November 1, 2017 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
| October 23, 2017 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
| October 18, 2017 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
| October 10, 2017 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
| October 2, 2017 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
| September 25, 2017 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
| September 18, 2017 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
| September 12, 2017 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
| September 1, 2017 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
| August 23, 2017 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
M&A/FUNDINGS
Carnelian Energy Capital closes fourth fund at upsized $975M
Deal Description: Carnelian Energy Capital Management announced April 12 the closing of its oversubscribed and upsized fourth fund, Carnelian Energy Capital IV, with $975 million of capital commitments. Founded in 2015, Houston-based Carnelian, with about $2.8 billion of capital commitments, manages a family of private equity funds focused on investments across the North American energy sector. It’s led by Daniel Goodman and Tomas Ackerman.
Carnelian’s Outside Counsel: Kirkland & Ellis led by investment funds partners Matthew Nadworny and Laura Stake and associate Susan Czaikowski; and tax partner Steve Butler and associate Victoria Chang.
Delek Logistics buys 3Bear Energy unit for $624.7M
Deal Description: Delek Logistics Partners announced April 11 that it agreed to buy all of the equity interests of 3Bear Energy subsidiary 3Bear Delaware Holding – NM for $624.7 million in cash. The unit is related to 3Bear’s crude oil and gas gathering, processing and transportation businesses and water disposal and recycling operations in New Mexico’s Delaware Basin. Delek is executing the transaction through a newly formed subsidiary DKL Delaware Gathering. The acquisition is expected to result in an investment multiple of around 6.25 times 2023 EBITDA. 3Bear’s business is anchored by 350,000 dedicated acres and long-term fixed fee contracts. The assets include about 485 miles of pipelines. Enverus analyst Joseph Gyure said the deal will mark Delek’s entry into the Delaware and diversify its revenue, as 3Bear’s system has 18 third-party customers. Currently 94 percent of Delek’s pipeline revenue comes from its sponsor, refiner Delek US Holdings, and just 6 percent from third parties. Upon the transaction’s completion, Delek’s share will decline to 65 percent and third-party revenue will climb to 35 percent.
Delek’s Outside Counsel: Baker Botts including global projects partner Dan Mark as well as Kyle Doherty (senior associate), Ryan Chastain (associate) and Megan Young (associate), all of Houston; corporate partners Jim Marshall and Josh Davidson, also of Houston; environmental partner Kimberly White in Houston; tax partner Michael Bresson and senior associate Jared Meier in Houston; litigation partner Amy Hefley in Houston; and antitrust partner Jeffrey Oliver and special counsel Michael Bodosky of Washington, D.C.
3Bear’s Outside Counsel: Vinson & Elkins led by partner Matt Falcone and senior associates Todd Hartis and Nettie Downs, with assistance from associates Matt Fiorillo and Dean Dixon. Also assisting were partner Matthew Dobbins and associate Simon Willis (environmental); partner Todd Way and associate Adam Bateman (tax); partner Julia Petty and associate Keira Kuntz (executive compensation/benefits); partner Sean Becker (labor/employment); partner Damien Lyster and senior associate Mike Malenfant (energy regulatory); counsel Rajesh Patel and associate Marcus Martinez (technology transactions/IP); partner Hill Wellford and associate Rami Rashmawi (HSR); partner David Wicklund (finance); partner Scott Rubinsky (capital markets); and partner Sarah Mitchell and associate Victoria Bahrami-Negad (insurance).
SilverBow Resources buys Sundance, SandPoint for $425M
Deal Description: SilverBow Resources Inc. announced April 14 it ageed to acquire substantially all of the assets of Sundance Energy Inc. for $354 million and up to $15 million of contingent payments based on commodity prices and SandPoint Operating, a unit of SandPoint Resources, for $71 million. The Sundance transaction, which is expected to close in the third quarter, has to clear SilverBow shareholders and the SandPoint transaction is expected to close in the second quarter. Sundance’s acreage is contiguous to SilverBow’s position in Atascosa, La Salle, McMullen and Live Oak counties. SandPoint’s oil and gas assets target the Eagle Ford and Olmos formations in La Salle and McMullen counties.
SilverBow’s Financial Advisor on Sundance Deal: Barclays
SilverBow’s Outside Counsel on Both Deals: Gibson, Dunn & Crutcher led by partner Stephen Olson and including partners Hillary Holmes and Gerry Spedale, of counsel Adam Whitehouse and associates Nathan Zhang and Malakeh Hijazi. Partner James Chenoweth is advising on tax.
Sundance’s Financial Advisors: Piper Sandler & Co. and TD Securities (USA)
Sundance’s Outside Counsel: Kirkland & Ellis led by corporate partner Anthony Speier and associates Will Eiland and Matt Gibson; capital markets partners Julian Seiguer and Bryan Flannery and associates Logan Weissler and Tony Flor; with assistance from environmental transactions partner Jonathan Kidwell and of counsel Jennifer Cornejo; tax partners David Wheat and Joe Tobias; antitrust and competition partner Carla Hine; derivatives partner Drue Santora; and corporate associates Skyler Sikes, Mitch Holliman and Sean Valentine.
SandPoint’s Outside Counsel: Latham & Watkins led by Houston partners Justin Stolte and John Greer, with associates Ashley Nguyen, Jordan Mack, Brea Buck and Morgen Seim. Advice was provided on tax matters by Houston partner Jim Cole with associate Emily Fawcett; and on environmental matters by Los Angeles counsel Joshua Marnitz.
D.R. Horton acquires Vidler Water Resources for $291M
Deal Description: Fort Worth-based homebuilder D.R. Horton Inc. announced April 14 that it will acquire Vidler Water Resources Inc for $15.75 per share in cash. The deal’s total equity value is $291 million, the release said. The per-share price represents a 19 percent premium to the 90-day volume-weighted average share price and a 39 percent premium to Vidler’s book value of equity. Vidler owns water rights and other water-related assets in the southwestern U.S. in markets where D.R. Horton operates that require water for development but face a lack of supply. Vidler’s management team has a track record of accessing, developing and realizing value for premium water assets while navigating local regulations and working with governmental entities. Post-closing, Vidler will operate as a separate operating division within D.R. Horton.
Expected Closing: Second quarter of 2022
D.R. Horton’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Jonathan Whalen and including partner Jeffrey Chapman and associates Jonathan Sapp, Sarah Ediger and Gerald Kimani. Partner Michael Cannon and associate Josiah Bethards advised on tax and Krista Hanvey advised on benefits.
Vidler’s Financial Advisor: BofA Securities Inc.
Vidler’s Outside Counsel: Dorsey & Whitney (partner Nolan Taylor, Salt Lake City office head)
MedTrainer gets $43M in round led by Vista Equity
MedTrainer, which claims to be healthcare’s leader in credentialing, training and compliance management, announced April a $43 million Series B investment led by Vista Equity Partners. Also participating was Telescope Partners, who was instrumental in MedTrainer’s early growth with its $11 million Series A funding in 2019. Abhay Puskoor, senior VP at Vista, will join MedTrainer’s board. The investment will be leveraged to accelerate MedTrainer’s growth through talent acquisition, product expansion and partnership development. Founded in 2013, MedTrainer is the cloud-based software solution for more than 15,000 healthcare facilities and 300,000 healthcare professionals across North America.
Vista’s Outside Counsel: Vinson & Elkins led by partner Milam Newby, with assistance from senior associate Sang Lee and associates Alan Albrecht and Tessa Krieger-Carlisle. Other key team members included partner Julia Petty and associate Brian DeShannon (executive compensation/benefits); counsel Rajesh Patel and associate Marcus Martinez (technology transactions/IP); partner Sean Becker and associate Peter Goetschel (employment/labor); counsel Allyson Seger and associate Fariha Jawed (tax); and partner Marisa Giles (litigation).
Liberty Hall Capital acquires Ferra Holdings
Deal Description: Liberty Hall Capital Partners, a private equity firm focused on investments in the aerospace and defense industry, announced April 11 Accurus Aerospace Corp.’s acquisition of Ferra Holdings. Terms were not disclosed. Brisbane, Australia-based Ferra is a provider of components, sub-systems and assemblies for the military aerospace and commercial aerospace end markets and a supplier to several industry original equipment manufacturers as well as the Australian Department of Defence. Founded in 1992, Ferra operates four manufacturing facilities in Australia, the U.S. and India with about 200 employees. Ferra’s largest customers include Boeing and Lockheed Martin and its largest platforms are the F-35 Joint Strike Fighter and the Ghost Bat, formerly known as the Loyal Wingman.
Equity Financing Providers: Oaktree Capital Management and Northleaf Capital Partners
Oaktree’s Outside Counsel: Kirkland & Ellis led by Houston/Austin corporate partner Jhett Nelson and Los Angeles partner Hamed Meshki along with lawyers from Salt Lake City, New York, Boston and Washington, D.C.
Liberty Hall/Accurus’ Financial Advisor/Equity Placement Agent: Lazard
Liberty Hall/Accurus’ Outside Counsel: Gibson Dunn & Crutcher, MintnerEllison and Schulte Roth & Zabel
Ferra’s/Seller’s Financial Advisor: Friday Capital
Ferra’s/Seller’s Outside Counsel: Corrs Chambers Westgarth, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo and Osborne Clarke
EnCap Flatrock’s Tall Oak Midcon sells OSGS to HEP Oklahoma Gathering
Deal Description: Shearman & Sterling said April 12 that it represented EnCap Flatrock Midstream Fund II and EnCap Flatrock Midstream Fund III on Tall Oak Midcon Holdings’ sale of OSGS to HEP Oklahoma Gathering. Terms were not disclosed on the deal, which closed April 1. The target was an entity that owns a pipeline system in Oklahoma. HEP Oklahoma Gathering is an affiliate of Howard Energy Partners, which owns and operates natural gas and crude oil pipelines, among other assets. In December Howard announced that it closed on financing transactions, including its inaugural senior unsecured notes offering and an extension of its $1 billion revolver, bringing in $600 million of available liquidity and a long-term structure to access institutional debt capital.
S&S Team: Partners Sarah McLean and Todd Lowther; and associates Ira Aghai and Rali Tiu
Houston’s Marble Capital gains investment from Australian firm
Deal Description: Houston-based Marble Capital announced April 7 an agreement to sell a 19.8 percent passive ownership stake to Navigator Global Investments. Marble said the investment from Navigator, an Australian investment firm, will be used to support Marble’s near-term growth initiatives, including increases in the capitalization of several of its funds which specialize in the financing multi-family developments in high-growth target areas throughout the U.S. Pricing of the agreement was undisclosed, but Marble’s leadership team will remain in place, including co-founders David Oelfke, Adam Allen and Matthew Roton.
Navigator Outside Counsel: Sidley Austin advised Navigator through investment funds partner Simon Saddleton in Chicago and private equity partner Ayo Badejo in New York.
Marble Capital Outside Counsel: Holland & Knight advised with a team led by Houston M&A partner Walker Brierre assisted by Dallas partners Brandon Bloom, Micah Prude and Neely Munnerlyn along associates Kelsie Marie Knight in Houston and Emily Smith in Dallas.
Note: General counsel Briggs Knight joined Marble Capital in January 2021 from Jackson Walker. Before law school at the University of Houston Law Center, he was a commercial lending analyst at AIG.
CAPITAL MARKETS/FINANCINGS
Southwestern Energy announces amended, restated credit agreement
Deal Description: Southwestern Energy Co. announced April 12 that it entered into an amended and restated credit agreement, which extends the maturity date of its $3.5 billion reserve-based revolver by three years to April 2027, increases the borrowing base to $3.5 billion and provides for $2 billion in elected commitments and investment-grade “fallaway” provisions. Southwestern Energy president and CEO Bill Way said the company’s transformation by complementing its Appalachia position with Tier 1 Haynesville acreage has enhanced scale, inventory depth, investment optionality, premium market access and durable financial strength and has resulted in materially expanded and more resilient free cash flow generation capacity and a lower enterprise risk that merits consideration for a return to investment grade.
Southwestern’s In-House Counsel: General Counsel Chris Lacy
Southwestern’s Outside Counsel: Kirkland & Ellis led by debt finance partners Will Bos, Rachael Lichman and Chad Davis and associates Michelle Williamson, Alan McCormick and Stephanie Owen; derivatives partner Jaime Madell; capital markets partners Matt Pacey and Anne Peetz and associates Billy Vranish, Nick Wetzeler and Jina Chung; tax partner David Wheat and associate Nicole Martin; employee benefits counsel Jack Bernstein; and environmental transactions partner Jonathan Kidwell and of counsel Jennifer Cornejo.
Administrative Agent: JP Morgan
JP Morgan’s Outside Counsel: Sidley Austin advised JP Morgan from Houston with a team led by partner Herschel Hamner with senior managing associate Quan Lu and associates Nick Kalina, Forrest Brown and Dane Rupley, all of Houston. They were assisted by partner Heather Palmer, also in Houston, along with Dallas partner Eric Winwood, Dallas counsel Marian Fielding and partners Azad Assadipour and Ellen Pesch in New York and Boston.
Holly Energy prices $400M in senior notes
Deal Description: Holly Energy Partners announced April 6 that it and its wholly owned subsidiary, Holly Energy Finance Corp., finalized the terms of their previously announced offering of $400 million in aggregate principal amount of 6.375% senior notes due 2027 in a private placement to eligible purchasers. The notes will be issued at a price equal to 100% of the principal amount. The notes will initially be fully and unconditionally guaranteed on a senior unsecured basis by the partnership’s subsidiaries. The partnership intends to use the net proceeds to partially repay outstanding borrowings under its revolving credit agreement. The offering was expected to close on April 8.
Holly’s Outside Counsel: Vinson & Elkins led by partners Katherine Frank and David Stone with senior associate Amy Deroo, as well as associates Grace-Ann Duquette, Mary Busse, Madison Bertrand and Leah Powers. Also advising were partner Jim Meyer and associate Jeff Slusher (tax); partner Bailey Pham and associates Jake Torres and Will Biesel (finance); and counsel Rajesh Patel (technology transactions/IP).
Excelerate Energy launches $384M IPO
Deal Description: Excelerate Energy Inc. announced April 12 the pricing of its initial public offering of 16 million shares of its class A common stock at a price to the public of $24 per share, which amounts to $384 million. The company also granted the underwriters a 30-day option to purchase up to an additional 2.4 million shares of Class A common stock at the IPO price. The shares began trading on the New York Stock Exchange April 13 under the ticker symbol “EE.” The offering was expected to close on April 18. Excelerate expects to receive net proceeds of about $361.9 million after deducting underwriting discounts and commissions and excluding any exercise of the underwriters’ option. Excelerate is a U.S.-based LNG company located in the Woodlands founded in 2003 by George B. Kaiser.
Underwriters: Barclays, J.P. Morgan, and Morgan Stanley are joint lead book-running managers and Wells Fargo Securities is book-running manager. SMBC Nikko, Raymond James, Stephens Inc., Tudor, Pickering, Holt & Co. and BOK Financial Securities Inc. are co-managers.
Underwriters’ Counsel: Davis Polk & Wardwell including Michael Kaplan and Pedro Bermeo in New York
Excelerate’s In-House Counsel: General Counsel Alisa Newman Hood
Excelerate’s Outside Counsel: Gibson Dunn led by partners Andrew Fabens and Hillary Holmes and including associates Brian Downs, Melanie Gertz, Adam Gregory, Jessica Howard, Gerald Kimani, Aaron Quint and Harrison Tucker. Partners Eric Sloan, Jeffrey Trinklein and Michael Cannon are advising on tax, partner Krista Hanvey on benefits, partner Shalla Prichard and of counsel Jason Friedman on financing and partner Julia Lapitskaya and associate Matthew Dolloff on governance aspects.