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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 11 Deals; 7 Firms; 156 Lawyers; $6.6B

April 19, 2022 Claire Poole

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)

Week Ending
Deal CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
05-Jul-20259$15,7788914$7,2805$8,498
28-Jun-202513$7,77781547$2,0316$5,746
21-Jun-202516$5,9841011311$3,0875$2,897
14-Jun-20259$4788133603$478
07-Jun-202516$26,2101119611$24,7445$1,466
31-May-202519$23,3811116612$18,6657$4,717
24-May-202515$24,0331112113$23,6242$409
17-May-202516$21,7601214511$18,6155$3,145
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$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.

Claire Poole

Claire Poole is a senior writer at The Texas Lawbook, where she covers corporate transactions.

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