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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, 214 Lawyers, $9.9B

June 18, 2024 Claire Poole

Three sizable energy deals were announced last week, each one in a different segment of the oil and gas industry. The Corporate Deal Tracker examined each one of them to see if there were some common threads. And we found one: consolidation.

The first – and biggest – was in exploration and production. Matador Resources is acquiring EnCap Investments-backed Ameredev II for $1.905 billion in an all-cash transaction, continuing the trend of consolidation in the shale patch.

In a note, TPH&Co analyst Oliver Huang said the bolt-on adds scale to Matador’s existing Delaware basin position.

Matador relied upon Baker Botts’ outside counsel, namely corporate partners Preston Bernhisel and Jon Platt in Dallas. The pair also helped Matador last year on its acquisition of another EnCap-backed company, Advance Energy Partners Holdings, for an initial cash payment of $1.6 billion.

Enverus Intelligence analyst Andrew Dittmar told Reuters that the list of built-for-sale private equity positions is getting thin in the Permian Basin. Still up for grabs: El Paso billionaire Paul Foster’s Franklin Mountain in the Delaware and EnCap-backed Double Eagle IV and Quantum-funded FireBird II in the Midland Basin.

The second was an oil services transaction: Noble Corp. agreeing to buy competitor Diamond Offshore Drilling in a deal valued at around $1.6 billion in cash and stock. The deal is Noble’s second major consolidation of the offshore drilling sector in three years. The other one: its $3.4 billion merger with Maersk Drilling in 2021.

Advise Noble were two regulars: Kirkland & Ellis’s Sean Wheeler and Debbie Yee in Houston. The pair also counseled on Noble’s merger with Maersk Drilling as well as its purchase of once-bankrupt Pacific Drilling for undisclosed terms, also in 2021.

Finally, we turn to an energy transport deal: Phillips 66’s completion of its sale of 25 percent in the Rockies Express Pipeline to Blackstone-backed Tallgrass Energy for $1.27 billion.

The Rockies Express is one of the country’s largest natural gas pipelines stretching 1,679 miles from the mountains of Colorado to eastern Ohio. It consolidates Tallgrass’ interest in the asset, giving it 100 percent.

Bracewell aided Phillips 66 on the divestiture led by partners Benjamin Martin and Alan Rafte. Rafte and Martin also counseled Phillips 66 on its $400 million pipeline deal with Enbridge in 2022 with a team led partner Will Anderson. Martin was elected to the firm’s partnership in 2021.

When will the consolidation trend end? Maybe when the big guns run out of targets and/or when oil prices tank. Then the process will start all over again, with the majors shedding noncore assets and private equity picking up the spoils.

There were a baker’s dozen deals reported for the week ending June 15 at an aggregate value of $9.9 billion. The week prior there were 19 deals for $23.9 billion and last year there were 17 deals valued at $5.9 billion.

But with more than 200 lawyers at 16 different firms reporting activity, you’re probably too busy to measure volume in your particular glass. That seems like a good thing.

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/FUNDINGS

Matador inks $1.9B bolt-on deal with EnCap for Delaware Basin assets

Deal Description: Matador Resources, a Dallas-based independent oil and gas explorer and producer, announced June 12 that it agreed to the $1.905 billion acquisition of Delaware Basin assets from Ameredev II Parent, a portfolio company of EnCap Investments. The bolt-on of production acreage also includes a 19 percent interest in Piñon Midstream, a New Mexico pipeline and gas treatment operation that connects upstream production to downstream distribution and carbon capture and sequestration facilities. The deal is expected to close by the end of the third quarter. Baker Botts advised Matador and Vinson & Elkins counseled the EnCap entities. For more on the deal, click here.

Noble buys competitor Diamond Offshore for $1.6B in stock and cash

Deal Description: Sugar Land-based Noble Corp., the world’s largest offshore rig contractor when measured by market capitalization, agreed June 10 to buy competitor Diamond Offshore Drilling in a deal valued at around $1.6 billion, a premium of 11.4 percent per share. Kirkland & Ellis represented Diamond Offshore, while Paul Weiss represented Noble in the deal, which is expected to close no later than the first quarter of next year, pending regulatory approval. Noble, which intends to fund the cash portion of the deal via new debt financing, anticipates a yearly pre-tax cost savings of $100 million, with 75 percent projected to be gained within one year of the deal’s close. For more on the transaction, click here.

Phillips 66 Sells Stake in Rockies Express Pipeline for $1.275B

Deal Description: Phillips 66 announced Friday a completed sale to Tallgrass Energy of its 25 percent passive equity interest in the Rockies Express Pipeline for an enterprise value of $1.275 billion. With the acquisition by a subsidiary Tallgrass, the Kansas-based midstream company, which operates REX, gains 100 percent equity ownership of the 1,714-mile bi-directional natural gas pipeline that connects major basins in the Rockies with Appalachia and the Northeast. Phillips 66 said the transaction is part of its ongoing plan to divest $3 billion in non-core interests, and will generate pre-tax proceeds of $685 million after adjustments for allocation of REX’s debt and preferred equity balances. Bracewell advised Phillips 66 and Vinson & Elkins counseled Tallgrass. For more on the deal, see here.

Echo sells assets in Permian, Anadarko Basins to Sixth Street for $500M

Deal Description: Oklahoma City-based Echo announced June 11 its completion of an asset sale by its affiliate Echo Minerals totaling more than $500 million. The transaction with Sixth Street Partners involved the sale of a portion of Echo’s net royalty acres in the Permian and Anadarko basins. This transaction follows a 3 percent divestiture of Echo’s mineral and royalty portfolio valued at $35.4 million to Brigham Minerals in early 2022. Endeavor Resources and Pioneer Natural Resources, which completed a sale to ExxonMobil last month, were the primary operators in the area. With proceeds from the transaction, Echo will further fuel its investments in projects and enterprises in such industries as energy, life science, national security and media/entertainment.

Echo’s Financial Advisor: Evercore Inc.

Echo’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners Chris Heasley and John Kaercher.

Sixth Street’s Outside Counsel: White & Case

Notes: Kirkland’s Kaercher and Heasley also advised Echo on the Brigham Minerals sale.

Sony buys Alamo Drafthouse

Deal Description: Sony Pictures Entertainment and Alamo Drafthouse Cinema announced June 12 that Sony acquired the dine-in theater chain from Altamont Capital Partners, Fortress Investment Group and founder Tim League. Terms weren’t disclosed. Alamo will be managed within SPE under a newly established division, Sony Pictures Experiences. SPE said the deal reinforces its long-held commitment to theatrical exhibition and continued initiatives in experiential entertainment. Alamo’s Michael Kustermann will remain CEO and head up Sony Pictures Experiences, reporting to Ravi Ahuja, SPE’s president and COO, and the company’s headquarters will remain in Austin. Alamo will continue to operate all 35 of its cinemas across 25 metro areas under its existing brand. Alamo-owned Fantastic Fest, the genre film festival, is included and will continue to be Alamo operated. Alamo emerged from bankruptcy in June 2021. SPE owns Wheel of Fortune LIVE! traveling tour, the newly opened Wonderverse in Chicago and anime streaming service Crunchyroll. SPE’s Ahuja said Alamo will continue to welcome content from all studios and distributors. Alamo was founded in 1997 by Tim and Karrie League as a single-screen mom and pop repertory theater in Austin and has grown into the seventh largest theater chain. It claims to release more movies per year than any other theater chain, attracting 10 million guests annually and 4 million loyalty members. Last year, the chain saw a 30 percent jump in box office revenue from the previous year, ahead of the industry.

Alamo’s Financial Advisor: Goldman Sachs & Co.

Sony’s Outside Counsel: Sheppard Mullin led by Linda Michaelson 

Altamont’s Outside Counsel: Ropes & Gray led by private equity partners Elizabeth Gallucci and Howard Glazer  

Fortress’ Outside Counsel: Proskauer

League’s Outside Counsel: Ed McHorse at McGinnis Lochridge in Austin

Halifax Group, Southern Exteriors sells majority stake to Monomoy Capital

Deal Description: Locke Lord said June 10 it advised the Halifax Group on the sale of its majority stake in Southern Exteriors to Monomoy Capital Partners. Terms weren’t disclosed on the deal, which was announced May 7. Halifax, a private equity firm which partners with management to invest in market-leading companies and grow lower middle-market businesses, will maintain a minority investment in Southern Exteriors and continue to support its growth. Southern Exteriors is an installer of exterior building solutions tailored primarily for single-family homebuilders in the southeastern U.S. 

From LL: The team was led by Mike Newquist, James Cavanagh and Nicole Chakraborty in Providence with additional support provided by Lori Basilico (Providence), Robin Shaughnessy (Dallas), David Ruediger and Brandon Curtin (both of Boston) and Peter Wynacht (Chicago).

Halifax’s/Southern Exteriors‘ Financial Advisors: Lincoln International and Croft & Bender

URUS partners with CVC Capital

Deal Description: URUS Group announced June 10 it reached a partnership agreement with CVC Capital Partners IX, which is going to invest in URUS. Terms weren’t disclosed. CVC will take a stake in the company and will act as a shareholder in cooperation with existing shareholders Pon Holdings and Cooperative Resources International. URUS said it has grown substantially in recent years through targeted acquisitions and organically and CVC will now come on board to further enable and accelerate its strategic growth plan for the coming years. URUS delivers products and services for dairy and beef artificial insemination genetics, reproduction and farm management data systems. URUS companies service dairy and beef producers in more than 80 countries around the globe. The URUS cloud platform monitors more than 14 million cows and heifers across 6,000 dairies.

Expected Closing: Q3 2024

Pon and URUS’ Outside Counsel: Morgan Lewis including partner Sameer Mohan and associate Tara McElhiney, both in Houston. along with associates Ben Klaber, Randall Bentley, Brooke Bruno and Deborah Cho; partners Casey August and Greg Hartker; partner Kathy Sanzo and associate Alex Gapihan; and associate Emily Rickard.

Notes: Morgan Lewis previously represented Pon/URUS on other matters, including the purchase of Trans Ova Genetics from publicly traded biopharmaceutical company Precigen Inc. in 2022 and the acquisition of a majority stake in Leachman Cattle of Colorado last year. It also aided other Pon Holdings’ companies, including the Hiller Cos. and Setpoint Integrated Solutions.

CriticalPoint sells United’s power delivery business unit to Pike

Deal Description: El Segundo, Calif.-based CriticalPoint Capital announced June 12 the closing of the sale of United Engineers & Constructors Inc.’s power delivery business unit to Denver-based United Grid Solutions, a subsidiary of Pike Corp. Terms weren’t disclosed. With a presence throughout the U.S., United Grid is an engineering, procurement and construction provider supporting energy delivery and grid modernization efforts for customers in the transmission, substation, distribution, energy storage and energy delivery markets. United Engineers was acquired by affiliates of CriticalPoint in 2020. During CriticalPoint’s ownership, the management team executed a carve-out from its former public owner as an independent business and executed zero carbon and electrical grid resiliency projects across the U.S. and internationally, leading to revenue and earnings growth. In early 2024, United Engineers reorganized the business into two business units – power delivery and power generation. The power generation group will remain with United and continue supporting the nuclear operating fleet while developing and building new small modular reactor options and hybrid generation alternatives.

CriticalPoint’s Financial Advisor: Perella Weinberg Partners

CriticalPoint’s Outside Counsel: Sheppard, Mullin, Richter & Hampton

Pike’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners Bill Benitez and Alec Manzer

KKR invests in Seidler-backed Quick Quack Car Wash

Deal Description: O’Melveny said June 12 it advised Quick Quack Car Wash and its longtime equity partner Seidler Equity Partners on a significant minority investment by global investment firm KKR. The transaction was announced on June 11. Terms weren’t disclosed. KKR invested in Quick Quack primarily through funds and accounts managed by its Strategic Investments Group. The investment will support the continued acceleration of Quick Quack’s growth through innovation, marketing and organic expansion in new and existing markets. Quick Quack Car Wash has more than 230 locations in California, Texas, Arizona, Utah and Colorado.

From O’Melveny: The team advising Quick Quack and Seidler was led by Newport Beach M&A partner Nikole M. Kingston, counsel Adam Ackerman (Los Angeles) and counsel Ashley Thurman (Dallas) and included partners Alexander Anderson, Jennifer Taylor, Tim Evans, Peter Breckheimer, Chris Del Rosso, Andy Terner and Shelly Heyduk; counsel Dawn Lim, Maya Spitzer and Paige Minteer; and associates Hattie McKinney, Arsalan Memon, Bryce May, Brent Rubin, Emily Kent, Sean Milde, Daniel Leal and Zarrin Haque.

Energy & Minerals Group becomes majority owner of TerraVolta

Deal Description: TerraVolta Resources, a Houston-based minerals exploration and production company, announced June 10 developments regarding its flagship lithium project in the Smackover formation across Texas and Arkansas. In early 2023, the Energy & Minerals Group made a substantial equity commitment to TerraVolta and, by virtue of fundings to date, is TerraVolta’s majority owner. Terms weren’t disclosed. TerraVolta said the investment accelerated TerraVolta’s progress toward becoming a top producer of U.S.-based lithium, enabling it to secure a strategic position in the Smackover Formation complemented by the drilling of an appraisal and supply well that further validated TerraVolta’s resource and industry-leading lithium concentrations. EMG had assets under management of $14 billion as of March 31 and EMG’s funds and co-investments have returned $11 billion to limited partners to date. It targets equity investments of $150 million to $1 billion across the natural resource industry.

TerraVolta’s Outside Counsel: Latham & Watkins with a corporate team led by Houston partner James Garrett with associates John Daywalt, Cesar Leyva and Om Pandya. Advice was also provided on executive compensation, employment and benefits by Washington D.C., partner Adam Kestenbaum and Houston counsel Krisa Benskin; and on tax matters by Houston partner Jim Cole.

CAPITAL MARKETS/FINANCINGS

Energy Transfer offers $3.5B of senior notes, $400M of junior notes

Deal Description: Energy Transfer announced June 6 the pricing of its concurrent offerings of $1 billion in 5.250% senior notes due 2029, $1.25 billion in 5.600% senior notes due 2034 and $1.25 billion in 6.050% senior notes due 2054 and $400 million in 7.125% fixed-to-fixed reset rate junior subordinated notes due 2054. Energy Transfer intends to use the net proceeds from the offerings to fund all or a portion of the cash consideration for its previously announced acquisition of WTG Midstream Holdings, refinance existing indebtedness, including borrowings under its revolving credit facility, redeem all of its outstanding Series A fixed-to-floating rate cumulative redeemable perpetual preferred units and for general partnership purposes.

Energy Transfer’s Outside Counsel: Latham & Watkins with a capital markets team led by Houston partner Kevin Richardson and Austin partner Samuel Rettew with associates Daniel Harrist, Brian Bruzzo, Don Izekor, and Braydon Jones. Advice was also provided on tax matters by Houston partners Tim Fenn and Bryant Lee with associate Dylan White; and on environmental matters by Los Angeles/Houston partner Josh Marnitz.

Underwriters’ Outside Counsel: Hunton Andrews Kurth led by partner Jordan Hirsch with the assistance of corporate partners Mike O’Leary and Henry Havre and corporate associates Casey Shaw, Kelli Rice, Kathleen Dill, Kaitlyn Thorson and Brittany White. Partners Robert McNamara and Will Freeman and associate Katherine Gallagher handled tax matters, counsel E. Carter Chandler Clements handled environmental matters, partner Shemin V. Proctor handled regulatory matters and partner Carl von Merz handled real estate matters

UGI prices $610M convertible senior notes offering

Deal Description: UGI Corp. announced June 6 the pricing of its offering of $610 million in 5.00% convertible senior notes due 2028 in a private issue.

UGI’s Outside Counsel: Latham & Watkins with a corporate team led by Houston partners Ryan Maierson and Kevin Richardson, Los Angeles/New York partner Greg Rodgers and Los Angeles partner Arash Aminian Baghai with associates Sydney Verner, Brian Bruzzo, Armaan Bhimani, David Lee, Ryan Gold and Andrew Bentz. Advice was also provided on tax matters by New York partner Elena Romanova, Houston partners Tim Fenn and Bryant Lee with associate Farrah Yan; on environmental by Los Angeles/Houston partner Josh Marnitz; and on finance by Houston partner Catherine Ozdogan and Houston counsel Bryce Kaufman.

Navigator closes $105M secondary offering by BW Group

Deal Description: On June 13, Navigator Holdings Ltd. announced the closing of its previously announced upsized public offering of 7 million shares of its common stock by BW Group Ltd. at a public offering price of $15 per share, or $105 million. The company didn’t offer any shares of its common stock in the secondary and didn’t receive any proceeds from the sale. In addition, in connection with the company’s previously announced intention to purchase shares in the secondary offering, it purchased 3.5 million of the offered shares at a price per share of $14.52, which was equal to the price per share paid by the underwriters to the selling shareholder. Navigator is the owner and operator of the world’s largest fleet of handysize liquefied gas carriers and a provider in the seaborne transportation services of petrochemical gases, such as ethylene and ethane, liquefied petroleum gas and ammonia. It owns a 50 percent share, through a joint venture, in an ethylene export marine terminal at Morgan’s Point, Texas, on the Houston Ship Channel. Navigator Gas’ common stock trades on the New York Stock Exchange under the symbol “NVGS.”

Navigator’s Outside Counsel: Baker Botts including, from corporate: Adorys Velazquez, David Emmons, Lakshmi Ramanathan, Chelsea Johnson, Zachary Fedorko, Marshall Heins II and Nikolai Gryzunov; Tax: Jon Lobb and Nick Frey; Environmental: Aileen Hooks; Employee Benefits & Executive Compensation: Robin Melman, David Schiller and Katie Birnhak; and International Trade: Matthew West and Cullen Richardson

OTHER MATTERS

Simpson Thacher said June 11 it recently represented SIBA Energy Corp., a consortium among Empresa Generadora de Electricidad Haina, SGN Energia and Monte Rio Corp., in connection with term loan facilities for up to $228 million and DOP$4.1 billion ($69.1 million). The team included partner Juan Naveira, senior counsel Amy Beller (Houston), associate Jomar Vargas and international associate Larissa Gebrim (banking and credit); senior counsel Jeanne Annarumma (executive compensation and employee benefits); and partner William Smolinski (tax). All attorneys are in New York unless otherwise noted. The facilities were arranged by CIFI Services. The proceeds of the loans will be used to develop, construct and operate a 258 megawatt combined-cycle gas fired power plant in the Dominican Republic and to refinance existing indebtedness of SIBA. Simpson previously represented SIBA in connection with bridge financing relating to the project, including a DOP$4.1 billion senior loan made available by Fondo de Inversión Cerrado Libre para el Desarollo de Infraestructuras Dominicanas I and arranged by CIFI Latam.

* * *

Winston & Strawn represented Wells Fargo Bank in connection with a $1.1 billion senior secured revolving credit facility provided to White Oak ABL 3, an affiliate of White Oak Global Advisors. The Winston team included Jordan Klein, the lead partner in Dallas; Nolan Bolduc and Greg Gartland, partners in Chicago; and Texas associates Hye Lee, Andrea Leelike, James Waters and Erin Webb. The transaction included 11 other banks, increasing the capital that can be invested in asset-based lending (ABL). The new credit facility expands on White Oak’s already robust international lending capabilities to support its U.S., Canadian, U.K. and Australian-headquartered borrowers with international operations and lendable assets in select European and Asian jurisdictions as well as Mexico, the release said.

Claire Poole

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

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