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

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 Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
09-Nov-24	14	$2,110	12	139	12	$1,410	2	$700
02-Nov-24	12	$52,788	11	107	11	$52,738	1	$50
26-Oct-24	8	$3,160	8	65	7	$3,065	1	$75
19-Oct-24	12	$5,304	11	136	11	$4,554	1	$750
12-Oct-24	17	$8,438	12	150	15	$8,116	2	$322
05-Oct-24	22	$23,181	12	189	15	$19,980	7	$3,201
28-Sep-24	11	$2,356	7	144	7	$53	4	$2,303
21-Sep-24	12	$9,568	10	169	5	$4,101	7	$5,467
14-Sep-24	24	$10,988	12	235	16	$7,175	8	$3,813
7-Sep-24	12	$20,420	16	168	11	$20,307	1	$112.9
31-Aug-24	13	$20,631	9	134	12	$14,775	1	$5,856
24-Aug-24	19	$8,452	21	325	16	$7,102	3	$1,350
17-Aug-24	25	$49,196	16	304	11	$39,386	14	$9,810
10-Aug-24	20	$12,264	15	312	16	$9,794	4	$2,470
03-Aug-24	26	$16,498	16	334	18	$8,137	8	$8,361
27-Jul-24	19	$16,442	21	271	15	$13,838	4	$2,604
20-Jul-24	15	$16,016	14	184	10	$14,232	5	$1,784
13-Jul-24	20	$17,220	14	265	18	$7,146	2	$10,074
6-Jul-24	11	$3,941	11	95	8	$2,650	3	$1,291
29-Jun-24	14	$6,296	15	224	8	$6,296	6	$1,927
22-Jun-24	12	$5,679	8	137	5	$210	7	$5,469
15-Jun-24	13	$9,895	16	214	10	$5,280	3	$4,615
8-Jun-24	19	$23,859	13	239	12	$19,436	7	$4,423
1-Jun-24	12	$34,510	11	147	9	$26,110	3	$8,400
25-May-24	13	$9,684	15	171	10	$4,434	3	$5,250
18-May-24	11	$5,490	11	173	8	$3,129	3	$2,361
11-May-24	22	$14,855	14	227	16	$11,105	6	$3,750
4-May-24	13	$3,139	9	87	10	$1,297	3	$1,842
27-Apr-24	10	$6,684	6	28	10	$6,684	0	0
20-Apr-24	19	$15,989	11	147	9	$5,208	10	$10,781
13-Apr-24	13	$8,952	9	76	10	$1,652	3	$7,300
6-Apr-24	22	$22,616	14	222	14	$13,501	8	$13,116
30-Mar-24	12	$9,286	8	136	8	$4,299	4	$4,987
23-Mar-24	18	$5,451	17	266	16	$4,759	2	$692
16-Mar-24	21	$11,437	13	186	14	$9,316	6	$2,070
9-Mar-24	23	$4,695	21	218	19	$2,723	4	$1,972
2-Mar-24	20	$9,108	19	372	14	$4,558	6	$4,550
24-Feb-24	19	$16,382	12	248	15	$9,507	4	$6,875
17-Feb-24	16	$29,932	15	157	12	$29,216	4	$716
10-Feb-24	25	$10,750	17	196	19	$5,372	6	$5,379
3-Feb-24	12	$8,416	18	125	9	$3,416	3	$5,000
27-Jan-24	9	$8,165	9	87	8	$7,815	1	$800
20-Jan-24	14	$4,084	12	109	12	$3,219	2	$865
13-Jan-24	17	$33,588	12	256	12	$26,765	5	$6,823
6-Jan-24	8	$7,915	8	84	6	$7,265	2	$650
30-Dec-23	17	$14,599	12	99	15	$2,714	2	$11,885
23-Dec-23	23	$4,182	13	219	16	$1,813	7	$2,370
16-Dec-23	13	$16,436	13	280	7	$15,150	5	$1,286
9-Dec-23	26	$14,633.90	17	244	16	$8,095	10	$6,538.90
2-Dec-23	13	$6,720	9	57	12	$6,630	1	$90
25-Nov-23	9	$4,835	9	131	6	$1,785	3	$3,050
18-Nov-23	22	$6,568.70	17	184	14	$4,709.20	8	$1,859.50
11-Nov-23	15	$9,825	13	179	12	$6,581	3	$3,244
4-Nov-23	15	$20,582.50	14	193	12	$19,417.50	3	$1,165
28-Oct-23	18	$68,419.10	18	152	15	$66,646	3	$1,773.10
21-Oct-23	16	$6,755.90	16	165	15	$6,755.90	1	$3
14-Oct-23	14	$67,851.20	13	125	9	$61,998.50	5	$5,852.70
7-Oct-23	17	$6,595.50	13	228	16	$5,995.50	1	$600
30-Sep-23	17	$1,896.45	13	189	14	$806.45	3	$1,090
23-Sep-23	23	$6,432.70	17	230	16	$1,402.80	7	$5,029.90
16-Sep-23	25	$23,226.70	23	353	16	$17,239	9	$5,987.70
9-Sep-23	12	$6,369	8	102	7	$4,311	5	$2,058
2-Sep-23	14	$2,522	6	92	13	$1,322	1	$1,200
26-Aug-23	17	$12,160.25	13	202	15	$6,573.25	2	$5,587.00
19-Aug-23	19	$11,505	13	213	15	$11,255	4	$250
12-Aug-23	19	$9,698.80	13	184	7	$3,270	12	$6,428.80
5-Aug-23	13	$5,201	12	118	12	$5,051	1	$150
29-Jul-23	15	$21,031.60	13	196	11	$18,292.00	4	$2,739.60
22-Jul-23	18	$3,992	12	130	13	$2,808	5	$1,184
15-Jul-23	13	$8,254.95	13	81	13	$8,254.95	0	0
8-Jul-23	16	$5,441.45	12	172	11	$2,443	5	$2,998.45
1-Jul-23	16	$6,872	10	105	12	$5,474	4	$1,398
24-Jun-23	13	$10,914	16	201	10	$7,874	3	$3,040
17-Jun-23	17	$5,880.70	15	151	15	$4,705.70	2	$1,175
10-Jun-23	19	$8,516.10	13	111	16	$6,252.40	3	$2,263.70
June 3 2023	12	$6,104.42	12	138	8	$4,256.92	4	$1,847.50
27-May-23	17	$12,200	10	67	11	$6,165	6	$6,035
20-May-23	11	$22,458.10	8	103	4	$19,455	7	$3,003
13-May-23	12	$7,034	10	101	8	$5,460	4	$1,574
6-May-23	20	$3,297.60	18	196	17	$2,985.60	3	$312
29-Apr-23	23	$3,691.20	18	135	17	$1,969.70	6	$1,721.50
22-Apr-23	16	$5,570	14	104	14	$4,750	2	$1,000
15-Apr-23	12	$23,818.10	9	59	10	$21,618.10	2	$2,200
8-Apr-23	16	$7,949	9	173	9	$5,472	7	$3,477
1-Apr-23	21	$18,676.70	12	175	11	$10,926.70	10	$7,750
25-Mar-23	15	$8,779.50	10	141	5	$2,362	10	$6,416.50
18-Mar-23	7	$14,048.80	6	69	5	$13,345	2	$703.80
11-Mar-23	21	$11,576	16	165	16	$8,131	5	$3,445
4-Mar-23	20	$9,668	11	228	16	$8,209	4	$1,459
25-Feb-23	13	$5,335	13	130	12	$4,235	1	$1,200
18-Feb-23	14	$5,743.70	13	158	8	$898.70	6	$4,845
11-Feb-23	16	$12,088	12	137	12	$9,965	4	$2,123
4-Feb-23	17	$8,066	15	140	13	$5,614	4	$2,452
28-Jan-23	7	$2,180	7	75	5	$1,692.75	2	$488
21-Jan-23	17	$5,768	16	174	12	$1,918	5	$3,850
14-Jan-23	11	$2, 800	10	102	8	$421	3	$2,400
7-Jan-23	18	$8,296	11	167	14	$6,461	3	$1,835
31-Dec-22	14	$2,732	11	99	12	$2,092	2	$640
17-Dec	14	$7,919	13	115	12	$7,419	1	$500
10-Dec-22	14	$10,093	12	88	11	$7,093	3	$3,000
3-Dec-22	26	$12,800.90	11	172	20	$4,141	6	$8,659.90
26-Nov-22	8	$2,266.70	8	5	3	$76	5	$2,190.70
19-Nov-22	21	$2,886	15	212	19	$2,550	2	$336
12-Nov-22	13	$15,093.70	9	81	9	$14,200	4	$893.70
5-Nov-22	25	19,337.20	16	509	22	$8,267.20	3	$11,070
29-Oct-22	15	$7,805.30	9	116	14	$7,180.30	1	$625
22-Oct-22	20	$8,193.50	13	253	13	$5,442	7	$2,751.50
15-Oct-22	9	$3,046.10	9	139	7	$2,588.30	2	$457.80
8-Oct-22	19	$2,011.80	12	114	16	$833.80	3	$1,178
1-Oct-22	23	$5,532.90	16	156	18	$4,952.30	5	$580.60
24-Sep-22	18	$5,194	14	216	15	$4,050	3	$1,144
17-Sep-22	21	$8,352.30	12	320	15	$4,759.60	6	$3,592.70
10-Sep-22	15	$19,853.50	10	126	13	$19,403.60	2	$450
3-Sep-22	9	$2,312	9	62	9	$2,312	0	0
27-Aug-22	16	$30,891.70	10	135	15	$30,666.40	1	227.7
20-Aug-22	12	$1,977	8	152	9	925	3	$1,052
13-Aug-22	18	$8,004.70	11	242	11	$2,844.70	7	$5,160
6-Aug-22	24	$7,948.90	12	240	17	$3,577	7	$4,371.90
30-Jul-22	8	$6,941	9	78	7	$6,839	1	$102
23-Jul-22	11	$801	11	92	10	$801	1	0
16-Jul-22	14	$3,650	10	122	14	$3,650	0	0
9-Jul-22	10	$3,557.70	7	68	9	$3,557.70	1	0
2-Jul-22	18	$8,609.40	13	152	15	$2,754.40	3	$5,855
25-Jun-22	15	$6,142	13	146	9	$2,017	6	$4,125
18-Jun-22	17	$11,890.10	14	228	15	$11,410	2	479.7
11-Jun-22	17	$7,600	12	123	10	$2,300	7	$5,300
4-Jun-22	12	$2,937	10	127	9	$692	3	$2,245
28-May-22	9	$3,197.60	11	86	9	$3,197.60	0	0
21-May-22	14	$7,284.50	12	185	11	$6,609	3	$675.50
14-May-22	11	$306.60	9	80	10	$306.60	1	$225
7-May-22	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
30-Apr-22	16	$2,296.50	16	157	12	$895.50	4	$1,401
23-Apr-22	10	$2,241	11	58	8	$1,641	2	$600
16-Apr-22	11	$6,643	7	156	8	$2,359	3	$4,284
9-Apr-22	17	$4,429	14	184	11	$1,690	6	$2,739
2-Apr-22	13	$1,755	8	84	10	$1,145	3	$610
26-Mar-22	11	$3,205	8	65	6	$200	5	$3,005
19-Mar-22	13	$2,239.17	9	106	13	$2,239.17	0	0
12-Mar-22	18	$12,016	11	239	15	$11,965	2	$51.35
5-Mar-22	17	$6,786	13	137	13	$5,161	4	$1,625
26-Feb-22	12	$5,095	8	149	9	$4,437.50	3	$658
19-Feb-22	17	$22,229	17	174	14	$21,354	3	$875
12-Feb-22	12	$2,344.70	10	73	8	$641.70	4	$1,703
5-Feb-22	11	$2,503	8	99	11	$2,503	0	0
29-Jan-22	11	$3,872	12	101	12	$3,872	0	0
22-Jan-22	13	$5,143.50	10	99	12	$4,842.50	1	$301
15-Jan-22	12	$7,605	9	155	9	$6,480	3	$1,025
8-Jan-22	13	$8,256.20	11	102	13	$8,256.20	0	0
1-Jan-22	9	$1,273.80	6	50	9	$1,273.80	0	0
25-Dec-21	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
18-Dec-21	26	$7,325.20	15	193	18	$3,640.20	8	$3,685.20
11-Dec-21	16	$5,017	10	109	13	$1,417	3	$3,600
4-Dec-21	14	$2,310	8	86	8	$2,310	6	$1,882.05
27-Nov-21	9	$3.460.1	10	101	6	$1,758	3	$1,702.60
20-Nov-21	20	$22,792	15	157	12	$18,864.50	8	$3,928
13-Nov-21	21	$26,729	12	178	13	$11,822	8	$14,907
6-Nov-21	12	$8,303	13	157	10	$6,682	3	$1,621
30-Oct-21	21	$10,368	15	218	15	$9,24.4	6	$1,103.00
23-Oct-21	21	$18.783.1	15	222	11	$12,314	10	$6,468.60
16-Oct-21	15	$3,868	11	118	15	$2,293	2	$1,575
9-Oct-21	20	$8,610	16	175	16	$7,795	4	$815
2-Oct-21	14	$6,250	11	137	10	$5,200	4	$1,050
25-Sep-21	11	$11,460	9	93	7	$10,200	4	$1,250
18-Sep-21	11	$16,603	8	99	8	$15,084	3	$1,519
11-Sep-21	17	$10,653	11	103	13	$8,503	4	$2,150
4-Sep-21	13	$7,222	10	89	11	$6,715	2	$507
28-Aug-21	12	$763	9	63	11	$663	1	$100
21-Aug-21	12	$29,659	7	79	11	$29,579	1	$80
14-Aug-21	22	$17,845	11	199	12	$12,805	10	$5,04
7-Aug-21	17	$13,670	12	139	15	$11,766	2	$1,904
31-Jul-21	21	$8,160	11	134	10	$3,574	10	$4,586
July 24,2021	21	$6,367	11	139	15	$3,712	6	$2,655
17-Jul-21	14	$4,009	11	124	12	$2,015	2	$1,994
10-Jul-21	16	$3,997	13	143	11	$1,597	4	$2,4
3-Jul-21	24	$7,492	13	94	16	$3,769	8	$3,722
26-Jun-21	10	$4,995	7	85	8	$3,847	2	$1,148
19-Jun-21	28	$16,830	8	228	9	$1,861	19	$14,968
12-Jun-21	26	$27,238	15	209	19	$25,602	7	$1,636
5-Jun-21	15	$15,539	13	100	13	$14,709	2	$600
29-May-21	35	$20,279	11	145	28	$18,64	7	$1,639
22-May-21	24	$53,208	14	174	17	$51,047	7	$2,161
15-May-21	18	$10,620	13	220	11	$5,870	7	$4,809
8-May-21	17	$10,400	11	156	15	$8,386	2	$2,500
1-May-21	21	$7,200	16	115	12	$3,808	9	$3,392
24-Apr-21	8	$20,200	9	31	8	$20,200	0	0
17-Apr-21	14	$6,270	8	102	11	$40,180	3	$2,260
10-Apr-21	15	$8,940	13	129	14	$7,990	1	$950
3-Apr-21	18	$19,513	10	151	12	$16,923	6	$2,590
27-Mar-21	27	$13,942	15	244	14	$4,300	13	$9,633.50
20-Mar-21	11	$2,046	4	102	3	$270	8	$1,776
13-Mar-21	15	$3,270	9	109	6	$538	9	$2,732
6-Mar-21	24	$13,617	10	196	13	$10,395	11	$3,222
27-Feb-21	19	$8,105	12	139	15	$4,970	4	$3,135
20-Feb-21	9	$8,820	9	153	8	$8,520	1	$300
13-Feb-21	12	$4,852.60	7	81	7	2,766	5	$2,086.60
6-Feb-21	18	$9,752	13	153	14	$5,222	4	$4,530
30-Jan-21	18	$9,449	9	182	15	$8,753.80	3	$695.30
23-Jan-21	14	$8,150	8	118	6	$4,000	8	$4,150
16-Jan-21	17	$6,783	13	138	11	$2,400	6	$4,382.90
9-Jan-21	22	$6,829	14	135	18	$3,139.30	4	$3,690
2-Jan-21	7	$1,466	7	60	7	$1,466	0	0
26-Dec-20	18	$15,900	12	163	16	$5,300	1	$600
19-Dec-20	18	$9,769	14	110	14	$8,426	4	$1,343
12-Dec-20	10	$7,200	9	100	9	$3,325	1	$3,830
5-Dec-20	15	$4,261	9	122	9	$2,780	6	$1,481
28-Nov-20	19	$7,758	10	110	13	$4,003	6	$3,755
14-Nov-20	14	$864.10	14	157	12	$289.10	2	$575
7-Nov-20	13	$6,332	9	129	9	$2,483.50	4	$3,849
31-Oct-20	10	$3,995.80	8	103	6	$3,231.10	4	$754.70
24-Oct-20	6	$18,100	6	58	5	$17,709	1	$350
17-Oct-20	8	$351.90	5	55	8	$351.90	0	0
10-Oct-20	7	$5,229	3	50	4	$735	3	$4,494
3-Oct-20	14	$21,428	9	173	9	$17,535	5	$3,893
26-Sep-20	10	$12,770	8	93	5	$10,300	5	$2,470
19-Sep-20	14	$8,365	9	101	6	$1,020	8	$7,345
12-Sep-20	6	$4,406	8	59	3	$1,270	3	$3,136
5-Sep-20	11	$5,191	8	117	9	$4,061	2	$1,130
29-Aug-20	11	$2,531	9	94	5	$1,130	6	$1,401
22-Aug-20	18	$6,574	12	140	7	$1,930	11	$4,644
15-Aug-20	13	$4,991	10	97	7	$1,216	6	$3,775
8-Aug-20	12	$32,092	11	112	9	$30,457	3	$1,635
1-Aug-20	7	$5,287	8	76	5	$3,687	2	$1,600
25-Jul-20	9	$18,751	6	67	7	$18,403	2	$348
18-Jul-20	6	$1,982.50	5	50	4	$1,407.50	2	$575
11-Jul-20	11	$565.10	12	75	10	$65.10	1	$500
4-Jul-20	10	$8,889	8	98	9	$8,788	1	$100.30
27-Jun-20	8	$6,874	10	50	5	$4,972.50	3	$2,081.50
20-Jun-20	12	$4,444	9	115	7	$2,829	5	$1,615
13-Jun-20	6	$3,582	4	37	2	$350	4	$3,232
6-Jun-20	11	$3,213.70	8	65	7	$470	4	$2,743.70
30-May-20	8	$7,335	7	48	6	$4,639	2	$2,697
23-May-20	4	$432.40	4	34	3	$432.40	1	0
16-May-20	6	$310	6	34	5	$310	1	0
9-May-20	18	$5,630	16	124	14	$3,180	4	$2,450
2-May-20	15	10,400	10	90	8	$1,900	7	$,8,500
25-Apr-20	8	$3,400	9	36	5	$1,000	3	$2,450
18-Apr-20	19	$9,500	14	92	8	$185.70	11	$9,360
11-Apr-20	12	$6,000	9	40	5	$190	7	$5,800
4-Apr-20	14	$8,200	11	68	10	$2,200	4	$6,000
28-Mar-20	16	$6,500	13	96	10	$3,700	6	$2,800
21-Mar-20	11	$11,910	7	33	7	$2,250	4	$9,960
14-Mar-20	7	809.8	6	34	6	684.8	1	125
7-Mar-20	16	$2,500	15	70	13	$669	3	$1,400
29-Feb-20	13	$15,260	13	128	11	$11,760	2	$3,500
22-Feb-20	12	$3,700	10	92	10	$2,560	2	$1,130
15-Feb-20	16	$1,250	10	84	12	$35	4	$1,222
8-Feb-20	18	$6,080	14	123	14	$2,595	4	$3,485
1-Feb-20	21	$20,900	12	101	14	$17,860	7	$3,060
25-Jan-20	13	$7,430	13	62	12	$6,430	1	$1,000
18-Jan-20	23	$9,580	15	120	19	$6,580	4	$3,000
11-Jan-20	21	$14,200	18	199	16	$1,020	5	$13,200
4-Jan-20	22	$6,400	11	119	16	$3,204	6	$3,245
28-Dec-19	22	$7,150	19	175	18	$6,800	4	$327.40
14-Dec-19	24	$36,300	23	167	19	$9,500	5	$26,800
7-Dec-19	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.50
23-Nov-19	16	$1,995	10	41	11	$615	5	$1,380
16-Nov-19	15	$3,820	13	135	11	$2,500	4	$1,271
9-Nov-19	25	$12,900	17	182	23	$12,200	2	$575
2-Nov-19	10	$2,470	12	61	9	2,450	3	$22
26-Oct-19	12	$5,560	14	70	11	$3,860	1	$1,700
19-Oct-19	8	$6,600	8	138	8	$6,600	0	0
12-Oct-19	19	$4,300	14	55	16	$3,800	3	$500
5-Oct-19	18	$14,500	19	166	15	$11,100	3	$3,400
28-Sep-19	19	$8,100	18	132	18	$7,560	1	$550
21-Sep-19	14	$6,300	16	66	11	$2,160	3	$4,170
14-Sep-19	15	$23,800	12	56	11	$21,250	4	$2,570
7-Sep-19	17	$3,500	15	98	14	$1,900	3	$1,600
31-Aug-19	5	$8,700	6	50	5	$8,700	0	0
24-Aug-19	16	$10,000	14	82	15	$4,250	1	$5,750
16-Aug-19	10	$1,680	5	52	7	$650	3	$950
9-Aug-19	17	$17,700	15	68	14	$3,900	3	$13,800
2-Aug-19	13	$5,760	12	108	13	$5,760	NA	NA
27-Jul-19	11	$7,300	13	76	8	$6,570	3	$730
20-Jul-19	13	$11,800	13	125	11	$5,300	2	$6,500
13-Jul-19	10	$775	7	46	8	$542.50	2	$233
6-Jul-19	7	$2,500	9	85	7	$2,500	0	0
29-Jun-19	23	$8,290	15	154	17	$2,300	6	$5,970
22-Jun-19	17	$10,700	10	139	14	$7,700	3	$3,000
15-Jun-19	11	$13,500	14	160	11	$13,500	NA	NA
8-Jun-19	13	$2,870	17	55	11	$1,570	2	$1,300
1-Jun-19	10	$4,460	11	60	8	$4,140	2	$315
25-May-19	17	$4,360	14	79	14	$3,700	3	$612
18-May-19	22	$9,000	17	150	16	$3,400	6	$5,600
11-May-19	18	$19,800	17	177	15	$18,300	3	$1,500
4-May-19	10	$7,075	6	32	8	$6,900	2	$175
27-Apr-19	15	$3,200	14	117	14	$3,160	1	$40
20-Apr-19	13	$13,500	10	90	9	$12,200	4	$1,300
13-Apr-19	16	$38,900	14	91	14	$37,800	2	$1,100
6-Apr-19	12	$6,870	11	94	10	$6,730	2	$50
30-Mar-19	15	$6,470	12	84	10	$7,91.5	5	$5,677
23-Mar-19	18	$6,450	14	91	14	$5,042	4	$1,408
16-Mar-19	14	$10,180	12	115	11	$8,800	3	$1,300
9-Mar-19	9	$1,800	6	49	8	$1,300	1	$500
2-Mar-19	20	$3,033	16	107	14	$1,817	6	$1,262
23-Feb-19	12	$2,040	8	69	9	$614.60	3	$1,430
16-Feb-19	16	$9,970	18	77	16	$9,970	0	0
9-Feb-19	14	$6,400	10	110	14	$6,400	0	0
2-Feb-19	18	$6,740	15	99	16	$5,720	2	$950
26-Jan-19	13	$2,770	11	67	11	$918.95	2	$1,850
19-Jan-19	15	$3,819	16	76	12	$2,594	3	$1,225
12-Jan-19	18	$7,283	14	92	15	$1,683	3	$5,600
5-Jan-19	10	$529	12	50	10	$529	0	0
22-Dec-18	17	$2,570	13	87	14	$941	3	$1,629
15-Dec-18	10	$2,860	8	26	8	$264	2	$2,600
8-Dec-18	15	$1,819	16	65	12	$552	3	$1,267
1-Dec-18	12	$7,500	10	90	9	$1,200	3	$6,200
28-Nov-18	15	$4,500	11	107	14	$4,000	1	$500
19-Nov-18	18	$6,137	13	98	13	$2,142	5	$3,995
14-Nov-18	18	$9,200	13	152	15	$8,500	3	$694
6-Nov-18	16	$17,300	16	183	14	$16,361	2	$950
29-Oct-18	14	$14,400	18	127	17	$13,800	1	$600
24-Oct-18	13	$6,140	13	126	11	$5,122	2	$1,018
17-Oct-18	18	$18,390	15	125	14	$12,292	4	$6,098
10-Oct-18	29	$3,149	18	104	20	$1,647	9	$819
2-Oct-18	18	$9,300	11	67	14	$7,300	4	$2,000
25-Sep-18	13	$7,000	11	75	10	$6,000	3	$995
18-Sep-18	9	$3,570	7	44	9	$3,570	0	0
11-Sep-18	13	$5,900	10	132	13	$5,900	0	0
7-Sep-18	14	$5,000	15	86	11	$4,000	3	$1,000
29-Aug-18	15	$20,700	14	79	13	$4,700	2	$16,000
20-Aug-18	10	$12,400	11	53	8	$11,380	3	$1,057
14-Aug-18	12	$19,900	12	132	9	$18,889	3	$1,011
7-Aug-18	16	$68,600	11	106	13	$67,259	3	$1,340
31-Jul-18	15	$15,100	15	95	11	$13,060	4	$2,060
23-Jul-18	13	$2,130	15	60	10	$1,804	3	$1,100
17-Jul-18	14	$5,370	17	98	9	$4,310	5	$1,100
9-Jul-18	16	$11,200	15	74	10	$11,080	6	$862
3-Jul-18	13	$7,000	7	81	12	$6,330	1	$750
25-Jun-18	15	$8,800	13	97	9	$4,970	6	$3,930
18-Jun-18	13	$14,200	14	80	7	$221	6	$14,290
11-Jun-18	12	$6,300	8	96	8	$5,910	4	$803
6-Jun-18	13	$14,500	10	88	8	$14,154	5	$579
31-May-18	11	$4,890	10	63	8	$3,240	3	$1,790
22-May-18	15	$20,400	11	63	9	$19,808	6	$885
15-May-18	15	$4,700	15	106	10	$3,900	5	$643
9-May-18	11	$1,400	13	88	9	$1,300	2	$560
1-May-18	8	$14,250	7	88	7	$13,400	1	$450
24-Apr-18	12	$5,300	6	61	11	$4,470	1	$800
17-Apr-18	9	$1,800	10	44	7	$2,330	2	$1,434
11-Apr-18	11	$2,500	8	32	6	$1,690	5	$809
3-Apr-18	15	$13,400	11	121	9	$12,020	6	$1,090
28-Mar-18	10	$4,000	10	92	7	$3,870	3	$215
19-Mar-18	17	$5,800	13	51	10	$590	7	$5,165
12-Mar-18	15	$3,130	11	43	11	$2,360	4	$788
6-Mar-18	19	$5,400	13	116	10	$1,530	9	$4,860
27-Feb-18	20	$6,600	13	69	14	$5,530	6	$1,030
19-Feb-18	15	$5,500	14	111	10	$3,990	6	$1,980
12-Feb-18	23	$10,900	17	157	12	$7,110	11	$3,840
5-Feb-18	16	$8,600	13	100	7	$1,330	9	$7,800
30-Jan-18	11	$12,600	11	68	5	$7,300	6	$4,982
24-Jan-18	19	$9,400	15	129	5	$2,010	14	$7,337
18-Jan-18	10	$6,280	8	49	2	$2,100	8	$4,188
9-Jan-18	12	$16,500	12	92	9	$15,890	3	$475
3-Jan-18	10	$2,500	9	47	8	$2,350	2	$150
27-Dec-17	15	$9,000	15	113	9	$7,568	6	$1,784
18-Dec-17	15	$13,800	16	164	9	$13,010	7	$1,118
11-Dec-17	14	$9,700	10	126	12	$2,940	4	$8,500
4-Dec-17	6	$1,800	6	31	5	$1,510	1	$300
28-Nov-17	7	$3,850	8	76	4	$3,260	3	$285
16-Nov-17	10	$2,700	10	48	6	$1,840	4	$856
8-Nov-17	15	$2,380	17	91	10	$1,860	5	$516
1-Nov-17	12	$4,700	17	94	9	$3,400	4	$1,300
23-Oct-17	15	$10,500	10	67	10	$9,780	4	$1,530
18-Oct-17	6	$2,000		37	3	$225	3	$1,820
10-Oct-17	12	$6,570		100	9	$3,880	3	$3,360
2-Oct-17	8	$3,100	11	19	3	$1,630	5	$1,750
25-Sep-17	8	$4,880	8	79	5	$2,660	5	$2,070
18-Sep-17	9	$4,770			3	$300	6	$4,470
12-Sep-17	11	$4,430			8	$2,030	3	$2,400
1-Sep-17	4	$1,310			3	$317	1	$1,000
23-Aug-17	11	$13,640	9		8	$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: Swedishgaming 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 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.

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.