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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: 17 Deals, 11 Firms, 245 Lawyers, $11.5B

November 17, 2024 Allen Pusey

In March, from Vandenberg Space Force Base in California, a SpaceX Falcon 9 rocket carried a spy satellite of sorts to watch over the Permian Basin.

Well, not just the Permian; also, the Uinta and the Appalachian, as well as basins in Turkmenistan and Venezuela.

The $88 million satellite project is called MethaneSAT. Its backers include Harvard University and the Washington, D.C.-based Environmental Defense Fund. Its target, as its name suggests, is the measurement of ground-level methane emissions from the global oil and gas regions. And the project’s first image analyses were released on Friday.

The images produced are heat maps that measure actual methane “hot spots” — which are then compared with previous ground level (“bottom-up”) estimates. And the first look is a bit ugly, not only in the Permian, but everywhere.

Based on the satellite images gathered in June and September, the actual loss rate (emissions intensity) observed in the Permian is 1.8 percent to 2.9 percent of gross production, far higher than the industry’s self-imposed target of 0.2 percent for 2030.

On Sept. 11, for instance, the satellite measured emissions from oil and gas operations in the Permian at 290 metric tons (639,334 lbs.) per hour. That’s the equivalent of 2.5 million metric tons of methane per year. Lest you think that’s exaggerated, an S&P study on the subject published in March estimated methane emissions at 2.9 million metric tons per year.

Why does that matter? Because the Permian matters. If the 20 or so counties that comprise the Permian were a country, it would be the third largest O&G producer in the world. As the S&P report notes, methane comprises more than 80 percent of gas production; and even by conservative estimates methane is 25 percent more climate-forcing than CO2.

And therein lies the rub. According to The Lawbook‘s Corporate Deal Tracker, there have been 27 Texas-related M&A carbon capture transactions since 2021, with increasingly significant investments. In July 2023, for instance, ExxonMobil acquired Plano-based Denbury Inc., a carbon capture company, for $4.9 billion. But the investments have mostly been confined to CO2 projects.

Odorless and invisible methane, much of which is emitted from the multitude of components at the wellhead, is more elusive. As the S&P report notes, the Permian has over 75,000 individual well pads containing more than 130,000 active wells. Despite recent consolidations O&G operators remain diverse in size and resources with an overwhelming number of owners operating single-digit legacy sites. Even with a willing regulatory regime in place, the literally millions of potential small methane leaks are hard to locate and even harder to attend in what amounts to a 24/7/365 business space.

That’s where the MethaneSAT comes in. Equipped with technology that can visualize and isolate methane hot spots, whether across 20 counties or in a far smaller grid, the metrics are becoming available at a granular level. And with the primary responsibility for environmental enforcement likely to shift to state government, it may be up to those in Austin to decide whether the new eye in the sky is friend or foe.

As the S&P report suggests, without apparent irony: “The Permian situation defies simple answers.”

For the week ending Nov. 16, 17 individual deals were reported for a total value of $11.5 billion. That’s a pretty good week considering there was a federal holiday. The week prior, by comparison included 12 deals for $2.1 billion. And at this time last year we reported 17 deals for $6.6 billion.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)

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

M&A/Funding

Coterra Acquires Permian Assets for $3.95 Billion

Deal Description: Continuing a two-year consolidation of upstream assets, Houston-based Coterra Energy announced Wednesday its acquisition of western Permian Basin assets from Franklin Mountain Energy and Avant Natural Resources for $3.95 billion in stock and cash. The assets increase Coterra’s net presence in the New Mexico end of the Permian by 75 percent and its presence in the overall Permian by 25 percent. The deal also includes 125 miles of pipeline and other infrastructure and gives Coterra a nearly contiguous 83,000-acre focus in the core-producing regions of the Delaware Basin. Gibson Dunn & Crutcher advised Coterra. Kirkland & Ellis counseled both Franklin Mountain and Avant. For more details, please see our daily coverage of the transaction here.

FourPoint Acquires $2B in Uinta Assets from Ovintiv; Ovintiv acquires $2.4B in Canadian acreage from Paramount Resources

Deal Description: Denver-based FourPoint Resources, along with Quantum Capital Group and Kayne Anderson, announced Thursday their agreement to acquire 126,000 acres of Uinta Basin assets from Ovintiv Inc. for $2.0 billion in cash. Switching to the buyer side, Ovintiv, also headquartered in Denver, announced its own $2.377 billion acquisition of 109,000 net acres in Canada’s Alberta Montney Basin from Paramount Resources Inc. Vinson & Elkins is outside legal counsel to FourPoint and Quantum, while Latham & Watkins is advising Kayne Anderson. Kirkland & Ellis is outside legal counsel to Ovintiv and Gibson Dunn & Crutcher advised on the financing of both transactions. For more details, please see our daily coverage here.

Cardinal Health accquires Advanced Diabetes Supply Group for $1.1B

Deal Description: Cardinal Health announced Nov. 11 its purchase Advanced Diabetes Supply Group, a portfolio company of Court Square Capital Partners, for $1.1 billion in cash. Based in Carlsbad, Calif., Advanced Diabetes Supply Group distributes comprehensive diabetes solutions that are tailored to support individual patients at-home. ADSG serves approximately 500,000 patients annually by providing the latest innovations in diabetes therapies from leading manufacturers. ADSG will merge with Cardinal Health’s at-Home Solutions business. Cardinal Health is headquartered in Dublin, Ohio.

Financial Advisors to Cardinal Health: J.P. Morgan Securities

Cardinal Health Outside Legal Counsel: Skadden, Arps, Slate, Meagher & Flom and DLA Piper served as legal advisors.

The Skadden team includes M&A partners Richard Witzel, Jr. and Rachel Cohn, and Tax partner Sarah Beth Rizzo. All are located in Chicago.

Court Square Outside Legal Counsel: Winston & Strawn led from New York by Partner Craig Godshall. From Texas, the Winston team included healthcare transactions partner Banee Pachuca and corporate associate Ryan Greenberg in Houston, along with real estate partner Masae Ellis in Dallas.

Swedish gaming company buys maker of RAID: Shadow Legends for $620M

Deal Description: Swedish gaming entertainment giant Modern Times Group AB has announced Nov. 11 its agreement with Aristocrat Leisure Limited to acquire 100% of Plarium Global Ltd, the international studio behind the popular evergreen squad battler RAID: Shadow Legends, a cross-platform IP. The acquisition provides scale with multiple avenues to deliver synergies and includes the company’s well-regarded studio with a long history of commercial success. The transaction is listed as a $620 million deal but includes potential earnouts of $200 million. Plarium generated revenues of USD 613 million for the 12-month period ending 30 September 2024, representing a 1.2% year over year growth. Flagship title RAID: Shadow Legends grew by 2.3% year over year for the same period.

Financial Advisors to MTG: EY Corporate Finance on finance due diligence. KPMG on tax due diligence. Morgan Stanley advised the board of directors.

MTG Outside Legal Counsel: Baker Botts led from London by David Marshall. Texas lawyers included IP associate Lucy Soyinka in Dallas; Houston international trade partner Joyce Adetutu with tax advice provided by partner Jon Lobb in Houston and senior associate Jordan Hahn in Dallas.

MTG Financing Legal Advisors: Gernand & Danielsson Advokatbyrå

Adams Resources & Energy to go private in $138.9M sale to Tres Energy

Deal Description: Adams Resources & Energy, a company founded by the longtime owner of the Houston Oilers Bud Adams, announced Nov. 12 that it is being acquired by an affiliate of Tres Energy in a $138.9 million deal to take the company private. Under the terms of the agreement, Adams stockholders will receive $38.00 per share in cash for each share of Adams common stock owned as of the closing of the transaction. The per share purchase price represents a 39% premium to the Company’s closing share price of $27.32 on November 11, 2024, the last full trading date prior to the announcement, and a 53% premium to the company’s three-month volume-weighted average per share price for the period ended November 11, 2024. Upon completion of the transaction, the Company’s shares will no longer trade on the NYSE American. The transaction is expected to close in the first quarter of 2025. Tres is a privately held company that invests in and operates strategic energy assets across the Permian Basin and the Marcellus Shale in Northeast Pennsylvania as well as natural gas-fired peaker plants throughout Texas.

Financial Advisors to Adams: GulfStar Group; Houlihan Lokey (to board of directors)

Houlihan Lokey Outside Legal Counsel: Gibson Dunn & Crutcher led by Houston partner Hillary Holmes. who was assisted by associates Ashley Whittington and Mariana Lozano.

Adams Outside Legal Counsel: Locke Lord with a team led from Providence by partner Gene McDermott and from Houston by partner Jon Daly and associate Lauren Richter. Included on the team were Gerry Pels, Ed Razim, Buddy Sanders, Elizabeth Corey, Brett Miller, Niha Ali, Grace Elliott, Alex Dillard, Mackenzie Purvis (all of Houston) and Joe Chung (New York)

Tres Energy Outside Legal Counsel: King & Spalding with a team led by Jonathan Newton in Houston and Robert Leclerc in Atlanta, along with associate Billy Padula in Charlotte, compensation partner Jake Downing in Chicago, associate Heather Cron in Atlanta, HR partner Sydney Jones Lampard in Washington, D.C., health & safety partner Cynthia Stroman in Houston, tax partner John Sweet in New York and corporate finance associates Erin Mendez and Rehman Mir in Houston.

Morgan Stanley-backed Sila Services acquired by Goldman Sachs

Deal Description: Sila Services, a provider of HVAC, plumbing and electrical services platform in King of Prussia, Pa., announced Nov. 11 that Goldman Sachs is purchasing a majority stake in the company from its current owners, Morgan Stanley Capital Partners. Sila Services operates homes services companies under 30 brands across the Northeast, Mid-Atlantic and Midwest U.S. Terms of the agreement were undisclosed.

Financial Advisor to Sila: William Blair; Robert W. Baird

MSCP/Sila Outside Legal Counsel: Debevoise & Plimpton

Financial Advisor to Goldman Sachs: Goldman Sachs served as its own financial advisor.

Goldman Sachs Outside Legal Counsel: Weil Gotshal & Manges advised GS with a team led from New York by partners Brian Parness and Christopher Machera. The team also included tax partner Noah Beck and, from Dallas, finance partner Vynessa Nemunaitis.

Biopharma firms Pulmatrix, Cullgen announce merger

Deal Description: Pulmatrix Inc., a Massachusetts-based clinical-stage biopharmamaceutical company, announced Nov. 13 its plan to merge with Cullgen Inc. Cullgen is a privately held biopharma company headquartered in San Diego that specializes in targeted treatments for cancer and other diseases. Following the combination, Pullmatrix stockholders are expected to hold about 3.6 percent of the combined company which will operate as Cullgen Inc. and trade on the Nasdaq Capital Market. Pulmatrix stockholders will receive a cash dividend at closing, provided net cash exceeds $2.5 million.

Financial Advisor to Cullgen: Wedbush PacGrow

Strategic Advisors to Pulmatrix: MTS Health Partners; Lucid Capital Markets (fairness opinion)

Cullgen Outside Legal Counsel: Gibson Dunn & Crutcher and DeHeng Law Office

Gibson Dunn was led by San Francisco partners Ryan Murr and Branden Berns. The only Texas lawyer on the team was associate Kayoko Fong who advised on compensation and benefits from the firm’s Dallas office.

Pulmatrix Outside Legal Counsel: Haynes Boone led from New York by capital markets partner Rick Werner and from Houston by M&A partner Simin Sun with associate Alok Choksi. They were supported by corporate partner Larry Shosid in Dallas and associates Brent Duddles (Houston), Lisa Vasek (Houston) Jamie Davidian (New York), Janet Wyse (Dallas) and Hannah Shoss (Dallas) as well as employee benefits counsel Tom Hogan (New York).

Renew Home, Google and NRG announce VPP partnership

Deal Description: Houston’s NRG Energy announced Nov. 7 that it is partnering with Renew Home, a virtual power plant company, with plans to distribute hundreds of thousands of VPP-enabled thermostats to improve Texas grid efficiency and help households control energy costs. By 2035 the partnership, AI-driven by Google Cloud expects to create a nearly 1 gigawatt VPP to respond to recent surges in power demand from population increases, load growth and weather extremes.

Renew Home Outside Legal Counsel: Kirkland & Ellis with a team led from Houston by partners Blake Longoria and Bill Benitez along with Scott Myers and Logan Bell. The team also included energy regulatory lawyers Drew Stuyvenberg and John Farah; technology & IP transactions lawyers Matt Lovell and Michael James; and tax lawyers Lee Morlock and David Morris.

Rockland Capital acquires two Maryland power plants

Deal Description: Rockland Capital announced its acquisition from Olympus Power of Chalk Point Power Facility, a 1,613-MW natural gas and diesel fuel oil-fired electric power facility located near Aquasco, Md., and the Dickerson Power Facility, a 294-MW natural gas and diesel fuel oil-fired electric power facility located near Dickerson, Md. Terms of the transaction were undisclosed.

Rockland Outside Legal Counsel: Bracewell advised with a team led by energy partner Ryan Holcomb from Houston and FERC partner Catherine McCarthy from Washington, D.C. The team also included partners Timothy Wilkins, Amber Dodds, Matthew Grunert and Bucky Brannen; counsel Tamara McKinzie with associates Caroline Rao, Shannon McKay, Natalie Cohen, Boris Shkuta and Benjamin Cantor.

Nighthawk Completion Services sold to Backcast, investor group

Deal Description: Nighthawk Completion Services announced Nov. 5 that a majority stake in the company has been purchased by Backcast Partners and a group of investors headed by Bruce Ross, founder and former CEO of LoneStar Group. Nighthawk is a privately owned and operated drilling services company based in Midland that provides proprietary chemicals and fluid systems used during the drill-out phase of well completions and for clean-outs of producing wells. In addition, Nighthawk also offers conventional mixing plants, flowback and torque and test services. Ross, who is also managing partner of OFS Energy Fund, leads a group of investors that includes Tracy Turner, former CEO of CP Energy, David Dunlap, former CEO of Superior Energy Services, McGowin Patrick, former CEO of Terra Midstream, Stacy Racca, CEO of Racca Solutions Group, and Jeff Sangalis, the managing partner of Prolign Capital. Backcast is an investment group based in New York City and Millburn, New Jersey. The amount of their investments was not disclosed.

Financial Advisors to Nighthawk: Piper Sandler

Nighthawk Outside Legal Counsel: Kean Miller

Ross investors Outside Legal Counsel: Locke Lord led from Houston by Kevin Peter, Tammi Niven and Shannon Schroeder, along with Mark Backofen (Dallas), Laura L. Ferguson, Jerry Higdon, Sara Longtain, Deanna Markowitz Willson, Ed Razim, Buddy Sanders, Michelle Gutierrez-Begin, Elizabeth Casey, Nicole Davies, Grace Elliott, Andrew Nelson and John Nelson (all of Houston).

Backcast Outside Legal Counsel: McGuireWoods

PAT Tank gets Texas owners with exit by 3 Rivers Capital

Deal Description: PAT Tank, a Texas portfolio company of 3 Rivers Capital in Pittsburgh, Pa., has new Texas ownership: Transition Capital Partners of Southlake. Founded in 1945 and based in Port Arthur, PAT Tank designs, constructs and repairs “ASTs” — the above-ground liquid storage tanks that are particularly ubiquitous on the Texas Gulf Coast. Terms of the transaction were not disclosed. The buyer, Transition Capital Partners, was founded in 1993 to invest in companies over an array of industries with a particular focus on the Texas market. TCP partnered on the PAT Tank acquisition with Plexus Capital, which provided debt financing and an equity co-investment. The deal closed on Nov. 5.

Financial Advisors for PAT Tank: GulfStar Group with a team led by managing directors Bryan Frederickson and Ben Stanton with support from associate Billy Conner and analyst Alex Britz.

PAT Tank Outside Legal Counsel: Metz Lewis Brodman Must O’Keefe (Pittsburgh, Pa.)

Capital Markets/Credit

Centrus Energy closes $402.5M private offering of convertible notes

Deal Description: Centrus Energy Corp., announced the close of its private offering of $402.5 million in 2.25 percent convertible senior notes due 2030. Initial purchasers were provided with the option acquire an additional $52.5 million notes at the same rate. Based in Bethesda, Md., Centrus supplies nuclear fuel components and services for the nuclear power industry. The offering closed Nov. 7.

Initial Purchasers: BofA Securities and J.P. Morgan Securities

Centrus Outside Legal Counsel: O’Melveny advised with a team led from San Francisco by C. Brophy Christensen. The only Texas lawyer was Dallas-based corporate finance associate Spencer Crawford.

LGI Homes, Inc. issues $400M in notes

Deal Description: On Nov. 12, LGI Homes, Inc. announced the pricing of its issue of senior unsecured notes at $400 million. The notes, bearing 7.000 percent interest, are due in 2032, are initially guaranteed by financing subsidiaries of The Woodlands-based company, and the sale was expected to close on Nov. 15. LGI, which specializes in residential home construction, has closed on more than 70,000 homes since its founding in 2003.

LGI Outside Legal Counsel: Baker Botts with a corporate team led by Houston partner Tim Taylor with special counsel Lakshmi Ramanathan (Houston) and associates Cade Luedde (Houston) and Brevan Ward (Houston). The team also included partner Clint Culpepper (Austin) and associate Regan Vicknair (Houston) on finance; partner Michael Bresson (Houston) and special counsel Chuck Campbell (Houston) on tax; partner Jason Loden (Dallas) and associate Katie Birnhak (New York) on benefits, and special counsel Elizabeth Singleton (Houston) on environmental matters.

Magnolia Oil & Gas Operating in $400M private notes issue

Deal Description: Magnolia Oil & Gas Operating announced Nov. 12 a private offering of $400 million in senior unsecured notes due 2032. The closing is expected Nov. 26. Houston-based Magnolia expects to use the net proceeds to repurchase and redeem their outstanding 6.00 percent senior notes due 2026.

Magnolia Outside Legal Counsel: Kirkland & Ellis led from Houston by Michael Rigdon, Matt Pacey, Billy Vranish, with associates Robbie Dillard, Samiya Javed and Cassie Cox; with assistance from debt finance lawyers Mary Kogut, Chris Gambini, Hope Rovner and Vincent Christianson; and tax lawyers David Wheat, Nicole Martin and Christina King.

Outside Legal Counsel of Initial Purchasers: Baker Botts led from Houston by partner Doug Getten with senior associate Garrett Hughey and associates Austin Lee, Edmund Gyasi and Cade Luedde. Also involved were partner Clint Culpepper in Austin on finance and partner Jon Lobb and associate Michael Kovacich on tax.

Forum Energy issues $100M in bonds

Deal Description: Houston-based Forum Energy Technologies announced Nov. 11 the close of its offering of $100 million in 10.5 percent senior secured bonds. The offering opened on Nov. 8. The bonds, issued at par, will mature in November 2029. Portions of the proceeds were used to repay loan balances accumulated during the company’s nearly $300 million cash and stock acquisition of Variperm Energy Services which closed in January. Other proceeds were used to redeem an earlier issue of 9.000% convertible senior secured notes due in 2025. Those notes will be redeemed on December 8, 2024.

Forum Energy Outside Legal Counsel: Gibson Dunn & Crutcher led by Houston partner Tull Florey with counsel Ryan Searfoorce and Robbie Hopkins with associates Nicole Kim, To Nhu Huynh and Caroline Bakewell.

Note: Gibson Dunn also advised Forum Energy on its acquisition of Variperm Energy Services.

Late Arrivals and other matters …

In a filing with the SEC, Occidental revealed that it sold non-core Texas and New Mexico assets in the Powder River and Delaware basins to Denver-based Anschutz Exploration for a total of $779 million. The sale, otherwise unannounced by either company, took place during the third quarter.

Allen Pusey

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

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