• Subscribe
  • Log In
  • Sign up for email updates
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

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; 16 Firms; 146 Lawyers; $5.8B

January 24, 2023 Claire Poole

M&A activity among oil and gas producers has seen an uptick recently, with Chesapeake agreeing to sell part of its Eagle Ford assets to WildFire Energy last week for $1.42 billion (see below). What’s fueling it?

Seemingly, it’s in response to the pullback in commodity and valuations this past summer, according to Nick Pope, who follows the industry for Seaport Research Partners in New York.

“The M&A market remains fairly active as an outlet for cash and improving operational scale, as an alternative to seeing any meaningful increase in organic drilling expansion or production growth,” he said in a note Jan. 23.

Pope thinks an acquisition uptick is an interesting theme to follow, as oil and gas companies
are looking at options to deploy strong cash flows, “with limited market appetite for increased organic activity/production growth, strong balance sheets and the bulk of public E&Ps in various stages of pulling all shareholder return levers available.”

In Chesapeake’s case, the divestiture was an opportunity to generate some cash to pay down its revolver and do some share purchases as well as plow more money into its Marcellus and Haynesville positions. And for WildFire, which is backed by Warburg Pincus and Kayne Anderson, it was a chance at expanding its presence in the Eagle Ford.

Haynes and Boone partner Jeremy Kennedy, who counseled Chesapeake, said in an interview that he thinks that there will be more of the same going forward provided there is some stability in oil and gas prices.

“Volatility in commodity prices kills deals. So if you see stability, you will see more M&A,” he said. “This deal also shows there is a lot of dry powder [among private equity-backed companies] for transactions.”

The week ending Jan. 21 saw an uptick with 17 deals valued at a reported $5.8 billion, a good one compared with the prior week (11 deals for $2.8 billion) and with the same week last year (13 deals for $5.1 billion). That meant work for 174 lawyers at 16 different firms.

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

Chesapeake sells Eagle Ford assets to WildFire for $1.425B

Deal Description: Chesapeake Energy Corp. announced Jan. 18 that it agreed to sell its Eagle Ford assets in the Brazos Valley region to WildFire Energy I for $1.425 billion. The seller expects the transaction to close this quarter. Haynes and Boone counseled Chesapeake and Locke Lord advised WildFire. For more on the deal, click here.

Spectaire to go public via merger with Perception Capital II

Deal Description: Spectaire Inc., a provider of solutions for customers to monitor, track and meet emissions targets via its micro-mass-spectrometer device, announced Jan. 17 its entry into a definitive agreement to go public via a business combination with Perception Capital Corp. II. The proposed transaction values Spectaire at a pro forma enterprise valuation of around $203 million. The deal has no minimum cash condition and a pre-arranged forward purchase agreement with Meteora Capital for Perception II’s $230 million cash in trust. Spectaire’s direct measurement technology replaces current methods of estimating emissions based on mileage and fuel consumption, which can overstate emissions by up to 60 percent. Invented and patented by Spectaire scientists at the Massachusetts Institute of Technology, Spectaire’s device is battery-powered, cloud-connected and about the size of a small tablet and can be mounted on a commercial vehicle.

Expected Closing: Q2 2023

Spectaire’s Outside Counsel: Latham & Watkins led by Boston partner Stephen Ranere and Houston partner Ryan Maierson with associates Bryan Ryan, Benjamin Marek, Vera Bespalova, Brian Wolgast and Tasbiha Batool. Advice was provided also by Century City, Bay Area, Washington, D.C. and Frankfurt attorneys.

Perception’s Outside Counsel: Skadden, Arps, Slate, Meagher & Flom including corporate partners Michael Mies (Palo Alto) and Gregg Noel (Palo Alto and Los Angeles). Houston associates included Paul Kieffer, Caleb Lowery and Maddy Weber.

Denham-backed Serra Verde attracts $150M from Vision Blue, Energy & Minerals Group

Deal Description: Serra Verde Pesquisa e Mineração Ltda., a Denham Capital portfolio company, announced Jan. 11 a $150 million investment by Vision Blue Resources and the Energy & Minerals Group and the appointment of new leadership team. Serra Verde is developing an integrated rare earth element mining and processing operation in Brazil and is now expected to be fully funded through to production and cash flow generation, with additional capital available for optimization and expansion-related activities. Denham, EMG and VBR’s participation will accelerate and expand the production of REEs, specifically those used in permanent magnets critical to the transition toward a low carbon economy. With production projected to begin in the second half of 2023, Serra Verde is on track to be only the third non-Asian scale producer and the first to produce all four critical magnetic REEs.

Serra Verde’s Outside Counsel: Sidley Austin led by partners Joshua DuClos in Century City and George Vlahakos in Houston and including Chris Folmsbee and John Stribling in Houston

WhiteHawk buys natural gas assets for up to $105M

Deal Description: WhiteHawk Energy announced Jan. 17 an agreement to acquire up to $105 million of natural gas mineral and royalty assets primarily in northwestern Louisiana. The seller wasn’t disclosed, although WhiteHawk said the royalties are being developed by natural gas operators Southwestern Energy, Chesapeake Energy, Aethon Energy Management and Comstock Resources. The royalties are focused in the core of the basin covering 375,000 gross unit acres. WhiteHawk management expects the Haynesville royalties to be a strong complement to its natural gas mineral and royalty assets. In 2022, WhiteHawk acquired natural gas mineral and royalty assets covering 475,000 gross unit acres in the core of the Marcellus Shale focused in Greene and Washington Counties, Pennsylvania. Including the Haynesville acquisition, the company said it will have interests in 2,300 producing horizontal wells across the two preeminent natural gas basins in North America, anchored by some of the best natural gas operators in the country with combined market capitalization of $40 billion. The new position will benefit from sales points in the Northeast and Gulf Coast regions.

WhiteHawk’s Financial Advisor: UBS, including Lawrence Labanowski in Houston

WhiteHawk’s Outside Counsel: Shearman & Sterling led by Houston partner Omar Samji and including Brody Hinds, Todd Lowther and Ira Aghai

ThriveCart secures $35M investment 

Deal Description: ThriveCart, a provider of shopping cart, sales funnels and educational course creation technology used by small and medium businesses worldwide, announced Jan. 18 it secured a $35 million investment from Wilmington, Del.-based based LTV SaaS Growth Fund. ThriveCart also named Austin e-commerce industry veteran Kevin McKeand as CEO. Josh Bartlett, ThriveCart founder in New Zealand, will continue to lead product innovation, championing its focus on providing growth tools for ThriveCart customers. ThriveCart will further invest in its technology and also has plans to expand its team. The investment will accelerate the company’s growth as it offers tools to set up taxes, payments, subscriptions, coupons and marketing solutions as well as build and manage affiliate programs. ThriveCart supports tens of thousands of businesses that collectively processed more than $1 billion in sales in 2022. 

ThriveCart’s Coordinator/Book Runner of Raise: SaaS M&A advisor FE International 

ThriveCart’s Outside Counsel: Karp & Langerman

Vitol’s VTX to acquire Delaware Basin Resources

Deal Description: Vitol’s U.S. upstream company, VTX Energy Partners, announced Jan. 19 it agreed to acquire Delaware Basin Resources and associated surface and water businesses for an undisclosed sum.  It is VTX’s first acquisition since Vitol and VTX established the partnership last year. The assets are made up of 35,000 net leasehold acres and 46,000 surface acres across Reeves and Pecos counties in the Delaware Basin.

VTX’s Financing Advisor: J.P. Morgan Securities

VTX’s Outside Counsel: Vinson & Elkins led by partners Bryan Loocke and Shay Kuperman, with assistance from counsels Elena Sauber, Megan Menniti and Joclynn Marsh, senior associates Caroline Kuehn and Michael Zarcaro and associates Kene Obi, John Larbalestier, Hunter Albritton, Laura Byrd, Sebastian Devora, Vestita Kuntz and Ben Zeter. Other key Texas team members include senior associates Alex Turner and KJ Pedersen and associate Judy Park (corporate); partner Todd Way and associates Jeff Slusher and Adam Bateman (tax); partner Becky Baker (employment/labor); partner Matt Dobbins and associate Ryan Vanderlip (environmental); associate Matt Green (executive compensation/benefits); partner Sarah Mitchell (insurance); and partner Guy Gribov and counsel Noelle Alix and Zach Rider (finance)

Delaware Basin Resources’ Outside Counsel: Kirkland & Ellis led by corporate partners John Pitts and Zach Savrick and associates Mike Bassi, Matt Gibson and Haley Steinman and real assets partners Rahul Vashi, David Castro and Alia Heintz

Bluejay-backed Pacific West invests in Eagle Remediation

Deal Description: Salt Lake City-based Pacific West, a rail and industrial services business serving the western U.S., announced Jan. 17 its investment in Eagle Remediation and Demolition Services, a provider of turnkey environmental services in Texas, Oklahoma, Arkansas and Louisiana. Terms weren’t disclosed. Pacific West is backed by Bluejay Capital Partners. The Eagle partnership enables Pacific West to capitalize on its expansion strategy of growing geographically in the western U.S. and increasing its environmental service capabilities. Founded in 2012 and headquartered outside of Fort Worth in Springtown, Texas, Eagle is focused on serving the needs of railroads, industrial, commercial, real estate and other customers by providing remediation, environmental drilling, abatement, demolition and other services to multiple end markets.

Pacific West’s Outside Counsel: McGuireWoods led by Dallas partner Stuart Rasley and including Austin associate William Matthews and Dallas associate Kyle Dudney.

KV Power completes recap, acquisition of Station Electric

Deal Description: Houston-based Rock Hill Capital announced Jan. 19 that its portfolio company KV Power, led by founder and CEO Bryan Hoffman, completed a recapitalization and partnership with Warren Equity Partners. Following the closing of the recap, KV Power completed the acquisition of Station Electric based in California.

KV Power’s Financial Advisor: Piper Sandler & Co.

KV Power’s Outside Counsel: Winston & Strawn led by Houston partner Chris Ferazzi and including, from Texas, Dallas partner Andrew Betaque, Houston associates Brandon Davidson and Anna Gryska and Dallas associate Danielle Marr

Station Electric’s Financial Advisor: Romanchuk & Co.

Pacolet Milliken completes first renewable natural gas investment

Deal Description: Pacolet Milliken, a sustainability-focused, family-owned investment firm, announced Jan. 18 the consummation of a joint venture investment with Evensol, a developer of renewable biogas assets. Terms weren’t disclosed. In partnership with Duke Energy, Pacolet and Evensol’s JV will own and operate two renewable natural gas projects at landfills in North Carolina, specifically the Upper Piedmont Renewables and Foothills Renewables projects. UP&F will process landfill gas generated at the project sites and convert it into RNG that can then be injected into regional pipelines to supply homes, vehicles and businesses with low carbon, renewable fuel. Evensol, based in Sisters, Ore., was founded in 2013 with a mission of acquiring and developing renewable biogas projects. Evensol initiated development on the UP&F projects several years ago and then broke ground in the fourth quarter of 2021. Demand for RNG continues to grow as the U.S. transitions to using more renewable fuels. The need is being addressed by the Renewable Fuels Standard program and by state-level programs, such as California’s Low Carbon Fuel Standard and Oregon’s Clean Fuels Program.

Pacolet Milliken’s Outside Counsel: Kirkland & Ellis led by corporate partners Kevin Crews and John Furlow and associates Jack Chadderdon and Jessica Stenglein and included, from Texas, tax partners David Wheat and Ryan Phelps; environmental transactions partner James Dolphin; transactional partner Chris Heasley; labor & employment partner Christie Alcala; debt finance partners Lucas Spivey and James Bedotto; and executive compensation partner Rob Fowler.

Savage sells EnviroServe

Deal Description: Savage, a privately held provider of supply chain infrastructure and services, announced Jan. 19 it is focusing its expansion on industrial infrastructure and agriculture projects with the sale of its EnviroServe business to an affiliate of New York-based private equity firm One Rock Capital Partners. Terms were undisclosed. With the sale, Nathan Savage is retiring as sector president, environmental at Savage and will continue to lead EnviroServe as CEO, where he’ll play a key role in ensuring the transition of the business. He will remain on Savage’s board. Savage’s growth opportunities include expanding its geographic footprint with a focus on strengthening the renewable fuels supply chain, helping customers and railroad partners streamline first- and last-mile rail service and adding to its port and terminal operations across North America.

Savage’s Financial Advisor: BMO Capital Markets Corp. 

Savage’s Outside Counsel: Kirkland & Ellis led by partners Bill Benitez and Rob Goodin and including, from Texas, associates Brennon Nelson and Gabrielle Sumich; tax partner Mark Dundon; executive compensation partner Jared Whalen; and environmental partner James Dolphin

LIXIL acquires Basco

Deal Description: LIXIL Corp., maker of water and housing products headquartered in Tokyo, acquired Basco, a U.S.-based shower door manufacturing company. The deal, announced Dec. 14, was for undisclosed terms. The acquisition enables LIXIL to expand its kitchen and bath portfolio in the Americas and provide consumers with full showering and bathroom solutions. Established in 1955, Basco is a family-owned business providing a line of shower doors complete with glass tempering, glass fabrication and installation expertise. Basco is one of largest manufacturers of custom shower enclosures with an operational footprint across the U.S. The company’s strong presence on the East Coast, Midwest and Southeast regions will expand LIXIL’s reach in the bathroom category and bring LIXIL to the no. 4 position in the shower enclosures and doors segment. Basco claims its industry-leading lead times will also expand the speed, capabilities and competitive edge of LIXIL’s supply chain in the U.S. There are also synergy opportunities between Basco’s glass tempering and fabrication expertise and LIXIL’s aluminum products.

LIXIL’s Outside Counsel: Morgan Lewis led by partner Eric Tajcher in New York and associates Tara McElhiney and Lauren Hutton-Work in Houston. Associate Casey Weaver in Houston also worked on the transaction. 

Tecnotree buys CognitiveScale

Deal Description: Gunderson Dettmer said Dec. 13 that it represented CognitiveScale, a developer of machine-augmented intelligence software, on its sale to Tecnotree, a business support system provider. The purchase was announced Dec. 9 for undisclosed terms. CognitiveScale’s AI platform is designed to interpret multi-structured data and user behaviors to increase engagement, improve decision-making and deliver self-learning and self-assuring business processes. The newly combined companies will accelerate 5G monetization, increase their experience capabilities and expand its services in North America.

From Gunderson: Led by partner Wes Watts in Austin and including senior associate Luke Thomas and associate Emma Anderson.

CAPITAL MARKETS/FINANCINGS

Transocean Ltd. prices $1.175B of senior secured notes

Deal Description: Transocean Ltd. announced Jan. 17 that Transocean Inc., its wholly-owned subsidiary, priced its previously announced offering of $1.175 billion of senior secured notes due 2030 to eligible purchasers. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by Transocean Ltd. The notes will also be guaranteed on a senior secured basis by some of Transocean Inc.’s subsidiaries. Transocean Inc.’s subs that guarantee the notes will be subject to a secured limited guarantee cap. The notes will also be secured by a lien on Deepwater Thalassa, Deepwater Proteus, Transocean Enabler, Transocean Encourage and Deepwater Pontus and some other assets up to the applicable cap. The redemptions are expected to be consummated on Feb. 16. The notes will bear interest at 8.75 percent per year. The offering is expected to close by Jan. 31 and all of the net proceeds will be used to fund the redemption of all of the outstanding existing secured notes.

Transocean’s Outside Counsel: Baker Botts including, from Texas: Dallas finance partner Luke Weedon, Houston senior associate Alex Kamel and associates Regan Vicknair (Houston) and Morgan Copher (Dallas) and Houston corporate partner Jim Marshall and senior associate Garrett Hughey and associate Michael Mazidi, also of Houston.

Also White & Case co-led by Houston partner A.J. Ericksen and including associate Chris Carreon (partners Jonathan Michels and Rafael Roberti in New York were co-leads)

Initial Purchasers’ Outside Counsel: Vinson & Elkins led by partners Mike Telle and David Stone and counsel Joanna Enns with assistance from associates Markeya Brown, Taylor Kim, Phil Greenfield and Patience Li. Also advising, from Texas: partner John Michael and associates Ryan Bullard and Hunter Michielson (energy transactions/projects); and partner Wendy Salinas and associate Tyler Underwood (tax).

HAK advises PG&E on $1.5B first mortgage bonds offering

Deal Description: Hunton Andrews Kurth said Jan. 6 it advised Pacific Gas and Electric Co. with its issuance of $1.5 billion worth of $750 million in 6.150 percent first mortgage bonds due 2033 and $750 million in 6.750 percent first mortgage bonds due 2053. The transaction closed on Jan. 6. PG&E, a unit of PG&E Corp., is a public utility operating company in northern and central California. It was incorporated in California in 1905 and provides natural gas and electric service to 16 million people throughout a 70,000-square-mile service area. PG&E generates revenues mainly through the sale and delivery of electricity and natural gas to customers.

From HAK: The team was led by partner Michael F. Fitzpatrick in New York but included partner Robert McNamara and associate Tim Strother in Houston on tax

Underwriters/Initial Purchasers/Placement Agents: MUFG Securities Americas Inc., Wells Fargo Securities, Barclays Capital and Mizuho Securities USA Inc.

The Banks’ Outside Counsel: Davis, Polk & Wardwell

Crestwood Midstream prices $600M in senior notes 

Deal Description: On Jan. 17, Crestwood Midstream Partners announced and priced $600 million of its 7.375 percent unsecured senior notes due 2031 in a private offering. The offering was expected to close on Jan. 19. CMLP intends to use the net proceeds to repay a portion of borrowings under its revolving credit facility. CMLP also intends to repay and terminate Crestwood Permian Basin Holdings’ credit facility with borrowings under the CMLP revolving credit facility within 30 days after the closing of the notes offering, at which time CMLP intends to designate CPJV and certain of its wholly owned subsidiaries as restricted subsidiaries and guarantors of the existing notes and the notes.

Initial Purchasers’ Outside Counsel: Baker Botts including Houston corporate partners Josh Davidson and Doug Getten as well as Garrett Hughey, Marshall B. Heins II and Chelsea Johnson. They were aided by Austin finance partner Clint Culpepper and Houston tax special counsel Chuck Campbell

Kirkland aids Nine Energy on $300M unit offering

Deal Description: Kirkland & Ellis said Jan. 19 that it advised Nine Energy Service Inc. on its registered offering of units consisting of $300 million in senior secured notes and 1.5 million shares of common stock. Nine is a completion services provider that targets unconventional oil and gas resource development within North America and abroad.

From Kirkland: The team was led by capital markets partners Matt Pacey and Lanchi Huynh and associates Logan Weissler, Nick Wetzeler, Robbie Dillard and Gabe Lozano with support from debt finance partners Mary Kogut and Shan Khan and associates Whitney Greer and Michael Brunetti; and tax partners David Wheat, Mark Dundon and Rebecca Fine

W&T Offshore prices $275M in second lien notes

Deal Description: W&T Offshore Inc. announced Jan. 12 the pricing of its previously announced offering of $275 million in 11.750 percent senior second lien notes due 2026 at par in a private offering exempt from registration under the Securities Act of 1933. The closing was expected to occur on Jan. 27. The company intends to use the net proceeds of the offering, along with cash on hand, to redeem all of its 9.75 percent senior second lien notes due 2023. On Jan. 9, the company delivered a conditional redemption notice with respect to $552.5 million in principal amount of the existing second lien notes.

Book-Runner/Initial Purchaser: Morgan Stanley & Co.

W&T Offshore’s Outside Counsel: Kirkland & Ellis led by capital markets partners Michael Rigdon and Billy Vranish and associates Sara Lampert, Nick Wetzeler and Bernadette Hayden and debt finance partner Jordan Roberts and associates Steven Keithley and Tommy Kagerer. They had assistance from tax partner Mark Dundon and associates Courtney Loyack and Julia Ye.

Morgan Stanley’s Outside Counsel: White & Case led by partners Gary Kashar in New York and A.J. Ericksen and Mark Holmes, both in Houston, and including Houston associates Bryson Manning, Chris Carreon, Luke Allen and Alexander Bischoff

OTHER TRANSACTIONS

Emerson announced Jan. 17 that it submitted a proposal to the board of Austin-based National Instruments to acquire NI for $53 per share in cash at an implied enterprise value of $7.6 billion. The deal represents a 32 percent premium to NI’s closing share price as of Jan. 12, the day before NI’s public announcement of a strategic review. Emerson said the proposal, which is not subject to any financing conditions, was submitted to NI on Nov. 3 and represents an improvement over an initial $48 per share proposal submitted on May 25. Emerson said last week that it has made numerous attempts to engage constructively with NI in private since May 16. Emerson further announced Jan. 23 that the two management teams had engaged in talks and it would not move to nominate any directors to NI’s board. Honeywell, Fortive and Keysight also are reportedly interested in NI. Goldman Sachs & Co. and Centerview Partners are financial advisors to Emerson and Davis Polk & Wardwell and Sidley Austin are handing legal (none of the Sidley lawyers are from Texas). NI’s general counsel is Eddie Dixon Jr., a former Dell and Winstead attorney in Austin.

Claire Poole

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

View Claire’s articles

Email Claire

©2025 The Texas Lawbook.

Content of The Texas Lawbook is controlled and protected by specific licensing agreements with our subscribers and under federal copyright laws. Any distribution of this content without the consent of The Texas Lawbook is prohibited.

If you see any inaccuracy in any article in The Texas Lawbook, please contact us. Our goal is content that is 100% true and accurate. Thank you.

Primary Sidebar

Recent Stories

  • Injured Man Gets $9.45M Jury Verdict Against Dallas Hotel
  • P.S. — Raising the Bar: Lawyers Fight Food Insecurity, Support Veterans and More 
  • Winter Storm Uri Victims Ask SCOTX to Reinstate Their Claims
  • Flowserve, Chart Industries Agree to Combine in $19B Merger
  • New UT Law Grads Make Courtroom Debut in Federal Appeals Arguments

Footer

Who We Are

  • About Us
  • Our Team
  • Contact Us
  • Submit a News Tip

Stay Connected

  • Sign up for email updates
  • Article Submission Guidelines
  • Premium Subscriber Editorial Calendar

Our Partners

  • The Dallas Morning News
The Texas Lawbook logo

1409 Botham Jean Blvd.
Unit 811
Dallas, TX 75215

214.232.6783

© Copyright 2025 The Texas Lawbook
The content on this website is protected under federal Copyright laws. Any use without the consent of The Texas Lawbook is prohibited.