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)
(Deal Values in Millions)
| Week Ending | Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | CapM Value $M |
|---|---|---|---|---|---|---|---|---|
| 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/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.