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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, 150 Lawyers, $8.4B

October 13, 2024 Allen Pusey

Last week, Chevron Corp. announced its $6.5 billion divestiture of a couple of oil sand and shale assets in Canada, which is something it pledged to do in its 2023 10-K.

No outside Texas law firms were involved, but it’s something we care about because the company is on the verge of moving its C-Suite this year from San Ramon, Calif., to Houston, where 7,000 of its employees already reside.

But one thing that will not likely happen this year is a closing on Chevron’s $53 billion acquisition of Hess Corp., a massive strategic move by the company announced a year ago next week. Standing in the way is their soon-to-be Texas co-tenant Exxon Mobil, the third largest energy company by revenue in the world. And given recent movements both for and against a timely consummation, it seems a good time to catch up with the status of the merger, which now appears will remain in limbo until well into 2025.

Two weeks ago, the Federal Trade Commission approved the proposed merger. The victory for Chevron, however, was bittersweet. One of the FTC covenants in their approval was that John Hess, CEO of the corporation named after his father, would not be allowed on the Chevron board.

The FTC beef against Hess, embodied in a 10-page complaint, was his cozy relationship with OPEC, primarily through former OPEC Secretary General Mohammad Barkindo. The complaint, which redacted quotes from private communications, alleges that Hess historically and repeatedly lobbied OPEC to use their influence over member production to stabilize oil prices driven downward by the glut of US shale oil.

Although it was a provision of the merger agreement, Chevron and Hess consented to a 10-year ban, which allows Hess, nonetheless, to be retained as an advisor in two specific areas: a Salk Institute carbon capture initiative and Hess assets in Guyana. And it’s an Exxon claim to a burgeoning petro-jackpot amidst the latter, now before a tribunal of the International Chamber of Commerce in Paris, that presents the most serious threat to a Chevron/Hess close.

Key to the Hess merger with Chevron is a minority stake in a JOA exploring the Stabroek Block, an offshore field off the coast of Guyana that boasts some of the most promising reserves discovered in decades. The 30 percent stake in the JOA was purchased by Hess from Shell in 2014 and is now coveted not only for an unanticipated volume of reserves, but for the break-even cost of production — expected to be 1.2 million bopd by 2027 — which has proved roughly half that of shale.

But the JOA includes a 25 percent stake owned by CNOOC, China’s global offshore investor, and a 45 percent stake owned by Exxon, which has operated development in the field.

Put simply, Exxon maintains that under the JOA, created in 2008, the proposed merger triggers a right of first refusal, allowing the JOA partners to purchase the Hess stake. Hess maintains that a change in corporate ownership has no effect on the ROFR and would only be triggered by a sale of the actual asset. Exactly, Exxon argues, and the sale of Hess is little more than an asset sale masking as a merger to avoid the ROFR.

Ownership of the Stabroek Block was, without doubt, an essential element of the merger. And in recent S-4 filings on the matter, Chevron says as much. On Feb. 26, as the sides were still in discussions to avoid arbitration, Chevron made its required regulatory warning about the possibility of a closing failure:

“If the discussions with Exxon and CNOOC do not result in an acceptable resolution and arbitration (if pursued) does not result in a confirmation that the Stabroek ROFR is inapplicable to the merger, then there would be a failure of a closing condition under the Merger Agreement, in which case the merger would not close … “

Chevron signed off the disclosure with a figurative happy face, saying neither Chevron or Hess believe “there is any material likelihood that the circumstances described in this paragraph will occur.” On March 6, nine days later, Exxon filed with the ICC for arbitration on the matter.

Welcome to Texas.

The week ending Oct. 12, saw 17 deals valued at $8.4 billion. As you can see in the table below, neither the volume nor value number reaches the level of 22 deals for $22.1 billion for the week prior. Last year at this time we saw $68 billion across a volume of 14 deals. But that included the $59.5 billion Exxon Mobil acquisition of Pioneer Natural Resources on the M&A side and a $4 billion senior notes issue among the five CapM deals.

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

Chevron sheds oil sands, shale properties in Canada for $6.5B

Deal Description: Chevron Canada Limited, an indirect subsidiary of Chevron Corporation, announced Oct. 7 that it is selling a package of properties in Alberto to Canadian Natural Resources Limited: their 20 percent non-operated interest in the Athabasca Oil Sands Project and their 70 percent operated interest in the Duvernay shale. The $6.5 billion all-cash transaction has an effective date of Sept. 1, 2024, and is expected to close later this calendar year. The company had pledged specifically last year to sell both assets as part of a $10-$15 billion initiative to narrow its global focus. The Athabasca project and its associated carbon capture and storage development sought to extract bitumen from oil sands to be upgraded into synthetic oil, with CO2 emissions capture by the CCS installation. Chevron reported 261 wells tied into production facilities across the Duvernay at the end of 2023. Together, the two assets contributed 84,000 boed of production to Chevron in 2023.

Outside Legal Counsel for Chevron: A&O Shearman advised on antitrust issues led by partners David Higbee in Washington, D.C. and Jonathan Chen in New York.

Blue Owl to acquire IPI Partners for $1B

Deal Description: Asset manager Blue Owl Capital announced Oct. 7 its acquisition of IPI Partners from affiliates of ICONIQ Capital and Iron Point Partners for $1 billion in equity and cash. The deal is expected to close in late 2024 or early 2025. IPI Partners, founded in 2014 as a joint venture between ICONIQ and Iron Point, is a Chicago-based manager of digital infrastructure funds. They currently hold investments in 25 markets across North America, Europe and Asia-Pacific where they buy, develop and operate data centers and connected or adjacent market assets. IPI’s portfolio includes 82 such data centers with 2.25GW of leased capacity. Under terms of the transaction, as announced, ICONIQ and Iron Point will receive 20 percent of the purchase price in cash and the remainder in the form of Blue Owl stock.

Financial Advisors to Blue Owl: Deutsche Bank Securities, J.P. Morgan Securities, Morgan Stanley, Societe Generale and TD Securities

Blue Owl Outside Legal Counsel: Kirkland & Ellis

Financial Advisors to Iron Point: Berkshire Global Advisors

IPI Outside Legal Counsel: Gibson Dunn & Crutcher with a corporate team led by partners Shukie Grossman in New York and Michael Piazza in Houston, and includes partners Andrew Friedman, Jesse Myers and Carlos Soto; of counsel Patrick Cowherd, Tyler Cox and David Koch-Weser; and associates Héctor González Medina, Robert Harrington, Houston Morgan, Rachel Spinka, Elise Widerlite and Jeff Xu.

Other team members included: partner Brian Kniesly and associates Duncan Hamilton and Nathan Sauers (Tax); partner Attila Borsos and associates Molly Heslop and Elsie Stone (Antitrust); partner Cassandra Gaedt-Sheckter and associates Ruby Lang and Peter Moon (Data Privacy); partner Michael Collins (Employee Benefits); partner Meghan Hungate (Intellectual Property); partner Kevin Bettsteller (Investment Funds Regulatory); and partner Stuart Graiwer and associate Ryan Dosh (Real Estate).

Mytheresa to acquire Yoox Net-A-Porter in $608M deal with Richemont

Deal Description: Neiman Marcus ecommerce spin-off Mytheresa announced Oct. 7 that it has agreed to acquire the online fashion and accessories business Yoox Net-A-Porter in a stock exchange agreement with Richemont, owners of YNAP. Under the agreement Richemont will sell YNAP with a no-debt cash position of $608.5 million (€555 million) and all shares of YNAP in exchange for a 33 percent interest in MyTheresa in the form of newly issued shares. In addition, Richemont will be providing a six-year €100 million credit facility to finance YNAP’s corporate needs during its integration into MyTheresa.

Outside Counsel for Mytheresa: Baker McKenzie served as co-counsel with a transnational team led by partners Bernhard Trappehl in Munich and Roger Bivans in Dallas with Rebecca Kuipers-Zimmerman in Amsterdam and Francesco Pisciotta in Milan. The team also includes partner Tim Alferink (Amsterdam) and associates Willem Jan Treuren (Amsterdam), Renske Boesten (Amsterdam), Casper Henschen (Amsterdam),) and Laila Kouchi (Amsterdam); and counsel Davide Chiesa (Milan).

Note: Neiman Marcus Group spun off Mytheresa in a January 2021 IPO that valued the company at $2.2 billion.

Austin-based Driver nets $8M in Google-led seed round

Deal Description: Driver, an Austin-based developer/provider of tech documentation simplification tools, raised $8 million in seed funding led by a Google venture capital fund (GV), along with Y Combinator. The company’s AI-driven software claims to reduce technical specifications into easy-to-read descriptions and instructions for the development of user manuals and technical handbooks for a variety of products. The said the seed round will be used to fuel expansion of its engineering team and to aggressively build and commercialize the company’s planned product lines.

Permian’s Imperative Chemical Partners acquires Performance Chemical

Deal Description: Imperative Chemical Partners, a Midland-based provider of completion fluids and acid stimulators for drilling operations, announced Oct. 4 its acquisition of cross-town-headquartered Performance Chemical Company, a provider of proprietary chemicals for the operations and maintenance of midstream pipelines and oil wells. Terms were not disclosed. The acquisition is the second this year for Imperative. In March, Imperative acquired Western Chemical, a Utah-based chemical provider for Uinta Basin upstreams. Backed by Hastings Equity Partners, Imperative itself was formed in 2018 with the merger of WadeCo Specialties, Impact Chemical Technologies and FloCap Injection Services.

Financial Advisor to Imperative: PPHB

Imperative’s Outside Legal Counsel: Locke Lord with a team led from Providence by partners Andrew Capalbo, Nicole Chakraborty and Jeff Kennedy. The team also included Tammy Woffenden, Ashley Wheelock (both of Austin), Julie Dziobak, Michael Harrison (both of Boston), Jennifer Garner, Peter Wynacht, Ken Suh (all of Chicago), Susan Rainey, Chris Schrauff, Robin Shaughnessy, Richard Franchek, Jack Dougherty (all of Dallas), Lauren Doughty, Laura L. Ferguson, Ed Razim, Emma Bennett, Andrew Nelson (all of Houston), Nick Jennings (London), Sean Fifield (Los Angeles), Barry Bendes, Megan Clifford (both of New York) and Jaremi Chilton (San Francisco).

KKR acquires The Parking Spot

Deal Description: Private investment behemoth KKR announced Oct. 8 that it has acquired The Parking Spot, owners and operators of near-airport parking facilities at 47 locations across the U.S. The acquisition was made from affiliates of Green Courte Partners, a private real estate firm headquartered in Chicago. KKR made the investment, the terms of which were undisclosed, through its affiliate Global Infrastructure Strategy.

KKR Outside Legal Counsel: Simpson Thacher & Bartlett with a team led from Houston by partners Breen Haire and Shamus Crosby, Counsel Ana Sanchez, and Associates Mark Kunzman, Andrew Kingsbury, Gavin Jaco, Matt Warren and Andrew Waldeck (Houston – M&A); Partner Brian Steinhardt, Counsel Miju Damodar (Houston), and Associates Brandon Barton (Houston) and Adam Danciu (Houston)(Finance); Partner Nancy Mehlman and Associate Matthew Lester (Tax); Partner Scott Kobak, Senior Counsel Krista McManus, Counsel Dennis Loiacono and Associate Austin Hart (Washington, D.C.)(Real Estate); Partner Marisa Geiger, Counsel Ron Ben-Yehuda (Los Angeles), and Associates Bobbie Burrows and Christian Bond (Intellectual Property); Partner David Rubinsky and Associate Warsame Elmi (Executive Compensation and Employee Benefits); and Partner Peter Guryan and Associate Daniel Owsley (Antitrust).

Drilling Tools International acquires European specialty toolmaker

Deal Description: Drilling Tools International, a Houston-based oil field services company, announced Oct. 3 the acquisition of European Drilling Projects. EDP is a provider of stabilizer, specialty reamers and wellbore technologies based in Amsterdam. In particular, EDP is best known within the industry for development of the Fixedblade stabilizer, designed to limit clay-balling and torque, drag and torsional vibration, all common causes for borehole enlargement and downhole equipment failures. Terms of the acquisition were undisclosed.

DTI Outside Legal Counsel: A Winston & Strawn team led from Houston by partner Mike Blankenship with associate Jon Bodle, counsel Ben Smolij and associates Jacob Botros and John Niedzwiecki, all of Houston, along with associate Precious Nwankwo of New York and partner Andrew Betaque of Dallas.

Orgis Energy secures tax equity commitment for Mississippi solar project

Deal Description: Origis Energy announced Oct. 2 that it has secured at tax equity commitment from J.P. Morgan for a solar project in Lowndes County, Miss. An initial funding of the commitment, whose value is undisclosed, was made along with the commitment. The investment funds the completion of Golden Triangle I, a 200 MWac solar project with 50 MW of battery storage under a power purchase agreement with the Tennessee Valley Authority (TVA), to deliver clean energy and grid resiliency at competitive rates. Golden Triangle I is one of four Origis projects in Mississippi for TVA, with a total capacity of 750 MWac + 350 MW of battery storage. The tax equity agreement leverages the Investment Tax Credit incentives of the Inflation Reduction Act.

Origis Outside Legal Counsel: Latham & Watkins LLP advised Origis Energy in the transaction with a team led by New York partner Kelly Cataldo and Houston partner Jim Cole. Project development and finance advice was provided by Los Angeles counsel Stephen Yeh, with associates Yoon Lee, Phil Goldberg and Julia Gabriel. Advice was also provided on energy regulatory matters by Washington, D.C. partner Tyler Brown, with associate Richard Griffin, and on tax matters by associate Michael Zucker.

J.P. Morgan Outside Legal Counsel: Hunton Andrews Kurth

Ullico acquires majority interest in water pipeline serving San Antonio

Deal Description: Ridgewood Infrastructure announced Oct. 7 the sale to Ullico Infrastructure Fund of its majority interest in the Vista Ridge water pipeline. The Vista Ridge water pipeline delivers approximately 20% of San Antonio’s fresh water under a long-term concession agreement with the San Antonio Water System (SAWS). Operating under a 30-year agreement, the 142-mile pipeline provides water to San Antonio from the Carrizo-Wilcox aquifer in Burleson County northeast of San Antonio. Ullico Infrastructure is a fund managed by Ullico Investment Advisors, a Washington, D.C. asset management firm. Terms of the acquisition were not disclosed.

Financial Advisor to Ullico: Mizuho Greenhill

Ullico Outside Legal Counsel: Mayer Brown team was led by partners Jason Wagenmaker and Josh La Vigne in Chicago, along with partner Phil Lau in Houston, partner Gaby Sakamoto in Washington D.C., and JoonBeom Pae in New York and counsel Jeromy Cannon in Chicago.

Note: Beginning operations in 2020, Vista Ridge is the largest operating water public-private partnership in the U.S.

Turnspire Capital Acquires GHP Group

Deal Description: Turnspire Capital Partners announced Oct. 2, the acquisition of GHP Group Inc., a provider of consumer outdoor living and indoor heating products. Headquartered in Niles, Ill., GHP designs, sources and supplies patio heaters, fireplaces, portable heating products, barbecue grills, and water dispensers, including such popular brands as Dyna-Glo, Bond, Pleasant Hearth, and Vitapur. GHP’s customer base includes major home centers, hardware stores, and online retailers. Based in New York, Turnspire is an investor in a wide variety of industry niches. Its current portfolio platforms includes niche investments in engineered specialty products, proprietary nutritionals, mining and industrial equipment and water/wastewater treatment and maintenance.

Financial Advisors to Turnspire: William Blair & Company

Turnspire Outside Counsel: Willkie Farr & Gallagher counseled Turnspire with a team led from New York by partner James Claire, but included Houston partners Aaron Savella and Yaniv Maman and Chicago partner Melainie Mansfield.

Vista-backed Duck Creek acquires Risk Control Technologies

Deal Description: Duck Creek, a digital insurance services portfolio company of Austin-based Vista Equity Partners, announced Oct. 10, its acquisition of Risk Control Technologies. Headquartered in Toronto, RCT is an AI-driven risk management and loss control, and Duck Creek CEO Mike Jackowski says the strategic investment, details of which were undisclosed, is meant to advance and enhance the reach of automated risk assessment and management as part of existing underwriting diligence as whole new risk categories emerge. “As the world faces increasing risks—whether from climate change, cyber threats, or other emerging challenges—having advanced tools to manage these exposures is crucial. Risk Control is a leader in not only identifying potential loss, but preventing it through preemptive risk mitigation,” Jackowski said.

Financial Advisor to RCT: Raymond James & Associates

Duck Creek Outside Counsel: Kirkland & Ellis with a team led by partners Stuart Casillas in Austin/San Francisco. The team also included IP partners Daisy Darvall and John Lynn, who also have offices in Austin.

Note: Casillas also helped lead the Kirkland team advising Vista Equity Partners in its January 2023 acquisition of Duck Creek for $2.6 billion.

Ares-backed CoolSys acquires MEC2

Deal Description: CoolSys, the acquisitive portfolio HVAC platform of Ares Management, announced Oct. 10, it has acquired Mechanical Engineering & Construction Corporation (MEC2), a full-service mechanical design and construction firm for commercial clients in the Maryland and Virginia markets. CoolSys, a residential heating and cooling firm headquartered in Brea, Calif., says the acquisition of MEC2 will both strengthen its commercial and industrial offerings as well as its market presence in the Mid-Atlantic states. Founded in 2003, MEC2 offers a broad range of industrial services for construction planning and engineering as well as HVAC installation maintenance and services.

CoolSys Outside Legal Counsel: Kirkland & Ellis with a team led by corporate lawyers Brittany Sakowitz, Carli Gish and Shelby Velasquez; employee benefits lawyers Matthew Antinossi and Iris Grossman; employment & labor lawyers Christie Alcala and George Cartveli; executive compensation lawyers Stephen Jacobson and Michal Galayevich; tax lawyers Anne Kim and Allison Bray; and technology & IP transactions lawyers Daisy Darvall and Nisha Chandra.

Note: Since its acquisition by Ares in 2019, the acquisition of MEC2 is the 11th by California-based CoolSys involving Texas-based lawyers from Vinson & Elkins or Kirkland & Ellis.

Daikin Applied acquires Varitec Solutions

Deal Description: Daikin Applied, a subsidiary platform of Japan’s Daikin Industries, announced Oct. 8, its majority investment in Varitec Solutions, a provider of commercial-grade HVAC installations and services headquartered in Phoenix. The acquisition extends Daikin’s reach into the Southwest through Varitec’s offices in Arizona, New Mexico and El Paso.

Daikin Outside Legal Counsel: Gibson Dunn advised with a corporate team led by Houston partner Stephen Olson and included associates Jonathan Sapp, Matthew Goldstein and Caroline Bakewell. Partner Michael Cannon advised on tax aspects. Partner Krista Hanvey and associate Gina Hancock advised on benefits; and counsel Andrew Cline advised on antitrust aspects.

Note: Since 2021, Daikin Applied and its various investment platforms have been involved in at least 14 transactions advised by Texas-based lawyers from Jones Day and Gibson Dunn.

ZMC closes sale of Logitix to Clearlake’s Victory Live

Deal Description: ZMC-backed Logitix is no longer ZMC-backed. A sale of the company to Victory Live was completed Oct. 8. Based in Boca Raton, Fla., Logitix is a ticketing technology platform that helps ticketing venues and events to monetize and manage their ticket sales. Based in Atlanta, Victory Live is also a tech-driven ticket platform specializing in live events and backed by Clearlake Capital. ZMC acquired its strategic investment in Logitix in 2018.

Victory Live Outside Legal Counsel: Sidley Austin with partners Mehdi Khodadad in San Francisco and Aaron Rigby in Dallas

Macquarie-backed Calibrant Energy closes acquisition of Enel X Storage

Deal Description: Calibrant Energy, a Macquarie Asset Management portfolio company,

announced Oct. 7, the closing of its acquisition of a 100% interest in Enel X Storage from Enel X North America, Inc. Enel X specializes in customer-sited behind-the-meter distributed energy solutions, growing to more than 330 MWh of BESS projects in operations or construction. Calibrant’s acquisition adds 700MWh of distributed energy projects in late-stage development, as well as 2GWh in optimization service contracts.

Macquarie Outside Legal Counsel: Sidley Austin advised with a team led by partner Gregory Lavigne Jr. in New York with counsel Chris Folmsbee in Houston, managing associate Karla Utset in Miami and managing associate Marcel Varela in Houston.

CAPITAL MARKETS/CREDIT

Exxon Mobil offers $172 million in floating rate notes

Deal Description: Exxon Mobil announced the close of its offering $171.968 million of floating rate notes due 2074. The floating rate based on Compounded SOFR, minus 0.450%, calculated quarterly, and payable on January 15, April 15, July 15 and October 15 of each year, beginning January 15, 2025. Beginning in 2054, the company can redeem the notes at 105 percent of their $1,000 face value and at a defined, declining rate each year, through 2064.

Book-running Managers/Underwriters: Morgan Stanley, UBS Securities, RBC Capital Markets and Deutsche Bank Securities

Underwriters Outside Counsel: Kirkland & Ellis with a team that included capital markets lawyers Rachel Sheridan, Shagufa Hossain, Anthony Sanderson, Michael Jiang and Maya Pierce; tax lawyers David Wheat and Joseph Tootle; and environmental transactions lawyers Paul Tanaka, Stefanie Gitler and Thomas Boynton.

Exxon Outside Legal Counsel: Davis Polk & Wardwell led by partners Dan Gibbons and Michael Kaplan 

Delek Logistics Partners offers $150 million equity issue

Deal Description: Midstream master partnership Delek Logistics Partners announced Oct. 8 the pricing of its underwritten public offering of 3,846,153 common units at $39 per unit. None of the units in the $150 million issue will be purchased by Delek Holdings and, as a result, the offering will reduce the company’s self-ownership from 70.4 percent to approximately 65.2 percent. Underwriters have a 30-day option to acquire up to 576,922 additional units. The company intends to use net proceeds from the issue to redeem preferred units and pay down its revolving credit facility.

Delek Outside Legal Counsel: Bradley Arant Boult Cummings; Baker Botts (on tax)

Book-running Managers/Underwriters: BofA Securities, Barclays and RBC Capital markets

Underwriters Outside Counsel: Vinson & Elkins with a team led from Houston by partner Ramey Layne and counsel Brett Peace, with assistance from associates Waleed Vohra and Jack Kimmel. Also advising were partners Ryan Carney and Wendy Salinas and associate Jeff Slusher (tax); and partner Matt Dobbins and Senior Associate Audrey Doane (environmental).

Allen Pusey

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

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