In the biggest M&A deal in the history of the Permian Basin, Midland-based Concho Resources is buying rival oil producer RSP Permian for $9.5 billion in an all stock transaction.
Concho General Counsel Travis Counts turned to corporate lawyers at Gibson, Dunn & Crutcher and Sullivan & Cromwell as its legal advisors. Counts is the firmer deputy GC at Halcon Resources and assistant GC at Petrohawk Energy.
RSP Permian GC James Mutrie tapped Vinson & Elkins to lead his legal team in doing the transaction. Mutrie, who is highly respected in the corporate in-house legal community, practiced corporate law at V&E from 2003 to 2007.
Morgan Stanley is the financial advisor to Concho, while Tudor, Pickering, Holt is advising RSP.
The $9.5 billion deal, which includes the acquisition of RSP’s debt, expands Concho’s strategic portfolio in the Permian Basin to approximately 640,000 net acres and “reinforces leadership position as the premier Permian pure-play company and creates the largest crude oil and natural gas producer from unconventional shale in the Permian Basin,” according to a joint press release.
The newly combined company would operate the largest drilling program in the Permian Basin with 27 rigs.
The Gibson Dunn team advising Concho is led by Houston-based oil and gas partner Michael P. Darden and corporate partner Hillary Holmes.
The other Gibson Dunn lawyers in Houston working on the transaction include corporate associates Lindsay Ellis and Harrison Tucker and oil and gas associates Matt Savage, David Cias and Graham Valenta, as well as tax law partner James Chenoweth, corporate partner Tull Florey, finance partner Shalla Prichard, oil and gas partner Justin Stolte and corporate partner Doug Rayburn, who is based in Dallas.
V&E’s corporate team was led by partners Doug McWilliams and Steve Gill. Other V&E corporate lawyers involved include partner Lande Spottswood and associates Leonard Wood, Jing Tong, Mariam Boxwala, David Bumgardner, Maggie Webber, Andrianna Frinzi, Michael Pascual and Ryan Rivera.
Other key team members of the V&E team include partner David D’Alessandro, senior associate Dario Mendoza and associate Steven Oyler (executive compensation/benefits); partner David Peck and associate Megan James (tax); partner John Grand (oil & gas); and counsel Larry Pechacek (environmental).