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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, 12 Firms, 123 Lawyers, $7.6B

June 14, 2022 Claire Poole

Among the highlights of last week’s dealmaking activity was a pair of Williston Basin oil and gas asset purchases, first by Northern Oil and Gas Inc. and then by Devon Energy Corp. Kirkland was involved in both of them (Vinson & Elkins counseled Devon).

Why the Williston? On the face of it, oil is more attractive now at $120 a barrel and it’s easy to do business in petroleum-friendly North Dakota.

Andrew Dittmar, an analyst at Enverus, goes deeper. “I think the Williston is seeing a renaissance in M&A because buyers are hunting for assets that have strong existing production to capitalize immediately on current high prices and generate cash to return to shareholders,” he says. “As perhaps the most mature of the major oil shale plays, Williston assets tend to meet that need as being well developed.”

The basin also has had a strong roster of willing sellers, primarily from private companies that had previously invested in the play and are willing to sell at prices that are attractive to public buyers, he says. And while the list of acquisition targets is dwindling in the Williston, “I think we will still have more activity there before the year is out,” he predicts.

There were 17 deals for the week that amounted to $7.6 billion. That dollar value was up from the previous week’s total and down from the same period last year. Twelve firms and 123 Texas lawyers were involved in the action, which included 10 M&A/funding deals worth $2.3 billion and 7 capital markets/financing deals worth $5.3 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
31-May-202519$23,3811116612$18,6657$4,717
24-May-202515$24,0331112113$23,6242$409
17-May-202516$21,7601214511$18,6155$3,145
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/FUNDINGS

RimRock sells Williston Basin properties to Devon for $865M

Deal Description: RimRock Oil & Gas announced June 8 the sale of its leasehold interest and related assets in North Dakota’s Williston Basin to Devon Energy Corp. for $865 million in cash. RimRock is backed by Warburg Pincus, which invested $500 million in 2016. It acquired the bulk of its acreage in a $500 million acquisition from Whiting Petroleum in 2017. RimRock operates nearly 200 wells, including 64 drilled wells and over 130 acquired operating wells. The company has 38,000 net acres of land in the Williston. Devon said the acquisition is highly complementary to its position in the Williston and immediately accretive to its financially driven strategy. TPH called it a “solid deal” for Devon.

Expected closing: Q3 2022

RimRock’s Financial Advisor: Wells Fargo including Art Krasny and a new co-head of A&D that started last week, Carlos Santacruz (formerly of Goldman Sachs)

RimRock’s Outside Counsel: Kirkland & Ellis led by corporate partners Chris Heasley and Danny Nappier and associates Jonathan Strom and Matt Gibson with assistance from corporate partner Adam Larson; and debt finance partner Andy Veit, all from Texas

Devon’s In-House Counsel: Senior counsel Rachel Evans in Oklahoma City

Devon’s Outside Counsel: Vinson & Elkins led by partner John B. Connally, counsel Joclynn Townsend and associates John Larbalestier and Sebastian Devora, all in Houston

Investors commit $650M to largest green hydrogen platform

Deal Description: Haddington Ventures said June 9 it formed Haddington ESP I to provide construction equity for projects developed by the Advanced Clean Energy Storage Joint Venture, which claims to be the largest green hydrogen platform in the world. The investors in Haddington ESP are Alberta Investment Management Corp., GIC, Manulife Financial Corp. and Ontario Teachers’ Pension Plan Board, which initially committed $650 million in equity and may increase their investment to $1.5 billion. With the funding, construction can begin this June and operations are scheduled to begin in 2025. ACES Delta, a joint venture between Mitsubishi Power Americas and Haddington-backed Magnum Development, is developing a storage hub near Delta, Utah, with electrolyzer capacity to produce up to 100 metric tonnes per day of green hydrogen under a long-term contract with the Intermountain Power Agency. The initial funding will finance a project to use renewable energy resources to power 220 megawatts of electrolyzers that will be stored in salt-dome storage caverns and made available on demand to IPA, which plans to use it in its combined-cycle natural gas plant to generate electricity.

Haddington Venture’s Outside Counsel: Willkie Farr & Gallagher led by partner Archie Fallon in Houston

ACES Delta Investors’ Outside Counsel: Sidley Austin including energy partner Tim Chandler, managing associate Cedric Seley III and associates Austin Jacobs and Jack Messer, all of Houston

Japan’s Sekisui House to acquire Chesmar Homes for $514M

Deal Description: Osaka, Japan-based Sekisui House Ltd. announced June 9 that it agreed to acquire all of the equity interest in Houston-based Chesmar Homes and related companies CLM Mortgage Inc., N Title Inc. and Entitled Insurance Agency Inc. from Chesmar Group Inc. for $514 million. Chesmar owns more than 6,000 home lots and closed on 2,082 home sales in 2021 in Dallas-Fort Worth, Houston, San Antonio and Austin, reaching about $810 million in net sales last year. Sekisui House previously acquired other large U.S. homebuilders, including Utah-based Woodside Homes Co. in 2017 and Holt Group Holdings LLC of Vancouver, Wash., in 2021, according to the Dallas Morning News.

Sekisui House’s Financial Advisors: Citi and Hearthstone

Sekisui House’s Outside Counsel: Morrison & Foerster (partner Randy Laxer in Tokyo)

Chesmar’s Outside Counsel: Paul, Weiss, Rifkind, Wharton & Garrison (led by corporate partner Jeffrey Marell in New York) and Krage & Janvey in Dallas

NOG buys Williston Basin bolt-on for $170M

Deal Description: Northern Oil and Gas Inc. announced June 7 that it agreed to acquire non-operated interests in the Williston Basin for $170 million in cash. The seller, who was not disclosed, may earn an additional $5 million in contingent payments in 2023 if WTI oil prices exceed $92.50 on Dec. 30. NOG expects to fund the deal with cash on hand, operating free cash flow and borrowings under its revolver. At closing, production on the assets is expected to be more than 2,300 barrels of oil per day and NOG expects average production of 2,500 barrels per day over the next 12 months post-closing. NOG expects to spend $15 million this year on the assets, which the company said have lower operating costs than its existing properties. The assets are primarily in Dunn, McKenzie and Williams Counties, North Dakota, and include 3,500 acres, 9.2 net producing wells, 2.6 net wells-in-process and 14.9 net engineered economic undeveloped locations. The properties are operated primarily by Marathon Oil, Continental Resources and ConocoPhillips and NOG owns interests in half of the acquired property value.

NOG’s Outside Counsel: Kirkland & Ellis led by partners David Castro and Rahul Vashi in Houston

NOG’s Financial Advisor: Raymond James

Andros Capital launches mineral platform with $122M acquisition

Deal Description: Andros Capital Partners announced June 7 that its affiliate Andros Minerals agreed to acquire a portfolio of mineral and royalty interests in the Midland Basin, Delaware Basin and Eagle Ford Shale for $122 million. The private seller was undisclosed.

Buyer’s Outside Counsel: Gibson Dunn led by partner Michael Piazza in Houston and including counsel Adam Whitehouse and associates Chris Atmar and Samantha Astrich, also of Houston; partner Michael Cannon in Dallas advised on tax

Corsair acquires HungerRush from CapStreet

Deal Description: Private equity firm Corsair announced June 1 it bought a majority stake in HungerRush from CapStreet Group for undisclosed terms. The Houston company is a provider of cloud-based point-of-sale system for restaurants.

Seller’s Outside Counsel: Houston partner Angela Olivarez, first at Willkie and then at O’Melveny, and Willkie partner Bill Gump in New York. The Willkie team also included partners Mark Holdsworth in New York and Robert Jacobson in Houston, counsel Jill Grant in New York and Houston associates Aaron Savella, Brandon Schumacher and Tyler Kuhn.

Buyer’s Outside Counsel: Simpson Thacher partner Sebastian Tiller in New York

Management Equityholders’ Outside Counsel: Hogan Lovells partner Mark Kurtenbach in Denver

Sterling’s Frontline Road Safety buys Ozark Striping’s pavement marking operations

Deal Description: Frontline Road Safety, a portfolio company of Houston-based the Sterling Group, announced June 1 the acquisition of the pavement marking contracting operations of Ozark Striping Co. Terms weren’t disclosed. Frontline’s operating companies provide pavement marking and ancillary services to end markets and customers. The Ozark transaction marks Frontline’s eighth acquisition since the platform was established in July 2020. The target is headquartered in Ozark, Ala. Typical enterprise values of Sterling’s companies range from $100 million to $750 million at their initial formation. 

Buyer’s Outside Counsel: Willkie Farr & Gallagher led by partner Ryan Giggs in Houston 

CCS Fundraising secures investment from Abry Partners

Deal Description: Shearman & Sterling announced June 7 that it counseled CCS Fundraising on its investment from Abry Partners to accelerate the company’s growth. Terms were not disclosed for the investment, which was announced May 24. Headquartered in New York with offices around the globe, CCS claims to be the world’s leading fundraising consulting firm. For 75 years, CCS claims it has empowered nonprofit organizations across all sectors in their efforts to advance causes and plans and implements initiatives that help them strengthen their impact.

Shearman’s team: Led by partners Creighton Condon in New York and Alain Dermarkar in Dallas and including Michael Walraven, Efren Lemus and John Kurtz, also of Dallas

CCS Fundraising’s Financial Advisor: William Blair & Co.

Abry’s Financial Advisor: BrightTower

Abry’s Outside Counsel: Kirkland & Ellis

BHP, Shell finalize an exchange of deepwater Gulf of Mexico acreage

Deal Description: BHP Billiton Petroleum (Deepwater) Inc. and Shell Offshore Inc. finalized an exchange of acreage in the deepwater Gulf of Mexico, which included 46 leases across 265,000 acres. Shortly afterwords, BHP’s oil and gas portfolio was acquired by Woodside Petroleum Ltd. in a separate merger. Post-lease exchange, Woodside will operate 20 leases and Shell will operate the remaining 26 leases, with Woodside keeping a significant non-operated position in each of the Shell-operated leases. As a result of the transaction, Woodside expanded its footprint of exploratory acreage in the offshore Gulf of Mexico.

BHP’s Outside Counsel: Latham & Watkins with a corporate deal team led by partners Mike King and Justin Stolte and associate Ashley Nguyen with assistance from associates Sam Bentley and Joseph Kmetz. Advice was provided on tax matters by partner Bryant Lee with associate Marianne Standley.

Sempra inks deal with TotalEnergies, Mitsui, Mitsubishi for carbon project

Deal Description: Sempra Infrastructure, a unit of Sempra, announced May 23 it signed a participation agreement with TotalEnergies, Mitsui & Co. Ltd. and Mitsubishi Corp. to develop the proposed Hackberry Carbon Sequestration project in Southwest Louisiana. The agreement contemplates that the combined Cameron LNG Phase 1 and proposed Phase 2 export projects would potentially serve as the anchor source for the capture and sequestration of carbon dioxide by the HCS project. It also provides the basis for the parties to enter into a joint venture with Sempra Infrastructure for the project. Last year, the project filed an application for a Class VI Injection well permit from the U.S. Environmental Protection Agency for permanent storage of up to 2 million tonnes per year of CO2.  The project faces risks and uncertainties, including signing additional project-related agreements, securing all necessary permits and reaching a final investment decision.

Mitsubishi/Diamond Gas North America Corp.’s Outside Counsel: Vinson & Elkins led by partners Shay Kuperman and Doug Bland, senior associate Stephanie Coco and associate Darren Fox.

CAPITAL MARKETS/FINANCINGS

Kinetik completes $4.25B refinancing

Deal Description: Kinetik Holdings Inc. announced June 8 that it successfully completed its comprehensive refinancing consisting of a new, five-year $1.25 billion unsecured revolving credit facility, a new three-year $2 billion unsecured term loan A facility and $1 billion 5.875 percent sustainability-linked senior notes due 2030. Kinetik used the net proceeds from the refinancing to repay and retire all existing consolidated debt facilities and will subsequently redeem its Series A Preferred in full by year-end 2022. The senior notes are payable on June 15 and December 15 of each year. The first interest payment will be made on Dec. 15, 2022.

Issuer’s Outside Counsel: Vinson & Elkins led by partners Doug McWilliams, David Stone and Scott Rubinsky, with assistance from senior associates Alex Lewis and Caitlin Snelson and associates David Smith, Dean Dixon and Autumn Simpson. Also advising were partners Wendy Salinas and John Lynch, senior associate Brian Russell and associates Adam Bateman and Jeff Slusher (tax); associate Taylor Daily (finance); partner Damien Lyster and associate Bree Sinclair (energy regulatory); partner Shane Tucker, counsel Dario Mendoza and associate Mary Daniel Morgan (executive compensation/benefits); and partners Margaret Peloso and Matt Dobbins and associate Kelly Rondinelli (environmental)

Initial Purchasers’ Outside Counsel (on the Senior Notes): Latham & Watkins led by Houston partner Trevor Lavelle with Houston associates Om Pandya, Ziyad Barghouthy, Jacob Weiner, Janhavi Das and Brian Bruzzo. Advice was provided on finance matters by Houston partner Pamela Kellet with Houston associates Brian Flynn and Kirby Swartz; on tax matters by Houston partner Tim Fenn with Houston associates Christine Mainguy and Dominick Constantino; and on environmental matters by Los Angeles counsel Josh Marnitz.

CenterPoint offers $500M in senior notes

Deal Description: On June 9 CenterPoint Energy Resources Corp., an indirect, wholly-owned unit of CenterPoint Energy Inc., announced the closing of its offering and sale of $500 million of 4.4 percent senior notes due 2032. The net proceeds will be used for general corporate purposes, including to repay intercompany debt owed to CenterPoint Energy. BofA Securities, Goldman Sachs & Co., PNC Capital Markets, U.S. Bancorp and Comerica Securities were representatives and joint bookrunners. Bancroft Capital and Siebert Williams Shank were co-managers. CenterPoint Energy Resources owns and operates natural gas distribution systems in four states with operating subsidiaries that own and operate permanent pipeline connections through interconnects with interstate and intrastate pipeline companies. It provides temporary delivery of liquefied natural gas and compressed natural gas throughout the contiguous 48 states.

CenterPoint’s Outside Counsel: Baker Botts including corporate partners Tim Taylor and Clint Rancher and associates Josh Gonzales and Rob Cowan, all of Houston. On tax: Mike Bresson (partner, Houston); Josh Mandell (partner, Dallas); Jon Lobb (partner, Houston) and Jared Meier (senior associate, Houston)

Outside Counsel to the Underwriters: Hunton Andrews Kurth including partner Pete O’Brien in New York

EnerVest sells shares in Magnolia for $203.6M

Deal Description: Publicly traded Magnolia Oil & Gas Corp. closed June 6 the previously announced underwritten block trade of 7.5 million shares of its Class A common stock by affiliates of EnerVest Ltd., resulting in gross proceeds of $203.6 million. Magnolia intended to purchase from the selling stockholders 2 million shares of its Class B common stock at a price per share equal to the price the underwriter purchased shares of its Class A Common Stock. EnerVest will own 10.9 million Class A and 28.7 million Class B shares of Magnolia, or roughly 18 percent of its outstanding shares. Magnolia didn’t sell any shares and didn’t receive any proceeds from the sale. Morgan Stanley is acting as the sole book-running manager for the offering. 

Magnolia’s Outside Counsel: Kirkland & Ellis led by Houston capital markets partners Matt Pacey and Michael Rigdon and associates Billy Vranish, Kristin Kluding and Robbie Dillard; and Dallas and Houston tax partner David Wheat and Houston associate Courtney Loyack.

Morgan Stanley’s Outside Counsel: Baker Botts including corporate partners Doug Getten and Clint Rancher, senior associate Garrett Hughey and associates Parker Hinman and Chandler Block, all in Houston; also Houston tax partner Jon Lobb, Dallas employee benefits partner Jason Loden, Houston global projects special counsel Luke Burns and Houston environmental partner Scott Janoe

Broadway issues $150M of preferred stock to U.S. Treasury

Deal Description: Broadway Financial Corp. announced June 7 that the company completed a private placement of $150 million of Senior Non-Cumulative Perpetual Preferred Stock, Series C, to the U.S. Treasury Department under the Emergency Capital Investment Program. The program is meant to invest $8.7 billion into community development financial institutions and minority depository institutions to provide funding for small and minority-owned businesses and consumers in traditionally underserved markets, such as low-to-moderate income communities, that may have been hurt by the economic effects of the COVID-19 pandemic. The initial dividend rate is zero percent for the first two years after issuance, the floor dividend rate after that is 0.50 percent and the ceiling dividend rate is 2 percent. The investment is intended to qualify as Tier 1 capital and Broadway said the issuance won’t impact its book value per common share.

Broadway’s Outside Counsel: Gibson Dunn led by partner Hillary Holmes in Houston and included associate Andria Montoya Iles in Denver

Gran Tierra Energy exchanges $133M of notes for new notes

Deal Description: Calgary, Alberta-based Gran Tierra Energy Inc. announced June 7 the early participation results of its previously announced offers to eligible holders to exchange any and all of the outstanding 6.25 percent Senior Notes due 2025 issued by Gran Tierra Energy International Holdings Ltd. on February 15, 2018 and any and all of the outstanding 7.750 percent senior notes due 2027 issued by the company on May 23, 2019. The total amount tendered came to about $133 million.

Gran Tierra’s Outside Counsel: Gibson Dunn led by Houston partner Hillary Holmes and includes Dallas partner Doug Rayburn and Houston associates Robbie Hopkins, Stephen Berg, Brian Downs, Zain Hassan and Matthew Goldstein; Houston partner Shalla Prichard advised on financing

Prime Number Acquisition I Corp. closes $64.5M IPO

Deal Description: Winston & Strawn said June 7 it represented the underwriter in connection with Prime Number Acquisition I Corp. in the closing of its previously announced initial public offering. The IPO closed May 17. Prime Number Capital and WestPark Capital Inc. were joint book running managers.

Winston & Strawn’s team: Led by partner Mike Blankenship in Houston and including partners James Brown and Douglas Lionberger and associates Robbie Oakes, Alexandra Santana, Kate Schorken, Ben Smolij and Alexander Tanner, also of Houston

Southwest Bancshares places $35M in subordinated notes

Deal Description: Southwest Bancshares Inc. privately placed $35 million of 5 percent fixed-to-floating rate subordinated notes due 2032. Piper Sandler & Co. was the sole placement agent. Southwest Bancshares, the bank holding company for Texas Partners Bank, had more than $2 billion in assets as of March 31. Texas Partners Bank operates in its Central Texas markets under the names the Bank of San Antonio, the Bank of Austin and Texas Hill Country Bank. Texas Partners Bank began in 2007 and operates 11 branches in the greater San Antonio, Austin and Texas Hill Country areas. The institution offers traditional banking products to retail and institutional customers with a focus on business banking.

Piper Sandler’s Outside Counsel: Bracewell including Houston partner Will Anderson and associates Shannon Baldwin and Alexandra Crai

Issuer’s Outside Counsel: Fenimore Kay Harrison led by partners Chet Fenimore and Brent Standefer and associate Will Wilson 

Claire Poole

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

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