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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: 12 Deals, 10 Firms, 127 Lawyers, $2.9B

June 7, 2022 Allen Pusey

It has been a long, and in some ways strange, recovery for oil and gas M&A since April 20, 2020 — the nadir of oversupply that drove oil pricing into negative territory.

But what Covid took away from the price of a barrel of oil, the crisis of European energy demand has returned. On December 1, the WTI price of a barrel of oil was $66.50 per barrel. Today the price is touching $120 per barrel.

It’s not surprising, therefore, that since the first of the year energy M&A has been dominating the Texas M&A market. But like the rest of the M&A field, the deals are neither as many, nor as valuable as they were as recently as 2019.

But big deals are big deals, even when they take time. So, when a blockbuster comes through, we ought to acknowledge it.

Last week, Australia’s Woodside Petroleum announced the completion of its merger of BHP Petroleum, another Australian-headquartered firm. The deal was announced last August when oil pricing was tepid. As noted above, a lot has changed since we first wrote about it. The deal, originally valued at $28 billion emerged as a $45 billion merger upon its completion this week.

The Woodside deal was handled by Vinson & Elkins with a team led from Houston by partner Kaam Sahely and, according to Sahely, the effort was massive.

“Vinson & Elkins had a team of over 100 lawyers working on this transaction across most practice groups – working hand in hand with Woodside’s internal and Australian counsel (KWM) and counsel in a number of other jurisdictions,” Sahely said in an email.

“V&E has represented Woodside for over a decade on a range of significant transactions and we remain very close to Woodside, which is based in Perth,” Sahely noted. “I am Australian, so I visit Australia regularly and maintain a client base of some of the major Australian companies operating globally.”

In any era the merger of two global energy companies would be vast — and complex. And so it was with the merger.

“There were myriad due diligence, regulatory, contractual, securities, compliance, reporting and other challenges that had to be addressed and coordinated across (those) multiple jurisdictions,” Sahely said.

The company will end up with concurrent listings of American Depositary Shares on the New York Stock Exchange and common shares on the London Stock Exchange.

The deal almost doubles the size of Woodside and, take note, gives the company a bolder presence in Texas. BHP has a major office in Houston and sizeable assets, particularly deepwater leases in the Gulf of Mexico. That means V&E’s business with Woodside doesn’t end with the BHP deal.

“We anticipate substantial ongoing work for the V&E team as Woodside absorbs these assets, establishes itself as a US reporting company, and operates as a global top 10 independent energy company by production and the largest energy company listed on the ASX (Australian Securities Exchange),” said Sahely.

As we said, it’s a deal worthy of special note.

For the week ending June 4 there were a dozen transactions worth $2.9 billion. Nine were M&A deals worth $692 million. Three were capital markets deals worth a little more than $2.2 billion. That’s three deals and about $1 billion less than 9 deals for $3.2 billion the week prior, and far less than the 15 transactions valued at more than $15 billion last year.

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
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/Funding

North Hudson Resources acquires LOGOS in $402M deal with ArcLight

Deal Description: North Hudson Resources, a Houston-based private equity firm, announced June 2 the acquisition of LOGOS Resources II, an energy affiliate of ArcLight Capital Partners baed in Farmington, New Mexico. The $402 million acquisition was made in partnership with members of the management team of LOGOS. LOGOS’ assets include over 230,000 net acres in the San Juan Basin, current net production of 106 MMcfe per day, and an extensive inventory of drilling locations in the core of the prolific Mancos Shale and Gallup oil play.  LOGOS recently commenced its 2022 drilling program and aims to increase net production to approximately 130 MMcfe per day by year end.

North Hudson Outside Counsel: Skadden, Arps, Slate Meagher & Flom along with Kirkland & Ellis.

The Skadden team was led from Houston by M&A partners Cody Carper (Houston) and Eric Otness (Houston); tax partner Paul Schockett (Washington, D.C.) and associate Jeff Romero (Houston); and corporate associate Paul Kieffer (Houston).

The Kirkland team was led from Houston by corporate partners Rahul Vashi and Lindsey Jaquillard; with assistance from corporate partners Shubi Arora and John Kaercher; debt finance partners Lucas Spivey and Arthur Lotz; and investment funds partner Ian Jelsma.

LOGOS Outside Counsel: Hunton Andrews Kurth led by partners Mike O’Leary and Tammy Brennig and special counsel Hal Haltom and including Tommy Ford, Rob Taylor and Anna McGuire, all of Houston

Stratus closes sale of Austin City Limits venue to Nashville group for $260M

Deal Description: Austin-based Stratus Properties Inc. announced June 1 the completion of the $260 million sale of Block 21 in Austin to Nashville’s Ryman Hospitality Properties. Block 21, a mixed-use development in downtown Austin was wholly owned by Stratus. It includes both the W Austin Hotel and the 2,750-seat Moody Theater, home to Austin City Limits, the longest running music series in television history. Status completed the development in 2010. Ryman, as purchaser, picks up $136 million in mortgage debt with the remainder paid in cash.

Ryman Outside Counsel: Foley & Lardner represented Ryman in the deal with a team led from Dallas by partner Cliff Risman, co-chair of the firm’s Hospitality & Leisure practice,  and included partners Robert Sarfatis, Daniel Bachrach, Randall Jones, Stephen Gilles, Stephen Good, and associate Katherine Dunne.

FinditParts gets $30M in Series A Funding from Crestline Investors

Deal Description: FinditParts, a California-based online vehicle aftermarket parts vendor said May 31 that it had received $30 million in Series A funding from Fort Worth’s Crestline Investors. Founded in 2010 by David Seewack, FinditParts is an omnichannel platform linking distributors and vendors for wholesale and hard-to-find parts. The company says it plans to use the money to further its taxonomy development for auto parts, enabling such technologies as visual recognition and AI. The process will help expand the millions of existing SKUs in the highly-particularized commercial vehicle aftermarket, including medium- and heavy-duty truck and trailer parts from more than 2,000 unique brands.

FinditParts Financial Advisor: DC Advisory

FinditParts Legal Counsel: Prospera Law

Crestline Investors Outside Counsel: Jones Day with William Stewart from Cleveland. No lawyers from Texas were involved.

Southwest invests in sustainable fuels project

Deal Description: Southwest Airlines announced June 1 that it has entered a funding agreement with SAFFiRE Renewables in a project to develop and produce sustainable aviation fuel (SAF) from corn stover — the post-harvest refuse of stalks, leaves and cobs. SAFFire is a company formed by D3MAX, a major biofuels distiller headquartered in Grand Forks, North Dakota. The extent of Southwest’s investment was not disclosed, but was said to match a Department of Energy grant designed to build on technology developed by DOE’s National Renewable Energy Laboratory. The DOE grant, along with Southwest’s funding, supports phase one of the project, which includes technology validation, preliminary design and a business plan for a pilot plant to produce the biofuel.

Southwest Outside Counsel: A Vinson & Elkins team team advised led by partners Robert Kimball and Danielle Patterson, senior associate JP Lopez and counsel Rajesh Patel, with assistance from associates John Larbalestier and Tessa Krieger-Carlisle. Also advising were associate Claire Wenholz (corporate); partner David Peck and senior associate Lauren Meyers (tax); partner Devika Kornbacher and associate Alexa Chally (technology transactions/IP); partner John Decker (energy regulatory); and partner Margaret Peloso (environmental).

CenterGate complete acquisition of marine infrastructure firm

Deal Description: CenterGate Capital, an Austin-based private equity firm, announced May 23 that it had closed its acquisition of RC Rasmussen, a Seattle-based company that specializes in the sale, rental and service of marine equipment. Terms of the deal, originally announced in February, were unspecified. The seller was Mangrove Equity Partners, A Tampa-headquartered middle market PE firm.

CenterGate Capital Outside Counsel: McGuireWoods advised CenterGate with a team led by partner Kash Sethi of Dallas, along with associates Brian Robertson (Dallas) and Shprintza Block (Chicago)

Two PE firms announce partnership with Salvo Technologies

Deal Description: Dallas-headquartered DBHCAP and Tides Capital, based in Pennsylvania, announced May 24 their partnership in Salvo Technologies, a Florida firm that develops and manufactures specialized photonics — including electro-optical components and assemblies, fire control optics, custom camera lenses, multispectral and hyperspectral point detection and imaging systems, and sports accessories. Salvo’s target markets include the defense, security, medical and industrial spaces. Terms of the deal were undisclosed.

DBHCAP Outside Counsel: McGuireWoods advised with a team led from Dallas by partner Jon Finger, with support from Dallas associates Chelsie Kidd, Ryan Mitchell, Josh Powers and Anne Lindsley.

Hartree Partners acquires Sprague Resources

Deal Description: Sprague Resources, a limited partnership that purchases, stores and distributes refined oil and gas products announced June 2 that it has agreed to sell to Hartree Partners all stock in Sprague not already owned by Hartree, making the company a fully-owned Hartree subsidiary. An affiliate of Hartree already owned 74.5 percent of the outstanding Sprague common units. The transaction is expected to close in Q3 2022. Hartree is a global energy investor with offices in Houston and 13 other cities across the globe.

Sprague Financial Advisors: Jefferies

Sprague Conflicts Committee Outside Counsel: Latham & Watkins advised with a corporate team led by Ryan Lynch, Bill Finnegan and Ryan Maierson. The Latham team also included associates Jordan Mack and Ben Marek. Advice was also provided on tax matters by Houston partner Tim Fenn, with associates Dominick Constantino and Chelsea Munoz-Patchen; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum; on environmental matters by Los Angeles counsel Josh Marnitz, with Washington, D.C. associate Jim Lambert; on antitrust matters by Washington, D.C. partner Jason Cruise and counsel Patrick English; on regulatory matters by London partner Nathan Seltzer; and on intellectual property and data privacy matters by Bay Area partner Michelle Gross.

Hartree Financial Advisors: Evercore

Hartree Outside Counsel: Vinson & Elkins advised Hartree with a team led by partner Lande Spottswood and senior associate Alex Robertson, both of Houston. Assistance came from  partner David Oelman and associates David Smith, Ted Belden and Jack Peterson, also of Houston. Also assisting were partner Ryan Carney, senior associate Peter Rogers and associate Maddie Brown (tax); partner Brett Santoli, senior associate Maya Bobbitt and associate Cole Renicker (finance); partner Shane Tucker and counsel Dario Mendoza (executive compensation/benefits); partner Sean Becker and associate Peter Goetschel (employment/labor); partner Matt Dobbins and associate Simon Willis (environmental); counsel Rajesh Patel and associate Ricky Legg (technology transactions/IP); partner Damien Lyster and associate Ryan Hoeffner (energy regulatory); senior associate Bryant Buechele (real estate); and partner Sarah Mitchell (insurance).

Note: Spottswood, Robertson and Oelman were part of the V&E team that advised Hartree in its April 2021 purchase of a majority interest in Sprague from Axel Johnson, Inc.

Intrepid-backed Rio Grande E&P divests its O&G Assets

Deal Description: Rio Grande E&P announced June 1 that it has agreed to sell substantially all its oil and gas assets accumulated since its founding in 2018 by energy entrepreneur Glenn Hart. The company, backed by Intrepid Investment Management, said it was selling its asset portfolio — which includes substantial interests in Webb and Zapata Counties, as well as unconventional assets in the core dry gas window of the Lower Eagle Ford — to two separate buyers who were not disclosed.

Rio Grande Financial Advisor: Intrepid Partners

Rio Grande Legal Counsel: Rio Grande was counseled by Locke Lord with a team led by Houston partner Hunter Summerford. Additional assistance was provided by Joe Perillo, Jerry Higdon, Eric Larson, Brandon Lobb, Tammi Niven, Terry Radney, Buddy Sanders, Case Towslee and Kenton Wilson (all of Houston).

Nautic Partners recaps IT Solutions Consulting

Deal Description: Locke Lord announced last week its involvement in the closing May 11 of a recapitalization by Nautic Partners in IT Solutions Consulting, a web services company headquartered in Fort Washington, Pennsylvania. The recap by Nautic, the level of which was undisclosed, will allow the company to expand it services into cybersecurity and cloud solutions, and extend its service area beyond Great Philadelphia and the Mid-Atlantic region.

Nautic Outside Legal Counsel: The Locke Lord team was led from Providence by partners Mike Newquist and Jim Cavanaugh with additional support from Dallas by associates Philip Bush, Sarah Rous and Robin Shaughnessy. Lawyers from Chicago (Peter Wynacht and Michael Bennett), Hartford (Ted Augustinos) and Atlanta (Nya McCray) pitched in.

Capital Markets

Burlington Northern prices $1B public note offering

Deal Description: Burlington Northern Santa Fe, the Fort Worth-based transportation giant wholly owned by Berkshire Hathaway, announced May 31 that it had priced a public offering of $1 billion aggregate principal amount of its 4.450% Debentures due January 15, 2053. The joint book-running managers for the offering are BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC.

Counsel to Initial Purchasers: Baker Botts advised Burlington Northern with a team headquartered in Houston. The corporate team included partner Carina Antweil, special counsel Lakshmi Ramanathan and associate Chandler Block, along with partner Jon Lobb and associate Phillip Clifton on taxation and partner Kimberly White on environmental issues.

Oncor places $800M in senior notes

Deal Description: Texas-based Oncor Electric Delivery Co. announced its private placement of $800 million in senior notes on May 20. One $400 issue of 4.15% senior secured notes was earmarked for green projects. The other issue for $400 million was for 4.60% senior secured notes due 2052. Initial purchasers included: TD Securities, Mizuho Securities, Wells Fargo and SMbC Nikko Securities.

Counsel to Initial Purchasers: Hunton AK advised Wells Fargo with a team led by Michael Fitzpatrick and Adam O’Brian, both of New York, but included partner Robert McNamara and associate Tim Strother, both of Houston, advising on taxation.

Diversified Energy completes $445M ESG-aligned securitization.

Deal Description: Diversified Energy Company announced May 31 that on May 27 it closed an asset backed securitization of substantially all its remaining unsecured Appalachian oil and gas assets. The Birmingham-based company said the transaction resulted in a redetermination of its undrawn borrowing base at $300 million. Diversified plans to use the proceeds to repay all its borrowings under its pre-existing revolving credit facility, resulting in a pro forma liquidity of $500 million as of March 31, 2022. According to Diversified the ESG framework for the arrangement, linked to pre-established key performance indicators, was reviewed by Sustainable Fitch.

Diversified In-House Advisors: Ben Sullivan, EVP and GC; John Crain, VP of Treasury and Michelle Matthews, Associate GC.

Diversified Outside Counsel: Latham and Watkins advised with a team led by Austin partner David Miller and Houston partner Jeff Muñoz. The team also included Houston associates Alice Parker, Zainab Hashmi and Morgan Moore, and Austin associates Gabi Hasson and Cecilia Turchetti. Advice was provided on finance matters by Houston counsel Natalie McFarland, with Houston associate Kirby Swartz; on derivative-related matters by New York partner Yvette Valdez and Washington, D.C. counsel Brett Ackerman; on structured finance matters by New York partner Loren Finegold; on bankruptcy structuring matters by New York partner David Hammerman; on tax matters by Houston partners Tim Fenn and Jim Cole, with Houston associate Emily Fawcett; and on environmental matters by Los Angeles counsel Josh Marnitz.

Allen Pusey

Allen Pusey is a senior editor and writer at The Texas Lawbook.

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