Last week Chevron did something that surprised a lot of energy watchers: It walked away from its $33 billion purchase of Anadarko Petroleum Corp. by not attempting to counteroffer Occidental Petroleum’s $38 billion bid.
Why did Occidental prevail over the mighty Chevron? “Simply put, it wanted the deal more,” Raymond James analyst Pavel Molchanov said in a note last week.
Chevron management explained that while the company was financially capable of offering more, the deal was opportunistic – and not mission critical – and that it’s firmly committed to capital discipline with returns a top priority.
“Walking away was the ultimate expression of this,” Tudor, Pickering, Holt analysts said in a note.
Instead, the San Ramon, California, oil and gas giant will collect the deal’s $1 billion break-up fee from Anadarko, which Occidental will end up shouldering. No problem: Occidental secured that $10 billion – albeit expensive – loan from Warren Buffett’s Berkshire Hathaway (which carries an 8% coupon).
Occidental also doesn’t have to get its own shareholders to approve the deal after it bumped up the cash component of the purchase price.
“The acquisition of APC [Anadarko] by OXY [Occidental] now appears to be on cruise control unless a white knight shows up in the near future,” Seaport Global Securities analyst Sunil Sibal wrote in a note.
Now that the dust has settled, what to look for on the deal front going forward?
Oxy shouldn’t have as much trouble as some observers thought finding a deep-pocketed buyer for Anadarko’s 255 million units in Western Midstream Partners after the IFM Global Infrastructure Fund’s $10.5 billion takeout of Buckeye Partners last week, according to industry analysts (see details on that transaction below).
“Yes indeed the private equity space is flush with cash looking for midstream assets,” said TPH, which values the Western Midstream stake at $7.5 billion.
Longer term, Chevron may look for another large acquisition – although not as large as Anadarko, analysts say. TPH’s short-list includes Centennial Resource Development ($2.7 billion market cap), Noble Energy ($11.5 billion), Parsley Energy ($6.5 billion) and Cimarex Energy ($6.8 billion).
Raymond James’ Molchanov thinks Chevron probably will buy something else “but it ought to be bolt-on deals rather than mega-mergers,” he said.
Indeed, don’t necessarily expect the Oxy-Anadarko deal to usher in more big deals. ConocoPhillips CEO Lance Ryan said at his company’s shareholder meeting Tuesday that he’s sticking with his plan to restrain spending, which won’t include pricey transactions.
“Do we wish we were larger in the Permian? Sure,” he said. “It has to be competitive in the portfolio and that’s a high bar.”
Observers say it’s more likely the market will see combinations of smaller players, such as Amplify Energy’s $445 million merger with Midstates Petroleum (see item below).
Whether it’s due to deal fever from the fight over Anadarko or not, transaction activity handled by Texas lawyers continued to pick up last week.
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)
| Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | ||
|---|---|---|---|---|---|---|---|---|
| 21-Dec-24 | 11 | $2,798 | 11 | 92 | 8 | $2,229 | 3 | $570 |
| 14-Dec-24 | 15 | $5,323 | 12 | 186 | 12 | $3,812 | 3 | $1,511 |
| 07-Dec-24 | 16 | $4,766 | 10 | 231 | 11 | $2,321 | 5 | 2,445 |
| 30-Nov-24 | 10 | $10,291 | 9 | 103 | 4 | $8,290 | 6 | $2.001 |
| 23-Nov-24 | 15 | $4,553 | 15 | 153 | 11 | $3,379 | 4 | $1,174 |
| 16-Nov-24 | 17 | $11,488 | 11 | 245 | 13 | $10,186 | 4 | $1,303 |
| 09-Nov-24 | 14 | $2,110 | 12 | 139 | 12 | $1,410 | 2 | $700 |
| 02-Nov-24 | 12 | $52,788 | 11 | 107 | 11 | $52,738 | 1 | $50 |
| 26-Oct-24 | 8 | $3,160 | 8 | 65 | 7 | $3,065 | 1 | $75 |
| 19-Oct-24 | 12 | $5,304 | 11 | 136 | 11 | $4,554 | 1 | $750 |
| 12-Oct-24 | 17 | $8,438 | 12 | 150 | 15 | $8,116 | 2 | $322 |
| 05-Oct-24 | 22 | $23,181 | 12 | 189 | 15 | $19,980 | 7 | $3,201 |
| 28-Sep-24 | 11 | $2,356 | 7 | 144 | 7 | $53 | 4 | $2,303 |
| 21-Sep-24 | 12 | $9,568 | 10 | 169 | 5 | $4,101 | 7 | $5,467 |
| 14-Sep-24 | 24 | $10,988 | 12 | 235 | 16 | $7,175 | 8 | $3,813 |
| 7-Sep-24 | 12 | $20,420 | 16 | 168 | 11 | $20,307 | 1 | $112.9 |
| 31-Aug-24 | 13 | $20,631 | 9 | 134 | 12 | $14,775 | 1 | $5,856 |
| 24-Aug-24 | 19 | $8,452 | 21 | 325 | 16 | $7,102 | 3 | $1,350 |
| 17-Aug-24 | 25 | $49,196 | 16 | 304 | 11 | $39,386 | 14 | $9,810 |
| 10-Aug-24 | 20 | $12,264 | 15 | 312 | 16 | $9,794 | 4 | $2,470 |
| 03-Aug-24 | 26 | $16,498 | 16 | 334 | 18 | $8,137 | 8 | $8,361 |
| 27-Jul-24 | 19 | $16,442 | 21 | 271 | 15 | $13,838 | 4 | $2,604 |
| 20-Jul-24 | 15 | $16,016 | 14 | 184 | 10 | $14,232 | 5 | $1,784 |
| 13-Jul-24 | 20 | $17,220 | 14 | 265 | 18 | $7,146 | 2 | $10,074 |
| 6-Jul-24 | 11 | $3,941 | 11 | 95 | 8 | $2,650 | 3 | $1,291 |
| 29-Jun-24 | 14 | $6,296 | 15 | 224 | 8 | $6,296 | 6 | $1,927 |
| 22-Jun-24 | 12 | $5,679 | 8 | 137 | 5 | $210 | 7 | $5,469 |
| 15-Jun-24 | 13 | $9,895 | 16 | 214 | 10 | $5,280 | 3 | $4,615 |
| 8-Jun-24 | 19 | $23,859 | 13 | 239 | 12 | $19,436 | 7 | $4,423 |
| 1-Jun-24 | 12 | $34,510 | 11 | 147 | 9 | $26,110 | 3 | $8,400 |
| 25-May-24 | 13 | $9,684 | 15 | 171 | 10 | $4,434 | 3 | $5,250 |
| 18-May-24 | 11 | $5,490 | 11 | 173 | 8 | $3,129 | 3 | $2,361 |
| 11-May-24 | 22 | $14,855 | 14 | 227 | 16 | $11,105 | 6 | $3,750 |
| 4-May-24 | 13 | $3,139 | 9 | 87 | 10 | $1,297 | 3 | $1,842 |
| 27-Apr-24 | 10 | $6,684 | 6 | 28 | 10 | $6,684 | 0 | 0 |
| 20-Apr-24 | 19 | $15,989 | 11 | 147 | 9 | $5,208 | 10 | $10,781 |
| 13-Apr-24 | 13 | $8,952 | 9 | 76 | 10 | $1,652 | 3 | $7,300 |
| 6-Apr-24 | 22 | $22,616 | 14 | 222 | 14 | $13,501 | 8 | $13,116 |
| 30-Mar-24 | 12 | $9,286 | 8 | 136 | 8 | $4,299 | 4 | $4,987 |
| 23-Mar-24 | 18 | $5,451 | 17 | 266 | 16 | $4,759 | 2 | $692 |
| 16-Mar-24 | 21 | $11,437 | 13 | 186 | 14 | $9,316 | 6 | $2,070 |
| 9-Mar-24 | 23 | $4,695 | 21 | 218 | 19 | $2,723 | 4 | $1,972 |
| 2-Mar-24 | 20 | $9,108 | 19 | 372 | 14 | $4,558 | 6 | $4,550 |
| 24-Feb-24 | 19 | $16,382 | 12 | 248 | 15 | $9,507 | 4 | $6,875 |
| 17-Feb-24 | 16 | $29,932 | 15 | 157 | 12 | $29,216 | 4 | $716 |
| 10-Feb-24 | 25 | $10,750 | 17 | 196 | 19 | $5,372 | 6 | $5,379 |
| 3-Feb-24 | 12 | $8,416 | 18 | 125 | 9 | $3,416 | 3 | $5,000 |
| 27-Jan-24 | 9 | $8,165 | 9 | 87 | 8 | $7,815 | 1 | $800 |
| 20-Jan-24 | 14 | $4,084 | 12 | 109 | 12 | $3,219 | 2 | $865 |
| 13-Jan-24 | 17 | $33,588 | 12 | 256 | 12 | $26,765 | 5 | $6,823 |
| 6-Jan-24 | 8 | $7,915 | 8 | 84 | 6 | $7,265 | 2 | $650 |
| 30-Dec-23 | 17 | $14,599 | 12 | 99 | 15 | $2,714 | 2 | $11,885 |
| 23-Dec-23 | 23 | $4,182 | 13 | 219 | 16 | $1,813 | 7 | $2,370 |
| 16-Dec-23 | 13 | $16,436 | 13 | 280 | 7 | $15,150 | 5 | $1,286 |
| 9-Dec-23 | 26 | $14,633.90 | 17 | 244 | 16 | $8,095 | 10 | $6,538.90 |
| 2-Dec-23 | 13 | $6,720 | 9 | 57 | 12 | $6,630 | 1 | $90 |
| 25-Nov-23 | 9 | $4,835 | 9 | 131 | 6 | $1,785 | 3 | $3,050 |
| 18-Nov-23 | 22 | $6,568.70 | 17 | 184 | 14 | $4,709.20 | 8 | $1,859.50 |
| 11-Nov-23 | 15 | $9,825 | 13 | 179 | 12 | $6,581 | 3 | $3,244 |
| 4-Nov-23 | 15 | $20,582.50 | 14 | 193 | 12 | $19,417.50 | 3 | $1,165 |
| 28-Oct-23 | 18 | $68,419.10 | 18 | 152 | 15 | $66,646 | 3 | $1,773.10 |
| 21-Oct-23 | 16 | $6,755.90 | 16 | 165 | 15 | $6,755.90 | 1 | $3 |
| 14-Oct-23 | 14 | $67,851.20 | 13 | 125 | 9 | $61,998.50 | 5 | $5,852.70 |
| 7-Oct-23 | 17 | $6,595.50 | 13 | 228 | 16 | $5,995.50 | 1 | $600 |
| 30-Sep-23 | 17 | $1,896.45 | 13 | 189 | 14 | $806.45 | 3 | $1,090 |
| 23-Sep-23 | 23 | $6,432.70 | 17 | 230 | 16 | $1,402.80 | 7 | $5,029.90 |
| 16-Sep-23 | 25 | $23,226.70 | 23 | 353 | 16 | $17,239 | 9 | $5,987.70 |
| 9-Sep-23 | 12 | $6,369 | 8 | 102 | 7 | $4,311 | 5 | $2,058 |
| 2-Sep-23 | 14 | $2,522 | 6 | 92 | 13 | $1,322 | 1 | $1,200 |
| 26-Aug-23 | 17 | $12,160.25 | 13 | 202 | 15 | $6,573.25 | 2 | $5,587.00 |
| 19-Aug-23 | 19 | $11,505 | 13 | 213 | 15 | $11,255 | 4 | $250 |
| 12-Aug-23 | 19 | $9,698.80 | 13 | 184 | 7 | $3,270 | 12 | $6,428.80 |
| 5-Aug-23 | 13 | $5,201 | 12 | 118 | 12 | $5,051 | 1 | $150 |
| 29-Jul-23 | 15 | $21,031.60 | 13 | 196 | 11 | $18,292.00 | 4 | $2,739.60 |
| 22-Jul-23 | 18 | $3,992 | 12 | 130 | 13 | $2,808 | 5 | $1,184 |
| 15-Jul-23 | 13 | $8,254.95 | 13 | 81 | 13 | $8,254.95 | 0 | 0 |
| 8-Jul-23 | 16 | $5,441.45 | 12 | 172 | 11 | $2,443 | 5 | $2,998.45 |
| 1-Jul-23 | 16 | $6,872 | 10 | 105 | 12 | $5,474 | 4 | $1,398 |
| 24-Jun-23 | 13 | $10,914 | 16 | 201 | 10 | $7,874 | 3 | $3,040 |
| 17-Jun-23 | 17 | $5,880.70 | 15 | 151 | 15 | $4,705.70 | 2 | $1,175 |
| 10-Jun-23 | 19 | $8,516.10 | 13 | 111 | 16 | $6,252.40 | 3 | $2,263.70 |
| June 3 2023 | 12 | $6,104.42 | 12 | 138 | 8 | $4,256.92 | 4 | $1,847.50 |
| 27-May-23 | 17 | $12,200 | 10 | 67 | 11 | $6,165 | 6 | $6,035 |
| 20-May-23 | 11 | $22,458.10 | 8 | 103 | 4 | $19,455 | 7 | $3,003 |
| 13-May-23 | 12 | $7,034 | 10 | 101 | 8 | $5,460 | 4 | $1,574 |
| 6-May-23 | 20 | $3,297.60 | 18 | 196 | 17 | $2,985.60 | 3 | $312 |
| 29-Apr-23 | 23 | $3,691.20 | 18 | 135 | 17 | $1,969.70 | 6 | $1,721.50 |
| 22-Apr-23 | 16 | $5,570 | 14 | 104 | 14 | $4,750 | 2 | $1,000 |
| 15-Apr-23 | 12 | $23,818.10 | 9 | 59 | 10 | $21,618.10 | 2 | $2,200 |
| 8-Apr-23 | 16 | $7,949 | 9 | 173 | 9 | $5,472 | 7 | $3,477 |
| 1-Apr-23 | 21 | $18,676.70 | 12 | 175 | 11 | $10,926.70 | 10 | $7,750 |
| 25-Mar-23 | 15 | $8,779.50 | 10 | 141 | 5 | $2,362 | 10 | $6,416.50 |
| 18-Mar-23 | 7 | $14,048.80 | 6 | 69 | 5 | $13,345 | 2 | $703.80 |
| 11-Mar-23 | 21 | $11,576 | 16 | 165 | 16 | $8,131 | 5 | $3,445 |
| 4-Mar-23 | 20 | $9,668 | 11 | 228 | 16 | $8,209 | 4 | $1,459 |
| 25-Feb-23 | 13 | $5,335 | 13 | 130 | 12 | $4,235 | 1 | $1,200 |
| 18-Feb-23 | 14 | $5,743.70 | 13 | 158 | 8 | $898.70 | 6 | $4,845 |
| 11-Feb-23 | 16 | $12,088 | 12 | 137 | 12 | $9,965 | 4 | $2,123 |
| 4-Feb-23 | 17 | $8,066 | 15 | 140 | 13 | $5,614 | 4 | $2,452 |
| 28-Jan-23 | 7 | $2,180 | 7 | 75 | 5 | $1,692.75 | 2 | $488 |
| 21-Jan-23 | 17 | $5,768 | 16 | 174 | 12 | $1,918 | 5 | $3,850 |
| 14-Jan-23 | 11 | $2, 800 | 10 | 102 | 8 | $421 | 3 | $2,400 |
| 7-Jan-23 | 18 | $8,296 | 11 | 167 | 14 | $6,461 | 3 | $1,835 |
| 31-Dec-22 | 14 | $2,732 | 11 | 99 | 12 | $2,092 | 2 | $640 |
| 17-Dec | 14 | $7,919 | 13 | 115 | 12 | $7,419 | 1 | $500 |
| 10-Dec-22 | 14 | $10,093 | 12 | 88 | 11 | $7,093 | 3 | $3,000 |
| 3-Dec-22 | 26 | $12,800.90 | 11 | 172 | 20 | $4,141 | 6 | $8,659.90 |
| 26-Nov-22 | 8 | $2,266.70 | 8 | 5 | 3 | $76 | 5 | $2,190.70 |
| 19-Nov-22 | 21 | $2,886 | 15 | 212 | 19 | $2,550 | 2 | $336 |
| 12-Nov-22 | 13 | $15,093.70 | 9 | 81 | 9 | $14,200 | 4 | $893.70 |
| 5-Nov-22 | 25 | 19,337.20 | 16 | 509 | 22 | $8,267.20 | 3 | $11,070 |
| 29-Oct-22 | 15 | $7,805.30 | 9 | 116 | 14 | $7,180.30 | 1 | $625 |
| 22-Oct-22 | 20 | $8,193.50 | 13 | 253 | 13 | $5,442 | 7 | $2,751.50 |
| 15-Oct-22 | 9 | $3,046.10 | 9 | 139 | 7 | $2,588.30 | 2 | $457.80 |
| 8-Oct-22 | 19 | $2,011.80 | 12 | 114 | 16 | $833.80 | 3 | $1,178 |
| 1-Oct-22 | 23 | $5,532.90 | 16 | 156 | 18 | $4,952.30 | 5 | $580.60 |
| 24-Sep-22 | 18 | $5,194 | 14 | 216 | 15 | $4,050 | 3 | $1,144 |
| 17-Sep-22 | 21 | $8,352.30 | 12 | 320 | 15 | $4,759.60 | 6 | $3,592.70 |
| 10-Sep-22 | 15 | $19,853.50 | 10 | 126 | 13 | $19,403.60 | 2 | $450 |
| 3-Sep-22 | 9 | $2,312 | 9 | 62 | 9 | $2,312 | 0 | 0 |
| 27-Aug-22 | 16 | $30,891.70 | 10 | 135 | 15 | $30,666.40 | 1 | 227.7 |
| 20-Aug-22 | 12 | $1,977 | 8 | 152 | 9 | 925 | 3 | $1,052 |
| 13-Aug-22 | 18 | $8,004.70 | 11 | 242 | 11 | $2,844.70 | 7 | $5,160 |
| 6-Aug-22 | 24 | $7,948.90 | 12 | 240 | 17 | $3,577 | 7 | $4,371.90 |
| 30-Jul-22 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
| 23-Jul-22 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
| 16-Jul-22 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
| 9-Jul-22 | 10 | $3,557.70 | 7 | 68 | 9 | $3,557.70 | 1 | 0 |
| 2-Jul-22 | 18 | $8,609.40 | 13 | 152 | 15 | $2,754.40 | 3 | $5,855 |
| 25-Jun-22 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
| 18-Jun-22 | 17 | $11,890.10 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
| 11-Jun-22 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
| 4-Jun-22 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
| 28-May-22 | 9 | $3,197.60 | 11 | 86 | 9 | $3,197.60 | 0 | 0 |
| 21-May-22 | 14 | $7,284.50 | 12 | 185 | 11 | $6,609 | 3 | $675.50 |
| 14-May-22 | 11 | $306.60 | 9 | 80 | 10 | $306.60 | 1 | $225 |
| 7-May-22 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
| 30-Apr-22 | 16 | $2,296.50 | 16 | 157 | 12 | $895.50 | 4 | $1,401 |
| 23-Apr-22 | 10 | $2,241 | 11 | 58 | 8 | $1,641 | 2 | $600 |
| 16-Apr-22 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
| 9-Apr-22 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
| 2-Apr-22 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
| 26-Mar-22 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
| 19-Mar-22 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
| 12-Mar-22 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
| 5-Mar-22 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
| 26-Feb-22 | 12 | $5,095 | 8 | 149 | 9 | $4,437.50 | 3 | $658 |
| 19-Feb-22 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
| 12-Feb-22 | 12 | $2,344.70 | 10 | 73 | 8 | $641.70 | 4 | $1,703 |
| 5-Feb-22 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
| 29-Jan-22 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
| 22-Jan-22 | 13 | $5,143.50 | 10 | 99 | 12 | $4,842.50 | 1 | $301 |
| 15-Jan-22 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
| 8-Jan-22 | 13 | $8,256.20 | 11 | 102 | 13 | $8,256.20 | 0 | 0 |
| 1-Jan-22 | 9 | $1,273.80 | 6 | 50 | 9 | $1,273.80 | 0 | 0 |
| 25-Dec-21 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
| 18-Dec-21 | 26 | $7,325.20 | 15 | 193 | 18 | $3,640.20 | 8 | $3,685.20 |
| 11-Dec-21 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
| 4-Dec-21 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
| 27-Nov-21 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.60 |
| 20-Nov-21 | 20 | $22,792 | 15 | 157 | 12 | $18,864.50 | 8 | $3,928 |
| 13-Nov-21 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
| 6-Nov-21 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
| 30-Oct-21 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103.00 |
| 23-Oct-21 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.60 |
| 16-Oct-21 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
| 9-Oct-21 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
| 2-Oct-21 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
| 25-Sep-21 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
| 18-Sep-21 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
| 11-Sep-21 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
| 4-Sep-21 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
| 28-Aug-21 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
| 21-Aug-21 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
| 14-Aug-21 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
| 7-Aug-21 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
| 31-Jul-21 | 21 | $8,160 | 11 | 134 | 10 | $3,574 | 10 | $4,586 |
| July 24,2021 | 21 | $6,367 | 11 | 139 | 15 | $3,712 | 6 | $2,655 |
| 17-Jul-21 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
| 10-Jul-21 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
| 3-Jul-21 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
| 26-Jun-21 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
| 19-Jun-21 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
| 12-Jun-21 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
| 5-Jun-21 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
| 29-May-21 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
| 22-May-21 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
| 15-May-21 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
| 8-May-21 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
| 1-May-21 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
| 24-Apr-21 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
| 17-Apr-21 | 14 | $6,270 | 8 | 102 | 11 | $40,180 | 3 | $2,260 |
| 10-Apr-21 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
| 3-Apr-21 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
| 27-Mar-21 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.50 |
| 20-Mar-21 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
| 13-Mar-21 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
| 6-Mar-21 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
| 27-Feb-21 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
| 20-Feb-21 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
| 13-Feb-21 | 12 | $4,852.60 | 7 | 81 | 7 | 2,766 | 5 | $2,086.60 |
| 6-Feb-21 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
| 30-Jan-21 | 18 | $9,449 | 9 | 182 | 15 | $8,753.80 | 3 | $695.30 |
| 23-Jan-21 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
| 16-Jan-21 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.90 |
| 9-Jan-21 | 22 | $6,829 | 14 | 135 | 18 | $3,139.30 | 4 | $3,690 |
| 2-Jan-21 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
| 26-Dec-20 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
| 19-Dec-20 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
| 12-Dec-20 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
| 5-Dec-20 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
| 28-Nov-20 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
| 14-Nov-20 | 14 | $864.10 | 14 | 157 | 12 | $289.10 | 2 | $575 |
| 7-Nov-20 | 13 | $6,332 | 9 | 129 | 9 | $2,483.50 | 4 | $3,849 |
| 31-Oct-20 | 10 | $3,995.80 | 8 | 103 | 6 | $3,231.10 | 4 | $754.70 |
| 24-Oct-20 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
| 17-Oct-20 | 8 | $351.90 | 5 | 55 | 8 | $351.90 | 0 | 0 |
| 10-Oct-20 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
| 3-Oct-20 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
| 26-Sep-20 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
| 19-Sep-20 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
| 12-Sep-20 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
| 5-Sep-20 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
| 29-Aug-20 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
| 22-Aug-20 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
| 15-Aug-20 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
| 8-Aug-20 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
| 1-Aug-20 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
| 25-Jul-20 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
| 18-Jul-20 | 6 | $1,982.50 | 5 | 50 | 4 | $1,407.50 | 2 | $575 |
| 11-Jul-20 | 11 | $565.10 | 12 | 75 | 10 | $65.10 | 1 | $500 |
| 4-Jul-20 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.30 |
| 27-Jun-20 | 8 | $6,874 | 10 | 50 | 5 | $4,972.50 | 3 | $2,081.50 |
| 20-Jun-20 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
| 13-Jun-20 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
| 6-Jun-20 | 11 | $3,213.70 | 8 | 65 | 7 | $470 | 4 | $2,743.70 |
| 30-May-20 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
| 23-May-20 | 4 | $432.40 | 4 | 34 | 3 | $432.40 | 1 | 0 |
| 16-May-20 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
| 9-May-20 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
| 2-May-20 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
| 25-Apr-20 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
| 18-Apr-20 | 19 | $9,500 | 14 | 92 | 8 | $185.70 | 11 | $9,360 |
| 11-Apr-20 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
| 4-Apr-20 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
| 28-Mar-20 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
| 21-Mar-20 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
| 14-Mar-20 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
| 7-Mar-20 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
| 29-Feb-20 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
| 22-Feb-20 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
| 15-Feb-20 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
| 8-Feb-20 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
| 1-Feb-20 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
| 25-Jan-20 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
| 18-Jan-20 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
| 11-Jan-20 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
| 4-Jan-20 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
| 28-Dec-19 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.40 |
| 14-Dec-19 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
| 7-Dec-19 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
| November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.50 |
| 23-Nov-19 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
| 16-Nov-19 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
| 9-Nov-19 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
| 2-Nov-19 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
| 26-Oct-19 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
| 19-Oct-19 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
| 12-Oct-19 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
| 5-Oct-19 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
| 28-Sep-19 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
| 21-Sep-19 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
| 14-Sep-19 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
| 7-Sep-19 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
| 31-Aug-19 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
| 24-Aug-19 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
| 16-Aug-19 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
| 9-Aug-19 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
| 2-Aug-19 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
| 27-Jul-19 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
| 20-Jul-19 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
| 13-Jul-19 | 10 | $775 | 7 | 46 | 8 | $542.50 | 2 | $233 |
| 6-Jul-19 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
| 29-Jun-19 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
| 22-Jun-19 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
| 15-Jun-19 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
| 8-Jun-19 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
| 1-Jun-19 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
| 25-May-19 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
| 18-May-19 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
| 11-May-19 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
| 4-May-19 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
| 27-Apr-19 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
| 20-Apr-19 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
| 13-Apr-19 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
| 6-Apr-19 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
| 30-Mar-19 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
| 23-Mar-19 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
| 16-Mar-19 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
| 9-Mar-19 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
| 2-Mar-19 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
| 23-Feb-19 | 12 | $2,040 | 8 | 69 | 9 | $614.60 | 3 | $1,430 |
| 16-Feb-19 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
| 9-Feb-19 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
| 2-Feb-19 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
| 26-Jan-19 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
| 19-Jan-19 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
| 12-Jan-19 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
| 5-Jan-19 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
| 22-Dec-18 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
| 15-Dec-18 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
| 8-Dec-18 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
| 1-Dec-18 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
| 28-Nov-18 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
| 19-Nov-18 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
| 14-Nov-18 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
| 6-Nov-18 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
| 29-Oct-18 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
| 24-Oct-18 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
| 17-Oct-18 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
| 10-Oct-18 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
| 2-Oct-18 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
| 25-Sep-18 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
| 18-Sep-18 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
| 11-Sep-18 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
| 7-Sep-18 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
| 29-Aug-18 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
| 20-Aug-18 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
| 14-Aug-18 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
| 7-Aug-18 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
| 31-Jul-18 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
| 23-Jul-18 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
| 17-Jul-18 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
| 9-Jul-18 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
| 3-Jul-18 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
| 25-Jun-18 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
| 18-Jun-18 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
| 11-Jun-18 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
| 6-Jun-18 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
| 31-May-18 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
| 22-May-18 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
| 15-May-18 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
| 9-May-18 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
| 1-May-18 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
| 24-Apr-18 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
| 17-Apr-18 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
| 11-Apr-18 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
| 3-Apr-18 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
| 28-Mar-18 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
| 19-Mar-18 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
| 12-Mar-18 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
| 6-Mar-18 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
| 27-Feb-18 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
| 19-Feb-18 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
| 12-Feb-18 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
| 5-Feb-18 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
| 30-Jan-18 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
| 24-Jan-18 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
| 18-Jan-18 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
| 9-Jan-18 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
| 3-Jan-18 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
| 27-Dec-17 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
| 18-Dec-17 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
| 11-Dec-17 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
| 4-Dec-17 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
| 28-Nov-17 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
| 16-Nov-17 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
| 8-Nov-17 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
| 1-Nov-17 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
| 23-Oct-17 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
| 18-Oct-17 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
| 10-Oct-17 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
| 2-Oct-17 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
| 25-Sep-17 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
| 18-Sep-17 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
| 12-Sep-17 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
| 1-Sep-17 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
| 23-Aug-17 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
There were 18 deals worth $19.8 billion versus the previous week’s 10 deals valued at $7 billion and 11 transactions worth $1.4 billion at this time last year.
Seventeen firms and 177 Texas lawyers handled all the activity, which included 15 M&A/private equity/venture capital deals worth $18.3 billion and three capital markets transactions valued at $1.5 billion.
M&A/PRIVATE EQUITY/VENTURE CAPITAL
Jones Day, V&E, Sidley, Latham aid on Marathon Pete’s $9B combo of MPLX, Andeavor
Refining giant Marathon Petroleum Corp. announced May 8 that it was combining its master limited partnerships MPLX and Andeavor Logistics in a deal valued at $9 billion.
MPLX will acquire Andeavor Logistics in a unit-for-unit transaction at a blended exchange ratio of 1.07 times, representing an enterprise value of $14 billion for the latter.
Jones Day partner Jeff Schlegel in Houston was one of the two leads advising Findlay, Ohio-based Marathon Petroleum.
Vinson & Elkins was Marathon Petroleum’s tax counsel, including partners Ryan Carney and Gary Huffman with assistance from senior associate Mary Alexander and associate Neil Clausen.
Sidley Austin’s Houston office counseled Andeavor Logistics’ conflicts committee, including lead partners David Buck and George Vlahakos.
Others on the Sidley team were associates John Stribling and Tanner Groce; tax partner Angela Richards and associate Mike Telford; and environmental partner Heather Palmer.
Latham & Watkins represented the conflicts committee of MPLX’s board with a Houston-based team led by partners Bill Finnegan and Thomas Brandt with associates Daniel Harrist and Lexi Udeh.
Others on the Latham team in Houston were partners Tim Fenn and Bryant Lee with associate Michael Rowe on tax matters and Houston partner Joel Mack on environmental matters.
Financial advisors were Barclays for Marathon Petroleum, Jefferies for MPLX’s conflicts committee and Goldman Sachs for Andeavor Logistics’ conflicts committee.
Marathon Petroleum chairman and CEO Gary Heminger said the transaction will simplify the companies into a large-scale, diversified midstream company with an expanded geographic footprint anchored by fee-based cash flows.
The parties expect to close the transaction in the second half of this year.
Andeavor Logistics public unitholders are getting a premium of 7.3% while Marathon Petroleum unitholders are getting a 2.4% discount. The blended exchange ratio represents a 1% premium to market. Raymond James analysts called the initial merger math “attractive.”
Mike Hennigan will remain president of the combined entity.
White & Case, V&E, Paul Hastings, Baker Botts aid on IFM’s $6.5B Buckeye purchase
Australia’s IFM Investors said its global infrastructure fund agreed to acquire Buckeye Partners for $6.5 billion. The all-cash transaction has a $10.3 billion enterprise value.
Buckeye was represented by Cravath, Swaine & Moore for corporate and by Vinson & Elkins for tax.
The V&E team included partner Ryan Carney and counsel Price Manford, partners Jason McIntosh and Natan Leyva and associates Christine Mainguy and Dan Henderson.
IFM was represented by White & Case for corporate, Paul Hastings for tax matters and Baker Botts for due diligence.
The White & Case team included partner Chad McCormick, counsel Morgan Hollins and associate Kabir Phaguda in Houston.
The Paul Hastings team included partner Greg Nelson, who is chair of the firm’s Houston office.
The Baker Botts team was made up of global projects partner Ned Crady and associates Justin Clune, Marcella Lunn, Branden Lankford and Casey Polivka; corporate partner Natasha Khan and associate Hayley Hervieux; environmental partner Scott Janoe and associates Laura Williams and Mark Hamlin; and international trade associate Joyce Banks.
Others were real estate associate Emily Quiros; employee benefits partner Rob Fowler and senior associate Marian Fielding; income tax partner Robert Phillpott and special counsel T. Chuck Campbell; litigation partner Bill Kroger and associates Amy Heard and Cornelius Sweers; finance special counsel Lyman Paden and associate David Nimmons; and intellectual property partner Paul Morico.
The financial advisors included Evercore Group, Credit Suisse, Goldman Sachs and BofA Merrill Lynch for IFM and Intrepid Partners and Wells Fargo Securities for Buckeye.
The IFM Global Infrastructure Fund will acquire all of the outstanding public common units of Buckeye for $41.50 per common unit.
That represented a 27.5% premium over Buckeye’s closing unit price on May 9 and a 31.9% premium over Buckeye’s volume-weighted average unit price since Nov. 1, the last trading day before Buckeye’s announcement of certain strategic actions.
Seaport Global Securities’ Sibal said IFM paid about a 11.7 multiple for the transaction, “a positive affirmation for U.S. infrastructure assets in general.”
Buckeye chairman, CEO and president Clark C. Smith said the board determined that IFM’s proposal to acquire the partnership was in its best interest, providing value for its unitholders with an attractive premium and better access to capital to execute on its long-term business strategy.
The deal has to clear a majority of the Buckeye unitholders and regulators. The parties expect to close the deal in the fourth quarter.
IFM said the deal expands its midstream energy infrastructure portfolio, which includes a 15.8% stake in the Colonial pipeline acquired through a $640 million investment in 2007; a 37.5% stake in Canada-based Global Container Terminals Inc. last year; and a $1.3 billion investment in the Freeport LNG liquefaction project, which was announced in 2013 and should be completed in the third quarter.
Buckeye owns and operates 6,000 miles of pipeline with more than 100 delivery locations and 115 liquid petroleum products terminals with tank capacity of over 118 million barrels.
Its network of marine terminals is located primarily in the East Coast and Gulf Coast regions of the U.S. as well as in the Caribbean.
IFM has $90 billion of assets under management, including $39.1 billion in infrastructure that it manages on behalf of more than 370 institutional investors. Julio Garcia is head of infrastructure for North America and Jamie Cemm is executive director.
TPG raises $1.6B for new tech fund
San Francisco and Fort Worth private equity firm TPG announced that it closed TPG Tech Adjacencies, a new investment vehicle focused on capital solutions for the technology industry.
The fund reached $1.6 billion in capital commitments, surpassing its hard cap of $1.5 billion.
A TPG spokeswoman wouldn’t disclose in-house or outside legal advisors on the fund. The general counsel of TPG Holdings and deputy general counsel of TPG is Michael LaGatta, who is based in the Dallas/Fort Worth area.
The Georgetown-educated lawyer previously worked in strategic marketing at First Solar and was an associate at Cravath, Swaine & Moore.
The fund aims to provide flexible capital for founders, employees and early investors looking for liquidity as well as primary structured equity solutions for companies seeking additional, creative capital for growth.
The fund is led by David Trujillo, managing partner and partner in charge of internet, digital media and communications in the Dallas area; and Nehal Raj, partner in charge of software and enterprise technology in San Francisco.
Jon Winkelried, Co-CEO of TPG, said the firm is combining its insight and sector expertise to bring a new capital solution to an emerging class of technology companies and entrepreneurs who are choosing to stay private longer.
TPG has invested $9 billion invested in technology-related companies, including Airbnb, Spotify and Uber.
V&E, Kirkland, Willkie work on Pioneer’s $457M South Texas asset sale to Ensign
Pioneer Natural Resources Co. said May 6 it agreed to sell its Eagle Ford shale and remaining South Texas assets to Warburg Pincus-backed Ensign Natural Resources for $475 million.
The payment involves $25 million at closing and $450 million contingent on commodity prices between 2020 and 2025.
In conjunction with the purchase, Ensign secured an equity commitment from Kayne Private Energy Income Funds.
Vinson & Elkins advised Pioneer, including partner John Grand with partners David Cohen and Chris Dawe, counsel Elena Sauber and associate Danny Nappier.
Kirkland & Ellis counseled Ensign, including corporate partners Adam Larson, Anthony Speier, Kim Hicks and Chris Heasley; and debt finance partners Jason Kanner and Will Bos.
Willkie Farr & Gallagher represented Kayne Anderson Capital Advisors, including partners Steven Torello and Michael De Voe Piazza.
The transaction involves 59,000 net acres in Bee, DeWitt, Karnes, Lavaca and Live Oak Counties with net production of 14,400 barrels of oil equivalent per day.
Gabriele Sorbara, an analyst at Williams Capital Group, said the price tag was “clearly disappointing,” but Pioneer removed significant operating costs from its minimum volume commitments.
Ensign was formed in late 2017 to focus on acquiring, developing and producing U.S. unconventional resources.
President and CEO Scott D. Sheffield said in a statement that the company is now a “pure-pay” Permian oil and gas explorer with decades of high-margin drilling inventory. It plans to sell its gas processing midstream assets to save capital and boost free cash flow.
Sheffield returned to the company as CEO in February after Tim Dove retired. It’s thought to be a takeover target by major oil and gas companies, especially now that it’s divested of its Eagle Ford assets. It’s recently had difficulty generating enough cash flow to fund its drilling operations.
Latham, Kirkland advise on $445M Midstates-Amplify merger
Amplify Energy Corp., previously known as Memorial Production Partners, announced May 6 it would merge with Midstates Petroleum Co. in a deal valued at $445 million.
Under the terms of the agreement, Amplify stockholders will receive 0.933 shares of newly issued Midstates common stock for each Amplify share of common stock.
The merger is expected to close in the third quarter if it clears Midstates shareholders, with Amplify and Midstates stockholders each owning half of the outstanding shares of the combined company.
Amplify said it already received a technical consent from the lenders of its credit facility permitting the consummation of the merger.
Latham & Watkins represented Midstates with a Houston corporate team led by partners Ryan Maierson and Bill Finnegan with associates Thomas Verity, Patrick Sanford, Denny Lee, Paul Robe and Ashlyn Royall.
Houston partners Tim Fenn and Bryant Lee with associate Jared Grimley assisted on tax matters; Houston partner Joel Mack weighed in on environmental matters; and Houston partner Catherine Ozdogan with associate Annie Kwan advised on finance matters.
Kirkland & Ellis advised Amplify, which will be the name of the merged company and be based in Houston.
The K&E deal team included corporate partners Doug Bacon, Kim Hicks and Alex Rose, with assistance from corporate associates Jennifer Rainey Singh, Zach Savrick, Monica Dion, Meghan Dupre and Mike Pangrac; capital markets partners Matthew Pacey and Brooks Antweil and associates Bryce Gray and Brooke Milbauer; and corporate partner Rahul Vashi and associates Lindsey Jaquillard, Hannah Craft, Fraser Wayne, Carlos Moran, Christopher Atmar, Isaac Bate and Morgan Moore.
Others were tax partner David Wheat and associate William Dong; debt finance partner Mary Kogut Brawley and associates Mitch McClellan, Angel Torres and Kate Cavanaugh; environmental transactions partner Alexandra Farmer; antitrust and competition associate Evan Turnage; and litigation associates Jonathan Fombonne and Kelsee Foote.
Amplify’s financial advisor is UBS Investment Bank while Midstates’ financial advisor is Houlihan Lokey Capital, including J.P. Hanson, who splits his time between New York and Houston.
Amplify’s president and CEO Ken Mariani will lead the combined company and the new board will include members who currently serve on Amplify’s and Midstates’ boards.
The parties said the transaction will help the two companies achieve benefits of scale by combining two independent producers weighted by proved developed producing reserves. Their enterprise value will be around $720 million, market capitalization $430 million and annual EBITDA $241 million.
The two claim they will have a strong balance sheet and liquidity that will allow for acceleration of capital return programs, free cash flow of at least $65 million this year and synergies of $20 million.
Mariani said in a statement that there are significant benefits in continuing to increase scale in the market and the company intends to consider other opportunistic combinations and acquisitions that create value through cost synergies and free cash flow accretion.
Midstates CEO and president David Sambrooks said the merger is the type of value-maximizing transaction the company hunted for when it announced its strategic review process earlier this year.
Amplify’s operations are focused in the Rockies, offshore California, East Texas/North Louisiana and South Texas while Midstates’ operations are centered around oilfields in the Mississippian Lime play in Oklahoma.
Jackson Walker, Clark Hill aid on NuStar’s $250M asset sale to Prostar
NuStar, which operates pipelines and storage terminals, said it exited the Caribbean market by selling its St. Eustatius terminal to Connecticut private equity firm Prostar Capital for $250 million.
Jackson Walker advised NuStar on the sale with a team led by partner Stephanie Chandler in San Antonio.
Prostar’s counsel was Allen & Overy in New York and Clark Hill Strasburger members Jules Brenner and Liz Cromwell in Dallas.
NuStar expects the deal to close in the second quarter and plans to use the proceeds to expand its presence in West Texas’ Permian Basin and invest in other projects in North America.
NuStar’s CEO Brad Barron said in a statement that NuStar’s best path forward was to sell the terminal to a buyer that is well-positioned to take advantage of the changing global crude oil trade flow patterns.
NuStar exited the European market last year when it sold its British and Dutch assets to Inter Terminals for $270 million.
The St. Eustatius terminal has 60 tanks that can store up to 14.4 billion barrels of crude oil and refined products.
Prostar senior managing director Steve Bickerton said the terminal’s location is at the crossroads of global and regional oil trade, has long-term customer relationships with major global oil traders, a strong local operations team and a highly flexible infrastructure that allows for capacity expansion as growth opportunities arise.
Jones Day advises Beneficient on $25M GWG share acquisition
Jones Day said it advised Dallas-based Beneficient Company Group on its acquisition of shares in GWG Holdings Inc., a provider of liquidity to owners of life insurance in the secondary market.
PartnerAlain Dermarkar in Dallas was the lead lawyer. Cozen O’Connor in Minnesota counseled the other side. The GWG common stock was valued at $25 million.
The shares were held by Jon R. Sabes and Steven F. Sabes.
The buyer provides liquidity products and services to the owners of alternative assets and illiquid investment funds and the purchase is an expansion of the two companies’ strategic relationship.
Individuals designated by Beneficient were appointed to GWG’s board, which was expanded from seven to up to 13 members and now is made up of only Beneficient designees.
Beneficient said the combination provides access to an expanded distribution platform it expects to use to deliver liquidity products and services to the estimated one million mid-to-high net worth individuals in the U.S. who hold illiquid alternative assets.
In turn, GWG will benefit from a greater diversification of its offering through Beneficient’s liquidity suite of products and an anticipated deleveraging of its balance sheet to accelerate its growth and profitability, the companies said.
GWG intends to support the liquidity products to be provided to owners of alternative assets through additional investments in Beneficient and expects to earn significantly higher returns on those assets than they’ve been earning on life settlements.
GWG chairman and Beneficient CEO Brad Heppner said in a statement that the expanded relationship enhances Beneficient’s potential as it pursues the underserved opportunity to provide liquidity services for holders of illiquid alternative assets. GWG’s new CEO is Murray Holland.
DuBois Bryant & Campbell advises Elligo on $20M Piper Jaffray funding
Austin integrated research organization Elligo Health Research said May 7 it raised $20 million in Series C funding led by Piper Jaffray Merchant Banking.
The company’s Series A and B investors also participated. In March 2018 Elligo announced $16 million in Series B funding.
DuBois Bryant & Campbell partner Bryan Lee in Austin counseled Elligo.
Tom Schnettler, managing director at Piper Jaffray Merchant Banking, will join Elligo’s board. “With more than 62 active research sites, their model has proven itself as the ultimate solution for enhanced patient access and engagement,” he said.
Elligo CEO John Potthoff said the goal is to drive clinical trial efficiency “through innovation,” which has allowed the company to quickly expand the base of physicians and their patients who otherwise wouldn’t participate in those trials.
The returning investors included Hatteras Venture Partners, which is led by John Crumpler, and Noro-Moseley Partners, which is headed by Allen Moseley.
Abraxas sells $15M in Bakken assets
Abraxas Petroleum Corp. signed a definitive agreement to sell its interest in certain non-operated properties located in the Williston Basin in North Dakota to an undisclosed buyer for $15.5 million.
The company plans to use the proceeds to reduce outstanding debt.
Abraxas’ outside counsel couldn’t be determined by press time, but Jackson Walker and Dykema Cox Smith have represented the company in the past. Petrie Partners provided financial advice.
The divestiture represents about 5% of its daily production in the Bakken.
The company said it’s continuing discussions with parties interested in acquiring operated properties and with parties interested in acquiring a non-operated position on a portion of its leases in the Williston.
CEO Bob Watson said in a statement that the sale price was fair and also removes the obligation to fund roughly $5.4 million in upcoming wells with a large, unnamed independent operator.
“We were surprised by the higher level of interest in the non-operated portion of the package relative to offers for the entire package,” he said. “We are still engaged in discussions with interested parties, but it’s uncertain whether we’ll arrive at a mutually agreeable transaction on any of the remaining leases.”
The company didn’t say anything about its Eagle Ford Shale assets, which it put on the auction block late last year.
Seaport senior analyst John Aschenbeck said that while Abraxas’ $55 million in liquidity post closing won’t be “admittedly abundant,” he sees it as sufficient and expects the company to generate free cash flow for the rest of the year.
V&E, NRF, T&K aid on $6M investment in Data Gumbo
Saudi Aramco’s VC arm, Saudi Aramco Energy Ventures, led a $6 million round of Series A funding into Houston-based Data Gumbo.
Equinor’s venture unit, Equinor Technology Ventures, also participated.
Officials from Saudi Aramco and Data Gumbo didn’t get back to The Texas Lawbook with their legal counsel on the investment. But sources say Vinson & Elkins partner Wes Jones advised Saudi Aramco while Norton Rose Fulbright partner Charles Powell and counsel Addison Churay assisted Data Gumbo.
Thompson & Knight partner Amy Curtis and associate Tonya Maksimenko in Dallas represented Equinor, whose in-house counsel was senior legal counsel Kari Potts in Austin.
The company has developed a blockchain-as-a-service platform to streamline smart contracts management for industrial customers. It plans to use the capital to expand its commercial blockchain network and its technical, sales and marketing teams in Houston and at its office in Stavanger, Norway.
The company is led by CEO Andrew Bruce, who previously was senior VP of strategy and development at Aker Solutions and VP of controls at National Oilwell Varco.
Foley advises TAS Environmental on BGL recap
Blue Point Capital Partners has recapitalized Fort Worth-based TAS Environmental Services, a TEAM Partners-backed provider of environmental and industrial services. The parties didn’t disclose financial terms.
Foley Gardere’s Dallas office managing partner Michael Newman and counsel Dovi Adlerstein advised TAS with assistance from partner Mike Donohue and associates Richard Zaleskie and Rachael Mozelewski.
Blue Point was represented by Jones Day out of their Cleveland and Columbus, Ohio, offices.
Brown Gibbons Lang & Co. provided financial advice to TAS on the deal.
Locke Lord represents Symrise on investment in Califormulations
Locke Lord said it represented Symrise AG on its investment in and creation of a strategic partnership with Califormulations, which provides end-to-end beverage services to consumer packaged goods companies and their brands.
The team included partner Joe Perillo and associate Jennie Simmons in Houston.
The investment, announced May 8, creates a new platform that combines beverage expertise and innovation capabilities with the ability to quickly develop shelf-ready, scalable products, the companies said. It will have locations in Columbus, Georgia; Teterboro, New Jersey; and Laguna Beach, California.
V&E advises PayLease on Zego acquisition
Vinson & Elkins said it advised Vista Equity Partners-backed PayLease on its acquisition of Zego. Terms weren’t disclosed.
Partner Milam Newby led the deal team, which included senior associate Michael Gibson and associates Kate Rainey and Ann Stehling.
Also advising were partner Devika Kornbacher and associate Ben Cukerbaum (IP/technology transactions); partner Shane Tucker and counsel Dario Mendoza (executive compensation/benefits); partner Sean Beckerv and counsel Martin Luff (labor/employment); and partner Jason McIntosh, senior associate Allyson Seger and associate Emily Fawcett (tax).
PayLease offers online payments, resident billing and utility expense management tools to property management companies. It serves more than 4,500 property management companies and 12.5 million units nationwide.
Zego’s technology will be integrated into PayLease’s payments, resident billing and utility management program. It will enable residents to pay rent and utilities, submit work orders, communicate with staff, receive package notifications and access third-party tenant services via one consolidated mobile app.
Zego also integrates smart home devices into the mobile app, allowing residents to lock or unlock doors, control lights and adjust their thermostat.
PayLease’s CEO is Dirk Wakeham. Adam Blake is co-founder and CEO of Zego. Marc Teillon led the deal from Vista, which has an office in Austin and more than $46 billion in cumulative capital commitments.
Locke Lord advises Nautic on LindFast acquisition from Harbor
Locke Lord said two of its Houston lawyers were part of the deal team that advised an affiliate of Nautic Partners on its acquisition of LindFast Solutions Group from Harbor Group for an undisclosed sum.
The attorneys were Sara Longtain and Evan Blankenau, both of Houston.
LindFast is a master distributor of specialty fasteners in the North American market.
Jones Day aids Whitman/Peterson on JV/acquisition of DoubleTree in Pennsylvania
Jones Day said partner Susan Cox represented Whitman/Peterson on its joint venture/acquisition of DoubleTree Hotel & Suites by Hilton in King of Prussia, Pennsylvania.
Terms weren’t disclosed on the deal, which closed April 19.
CAPITAL MARKETS
Kirkland, Bracewell work on $625M Altus private placement by Magnetar, Carlyle
Kirkland & Ellis said May 9 it counseled affiliates of Magnetar Capital and the Carlyle Group on a transaction with Altus Midstream.
Altus signed agreements to sell $625 million of preferred equity to the investors in a private placement. Altus also amended its credit facility to allow its revolver capacity to increase by $200 million during the initial period to $650 million.
Corporate partner Bill Benitez and associate Ahmed Sidik led the deal team, which included capital markets partners Matt Pacey and Michael Rigdon, debt finance partner Andy Veit and tax partner Mark Dundon.
Bracewell said May 14 it represented Altus Midstream. Texas lawyers on the team included partners Troy L. Harder, Lytch Tornow Gutmann, G. Alan Rafte and Jason M. Jean. The associates were Kathy Witty Medford and Jay N. Larry.
Baker Botts aids DCP’s underwriters on $600M upsized notes offering
Baker Botts said May 9 that it assisted DCP Midstream’s underwriters on an upsized senior notes offering worth $600 million.
The team included partners Josh Davidson and A.J. Ericksen senior associate Eileen Boyce and associates Katie Belleville, Steven Lackey and Jack Chadderdon.
Others were tax special counsel Chuck Campbell, environmental partner Scott Janoe and senior associate Kim Tuthill White and real estate partner Connie Simmons Taylor and associate Sarabeth Westwood. Holland & Hart counseled DCP.
The issue involved 5.125% senior notes due 2029 that was increased from $500 million. The notes will be fully and unconditionally guaranteed by the partnership.
DCP’s operating partnership intends to use the net proceeds from the offering for general partnership purposes, including the repayment of indebtedness under its revolving credit facility and the funding of capital expenditures.
The joint book-running managers include Citigroup Global Markets Inc., MUFG Securities Americas Inc., TD Securities (USA), J.P. Morgan Securities, Mizuho Securities USA, RBC Capital Markets and SunTrust Robinson Humphrey Inc.
Fertitta raises $275M for blank check company Landcadia II
Tilman Fertitta, the billionaire Houston restaurateur, star of reality TV show “Billion Dollar Buyer” and owner of the Houston Rockets, took his second blank-check company public, raising $275 million.
The company, Landcadia Holdings II Inc., plans to use the proceeds for a future business combination.
Winston & Strawn advised Landcadia while Shearman & Sterling represented underwriter Jefferies, both with lawyers out of New York.
In-house counsel included general counsel Steven Scheinthal and deputy general counsel Dash Kohlhausen.
The 27.5 million unit issue priced May 6 at $10 apiece and the company began trading the next day on the Nasdaq Capital Market.
Underwriters have a 45-day option to purchase up to an additional 4.125 million units at $10 each to cover any over-allotments.
Each unit consists of one share of Class A common stock and one-third of a redeemable warrant to purchase one share of the Class A common stock at $11.50 per share.
Fertitta is the company’s co-chairman and CEO and sole shareholder, chairman and CEO of Fertitta Entertainment. Richard Handler is the co-chairman and president of Landcadia Holdings II and chairman and CEO of Jefferies Financial Group.
Fertitta and Handler took their first blank-check company — Landcadia Holdings Inc. — public in a $250 million IPO in 2016. It later bought southeastern online food ordering and delivery service Waitr in 2018 for $308 million, changing its name to Waitr Holdings.
Landcadia’s name is a combination of Landry’s Inc., which Fertitta also owns, and Leucadia National Corp., Jefferies’ previous name.
The entities that fall under Fertitta’s management include the Golden Nugget, the 600-restaurant holding company Landry’s and Fertitta Entertainment.
UPDATE/OTHER
Norton Rose Fulbright said its lawyers helped to close separate transactions in support of the new Travis County Civil and Family Courts Facility, an estimated $335 million project at 17th and Guadalupe in downtown Austin.
The public-private partnership transaction required the participation of firm lawyers in Austin, San Antonio, New York and Washington, D.C.
In putting together the traditional public finance piece, Norton Rose Fulbright represented a syndicate of underwriters, led by Citigroup Global Markets, in connection with Travis County’s issuance on April 8 of $330 million in certificates of obligation. The proceeds will be used to buy the facility over time in installments.
The public finance team was led by Austin partner Stephanie Leibe with assistance from San Antonio counsel Matt Lee.
The transaction’s second component centered on securing private construction financing. NRF lawyers represented construction lender KeyBank National Association in securing a revolver to finance construction milestones for the project. That transaction closed April 9.
The construction financing team was co-led by San Antonio partner Clay Binford and an attorney in the firm’s New York office and included San Antonio senior associate Lauren Ferrero, senior counsel Bryan Patrick and senior associate Adam Harden and an attorney in its Washington, D.C. office.
The parties expect the project’s construction to take three years to complete. The Hunt Companies and Chameleon Group Holdings are the joint venture developers and Hensel Phelps is the design-builder.
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Houston oilfield services provider Weatherford announced May 10 that it reached an agreement with senior noteholders on the terms of a financial restructuring that it hopes will create a sustainable capital structure and greatly enhance liquidity.
The plan, which will be implemented through a pre-packaged Chapter 11 process, is expected to reduce the company’s long-term debt by more than $5.8 billion and provide $1.75 billion in new financing.
As part of the agreement, the company’s unsecured noteholders agreed to exchange $7.4 billion of senior unsecured notes for 99% of the equity in the company and $1.25 billion of new tranche B senior unsecured notes.
Latham & Watkins served as outside legal counsel to Weatherford led by a trio of partners out of the firm’s New York office. But several attorneys in the Houston office pitched in, including Ryan Maierson, John Greer, Ryan Lynch and Om Pandya on the corporate side, Craig Kornreich, Natalie McFarland, Brian Flynn and Allison Childs on the finance side and Jared Grimley on the tax side.
Christina Ibrahim is Weatherford’s general counsel.
Lazard has been providing financial advice and Alvarez & Marsal restructuring advice to the company.
Evercore has been assisting the ad hoc noteholder group and Akin Gump Strauss Hauer & Feld has been its legal counsel with partners out of its New York office.
Weatherford CEO and president Mark A. McCollum said in a statement that despite challenging market dynamics, he believes that the company’s transformation strategy – which is designed to improve execution, lower costs and create efficiency so it can better price its products and services – will position it for long-term success.
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Activist investor Lion Point Capital said in a filing with the Securities and Exchange Commission last week that it thinks Carrizo Oil & Gas Inc. is undervalued and wants it to explore a sale or merger with another company in the Permian to gain scale.
So far the New York firm – which was founded by former Elliott Management Corp. executive Didric Cederholm – has built up a 6% stake in the company and held discussions with its management.
Baker Botts partner Gene Oshman, who has worked on past deals for Carrizo, is counseling the company, along with partners David Sterling, Jim Marshall and Travis Wofford and associates Lakshmi Ramanathan and Sunil Jamal.
Gerry Morton serves as Carrizo’s general counsel and corporate development VP.
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Family-owned Whataburger has hired Morgan Stanley to find a buyer for all or part of the San Antonio-based company, which could fetch more than $6 billion, Reuters reported last week citing unnamed sources.
The fast food chain said it’s been receiving inquires given its recent growth but it didn’t comment specifically on hiring the investment bank. Michael Gibbs is its general counsel, having previously served in the same role at Big Boy Restaurants in Michigan.
Founded by Harmon Dobson in 1950, the hamburger chain has at least 820 locations and more than $2 billion in annual revenue.
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Saudi Aramco is considering investing in the Marcellus natural gas shale operations of Norwegian oil company Equinor either through a joint venture or by buying an interest, Bloomberg reported last week citing unnamed sources.
A Saudi Aramco spokeswoman didn’t respond to a request for comment.
Equinor, formerly known as Statoil, is 67% owned by the Norwegian government.