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)
(Deal Values in Millions)
| Week Ending | Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | |
|---|---|---|---|---|---|---|---|---|
| December 2, 2023 | 13 | $6,720 | 9 | 57 | 12 | $6,630 | 1 | $90 |
| November 25, 2023 | 9 | $4,835 | 9 | 131 | 6 | $1,785 | 3 | $3,050 |
| November 18, 2023 | 22 | $6,568.7 | 17 | 184 | 14 | $4,709.2 | 8 | $1,859.5 |
| November 11, 2023 | 15 | $9,825 | 13 | 179 | 12 | $6,581 | 3 | $3,244 |
| November 4, 2023 | 15 | $20,582.5 | 14 | 193 | 12 | $19,417.5 | 3 | $1,165 |
| October 28, 2023 | 18 | $68,419.1 | 18 | 152 | 15 | $66,646 | 3 | $1,773.1 |
| October 21, 2023 | 16 | $6,755.9 | 16 | 165 | 15 | $6,755.9 | 1 | $3 |
| October 14, 2023 | 10 | $67,851.2 | 13 | 125 | 7 | $61,998.5 | 3 | $5,852.7 |
| October 7, 2023 | 17 | $6,595.5 | 13 | 228 | 16 | $5,995.5 | 1 | $600 |
| September 30, 2023 | 17 | $1,896.45 | 13 | 189 | 14 | $806.45 | 3 | $1,090 |
| September 23, 2023 | 23 | $6,432.7 | 17 | 230 | 16 | $1,402.8 | 7 | $5,029.9 |
| September 16, 2023 | 25 | $23,226.7 | 23 | 353 | 16 | $17,239 | 9 | $5,987.7 |
| September 9, 2023 | 12 | $6,369 | 8 | 102 | 7 | $4,311 | 5 | $2,058 |
| September 2, 2023 | 14 | $2,522 | 6 | 92 | 13 | $1,322 | 1 | $1,200 |
| August 26, 2023 | 17 | $12,160.25 | 13 | 202 | 15 | $ 6,573.25 | 2 | $ 5,587.00 |
| August 19, 2023 | 19 | $11,505 | 13 | 213 | 15 | $11,255 | 4 | $250 |
| August 12, 2023 | 19 | $9,698.8 | 13 | 184 | 7 | $3,270 | 12 | $6,428.8 |
| August 5, 2023 | 13 | $5,201 | 12 | 118 | 12 | $5,051 | 1 | $150 |
| July 29, 2023 | 15 | $21,031.6 | 13 | 196 | 11 | $18,292.0 | 4 | $2,739.6 |
| July 22, 2023 | 18 | $3,992 | 12 | 130 | 13 | $2,808 | 5 | $1,184 |
| July 15, 2023 | 13 | $8,254.95 | 13 | 81 | 13 | $8,254.95 | 0 | 0 |
| July 8, 2023 | 16 | $5,441.45 | 12 | 172 | 11 | $2,443 | 5 | $2,998.45 |
| July 1, 2023 | 16 | $6,872 | 10 | 105 | 12 | $5,474 | 4 | $1,398 |
| June 24, 2023 | 13 | $10,914 | 16 | 201 | 10 | $7,874 | 3 | $3,040 |
| June 17, 2023 | 17 | $5,880.7 | 15 | 151 | 15 | $4,705.7 | 2 | $1,175 |
| June 10, 2023 | 19 | $8,516.1 | 13 | 111 | 16 | $6,252.4 | 3 | $2,263.7 |
| June 3 2023 | 12 | $6,104.42 | 12 | 138 | 8 | $4,256.92 | 4 | $1,847.5 |
| May 27, 2023 | 17 | $12,200 | 10 | 67 | 11 | $6,165 | 6 | $6,035 |
| May 20, 2023 | 11 | $22,458.1 | 8 | 103 | 4 | $19,455 | 7 | $3,003 |
| May 13, 2023 | 12 | $7,034 | 10 | 101 | 8 | $5,460 | 4 | $1,574 |
| May 6, 2023 | 20 | $3,297.6 | 18 | 196 | 17 | $2,985.6 | 3 | $312 |
| April 29, 2023 | 23 | $3,691.2 | 18 | 135 | 17 | $1,969.7 | 6 | $1,721.5 |
| April 22, 2023 | 16 | $5,570 | 14 | 104 | 14 | $4,750 | 2 | $1,000 |
| April 15, 2023 | 12 | $23,818.1 | 9 | 59 | 10 | $21,618.1 | 2 | $2,200 |
| April 8, 2023 | 16 | $7,949 | 9 | 173 | 9 | $5,472 | 7 | $3,477 |
| April 1, 2023 | 21 | $18,676.7 | 12 | 175 | 11 | $10,926.7 | 10 | $7,750 |
| March 25, 2023 | 15 | $8,779.5 | 10 | 141 | 5 | $2,362 | 10 | $6,416.5 |
| March 18, 2023 | 7 | $14,048.8 | 6 | 69 | 5 | $13,345 | 2 | $703.8 |
| March 11, 2023 | 21 | $11,576 | 16 | 165 | 16 | $8,131 | 5 | $3,445 |
| March 4, 2023 | 20 | $9,668 | 11 | 228 | 16 | $8,209 | 4 | $1,459 |
| February 25, 2023 | 13 | $5,335 | 13 | 130 | 12 | $4,235 | 1 | $1,200 |
| February 18, 2023 | 14 | $5,743.7 | 13 | 158 | 8 | $898.7 | 6 | $4,845 |
| February 11, 2023 | 16 | $12,088 | 12 | 137 | 12 | $9,965 | 4 | $2,123 |
| February 4, 2023 | 17 | $8,066 | 15 | 140 | 13 | $5,614 | 4 | $2,452 |
| January 28, 2023 | 7 | $2,180 | 7 | 75 | 5 | $1,692.75 | 2 | $488 |
| January 21, 2023 | 17 | $5,768 | 16 | 174 | 12 | $1,918 | 5 | $3,850 |
| January 14, 2023 | 11 | $2, 800 | 10 | 102 | 8 | $421 | 3 | $2,400 |
| January 7, 2023 | 18 | $8,296 | 11 | 167 | 14 | $6,461 | 3 | $1,835 |
| December 31, 2022 | 14 | $2,732 | 11 | 99 | 12 | $2,092 | 2 | $640 |
| December 17 | 14 | $7,919 | 13 | 115 | 12 | $7,419 | 1 | $500 |
| December 10, 2022 | 14 | $10,093 | 12 | 88 | 11 | $7,093 | 3 | $3,000 |
| December 3, 2022 | 26 | $12,800.9 | 11 | 172 | 20 | $4,141 | 6 | $8,659.9 |
| November 26, 2022 | 8 | $2,266.7 | 8 | 5 | 3 | $76 | 5 | $2,190.7 |
| November 19, 2022 | 21 | $2,886 | 15 | 212 | 19 | $2,550 | 2 | $336 |
| November 12, 2022 | 13 | $15,093.7 | 9 | 81 | 9 | $14,200 | 4 | $893.7 |
| November 5, 2022 | 25 | 19,337.2 | 16 | 509 | 22 | $8,267.2 | 3 | $11,070 |
| October 29, 2022 | 15 | $7,805.3 | 9 | 116 | 14 | $7,180.3 | 1 | $625 |
| October 22, 2022 | 20 | $8,193.5 | 13 | 253 | 13 | $5,442 | 7 | $2,751.5 |
| October 15, 2022 | 9 | $3,046.1 | 9 | 139 | 7 | $2,588.3 | 2 | $457.8 |
| October 8, 2022 | 19 | $2,011.8 | 12 | 114 | 16 | $833.8 | 3 | $1,178 |
| October 1, 2022 | 23 | $5,532.9 | 16 | 156 | 18 | $4,952.3 | 5 | $580.6 |
| September 24, 2022 | 18 | $5,194 | 14 | 216 | 15 | $4,050 | 3 | $1,144 |
| September 17, 2022 | 21 | $8,352.3 | 12 | 320 | 15 | $4,759.6 | 6 | $3,592.7 |
| September 10, 2022 | 15 | $19,853.5 | 10 | 126 | 13 | $19,403.6 | 2 | $450 |
| September 3, 2022 | 9 | $2,312 | 9 | 62 | 9 | $2,312 | 0 | 0 |
| August 27, 2022 | 16 | $30,891.7 | 10 | 135 | 15 | $30,666.4 | 1 | 227.7 |
| August 20, 2022 | 12 | $1,977 | 8 | 152 | 9 | 925 | 3 | $1,052 |
| August 13, 2022 | 18 | $8,004.7 | 11 | 242 | 11 | $2,844.7 | 7 | $5,160 |
| August 6, 2022 | 24 | $7,948.9 | 12 | 240 | 17 | $3,577 | 7 | $4,371.9 |
| July 30, 2022 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
| July 23, 2022 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
| July 16, 2022 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
| July 9, 2022 | 10 | $3,557.7 | 7 | 68 | 9 | $3,557.7 | 1 | 0 |
| July 2, 2022 | 18 | $8,609.4 | 13 | 152 | 15 | $2,754.4 | 3 | $5,855 |
| June 25, 2022 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
| June 18, 2022 | 17 | $11,890.1 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
| June 11, 2022 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
| June 4, 2022 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
| May 28, 2022 | 9 | $3,197.6 | 11 | 86 | 9 | $3,197.6 | 0 | 0 |
| May 21, 2022 | 14 | $7,284.5 | 12 | 185 | 11 | $6,609 | 3 | $675.5 |
| May 14, 2022 | 11 | $306.6 | 9 | 80 | 10 | $306.6 | 1 | $225 |
| May 7, 2022 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
| April 30, 2022 | 16 | $2,296.5 | 16 | 157 | 12 | $895.5 | 4 | $1,401 |
| April 23, 2022 | 10 | $2,241 | 11 | 58 | 8 | $1641 | 2 | $600 |
| April 16, 2022 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
| April 9, 2022 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
| April 2, 2022 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
| March 26, 2022 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
| March 19, 2022 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
| March 12, 2022 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
| March 5, 2022 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
| February 26, 2022 | 12 | $5,095 | 8 | 149 | 9 | $4,437.5 | 3 | $658 |
| February 19, 2022 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
| February 12, 2022 | 12 | $2,344.7 | 10 | 73 | 8 | $641.7 | 4 | $1,703 |
| February 5, 2022 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
| January 29, 2022 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
| January 22, 2022 | 13 | $5,143.5 | 10 | 99 | 12 | $4,842.5 | 1 | $301 |
| January 15, 2022 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
| January 8, 2022 | 13 | $8,256.2 | 11 | 102 | 13 | $8,256.2 | 0 | 0 |
| January 1, 2022 | 9 | $1,273.8 | 6 | 50 | 9 | $1,273.8 | 0 | 0 |
| December 25, 2021 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
| December 18, 2021 | 26 | $7,325.2 | 15 | 193 | 18 | $3,640.2 | 8 | $3,685.2 |
| December 11, 2021 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
| December 4, 2021 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
| November 27, 2021 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.6 |
| November 20, 2021 | 20 | $22,792 | 15 | 157 | 12 | $18,864.5 | 8 | $3,928 |
| November 13, 2021 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
| November 6, 2021 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
| October 30, 2021 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103. |
| October 23, 2021 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.6 |
| October 16, 2021 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
| October 9, 2021 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
| October 2, 2021 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
| September 25, 2021 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
| September 18, 2021 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
| September 11, 2021 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
| September 4, 2021 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
| August 28, 2021 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
| August 21, 2021 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
| August 14, 2021 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
| August 7, 2021 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
| July 31, 2021 | 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 |
| July 17, 2021 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
| July 10, 2021 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
| July 3, 2021 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
| June 26, 2021 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
| June 19, 2021 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
| June 12, 2021 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
| June 5, 2021 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
| May 29, 2021 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
| May 22, 2021 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
| May 15, 2021 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
| May 8, 2021 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
| May 1, 2021 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
| April 24, 2021 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
| April 17, 2021 | 14 | $6,270 | 8 | 102 | 11 | $4,0180 | 3 | $2,260 |
| April 10, 2021 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
| April 3, 2021 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
| March 27, 2021 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.5 |
| March 20, 2021 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
| March 13, 2021 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
| March 6, 2021 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
| February 27, 2021 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
| February 20, 2021 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
| February 13, 2021 | 12 | $4,852.6 | 7 | 81 | 7 | 2,766 | 5 | $2,086.6 |
| February 6, 2021 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
| January 30, 2021 | 18 | $9,449 | 9 | 182 | 15 | $8753.8 | 3 | $695.3 |
| January 23, 2021 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
| January 16, 2021 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.9 |
| January 9, 2021 | 22 | $6,829 | 14 | 135 | 18 | $3,139.3 | 4 | $3,690 |
| January 2, 2021 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
| December 26, 2020 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
| December 19, 2020 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
| December 12, 2020 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
| December 5, 2020 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
| November 28, 2020 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
| November 14, 2020 | 14 | $864.1 | 14 | 157 | 12 | $289.1 | 2 | $575 |
| November 7, 2020 | 13 | $6,332 | 9 | 129 | 9 | $2,483.5 | 4 | $3,849 |
| October 31, 2020 | 10 | $3,995.8 | 8 | 103 | 6 | $3,231.1 | 4 | $754.7 |
| October 24, 2020 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
| October 17, 2020 | 8 | $351.9 | 5 | 55 | 8 | $351.9 | 0 | 0 |
| October 10, 2020 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
| October 3, 2020 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
| September 26, 2020 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
| September 19, 2020 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
| September 12, 2020 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
| September 5, 2020 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
| August 29, 2020 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
| August 22, 2020 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
| August 15, 2020 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
| August 8, 2020 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
| August 1, 2020 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
| July 25, 2020 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
| July 18, 2020 | 6 | $1,982.5 | 5 | 50 | 4 | $1,407.5 | 2 | $575 |
| July 11, 2020 | 11 | $565.1 | 12 | 75 | 10 | $65.1 | 1 | $500 |
| July 4, 2020 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.3 |
| June 27, 2020 | 8 | $6,874 | 10 | 50 | 5 | $4,972.5 | 3 | $2,081.5 |
| June 20, 2020 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
| June 13, 2020 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
| June 6, 2020 | 11 | $3,213.7 | 8 | 65 | 7 | $470 | 4 | $2,743.7 |
| May 30, 2020 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
| May 23, 2020 | 4 | $432.4 | 4 | 34 | 3 | $432.4 | 1 | 0 |
| May 16, 2020 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
| May 9, 2020 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
| May 2, 2020 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
| April 25, 2020 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
| April 18, 2020 | 19 | $9,500 | 14 | 92 | 8 | $185.7 | 11 | $9,360 |
| April 11, 2020 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
| April 4, 2020 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
| March 28, 2020 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
| March 21, 2020 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
| March 14, 2020 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
| March 7, 2020 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
| February 29, 2020 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
| February 22, 2020 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
| February 15, 2020 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
| February 8, 2020 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
| February 1, 2020 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
| January 25, 2020 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
| January 18, 2020 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
| January 11, 2020 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
| January 4, 2020 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
| December 28, 2019 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.4 |
| December 14, 2019 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
| December 7, 2019 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
| November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.5 |
| November 23, 2019 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
| November 16, 2019 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
| November 9, 2019 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
| November 2, 2019 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
| October 26, 2019 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
| October 19, 2019 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
| October 12, 2019 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
| October 5, 2019 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
| September 28, 2019 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
| September 21, 2019 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
| September 14, 2019 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
| September 7, 2019 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
| August 31, 2019 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
| August 24, 2019 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
| August 16, 2019 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
| August 9, 2019 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
| August 2, 2019 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
| July 27, 2019 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
| July 20, 2019 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
| July 13, 2019 | 10 | $775 | 7 | 46 | 8 | $542.5 | 2 | $233 |
| July 6, 2019 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
| June 29, 2019 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
| June 22, 2019 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
| June 15, 2019 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
| June 8, 2019 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
| June 1, 2019 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
| May 25, 2019 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
| May 18, 2019 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
| May 11, 2019 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
| May 4, 2019 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
| April 27, 2019 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
| April 20, 2019 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
| April 13, 2019 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
| April 6, 2019 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
| March 30, 2019 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
| March 23, 2019 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
| March 16, 2019 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
| March 9, 2019 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
| March 2, 2019 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
| February 23, 2019 | 12 | $2,040 | 8 | 69 | 9 | $614.6 | 3 | $1,430 |
| February 16, 2019 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
| February 9, 2019 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
| February 2, 2019 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
| January 26, 2019 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
| January 19, 2019 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
| January 12, 2019 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
| January 5, 2019 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
| December 22, 2018 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
| December 15, 2018 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
| December 8, 2018 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
| December 1, 2018 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
| November 28, 2018 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
| November 19, 2018 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
| November 14, 2018 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
| November 6, 2018 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
| October 29, 2018 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
| October 24, 2018 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
| October 17, 2018 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
| October 10, 2018 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
| October 2, 2018 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
| September 25, 2018 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
| September 18, 2018 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
| September 11, 2018 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
| September 7, 2018 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
| August 29, 2018 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
| August 20, 2018 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
| August 14, 2018 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
| August 7, 2018 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
| July 31, 2018 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
| July 23, 2018 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
| July 17, 2018 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
| July 9, 2018 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
| July 3, 2018 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
| June 25, 2018 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
| June 18, 2018 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
| June 11, 2018 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
| June 6, 2018 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
| May 31, 2018 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
| May 22, 2018 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
| May 15, 2018 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
| May 9, 2018 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
| May 1, 2018 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
| April 24, 2018 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
| April 17, 2018 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
| April 11, 2018 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
| April 3, 2018 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
| March 28, 2018 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
| March 19, 2018 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
| March 12, 2018 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
| March 6, 2018 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
| February 27, 2018 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
| February 19, 2018 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
| February 12, 2018 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
| February 5, 2018 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
| January 30, 2018 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
| January 24, 2018 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
| January 18, 2018 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
| January 9, 2018 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
| January 3, 2018 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
| December 27, 2017 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
| December 18, 2017 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
| December 11, 2017 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
| December 4, 2017 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
| November 28, 2017 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
| November 16, 2017 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
| November 8, 2017 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
| November 1, 2017 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
| October 23, 2017 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
| October 18, 2017 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
| October 10, 2017 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
| October 2, 2017 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
| September 25, 2017 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
| September 18, 2017 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
| September 12, 2017 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
| September 1, 2017 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
| August 23, 2017 | 11 | $13,640 | 9 | 8 | $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