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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: 13 Deals, 16 Firms, 201 Lawyers, $11B

June 27, 2023 Claire Poole

Civitas Resources announced a whopper of a deal this past week, entering the Permian Basin for the first time by acquiring assets from NGP-based Hibernia Energy and Tap Rock Resources for $4.7 billion (see below).

The company is a recidivist acquirer, first consolidating in the DJ Basin as Bonanza Creek Energy and later as Civitas after Bonanza combined with Extraction Oil & Gas in 2021. That same year, the company added a second acquisition, Crestone Peak Resources, another leading energy producer in the region backed by Canadian Pension Plan Investment Board.

Several Texas lawyers have benefited along the way from Civitas’ acquisitive ways. For the merger, Bonanza Creek tapped Steve Gill at Vinson & Elkins and Extraction hired Kirkland & Ellis with Doug Bacon in Houston and Alex Rose in Dallas as leads. And Gibson Dunn & Crutcher counseled on the Crestone deal with partner Gerry Spedale. On the latest deals, Civitas used Kirkland (led this time led by partner Thomas Laughlin) and the two targets used V&E and Baker Botts.

Matt Portillo, an analyst at TPH & Co., wrote in a note June 21 that he continues to view consolidation of private operators by public companies as a positive from a macro perspective for the upstream sector, as it will continue to reduce growth from the market – helping to tighten crude fundamentals – along with lowering service demand going forward.

“Over time we continue to believe industry consolidation, combined with private operator inventory management, will have a meaningful impact on the shale supply forecast, with private operators accounting for 60 to 65 percent of shale oil growth over the past two years,” he said.

The week ending June 24 saw 13 deals valued at $10.9 billion, which represents 10 M&A deals worth $7.9 billion and three capital markets deals that totaled $3 billion. Those numbers compare pretty favorably to last week’s 17 deals for $5.9 billion and the 15 deals amounting to $6.1 billion reported at this time 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
26-Jul-202515$3,164129612$3,00233$162
19-Jul-202514$6,08014979$4,1655$1,915
12-Jul-202515$13,0121420812$10,9023$2,110
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

Civitas enters Permian by buying assets from NGP-backed Hibernia, Tap Rock for $4.7B

Deal Description: Publicly traded Denver oil explorer Civitas Resources announced June 20 it plans to enter the Permian Basin by acquiring producing assets in the Midland and Delaware Basins of West Texas and New Mexico from Hibernia Energy III and Tap Rock Resources for $4.7 billion. Both targets are backed by NGP Energy Capital Management. The purchases are expected to close in the third quarter. Civitas general counsel Travis Counts hired Kirkland & Ellis as outside counsel. NGP was represented in-house by general counsel Jeff Zlotky and assistant general counsel Christina Sanders while Hibernia used Baker Botts and Tap Rock tapped Vinson & Elkins. For more on the transaction, click here.

Blackstone snags Indiana utility interest from NiSource for $2.15B

Deal Description: Merrillville, Ind., utility operator NiSource Inc. announced June 20 it agreed to sell a 19.9 percent interest in Indiana electric and gas utility NIPSCO to an affiliate of Blackstone Infrastructure Partners for $2.15 billion. The transaction implies an equity value of $10.8 billion and enterprise value of $14.3 billion for all of NIPSCO. Blackstone is committed to funding its share of capital requirements, which is supported by a $250 million equity commitment letter and contractual obligations. McGuireWoods is outside counsel to NiSource while Latham & Watkins is outside counsel to Blackstone. For more on the deal, click here.

Blackstone invests $1B more in Invenergy

Deal Description: Invenergy, a privately held developer, owner and operator of energy solutions, announced June 21 that funds managed by Blackstone Infrastructure Partners completed a $1 billion equity investment in Invenergy Renewables Holdings to support its expanding business. Invenergy’s ownership includes Blackstone, CDPQ and Invenergy management. Invenergy management will continue as managing member with day-to-day responsibility for execution of the business. Invenergy will leverage the additional investment to support the continued growth in the U.S. and around the world and its portfolio of projects. The portfolio includes some of the world’s largest solar and land-based wind farms, energy storage facilities, offshore wind projects, direct current interregional transmission lines, hydrogen initiatives, solar panel manufacturing and a community solar business through its Reactivate venture.

Blackstone’s Outside Advisor: Kirkland & Ellis led by corporate partners Rhett Van Syoc and Rob Goodin and associate Daniel Cadis and including corporate associates Brett Mele, Alexiz Magro-Malo and Ruan Meintjes, The team also included tax partners Mark Dundon, Mike Masri and Sophia Han; executive compensation partner Jared Whalen; and energy regulatory partners Brooksany Barrowes and Drew Stuyvenberg.

Notes: Blackstone’s investment builds on its $3 billion investment in Invenergy in 2021 and 2022, when the private equity firm was also represented by Kirkland, including Van Syoc and Goodin.

Yendo raises $24M in round led by FPV

Deal Description: Dallas-based Yendo announced June 20 it raised $24 million in Series A funding. FPV Ventures led the round and was joined by Human Capital, Autotech Ventures and Mark Cuban. Yendo is a provider of credit cards that are collateralized by car ownership. The funding will allow the company to expand its product suite and meet customer demand.

Yendo’s Outside Counsel: Fenwick & West

ArcLight acquires bigger stake in natural gas pipeline from Brookfield

Deal Description: An affiliate of Boston-based ArcLight Capital Partners said June 15 it acquired another 12.5 percent interest in Natural Gas Pipeline Co. of America from an affiliate of Brookfield Infrastructure Partner. Terms weren’t disclosed. As a result of this transaction, ArcLight’s ownership in NGPL increased to 37.5 percent while Brookfield kept a 25 percent interest. Kinder Morgan Inc. continues to operate the pipeline and holds a 37.5 percent interest. NGPL is the largest transporter of natural gas into the high-demand Chicago-area market and one of the largest interstate pipeline systems in the country. It is also a major transporter of natural gas to large liquefied natural gas export facilities and other markets on the Texas and Louisiana Gulf Coast. Brookfield has $825 billion in assets under management.

ArcLight’s Outside Counsel: Latham & Watkins with a deal team led by partners David Allinson and Justin Stolte and counsel Thomas Verity with associates Alice Parker, Kara Chung and Morgen Seim. The finance team was led by partner Warren Lilien with associates Annelise Karreman, Brian Flynn and Kathryn Sarkesian.  Advice was also provided on tax matters by partner Katharine Moir with associate Kayleigh Kuyon; and on regulatory matters by partners Patrick Nevins and Jason Cruise and counsel Philipp Studt, Joseph Simei and Tara Tavernia.

Brookfield, Ontario Teachers’ buys Compass Datacenters from RedBird, Azrieli

Deal Description: Brookfield Infrastructure Partners and its institutional partners and existing investor Ontario Teachers’ Pension Plan announced June 20 that they agreed to buy Compass Datacenters from RedBird Capital Partners and the Azrieli Group. Terms weren’t disclosed. Founder and CEO Chris Crosby and the current Compass management will continue to lead the company post-transaction closing. Compass has scaled rapidly, particularly with its mega campuses in North America. The new ownership structure will provide Compass with continued strong operational and financial support to execute its sustainable and large-scale data center campuses across multiple regions. Ontario Teachers’ had net assets of C$247.2 billion as of Dec. 31 and RedBird currently manages $8.6 billion in assets.

Expected Closing: Year-end 

Compass and RedBird’s Financial Advisors: Goldman Sachs & Co. and Guggenheim Securities; Deutsche Bank Securities Inc. also served as debt financing advisor. 

Brookfield’s Financial Advisors: BMO Capital Markets and Scotiabank

Brookfield’s Outside Counsel: Kirkland & Ellis led by corporate partners Kim Hicks and Kate Rainey Willson; debt finance partners Roald Nashi and Gregory Howling; tax partners David Wheat and Joseph Tootle; and executive compensation partner Stephen Brecher.

Ontario Teachers’ Financial Advisor: TD Securities

Ontario Teachers’ Outside Counsel: Paul, Weiss, Rifkind, Wharton & Garrison

Compass Datacenters‘ Outside Counsel: Fried, Frank, Harris, Shriver & Jacobson and Wick Phillips

Compass Management’s Outside Counsel: DLA Piper including Dan Rollman and Jason Juall in Atlanta

RedBird’s Outside Counsel: Fried Frank

Black Mountain Oil picks up Catarina Ranch assets in Eagle Ford from Mesquite

Deal Description: Latham & Watkins said June 20 it represented Black Mountain Oil and Gas on its purchase of the Catarina Ranch assets in the Eagle Ford with Houston-based private equity firm Trace Capital Management. The seller was Mesquite Energy. Terms weren’t disclosed, but the deal’s value was likely about $300 million, Enverus director Andrew Dittmar told Hart Energy. The transaction includes 51,921 net acres spanning Dimmit, Webb and La Salle counties. Black Mountain had a 20,000-acre tract next to the Catarina Ranch before the Mesquite deal. The Catarina Ranch has been a part of Mesquite’s portfolio since its predecessor, Sanchez Energy Corp., acquired the asset from Shell in 2014, according to Hart. Sanchez filed for Chapter 11 bankruptcy protection in 2019, citing the challenging commodity price environment, emerging as a private operator called Mesquite in mid-2020 after eliminating $2.3 billion in debt. Mesquite is owned in part by Apollo Global Management and Fidelity Investments.

Black Mountain’s Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partners Stephen Szalkowski and James Garrett with associates Shawn Beloin, Anji Yuan and Carlyle Reid. Advice was provided on tax matters by Houston partners Jim Cole and Tim Fenn; on finance matters by Houston partner Matt Jones with associate Max Fin; on hedging related matters by New York partner Yvette Valdez with associate Ashley Weeks; and on employment and compensation matters by Washington, D.C., partner Adam Kestenbaum.

Mesquite’s Outside Counsel: Gibson Dunn with a corporate team including of counsel James Robertson, partner Hillary Holmes, of counsel Patrick Cowherd and Adam Whitehouse and associates Zain Hassan, Nathan Zhang, Iris Hill Crabtree, Michael Holmes, Josh Stout, Luke Strother, Caitlyn Fiebrich and Mason Gauch. Partner Shalla Prichard and associate Laura Edwards are advising on financing. Partner Michael Cannon counseled on tax aspects and partner Krista Hanvey and associate Gina Hancock are assisting on benefits.

Vitol, Riverstone Credit form Valor Upstream Credit

Deal Description: Vitol, which claims to be the largest independent energy trading company globally, announced June 21 the formation of Valor Upstream Credit Partners with Riverstone Credit Partners, a credit investment platform focused on energy and the energy transition. Terms weren’t disclosed. VCP will seek to make structured credit investments in North American upstream oil and gas companies. The fund will primarily target event-driven financing opportunities focused on debt refinancing, acquisition funding and development capital providing companies with a solution to accelerate growth and drive shareholder value. Since inception, RCP has committed $1 billion of capital to support North American upstream oil and gas companies. Vitol’s revenues in 2022 were $505 billion.

Vitol’s Outside Counsel: Vinson & Elkins with a corporate team led by Robert Seber and Matt Hortenstine and a tax team led by Todd Way, David Peck and Curt Wimberly.

Riverstone’s Outside Counsel: Latham & Watkins

Rayburn buys Panda power plant

Deal Description: Rockwall, Texas-based Rayburn Electric Cooperative announced June 21 it acquired ownership of the Panda Sherman Power Plant. Terms weren’t disclosed. The 758 megawatt, natural gas-fueled power plant has been renamed Rayburn Energy Station. Located in Grayson County, Texas, Rayburn Energy Station employs 27 people and began commercial operations in 2014. The plant is capable of supplying clean power for 750,000 homes. Rayburn, formed in 1979, is a not-for-profit generation and transmission cooperative that acquires and transmits energy to its four member-owned distribution cooperatives, Fannin County Electric Cooperative, Farmers Electric Cooperative, Grayson-Collin Electric Cooperative and Trinity Valley Electric Cooperative, which serve 500,000 Texans across 16 counties. Rayburn owns 265 miles of transmission lines throughout North Texas and a 25 percent interest in the Freestone Energy Center, which produces 1,000 megawatts of natural gas combined cycle energy in Freestone County, Texas.

Rayburn’s In-House Counsel: General Counsel Chris Anderson

Rayburn’s Outside Counsel: Dentons including partners Peter Thieman and Carl Steen on the acquisition agreement and Cindy Upchurch at Eversheds on the acquisition financing

Panda Fund’s In-House Counsel: General Counsel Creede Williams

Panda Fund’s Outside Counsel: Courtney Smith and Gil Porter of Haynes Boone and Bryan Wick and Colin Mize at Wick Phillips

CAPITAL MARKETS/FINANCINGS

Civitas prices $2.7B in notes to fund acquisitions

Deal Description: Denver-based Civitas Resources Inc. announced June 22 that it priced a private placement of $1.35 billion of new 8.375% senior notes due 2028 and $1.35 billion of new 8.750% senior notes due 2031. The company expects to use the net proceeds from the offering, together with cash on hand and borrowings under its existing credit facility, to fund a portion of the consideration for acquisitions from Hibernia Energy and Tap Rock Resources.

Expected Closing: June 29

Initial Purchasers’ Outside Counsel: Vinson & Elkins with a corporate team led by partners Thomas Zentner and David Stone with assistance from counsel Caroline Bailey, senior associate Alex Lewis and associates David Smith, Taylor Kim, Cole Leveque, Waleed Vohra and Hope Kaady. Other team members included partners Erec Winandy and Christopher Dewar, counsel Randy Aman and associate Alex Moosariparambil (finance); partner Matt Dobbins and associate Ryan Vanderlip (environmental); and partner Wendy Salinas and associate Jeff Slusher (tax).

Civitas’ Outside Counsel: Kirkland & Ellis including capital markets partners Julian Seiguer, Bryan Flannery and Anthony Sanderson and associates Michael Wright, Tony Flor and Gabe Lozano; and debt finance partners Will Bos and Shan Khan and associates James Kelly, Jina Chung and Daly Brower.

Bracewell aided Harris County on $225M refinancing of tax-exempt bonds

Deal Description: Bracewell said June 22 it was bond counsel to Harris County Industrial Development Corp. in connection with a refinancing of $225 million of tax-exempt bonds issued for the benefit of Energy Transfer. The refinanced bonds were issued in the wake of Hurricane Ike to finance the construction of residual and crude oil terminal and dock facilities in Houston.

From Bracewell: Houston partners Cristy C. Edwards and Brian P. Teaff, Austin senior counsel Tim J. Deithloff and Houston associates Garrett Merville and Davis Ray

Notes: Hunton Andrews Kurth said May 31 it represented the underwriters with a team led by Patrick C. Jamieson and including assistance from Jordan Hirsch, Steven C. Friend, Casey Shaw, Monika M. Dziewa and Kaitlyn Thorson. Andrew R. Kintzinger and Brendan M. Staley provided tax advice, E. Carter Chandler Clements provided environmental counsel and Shemin V. Proctor provided regulatory advice.

ESH closes $115M SPAC IPO

Deal Description: Shearman & Sterling said June 20 it advised I-Bankers Securities Inc., IB Capital and Dawson James Securities Inc. as the underwriters of the initial public offering of ESH Acquisition Corp., a special-purpose acquisition company, of 11.5 million units at an offering price of $10 per uni. Each unit consists of one share of Class A common stock and one right. The offering closed June 16. After the consummation of the company’s initial business combination, each right entitles the holder to receive one-tenth of one share of the company’s Class A common stock. ESH Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities. The company intends to focus on businesses that are in the music and entertainment, sports and hospitality industries. ESH is led by CEO James Francis, CFO Jonathan Morris and chairman Allen Weiss.

From Shearman: The team was led by Texas-based partners Bill Nelson and Taylor Landry

ESH’s Outside Counsel: Willkie Farr & Gallagher led by Sean Ewen in New York

Claire Poole

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

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