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Energy transactions: oil and gas in United States

Baker Botts L.L.P.

Well versed in current market trends and able to draw upon the expertise of a strong pool of talent across all levels of seniority, Baker Botts L.L.P. handles a tremendous range and volume of transactional work in the sector for industry-side participants and private equity firms. Primarily based in Houston but able to leverage multi-disciplinary strengths throughout firm's national network of offices, including Dallas, Austin and New York, the 'incredibly collaborative' team has the critical mass, sector knowledge and diverse finance and corporate expertise, to handle transactions throughout the value chain, including a number of high-profile upstream and midstream mandates. Erin Hopkins regularly advises on oil and gas M&A; she recently acted for Murphy Exploration & Production Company on its $1.6bn acquisition of deep water Gulf of Mexico assets from LLOG Exploration Offshore and LLOG Bluewater Holdings. Scott Looper has a thorough understanding of the mechanics of the energy supply chain, relating to both crude oil and LNG, and handles both domestic and international upstream and midstream mandates. Dallas-based partner Jonathan Platt 'provides excellent legal counsel' to private and public companies and private equity firms engaged in oil and gas M&A. Jason Bennett advises on oil and gas-related development and finance work and, alongside New York-based corporate partner Mike Bengtson and Dallas-based corporate partner David Emmons, co-heads the firm's overarching energy group, which was recently strengthened on the oil and gas transactional front by the arrival in January 2020 of Austin-based partner Gaye Lentz from Thompson & Knight LLP. All named practitioners are based in Houston unless otherwise noted.

Practice head(s):

Jason Bennett; Mike Bengtson; David Emmons

Other key lawyers:

Michael Rosenwasser; Larry Hall; Erin Hopkins; Craig Vogelsang; Scott Looper; Jonathan Platt; Gaye Lentz; Gerry Morton

Testimonials

‘We worked with Baker Botts on multiple matters during the course of starting, growing, and selling our business. The team was always incredibly collaborative. It felt seamless, as if they were a part of our in-house legal team. They also always had the right partner or associate available whether the matter was M&A, employment or regulatory in nature.’

‘Jon Platt not only provides excellent legal counsel, but he makes you feel as though he is invested in your company and matter. There was never a time when he wasn’t available at a moment’s notice, and he continued to follow our progress even when he wasn’t actively working on a matter. This was beneficial because he was always up to date when anything occurred that required his attention.’

Key clients

BP AMERICA, INC.

MURPHY EXPLORATION & PRODUCTION COMPANY

CARRIZO OIL & GAS, INC.

EAGLE MATERIALS INC.

ETX ENERGY, LLC

KIMBELL ROYALTY PARTNERS LP

TALLGRASS ENERGY, LP

EQT PRODUCTION

Work highlights

  • Represented BP in the $5.6bn sale of all its Alaska operations and interests to Hilcorp Alaska, one of the largest privately-held E&P companies in the US.
  • Represented Murphy Exploration & Production Company in its $1.6bn agreement to acquire deep water Gulf of Mexico assets from LLOG Exploration Offshore and LLOG Bluewater Holdings.
  • Represented Tallgrass Energy, LP in its approximately $3.5bn take private merger with an affiliate of Blackstone Infrastructure Partners.

Kirkland & Ellis LLP

'Extremely knowledgeable about the industry and market conditions', and also able to leverage deep institutional firm-wide ties with a raft of heavyweight private equity sponsors, including KKR and the Blackstone Group, Kirkland & Ellis LLP is regularly at the forefront of the most significant transactions in the market. This work spans the entire value chain and is primarily led from the firm's Houston office, which since its foundation in 2014 has successfully established itself as one of the premier oil and gas M&A outfits in the market and is lauded for its 'amazing commercial knowledge on top of legal expertise'. Over the review period, the team's workflow has benefitted from the ability to draw from the firm's wider restructuring offering, which has been increasingly active, both on the debtor side, as well as for investors seeking to realize value by acquiring assets out of bankruptcy. While private equity-related work is without doubt a core strength, the team also has broader strengths acting for private and publicly-held energy companies, which continue to generate substantial work as they seek to consolidate and to divest non-core assets. In this respect, a notable recent highlight was the firm's high-profile work for WPX Energy on its merger with Devon Energy, which has subsequently positioned the combined entity as the third largest unconventional oil producer in the US. Anthony Speier was involved in the aforementioned deal and alongside Andrew Calder co-heads the energy practice group. Other recommended practitioners include Sean Wheeler, who handles oil and gas M&A, as well as energy-related securities offerings and corporate governance work; the 'very brightDavid Castro, who 'has a great pulse on what is important and what is not when working on a transaction'; Rahul Vashi, who is 'straightforward, easy to work with and very helpful'; William Benitez, for upstream and midstream strategic and private equity-led M&A; and associate Lindsey Jaquillard, who is developing a strong reputation advising on upstream acquisitions, divestitures and joint venture work. All practitioners named are based in Houston.

Practice head(s):

Andrew Calder; Anthony Speier

Other key lawyers:

Sean Wheeler; David Castro; John Pitts; Doug Bacon; Rahul Vashi; William Benitez; Chad Smith; Christopher Heasley; Adam Larson; Thomas Laughlin; Cy Jones; Rhett Van Syoc; Lindsey Jaquillard

Testimonials

‘The firm’s energy transaction practice is top of class; they are always up to speed on the market, they take a business-minded approach and they are always available and responsive.’

‘The team is extremely responsive and knowledgeable about the industry and market conditions.’

‘The firm has amazing commercial knowledge on top of the legal expertise. It has the ability to work and perform 24/7 and provide deliverables while the rest of us sleep. Outstanding!’

‘David Castro is one of, if not the, top oil and gas practitioner in the city; he is very bright and has as great pulse on what is important and what is not when working on a transaction.’

‘Rahul Vashi is also one of our go-to lawyers; he is straight forward, easy to work with and very helpful.’

Key clients

BCE-Mach III, LLC

Brookfield Asset Management

Carnelian Energy Capital

Callon Petroleum Company

EIG Global Energy Partners

EQT Corporation

GSO Capital Partners

Indigo Natural Resources, LLC

Hilcorp Alaska

Kohlberg Kravis Roberts & Co.

Magnetar Capital

Magnolia Oil and Gas Corporation

National Fuel Gas Company

Northern Oil & Gas

Parsley Energy, Inc.

Quantum Energy Partners, LP

SemGroup Corporation

Sentinel Midstream

The Blackstone Group

Warburg Pincus LLC

WPX Energy, Inc.

Work highlights

  • Represented WPX Energy in its definitive merger agreement with Devon Energy.
  • Advised Hilcorp Alaska on its $5.6bn acquisition of BP’s entire business in Alaska.
  • Advised Warburg Pincus on numerous transactions, including on behalf of its portfolio company Citizen Energy’s $1bn take-private acquisition of Roan Resources.

Latham & Watkins LLP

Combining 'deep knowledge of the energy industry', with 'top-notch' and 'practical' transactional expertise, Latham & Watkins LLP is frequently engaged in the most significant oil and gas-related mandates for myriad stakeholders, including corporates, funds, government institutions and lenders'Pragmatic in their application of the law' and benefiting from a 'good feel for the market and how to get deals done', clients benefit not only from core transactional expertise but also the ability to draw on complementary expertise in key areas including antitrust and regulatory. Recognized as 'one of the premier young lawyers in the energy industry', the return of Justin Stolte  (who is now global chair of the energy and infrastructure group) in February 2020 from Gibson, Dunn & Crutcher LLP was a significant coup for the firm, underscoring its commitment to transactional work in the sector. 'Capable of handling "traditional" oil and gas transactions', including midstream and upstream work, Stolte has 'also shown an eagerness to expand his skillset into new and innovative segments of the industry', including the renewables sector. The 'responsive and efficientStephen Szalkowski has an excellent reputation for advising on upstream and midstream M&A, in particular, and is a key member of the team. Also recommended are the 'business-orientedRobin Fredrickson and Ryan Maierson. All named practitioners are based out of Houston.

Practice head(s):

Justin Stolte

Other key lawyers:

Robin Fredrickson; Michael King; Ryan Maierson; Jeffrey Muñoz; Stephen Szalkowski; Lauren Anderson; Nick Dhesi; Chris Bennett

Testimonials

‘They are great at focusing on and distilling the key issues for the client. The lawyers display a high attention to detail and are focused on getting the deal done.’

‘Latham & Watkins has assembled a very strong team in the oil and gas transactional area. They have very capable partners and associates and bring a great deal of experience to the table. They have probably worked on as many or more oil and gas transactions over the past ten years as any other firm out there.’

‘Of all the firms we work with, Latham & Watkins is the most responsive and effective at helping us negotiate complex transactions. They have a good feel for the market and how to get deals done. They very pragmatic in their application of the law as it relates to language in transaction documents. It is also great to work with a firm that has a deep bench of subject matter experts in various areas of energy e.g. regulatory matters, antitrust, etc.’

‘The energy transactions team at Latham & Watkins is world-class. They have deep knowledge of the energy industry and their oil and gas transactional lawyers are top-notch. You can rest assured that you will be well-represented if you hire them.’

‘I think one of the things that makes Latham & Watkins unique is how well they understand our business. Working with them is like having an extended in-house team. They are flexible and willing to do as much or as little as needed for the circumstances. They are smart, experienced, and professional. I value their expertise and judgment and couldn’t be effective in-house without their assistance.’

‘The Latham attorneys are some of the smartest if not the most intelligent lawyers with whom I’ve ever worked. Not only are they smart and experienced but they have good judgment and have a really good grasp of the business I support and the company’s culture and way of doing things.’

‘Justin Stolte is one of the premier young lawyers in the energy industry. Not only is he capable of handling “traditional” oil and gas transactions, but has also shown an eagerness to expand his skillset into new and innovative segments of the industry. He is not out of his depth on any size transaction. He also excels at client development and cares about his clients’ businesses as if they were his own.’

‘Robin Fredrickson is simply outstanding at what she does. She has tremendous experience in this area and is well-versed in what the trends are in this space. Most importantly she brings a very business-oriented approach to a transaction. She understands what is important, and just as importantly what is not. One additional key attribute Robin possesses is that she is extremely efficient. She can turn a document extremely quickly, which is important to the client as you try to get a transaction to closing.’

‘Stephen Szalkowski is responsive, efficient, and very competent.’

Key clients

Blackstone Energy Partners L.P.

Sasol Chemicals (USA) LLC

CONSOL Energy Inc.

Hess Midstream Partners LP

Shell Midstream Partners, L.P.

Occidental Petroleum Corporation

IPSCO Tubulars Inc.

Dow Chemical Company

Citizen Energy Operating, LLC

Equitrans Midstream Corporation

Enagás S.A.

Pembina U.S. Corporation

Alta Mesa Holdings, LP

CNX Resources Corporation

Riverstone Holdings LLC

Hess Corporation

Work highlights

  • Advised Sasol Limited, an integrated chemicals and energy company, on the $2bn sale of a 50% stake in its Lake Charles Chemical Plant to form a joint venture with LyondellBasell Industries, helping the petrochemicals company to cut debt.
  • Advised Equitrans Midstream Corporation on a transformative series of transactions with an aggregate deal value of $10.45bn that included the acquisition of EQM Midstream Partners, the execution of a new 15-year gas gathering agreement with EQT Corporation, the repurchase of a significant portion of Equitrans stock from EQT and the related preferred stock financing by Equitrans.
  • Advised Hess Corporation on the $505m sale of its 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico to BHP Billiton, the field’s operator.

Vinson & Elkins LLP

Longstanding Houston-based energy sector heavyweight Vinson & Elkins LLP has 'deep and broad oil and gas industry knowledge' and a 'real sense of what is current and commercial in the market'. It is consequently well positioned to advise a wide range of stakeholders, including independent oil and gas companies, private equity investors, banks and export credit agencies, engaged in the purchase, sale, development and financing of oil and gas assets and projects. As a result of the firm's core and focused expertise in the sector, it is able to provide a holistic service to clients on matters throughout the value chain, which require core transactional competence in addition to the requisite regulatory, tax and environmental knowledge. John Connally co-heads the firm's energy transactions and projects group alongside Kaam Sahely, and has an excellent track record advising buyers and sellers (including financial sponsors) on M&A in the upstream and midstream sectors. Of note, Sahely recently represented exploration and production company Felix Energy on its $2.5bn sale to WPX Energy. Corporate co-head Keith Fullenweider is also a key resource across upstream and midstream oil and gas transactions and generates a considerable amount of work in the space as a result of his strong private equity ties. At the more junior level of the partnership, Danielle Patterson and Bryan Loocke both have flourishing reputations for strategic companies and fund clients across a range of M&A and JV transactions. All named practitioners are based in Houston.

Practice head(s):

John Connally; Kaam Sahely; Keith Fullenweider

Other key lawyers:

Doug Bland; David Cohen; John Grand; Bryan Loocke; Shay Kuperman; Danielle Patterson

Testimonials

‘The firm has deep and broad oil and gas industry knowledge.’

‘They have a real sense of what is current and commercial in the market.’

Key clients

Antero Resources Corporation

Blackstone Energy Partners and Blackstone Capital Partners

Caerus Oil and Gas LLC

The Carlyle Group, L.P.

Charger Shale Oil Company

Chisholm Oil and Gas, LLC

Devon Energy Corp.

Driftwood LNG LLC and Tellurian Inc.

Energy Transfer Partners

Flywheel Bakken, LLC

Lucid Energy Group II, LLC

Momentum Midstream

Noble Midstream Partners LP

Northwoods Energy LLC

Oasis Petroleum LLC

Osaka Gas Co.; Osaka Gas USA Corporation

Pioneer Natural Resources USA, Inc.

Plains All American Pipeline

Quantum Energy Partners

Riverstone Holdings L.L.C.

Rosehill Resources, Inc.

SandRidge Energy, Inc.

Select Energy Services, Inc.

TPG Capital Management, L.P. and subsidiaries

Unit Corporation

XCL Resources

Work highlights

  • Advised Felix Energy on its $2.5bn sale to WPX Energy.
  • Advised Noble Energy on its $5bn sale to Chevron Corporation.
  • Advised Momentum Midstream on a transaction whereby DTE Midstream, a non-utility business of DTE Energy, acquired a gathering system and a 150-mile gathering pipeline in the Haynesville shale formation of Louisiana for a purchase price of $2.25bn in cash, plus a $400m milestone payment upon completion of the gathering pipeline in the second half of 2020, from Momentum Midstream and Indigo Natural Resources, the primary gas producer supplying the system.

Akin Gump Strauss Hauer & Feld LLP

Combining underlying sector knowledge with strong substantive law expertise on the M&A and finance front, in particular, Akin Gump Strauss Hauer & Feld LLP provides comprehensive service to public and private companies, as well as sponsors and their portfolio companies, on their transactional and operational activity throughout the value chain. Although new money deals continue to drive a significant proportion of the team’s work, the firm’s overarching creditor-side insolvency offering, which includes particularly strong bondholder ties, has also ensured that it has been able to generate a significant pipeline of restructuring-related work caused in large part due to Covid 19-related demand issues. Corporate partner John Goodgame leads the team from Houston and, in addition to handling upstream M&A work, is also regularly instructed by industry borrowers to assist on their capital markets issuances. David Sweeney has a burgeoning reputation and is appreciated by clients for his versatility throughout the value chain, both on new money deals and restructurings; he is also rated for his knowledge and practical application of operational matters (including joint operating agreements), both domestically and globally. All named practitioners are based in Houston. Christine LaFollette retired from the partnership at the end of 2020, and Michael Byrd retired in June 2021.

Practice head(s):

John Goodgame

Other key lawyers:

David Sweeney; David Elder; Seth Molay; Cynthia Mabry

Key clients

Apache Corporation

Diamondback Energy, Inc.

Rattler Midstream LP

SRC Energy Inc.

EOG Resources, Inc.

Genesis Energy, LP

Laredo Petroleum, Inc.

Enterprise Products Partners L.P.

Summit Midstream Partners LP

Tellurian Inc.

Viper Energy Partners LP

Total S.A.

Cimarex Energy Corp.

Wintershall Dea GmbH

Work highlights

  • Represented Apache Corporation in its joint venture agreement with an affiliate of Total S.A. in connection with a project to explore and develop Block 58 offshore Suriname.
  • Represented long-time client Diamondback Energy, Inc. in several strategic capital markets and M&A transactions over the past year, cumulatively valued at approximately $5bn.
  • Represented SRC Energy Inc. on its $1.7bn, all-stock strategic consolidation combination with PDC Energy, Inc.

Bracewell LLP

Led from Houston by Alan Rafte and James McAnellyBracewell LLP's oil and gas team has the critical mass and breadth of expertise to handle a tremendous range and volume of transactional work for a variety of stakeholders throughout the value chain, including upstream exploration and development companies; private equity firms; oilfield service businesses; pipeline, storage and terminals companies. Rafte's own workload is reflective of the eclectic nature of work handled by the team as whole; he frequently takes the lead on high-profile domestic and international matters, including upstream and midstream M&A transactions, joint ventures and financings. At a more junior level, Molly Butkus, who was promoted to partner in 2019, continues to gain market recognition within the upstream and midstream sectors, including as it relates to day-to-day operational matters, joint venture structuring and M&A (including niche expertise in the acquisition and divestiture of produced and fresh water assets). The team is also well placed to advise on multi-jurisdictional matters and often works alongside lawyers from the firm's energy-focused London office.

Practice head(s):

Alan Rafte; James McAnelly

Other key lawyers:

Cleland Dade; Jason Jean; Molly Butkus; Austin Lee

Key clients

TC Energy Corporation

Phillips 66

Holly Energy Partners, L.P.

Kinder Morgan, Inc. and Kinder Morgan Canada Limited

Sabalo Energy LLC

COG Operating LLC

Apache Corporation

Pioneer Natural Resources Company

Starlight Relativity Acquisition Company LLC

PFJ Energy

Wells Fargo

Black Swan Oil & Gas

Venado Oil & Gas

Tennessee Gas Pipeline Company, LLC

DCP Midstream, LP

Work highlights

  • Represented TC Energy Corporation as US counsel in connection with the Government of Alberta’s $1.1bn equity investment and $4.2bn loan guarantee to support the construction of the Keystone XL crude oil pipeline.
  • Represented Phillips 66 in the formation of 50/50 joint venture, Bluewater Texas Terminal LLC, with Trafigura Group Pte. Ltd. to develop an offshore deepwater port project in the Port of Corpus Christi.
  • Advised Kinder Morgan, Inc. on its $1.54bn sale of the US portion of the Cochin Pipeline to Pembina Pipeline Corporation and US counsel to Kinder Morgan Canada Limited on the concurrent sale of all outstanding KML common equity to Pembina.

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP remains well positioned to advise private and publicly-held energy companies and private equity funds on oil and gas transactions, chiefly as a result of the targeted investment it made in the sector and growth following the opening of its Houston office in 2017. The 'superbMichael Darden has been pivotal to the firm's growing visibility in the Houston market and beyond, and as well as being a popular choice for both buyers and sellers of upstream and midstream domestic assets, is also well versed in advising stakeholders engaged in commercial agreements, including on production sharing contracts involving countries throughout the globe. Leveraging her broader capital markets expertise, Hillary Holmes is also a vital member of the team and regularly advises oil and gas companies on securities regulatory matters, and debt and equity capital issuance. Justin Stolte  left for Latham & Watkins LLP in February 2020.

Practice head(s):

Michael Darden

Other key lawyers:

Hillary Holmes; Beau Stark; Steven Talley; Robyn Zolman

Testimonials

‘Michael Darden is superb.’

Key clients

Berkshire Hathaway

Occidental Petroleum

Concho Resources

EnCap Flatrock Midstream

Delek Logistics Partners (conflicts committee of the board of directors/general partner)

Hess Midstream Partners (conflicts committee of the board of directors)

First Reserve

The Williams Partners / subsidiary Transcontinental Gas Pipe Line (Transco)

Evercore Group

Piñon Resources

King & Spalding LLP

Situated in Houston but also benefiting from significant transactional  resources in New York and abroad, King & Spalding LLP has a 'breadth of bench strength', enabling it to resource domestic and international transactional and operational work throughout the value chain, acting for a balanced roster of clients, including oil and gas majors, producers, distributors, investors and lenders. Drawing upon many years' experience in private practice, as well as experience working in-house at numerous major energy companies, Stuart Zisman has an excellent perspective of market trends and of what is commercial, particularly as it pertains to M&A and financing mandates within the midstream and downstream sectors. Zisman's wide-ranging energy knowledge has also enabled him to provide very effective advice on matters at the intersection of traditional fossil fuels work and alternative energy. Indeed, he recently advised Global Clean Energy Holdings on a $300m senior credit facility and a $65m mezzanine facility to fund the acquisition and conversion of an existing petroleum diesel refinery in California into a renewable biodiesel refinery. The 'very analytical' Peter Hays co-heads the team alongside Zisman and is particularly well versed in M&A and joint venture transactions within the upstream and midstream sectors. The team is rounded out at the senior level by Scott Greer, who as head of the firm's global construction practice, frequently advises on EPC contracts involving oil and gas assets.

Practice head(s):

Stuart Zisman; Peter Hays

Other key lawyers:

Scott Greer; James Bowe; David Lang; Jonathan Melmed; Jonathan Newton; Rob Garner; Monica Hwang; Christopher Delphin

Testimonials

‘The King & Spalding team has a deep breadth of bench strength within its firm and access to subject matter expertise no matter what legal issue we are facing on a particular matter.’

‘Peter Hays is a very analytical thinker and helps us think through the various complex issues that we need to address in an acquisition or divestiture of oil and gas properties. In addition to being able to focus on nuanced issues in a specific transaction, Peter does not lose sight of the big picture and what we have expressed as our ultimate goal and what we hope to take away from any specific transaction or negotiation.’

Key clients

Bayport Polymers

Cheniere Energy

Chevron Corporation

Commonwealth LNG, LLC, (v) Mercuria, (vi), (vi)

ConocoPhillips

Enervest Inc.

Enterprise Products

Exterran Corporation

Global Clean Energy

InstarAGF Asset Management Inc.

JPMorgan

Luxe Energy

Mitsui & Co., Ltd.

Motiva Enterprises

Nacero, Inc.

NextDecade, LLC

Sierra Oil & Gas

Starwood Energy Group Global Inc.

Total

Trafigura

Work highlights

  • Advised Global Clean Energy on all aspects of the development, construction and financing of its Bakersfield Renewable Diesel Project.
  • Advised Starwood Energy Group on the acquisition and financing of an interest in the Gulf Coast Ammonia project.
  • Advised Trafigura in connection on its joint venture with Phillips 66 regarding a deepwater terminal to be located at offshore Corpus Christi to export crude oil from the Texas Gulf Coast. In addition, the firm advised Trafigura on its negotiation of a terminal services agreement (TSA) with the joint venture.

Norton Rose Fulbright

Energy is one of the cornerstones of Norton Rose Fulbright's global strategy and accounts for a substantial flow of transactional work across its North American, EMEA and Asia Pacific offices. While the firm's US platform is better known for its renewables prowess, it also boasts a considerable oil and gas offering, both in relation to conventional fossil fuels, as well as LNG. As part of his broad-based energy transactions practice, Houston-based team head John Mauel is regularly engaged in corporate and projects-related LNG matters, and also handles a considerable amount of upstream and midstream oil and gas work, including in relation to acquisitions and divestitures of US shale and gas properties. Julie Mayo is also recommended for LNG-related work, particularly from a projects perspective. In addition to work on the LNG front, senior associate Jessica Rodriguez also regularly handles oil and gas-related M&A matters and adds particular value on mandates with a Latin America nexus by virtue of her Spanish language fluency. Project financing work is a core driver of the firm's energy-related transactional offering, and in this regard Washington DC-based partner Noam Ayali regularly advises commercial and development banks providing financing on emerging markets-related LNG projects. All practitioners named are based in Houston, unless otherwise noted.

Practice head(s):

John Mauel

Other key lawyers:

Noam Ayali; Julie Mayo; Jay Stiffler; Jessica Rodriguez; Samantha Evans

Key clients

Enbridge Inc.

TOTAL S.A.

Shell Oil Company

TAQA USA, Inc.

Osaka Gas Co.

United Bulk Terminals USA, Inc.

Exxon Mobil Corporation

Pacific Summit Energy LLC

BP America Inc.

Marubeni Corporation

Work highlights

  • Advising multilateral lenders on Acajutla LNG-to-Power project in El Salvador.
  • Represented the lenders in the $1.2bn working capital and letter of credit facility for the Sabine Pass natural gas liquefaction facility located in Cameron Parish, Louisiana.
  • Represented the joint lead arrangers, the administrative agent and the lenders in connection with the $2.6bn term loan facility provided to Cheniere Energy Inc.

Shearman & Sterling LLP

Centered out of Texas but also able to leverage additional transactional resources from the firm's New York headquarters, Shearman & Sterling LLP’s core oil and gas team provides ‘frank and honest advice’ to a range of stakeholders, including public and private energy companies, financial sponsors, state-owned oil and gas companies and financial institutions, across the spectrum of their domestic and cross-border transactional needs. The team is best known for its upstream and midstream work, with recent highlights including Houston-based partner Hugh Tucker's representation of Ecopetrol in its $1.5bn joint venture with Oxy to develop oil and gas assets in the Permian Basin. Dividing her time between the firm's Houston and Austin offices, Sarah McLean is another pivotal member of the team and combines core M&A expertise alongside a solid understanding of the intricacies of deal making in the energy sector, including on behalf of numerous private equity sponsors and their portfolio companies. Austin-based partner Coleson Bruce has developed expertise in guiding nascent foreign investors into the US energy sector, as well as assisting clients making first-time investments into new asset categories. The team is also well placed to advise on complex cross-border mandates, where it is able to leverage the expertise of lawyers in key energy centers throughout the Middle East, Europe and Asia.

Practice head(s):

Robert Freedman; Sarah McLean; Waajid Siddiqui; Hugh Tucker

Other key lawyers:

Jeremy Kennedy; Omar Samji; Coleson Bruce; Angie Bible; Kelli Sims; Ryan Staine

Testimonials

‘Significant transaction experience of key partners and associates, many with company internal counsel experience that facilitates communication and ability to offer alternatives to their client.’

‘The team provides very frank and honest advice.’

‘Sherman & Sterling provided legal support in what was our first M&A transaction. We relied heavily on their skill and expertise in navigating through this transaction. We were at all times quite satisfied with the level of skill, competence and engagement provided by this firm.’

Key clients

DTE Pipeline Company

Ecopetrol

Diversified Gas & Oil

Oryx Midstream Services

Lower Cadence Holdings

Tatanka Midstream

Chevron Corporation

Orion Mine Finance

Citizens Energy

EnCap Flatrock Midstream

Marathon Oil

NextEra Energy

Texas American Resources

Work highlights

  • Represented DTE Pipeline Company in the $2.65bn acquisition of a gathering system and gathering pipeline in the Haynesville Shale in Louisiana.
  • Represented Ecopetrol in its $1.5bn joint venture with Oxy to develop oil and gas assets in the Permian Basin.
  • Advised Tatanka Midstream LLC on the formation of the company and an initial capital commitment of $500m from EnCap Flatrock Midstream.

Simpson Thacher & Bartlett LLP

Leveraging its overarching market-leading M&A, banking and capital markets expertise and also benefiting from a deep understanding of the oil and gas sector throughout the value chain, Simpson Thacher & Bartlett LLP has 'its pulse on the latest market intel, terms, and strategies', and is thereby well positioned to provide a very effective service to banks, financial sponsors and energy companies on their financing, restructuring and investment requirements. The firm's institutional ties with marque private equity sponsors, including Blackstone, BlackRock and KKR, continues to generate substantial deal flow and while new money deals have been impacted by the Covid-19 pandemic, the firm has played a vital role advising portfolio companies on the stabilization of stressed balance sheets. Houston office head Robert Rabalais regularly advises key commercial and investment banks providing liquidity in the sector, including in relation to the structuring of upstream reserve-based facilities. 'Commercial, knowledgeable and creative' Houston-based partner Erland Modesto is well versed across a range of debt finance techniques, and is 'always eager to help find elegant solutions for clients' in oil and gas-related new money deals and restructurings. New York-based partner David Lieberman leads the firm's overarching energy and infrastructure group.

Practice head(s):

David Lieberman; Robert Rabalais

Other key lawyers:

Breen Haire; Eli Hunt; Christopher May; Matthew Einbinder; Erland Modesto; Brandan Still

Testimonials

As a result of the firm’s deal flow for both borrowers/sponsors and banks, the firm has its pulse on the latest market intel, terms, and strategies.’

The firm has industry experience that is second-to-none which bolsters efficiency vis-à-vis peers.’

Erland Modesto is extremely commercial, knowledgeable, and creative. He is upbeat and always eager to help find elegant solutions for clients.’

Key clients

Aqua America

Arsenal Resources (fka Mountaineer Keystone)

Bank of Montreal

BlackRock

The Blackstone Group

Brookfield Asset Management

Crestwood

Dixie Electric, LLC

Global Infrastructure Partners

Goldman Sachs

JPMorgan Chase Bank, N.A.

Kohlberg Kravis Roberts & Co.

Marathon Oil Corporation

Merrill Lynch

Morgan Stanley

Navigator Energy Services, LLC

NH Investment & Securities

Ontario Teachers’ Pension Plan

Riverstone Holdings

Royal Bank of Canada

Stonepeak Infrastructure Partners

Templar Energy LLC

Tudor, Pickering & Holt

Union Bank, N.A.

Wells Fargo Bank, N.A.

Holland & Knight LLP

Thompson & Knight LLP has a 'very strong following in the Texas market' among public and private E&P companies, private equity investors and oilfield services companies. Indeed, the team is rated for its sector knowledge, nuanced understanding of the underlying commercial contracts and ability to advise on operational matters (including advice on title issues). Niche areas of focus include advising on shale plays in the Permian Basin, E&P and midstream joint ventures and DrillCo transactions. As part of his wide-ranging oil and gas-related corporate and securities practice, Holt Foster has niche expertise advising on private equity fund formation for oil and gas investment purposes.

Practice head(s):

Andrew Derman; Robert Dougherty; Debra Villarreal; Hunter White

Other key lawyers:

Holt Foster; Wesley Williams; Jesse Betts; Jessica Hammons

Testimonials

‘The firm has a very strong following in the Texas market.’

Key clients

Ajax Resources LLC

Basic Energy Services

BHP Billiton Ltd.

CEPSA

Chaparral Energy LLC

Halcón Resources Corporation

Natural Gas Partners

Oil India Limited

Petrobras America Inc.

Tailwater Capital LLC

Work highlights

  • Advised the General Partner of Tailwater Energy Fund IV on the formation of Tailwater Energy Fund IV LP, Tailwater’s fourth flagship midstream fund, and Tailwater Energy Fund IV-B LP, a feeder fund into Fund IV, with total commitments of $1.1bn.
  • Advised Oilfield Water Logistics, LLC on the sale of its midstream water infrastructure and services business to InstarAGF Asset Management Inc. and its Canadian and international co-investors.
  • Advised one of the largest privately held midstream crude oil operators on the Permian Basin, and its affiliates, in a number of recent midstream transactions for crude oil gathering, transportation, and purchase arrangements with a number of leading producers, with an aggregate value in excess of $2bn.

White & Case LLP

White & Case LLP's energy-focused Houston office has quickly gained market share, since its establishment in 2018, as a result of some apt hires (the most recent of which was the arrival at the beginning of 2020 of Mingda Zhao and Emery Choi from Vinson & Elkins LLP) it is well positioned to advise private equity investors, independent and national oil companies, and banks, across the waterfront of oil and gas-related M&A, operational and finance transactions. As well as handling an increasing volume of domestic instructions, due in no small part to the firm's growth out of Houston, the firm also remains a regular presence on big-ticket, cross-border energy mandates, where it is able to effectively leverage broader project development and finance competences, as well as resources spread throughout the firm's vast international network. Jay Cuclis is noted for his work in the upstream and LNG sectors, in particular; he co-heads the firm's oil and gas group. Steven Tredennick alongside New York-based partner Elena Millerman lead the US initiative. All practitioners named are based in Houston unless otherwise indicated.

Practice head(s):

Elena Millerman; Steven Tredennick; Jay Cuclis

Other key lawyers:

Mingda Zhao; Emery Choi; William Parish; Rodrigo Dominguez Sotomayor; Mark Holmes; Jason Webber; Morgan Hollins; Christopher Peponis; Danny Hatch; Ted Seeger; Luisa Muskus; Hannah Craft

Key clients

Sixth Street

Saudi Arabian Oil Company (Saudi Aramco)

Motiva Enterprises

WaterBridge Resources LLC

Tellurian Inc.

Triten Energy Partners

Qatar Investment Authority (QIA)

IFM Investors

Beal Bank

Occidental Petroleum

NOVA Chemicals Corporation

Macquarie Infrastructure Corporation

Work highlights

  • Represented an affiliate of global investment firm, Sixth Street, in a $402m overriding royalty interest transaction with Antero Resources Corporation, a company focused on exploration in the Appalachian basin.
  • Represented Saudi Aramco, the world’s largest oil producer, in the record-breaking $69.1bn acquisition of a 70% stake in Saudi Basic Industries Corporation, the world’s fourth-biggest petrochemicals firm, from the Public Investment Fund in Saudi Arabia.
  • Represented Macquarie Infrastructure Corporation in connection with its $2.68bn sale of International-Matex Tank Terminals to Riverstone Holdings LLC.

Hunton Andrews Kurth LLP

Led from Houston by Harve TruskettHunton Andrews Kurth LLP's ten-partner team handles a range of transactional and commercial and operational work in the upstream and midstream sectors. In this regard, the team acts for a huge range of clients including independent producers, pipeline companies, investors and national oil companies. 'Very smart and easy to work with', Michael O’Leary has an excellent reputation for his work on behalf of energy companies and private equity firms on oil and gas-related M&A. He also acts for issuers and underwriters in energy-related public and private offerings of equity and debt securities.

Practice head(s):

Harve Truskett

Other key lawyers:

Michael O’Leary; Parker Lee; Ian Goldberg; Ming Lei

Testimonials

‘Michael O’Leary is very smart and easy to deal with.’

Key clients

Apache Corporation

Ridgemont Equity Partners

KeyBank National Association

Remora Petroleum, L.P.

Sanchez Midstream Partners LP

Antero Resources Corporation

Capital One, National Association

Waterfield Midstream, LLC

Hilcorp Energy

Tokyo Gas Co., Ltd.

Royal Vopak

Pure Acquisition Corp.

WGL Midstream, Inc.

Gladieux Energy, LLC

Stakeholder Midstream

Quintana Energy Services, Inc.

Government of Mozambique

Arena Management Co., LLC

Work highlights

  • Represented Royal Vopak and BlackRock’s Global Energy & Power Infrastructure Fund in the formation of a joint venture, Vopak Industrial Infrastructure Americas, LLC (VIIA) and then in VIIA’s subsequent $620m acquisition of three of The Dow Chemical Company’s chemical storage terminals on the US Gulf Coast.
  • Represented the Special Committee of the Board of Directors of Pure Acquisition Corp, an oil and gas E&P-focused special purpose acquisition company, in connection with its initial business combination pursuant to which Pure will effect a so-called “double-dummy” business combination resulting in a newly formed and publicly traded company, HighPeak Energy, Inc.
  • Represented Ridgemont Equity Partners in its potential investment in the development of a natural gas liquids (NGL) pipeline. The NGL pipeline will run from the Permian Basin in West Texas to a fractionation facility in Sweeny, Texas on the Gulf Coast, and provide an alternative to the traditional NGL offtake capacity in Mont Belvieu, Texas.

Jones Day

Forming an integral part of the firm's overarching global practice group, Jones Day's Houston-based team is well versed across a range of transactional work in the oil and gas sector, including M&A, JV structuring and restructuring mandates, from both a purely domestic as well as a cross-border perspective. The firm is appreciated by clients, including oil majors, independent E&P companies, private equity and infrastructure funds, and sovereign wealth funds, not only for its strength at handling inbound and outbound mandates throughout the value chain, but also for its ability to frame advice in a business sensitive manner which is cognizant of underlying commercial issues and regulatory concerns. Team head Jeffrey Schlegel regularly handles oil and gas (including LNG) transactions spanning M&A, financing and project developmen. Notably, in a deal which was concluded in the aftermath of the Covid-19 pandemic, Schlegel advised Chevron on the divestiture of its stake in the offshore natural gas fields in Colombia to Hocol, a subsidiary of state-owned Colombian oil company, Ecopetrol.

Practice head(s):

Jeffrey Schlegel

Other key lawyers:

David Stringer; Alexandra Wilde

Key clients

Marathon Petroleum

Andeavor

Chevron

Rangeland

Sempra Energy

Total S.A.

Noble Energy

Enable Midstream Partners, LP

Targa Resources Partners LP

SHV Energy N.V.

Alaska Gasline Development Corporation

Work highlights

  • Represented Chevron as lead outside counsel in the divestiture of Chevron’s stake in the offshore natural gas fields in Colombia.
  • Advised Noble Midstream Partners on its acquisition and exercise of an option to acquire a 20% ownership interest in Saddlehorn Pipeline Company, LLC, along with the negotiation of related crude oil commercial agreements.
  • Advising Alaska Gasline Development Corporation on the development of the Alaska LNG Project, a world-scale LNG export project that is anticipated to include a North Slope gas treatment plant, a more than 800-mile natural gas pipeline and an LNG liquefaction facility for the production and export of LNG via marine vessels.

McGuireWoods LLP

McGuireWoods LLP's 'very knowledgeable' team remains a popular choice among private and public oil and gas companies which are appreciative of its 'thoughtful and collegial approach' and ability to provide a 'mutually supportive' service on more complex transactions requiring several disciplines. In addition to M&A-related transactional work, the firm is also well versed in advising on commercial and contractual matters in the sector, including those relating to MLPs. With lawyers based in Pennsylvania, Texas and New York, the firm's particular sweet spot lies in its ability to handle oil and gas matters throughout the Appalachian region. It also advises on international matters through its flourishing London office. 'Standout' Pittsburgh-based Anthony Carna heads up the team and has strong ties with numerous oil and gas operators; his recent work has included several oilfield services deals, a growing trend in the oil and gas M&A space. Ryan Purpura  joined Reed Smith LLP in October 2020.

Practice head(s):

Anthony Carna

Testimonials

The firm’s oil and gas transactional group provides industry leading work product with short turn around times.’

The group is very knowledgeable and provides practical advice/counseling on transactional matters.’

‘The firm excels at engaging a team of attorneys that not only work well together, and who are each very strong in their own particular disciplines, but are mutually supportive when pulled in to more complex transactions requiring several disciplines.’

‘Having worked with McGuire Woods attorneys in Houston and Pittsburgh on completely different projects, I have experienced the same thoughtful approach and collegial professionalism at both. Seemingly ego free, excellence and mutual support runs in the the firm’s blood.’

‘Anthony Carna is a standout. He is thoughtful about the work product and various aspects of un-intended consequences and manages to work with opposing counsel in a manner that exceeds mere diplomacy.’

Key clients

Dominion Energy, Inc.

Work highlights

  • Represented Dominion Energy in the approximately $9.7bn pending sale of substantially all of its gas transmission and storage segment assets to an affiliate of Berkshire Hathaway.

Orrick, Herrington & Sutcliffe LLP

Since establishing its energy-focused Houston office in 2016, Orrick, Herrington & Sutcliffe LLP has increased its visibility in the market, acting on behalf of an eclectic mix of stakeholders, including integrated and independent oil companies, petrochemicals companies, funds and financial institutions, across a versatile mix of transactions throughout the value chain. While Houston is now the engine room of the practice, the firm's multi-disciplinary approach and frequent partnering with corporate and finance lawyers throughout the firm's national network of offices enables it to comfortably handle complex transactions. For example, in a deal led out of Houston by Jonathan Ayre and aided by New York-based structured finance partner Leah Sanzari, the team advised the note purchasers on all aspects of first-of-a-kind innovative securitizations of operated oil and gas wellbore working interests owned by Diversified Gas & Oil. Houston-based energy and infrastructure head Blake Winburne regularly advises private equity funds and global corporates on high-value transactions involving midstream transportation infrastructure, exploration and production assets, storage and terminal facilities, and petrochemical and refining plants.

Practice head(s):

Blake Winburne; Dahl Thompson

Other key lawyers:

Joe Roger; Jonathan Ayre; Brad Gathright; Adam Kowis

Key clients

Equinor (formerly Statoil)

Total

ConocoPhillips

Chevron

Munich Re Risk Reserve Financing, Inc.

Nuveen, investment manager of Teachers Insurance and Annuity Association of America

Wells Fargo Bank, N.A.

NOVA Chemicals

Ares EIF

ArcLight Capital Partners, LLC

Ocean Rig UDW, Inc.

Schlumberger

WGL Midstream

Cabot Oil & Gas Corp

Vega Energy

Work highlights

  • Advised Equinor on the $965m acquisition of an additional 22.45% stake in the Caesar Tonga oil field from Shell. The purchase comes after Equinor exercised its preferential rights to increase its share in the deepwater US Gulf of Mexico asset.
  • Represented the note purchasers in connection with all aspects of first-of-a-kind innovative securitizations of operated oil and gas wellbore working interests owned by Diversified Gas & Oil. These transactions were the first applications of securitization principles to operated oil and gas working interests.
  • Advised a consortium of four partners – affiliates of WGL Midstream, Ares EIF, Cabot Oil & Gas Corp and Vega Energy – on the joint sale of their respective interests in Meade Pipeline Co LLC to an affiliate of NextEra Energy Partners.

Porter Hedges LLP

Benefiting from 'excellent industry knowledge' and a nimble and cost-effective approach, Porter Hedges LLP is well positioned to advise a range of domestic stakeholders, including private and public E&P companies and oilfield services companies, on transactional work, as well as on ongoing operational matters and day-to-day commercial contracts. Led from Houston by Robert Thomas and Randy King, the firm is most visible in the upstream and midstream sectors, and has developed a particular niche advising on transactions involving produced water, as well as E&P work relating to unconventional resources, including domestic oil and gas shale plays. The firm is also well hedged in the market to pick up work arising from the downturn in oil prices by virtue of its strong restructuring capabilities in the sector.

Practice head(s):

Robert Thomas; Randy King

Other key lawyers:

Jeremy Mouton; James Thompson; Ben Rajabi

Testimonials

‘The firm has excellent industry knowledge.’

Key clients

Five Point Energy

Franco-Nevada Corporation

Black Stone Minerals, L.P.

Noble Energy, Inc.

Middle Fork Energy Partners, LLC

WaterBridge Resources LLC

Par Pacific Holdings

Buckhorn Resources GP, LLC

Layne Water Midstream, LLC

Hess Corporation

Work highlights

  • Represented Delago Resources and other sellers (represented by other counsel) in its $185m sale of leasehold to Marathon Oil Corporation.
  • Negotiation of long-term crude oil sales agreement with a downstream energy company valued at more than $300m.
  • Represented Layne Water Midstream in a long-term produced water gathering and disposal agreement with a private equity-backed oil and gas exploration and production company.

Reed Smith LLP

Energy and natural resources are core areas of focus for Reed Smith LLP, both domestically as well as throughout its global network of offices. Consequently, the firm is well positioned to advise myriad oil and gas entities on upstream, as well as refinery and midstream-related deal work, from a domestic and international perspective. Texas is the driver of the firm's transactional work in the space, with the nascent Dallas office increasingly active in the market and adding ballast to the firm's more established presence out of Houston, which was itself strengthened in January 2020 by the arrival of Nicolas Borda from Haynes and Boone, L.L.P., who has expertise advising on Latin America-related transactions. The arrival of leading oil and gas deal maker Ryan Purpura to the firm's Pittsburgh office in November 2020 from McGuireWoods LLP was also a major boost for the team, given his strong oil and gas private equity connections, and broader corporate and commercial expertise, gleaned not only from private practice but also his many years' in-house experience. In addition to conventional oil and gas matters, the firm is also well-versed in commodities trading, with Houston-based practitioner Kirsten Polyansky particularly skilled at advising on commodity intermediation structures. Stan Perry and Nicolle Bagnell co-head the firm's overarching energy and natural resources group from Houston and Pittsburgh, respectively.

Practice head(s):

Stan Perry; Nicolle Bagnell

Other key lawyers:

Nicolas Borda; Todd Culwell; Craig Enochs; Jorge Gutierrez; Dwight Howes; Gary Johnson; Ryan Purpura; Kevin Keenan; Edwin Nazario; Kirsten Polyansky; Jessica Cortez; Ryan Haddad

Skadden, Arps, Slate, Meagher & Flom LLP

Leveraging the firm's strong overarching M&A capabilities, the Houston-based oil and gas team at Skadden, Arps, Slate, Meagher & Flom LLP is well placed to advise private and public oil and gas companies and private equity firms across a range of transactional work in the sector, including asset acquisitions and divestitures, joint ventures, public and private equity-backed M&A and strategic alliances. Team head Frank Bayouth has a strong track record handling corporate and financing transactions throughout the value chain; he recently advised ExxonMobil on its joint venture alongside Saudi Basic Industries Corp. for their Gulf Coast Growth Ventures project. On the finance front, as well as regularly advising banks as underwriters on debt capital markets issuances and loans for oil and gas entities, the firm has also been engaged in a significant amount of restructuring work in the sector, where it is supported by the firm's market-leading debtor-side practice. The team was strengthened in January 2021 by the arrival of Cody Carper from Willkie Farr & Gallagher LLP, particularly in light of his private equity credentials in the sector.

Practice head(s):

Frank Bayouth

Other key lawyers:

Cody Carper

Weil, Gotshal & Manges LLP

Led from Texas by Rodney Moore  (who splits his time between Dallas and Houston) and also regularly drawing upon the expertise of corporate and finance practitioners based out of the firm's New York headquarters, Weil, Gotshal & Manges LLP's 'thorough and thoughtful' oil and gas transactions team is well equipped to resource big-ticket and often complex mandates throughout the value chain. Benefiting from deeply entrenched private equity relationships, as well as strong and developed ties with many public and private oil and gas companies, the team stands out in upstream and midstream oil and gas-related M&A and joint venture mandates. Working in harness with New York corporate heavyweight Michael Aiello, Moore recently played a pivotal role in the firm's work for French multinational integrated oil and gas company, Total, on its $4bn acquisition of all of the oil and natural gas assets, liabilities, businesses and operations of Anadarko Petroleum Corporation in Mozambique and South Africa. The team is also well placed to pick up a significant flow of work as a result of the major economic harm the sector suffered as a result of the pandemic, both in terms of distressed M&A, as well as formal insolvency and restructuring mandates, by dint of the firm's market-leading insolvency offering.

Practice head(s):

Rodney Moore

Other key lawyers:

Jeff Malonson; Samuel Peca

Testimonials

The firm provides a high level of specialized expertise and experience.’

‘The team is extremely thorough and displays a thoughtful approach.’

Key clients

Aethon Energy Management

Apergy Corporation

Basic Energy Services, Inc.

ChampionX Corporation

Cresta Energy LLC

Discovery Midstream Partners LLC

Emerge Energy Services L.P.

EP Energy Corporation

Epic Midstream

Gavilan Resources, LLC

Halcón Resources Corporation

HPS Investment Partners

Kinder Morgan

Kingfisher Midstream, LLC

Old Ironside Energy

Ontario Teachers’ Pension Plan

Total S.A.

WPX Energy, Inc.

Work highlights

  • Advised Total S.A. (France) on its $4bn acquisition of all of the oil and natural gas assets, liabilities, businesses and operations of Anadarko Petroleum Corporation in Mozambique and South Africa, in connection with the merger between Anadarko and Occidental Petroleum Corporation.
  • Advised Apergy Corporation (n/k/a ChampionX Corporation), a provider of equipment and technologies that improve oil and gas drilling and production efficiency and safety, on a Reverse Morris Trust acquisition of ChampionX (f/k/a Nalco Champion), a supplier of sustainable chemistry programs and services to upstream and midstream oil and gas operators, from Ecolab Inc. creating an entity with a combined $7.4bn enterprise value.
  • Advised WPX Energy, Inc, an oil and gas E&P company with operations in the Permian Basin in Texas and New Mexico and the Williston Basin in North Dakota, on its $2.5bn acquisition of Felix Energy, LLC.

Willkie Farr & Gallagher LLP

Co-headed from Houston by Bruce Herzog  and the 'top-of-classMichael De Voe Piazza, and also regularly drawing upon the expertise of corporate, finance and restructuring experts from the firm's New York and Washington DC offices, in particular, Willkie Farr & Gallagher LLP's oil and gas team is 'able to efficiently work through all aspects of a transaction', whether it be in the context of joint venture structuring, M&A or energy finance and capital markets transactions. Since the establishment of the Houston office in 2014, the firm has been particularly successful in nurturing strong relationships with local mid-market oil and gas-focused private equity firms, which are appreciative of its 'keen eye on the industry and what is market and what is important', particularly as it pertains to the upstream and midstream sectors. Cody Carper joined Skadden, Arps, Slate, Meagher & Flom LLP in January 2021.

Practice head(s):

Michael De Voe Piazza; Bruce Herzog

Other key lawyers:

Steve Torello; Archie Fallon; David Aaronson; Will Thanheiser; Lynn Abell; Jay Hughes

Testimonials

‘The team has a keen eye on the industry and what is market and what is important. It is able to efficiently work through all aspects of a transaction.’

‘Michael Piazza is top of class; he is a very well rounded lawyer who is able to handle almost any type of project thrown his way, be it traditional oil and gas, to corporate matters, to complex private equity transactions.’

Key clients

Kayne Private Energy Income Funds

Pickering Energy Partners

Colony Capital, Inc.

Springbok Energy Partners, LLC

Carnelian Energy Capital III, L.P., a fund managed by Carnelian Energy Capital Management, L.P.

Hawthorne Energy

Southern Gas Company

IACX Energy, LLC, a portfolio company of Haddington Energy Partners III, LP which is managed by Haddington Ventures, LLC

Newpek, LLC

Contango Oil & Gas Company

Juniper Capital

Work highlights

  • Advised Pickering Energy Partners on its $500m strategic joint venture with Henry Resources.
  • Advised Southern Gas Company on its sale of Pivotal LNG to Dominion Energy, along with Southern Company’s 5% stake in the Atlantic Coast Pipeline.
  • Advised Juniper Capital Advisors, L.P. on its $188.4m investment in Penn Virginia.

Cleary Gottlieb Steen & Hamilton

New York-based firm Cleary Gottlieb Steen & Hamilton is a popular choice among private equity investors, oil companies, and commercial and development banks for complex cross-border mandates, which often necessitate integrated M&A, financing and restructuring solutions. Much of the firm's work in the sector has a political/governmental overlay, and the group has forged a particularly strong reputation over the years for handling  financing and restructuring work with a nexus to Latin America, including for state-owned companies Petrobas and Petróleos Mexicanos. Richard Cooper regularly handles distressed oil and gas-related mandates as part of his broader energy-focused restructuring offering and is de-facto head of the firm's overarching energy group alongside corporate and project finance partner Jeffrey Lewis.

Practice head(s):

Richard Cooper; Jeffrey Lewis

Other key lawyers:

Chantal Kordula; Adam Brenneman; James Langston; Aaron Meyers

Key clients

Total S.A. and Goldman Sachs & Co.

Underwriters to Chevron led by JP Morgan

Ad Hoc Group of Secured Project Finance Lenders – Constellation Oil Services Holding S.A.

Petróleo Brasileiro S.A. (Petrobras)

Petróleos Mexicanos (Pemex)

Brazilian National Bank for Social and Economic Development (BNDES)

Compañía General de Combustibles (CGC)

Grupo IDESA S.A. de C.V.

Milbank

Led from New York by Daniel Bartfeld and Jonathan Green, and also able to leverage the expertise of practitioners based in South America, UK and Asia, Milbank's 25-partner global project, energy and infrastructure group regularly handles oil and gas transactional work, from both a domestic and international perspective. Although it does handle some work for sponsor clients, the firm's undoubted sweet-spot lies in its 'first-rate representation' of lender clients, including Investec Bank and MUFG Bank, on the project financing of major midstream facilities, including natural gas and crude oil pipelines.

Practice head(s):

Daniel Bartfeld; Jonathan Green

Other key lawyers:

William Bice; Roland Estevez; Jeffrey Leider; Allan Marks; Dan Michalchuk; Jaime Ramirez; Carolina Walther-Meade; Karen Wong; Timothy Wendling; Alexander Borisoff; Richard Hillman

Key clients

Investec Bank plc

ING Capital LLC

MUFG Union Bank, N.A.

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

PetroRecôncavo

Allianz Global Investors

Orchard Global Asset Management

Deutsche Bank

Brookfield

Morgan, Lewis & Bockius LLP

Drawing upon the expertise of M&A, financing and regulatory practitioners based out of Houston, Philadelphia, Boston, Los Angeles and Washington DC, Morgan, Lewis & Bockius LLP's multi-disciplinary team provides a one-stop-shop service to a myriad of stakeholders across their oil and natural gas-related transactional requirements. The group is especially active on the downstream front, advising on refineries and terminal services agreements, as well as all matters associated with major LNG projects. Houston-based Felipe Alice is one of the key transactional partners on the LNG front, though he also handles conventional oil and gas infrastructure projects, often involving a Latin America nexus. Boston-based partner Richard Filosa leads the firm’s overarching project finance, infrastructure and natural resources practice.

Practice head(s):

Richard Filosa

Other key lawyers:

Benjamin Wills; Kirstin Gibbs; Felipe Alice; John Crespo; Sameer Mohan; Paul Williams; Michael Müller; Kathryn Ostman

Key clients

Cheniere

South Jersey Industries and affiliates

Shell Trading (US) Company

Equinor Natural Gas and affiliates

BP

Spire Storage West, Spire Marketing, and Spire Midstream

Piedmont Natural Gas

Chevron USA

Diversified Gas & Oil Plc

MPLX/Marathon

Holly Frontier

Buckeye Partners

Osaka Gas

Work highlights

  • Represented MPLX Delaware Basin NGL LLC in a joint venture with WhiteWater Midstream LLC to acquire a 30% undivided interest in a 323-mile natural gas liquids pipeline in Texas from EPIC Midstream LLC for a value of approximately $120m.
  • Represented Buckeye Partners in its $250m of three marine terminals from Magellan Midstream Partners.
  • Represented Diversified Gas & Oil in its acquisition of natural gas production assets from Carbon Energy Corporation.

Sidley Austin LLP

Sidley Austin LLP is a popular choice for advice on upstream and midstream M&A, as well as a range of financing work, running the gamut from syndicated facilities through to heavily structured mandates. Houston-based partner David Asmus is co-leader of the firm's energy practice and is well versed in M&A and financing throughout the value chain.

Winston & Strawn LLP

Forming a key part of the firm's overarching nationwide energy and infrastructure group, Winston & Strawn LLP's Houston-based oil and gas transactional team advises a range of stakeholders, including integrated oil companies, private equity sponsors, sovereign wealth funds and oilfield services companies, on commercial agreements, financings and M&A mandates in the mid and upstream sectors. In addition to core oil and gas matters, including advice on asset acquisitions and divestitures, joint ventures, and gas purchase and sale agreements, the team has also developed a niche in relation to handling produced water deals, including significant saltwater disposal experience. The arrival in January 2020 of the 'very commercially-mindedMike Blankenship from Locke Lord LLP enhances the firm's deal making capabilities in the sector, particularly in light of his debt and equity capital markets expertise for issuers and underwriters. Subsequent to his arrival, Blankenship has been appointed as one of the co-chairs of the energy and infrastructure group, alongside New York-based practitioners Mike Pikiel and Rich Shutran.

Practice head(s):

Mike Blankenship; Mike Pikiel; Rich Shutran

Other key lawyers:

Doug Atnipp; Isaac Griesbaum; Alex Niebruegge; Monica Diddell; Chris Cottrell

Testimonials

Michael Blankenship not only understands the industry but is very commercially-minded.’

Key clients

Adams Resources & Energy

EIP Investment Co., Ltd.

Freestone Midstream LLC

KDB KIAMCO

Legacy Reserve

LanzaJet Inc.

National Oilwell Varco

NGL Energy Partners LP

Pacific Coast Energy Holdings LLC

Ring Energy Inc.

Samtan Co., Ltd.

SandRidge Energy Inc.

Schlumberger Ltd.

Shinhan Investment Corp.

Silver Wolf Midstream LLC

Steel River Infrastructure Fund North America

ValTek Holdings, Inc.

WaterBridge Resources, LLC

Work highlights

  • Represented Schlumberger in the sale of its fishing and tubulars businesses and related assets to Wellbore Integrity Solutions, an affiliate of Rhône Capital.
  • Represented Shinhan Investment Corp, Samtan Co., Ltd., EIP Investment Co., Ltd., and KDB KIAMCO, a South Korea-based consortium of infrastructure investors, in their acquisition of a 50% ownership interest in the Utopia Pipeline (a recently constructed 268-mile pipeline that transports ethane sourced from the Marcellus and Utica shales) from Riverstone-affiliated investment funds.
  • Represented Steel River Infrastructure Fund North America in its sale of Peoples, which consists of Peoples Natural Gas Company LLC, Peoples Gas Company LLC, and Delta Natural Gas Company Inc., to Aqua America in an all-cash transaction.

Baker McKenzie LLP

Led by Denmon SiglerBaker McKenzie LLP's Texas-based seven-partner oil and gas team has a good perspective for industry-side participants, in particular, on transactional work throughout the value chain, including as it relates to onshore and offshore exploration and production, infrastructure and pipeline developments, chemical and refining transactions and asset acquisitions. In the midstream and downstream segments of the market, Sigler has recently handled a significant number of petrochemicals and refining-related deals as entities rationalize their businesses and dispose of non-core assets. More aligned to work in the upstream space, Luis Gomar is also a key member of the team, particularly as it relates to corporate and securities matters with a Latin American nexus. The firm's far-reaching global network also ensures that clients are well served in complex cross-border mandates.

Practice head(s):

Denmon Sigler

Other key lawyers:

Luis Gomar; Rocio Guadalupe Mendoza

Key clients

Kraton Corporation

Valero Energy Corporation

Rhône Capital

JBL Energy Partners

PetroBal S.A.P.I. de C.V.

Apergy Corporation

PTTGC America LLC

Trecora Resources

BHP Billiton

Work highlights

  • Represented Kraton Corporation in the sale its Cariflex business unit to Daelim Industrial, a South Korean construction and petrochemical firm.
  • Acted as lead international legal advisors to private equity firm Rhône Capital and its affiliate Wellbore Integrity Solutions (WIS) on WIS’ acquisition and integration of certain Schlumberger’s fishing and tubulars businesses and related assets.
  • Provided strategic advice to PTTGC America LLC  on its joint venture with Korean construction and chemical company, Daelim Industrial Co, to construct and develop a petrochemical complex and world-scale ethane cracker in Belmont County, Ohio capable of producing ethylene and its derivative with 1.5 metric tons per annum.

DLA Piper LLP (US)

Overseen by New York-based energy and natural resources practice chair Robert Gruendel, DLA Piper LLP (US) is well placed to advise oil companies, sponsors and lenders on domestic and cross-border mandates throughout the value chain, leveraging the expertise of many lawyers across its US and international offices with significant transactional, regulatory and litigation expertise in the sector. As part of his versatile finance offering, Houston-based partner Glenn Reitman regularly advises lenders and borrowers on upstream-related debt financing work, including on reserve-based lending facilities, term loans and ABLs. With a significant presence in Russia, CEE and Africa, the firm is also particularly well versed at advising on oil and gas work in the emerging markets.

Practice head(s):

Robert Gruendel

Other key lawyers:

Glenn Reitman; Robert Alessi; Deanna Reitman; Jeffrey Kuhn; Jeffrey Bourdon; Sarah Nabors

Testimonials

‘The firm is always available and on top of industry developments.’

‘Robert Gruendel is an authority in the field of energy law.’

‘Deanna Reitman – dedicated and pragmatic lawyer with valuable in-house experience, prepared to go the extra mile.’

Greenberg Traurig LLP

Forming a key component of the firm’s global energy and natural resources practice, which is co-headed by William Garner and Kenneth Minesinger out of its Houston and Washington DC offices, respectively, Greenberg Traurig LLP‘s oil and gas team is particularly accomplished at handling project development-related work, where its ability to advise on accompanying regulatory, environmental and real estate issues is a particular strength. LNG-related work accounts for a significant amount of the deal flow. In particular, Minesinger has continued to advise the State of Alaska and the Alaska Gasline Development Corporation on the proposed construction of a major LNG export project. Other work has included advice to major fossil fuel entities (as well as trade bodies) on energy transition projects.

Practice head(s):

William Garner; Kenneth Minesinger

Other key lawyers:

Francis (Frank) R. Bradley III; Ernesto Danache

Key clients

Oil & Gas Climate Initiative Fund

Texas LNG

Spot X Energy, LLC.

Alaska Gasline Development Corporation

Summit Agricultural Group

Woodfibre LNG

NGL Energy Partners

Schlumberger Holdings Corporation

JPMorgan Chase Bank, N.A.

Work highlights

  • Representing the State of Alaska and the Alaska Gasline Development Corporation in efforts to induce the construction of a major LNG export project. Alaska LNG would consist of an LNG export terminal, a natural gas treatment plant, and an 800-mile natural gas pipeline.
  • Represent Summit Agricultural Group in the acquisition of carbon dioxide from 10-20 ethanol plants in the Midwest, construction of compression and gathering lines, and construction of a several hundred-mile pipeline and enhanced oil recovery, and carbon sequestration in the Midwest.
  • Advise NGL Crude Logistics on regulatory and contractual issues associated with its capacity contracts on FERC-jurisdictional crude oil pipelines.

Locke Lord LLP

Benefiting from strong and deeply entrenched ties within the local business ecosystem, Texas-based firm Locke Lord LLP has a 'solid reputation' advising industry-side participants and small to mid-sized private equity firms on M&A and project development-related work in the oil and gas space. Although it is active on transactions throughout the value chain, under the guidance of  'vastly experienced' Houston-based partner Bill Swanstrom, who co-heads the energy team alongside Terry Radney and Jason Schumacher, the firm has gained particular prominence in relation to midstream matters.

Practice head(s):

Bill Swanstrom; Terry Radney; Jason Schumacher

Testimonials

‘Bill Swanstrom is vastly experienced.’

Key clients

Burk Royalty Co., Ltd.

Comstock Resources, Inc.

Contanda LLC (now known as BWC Terminals)

Cox Oil

Crestwood Equity Partners LP

EnCap Flatrock Midstream

Enterprise Products

Kosmos Energy

Macquarie

Martin Midstream Partners, LP

Matador Resources

NextEra Energy Partners LP

OFS Energy Fund

Range Resources Corporation

Spur Energy Partners LLC

Tailwater Capital

Targa Resources Corp.

White Deer Energy

Woodland Midstream

Work highlights

  • Advised Comstock Resources, Inc. on the  $2.2bn acquisition of Covey Park Energy.
  • Advised NextEra Energy Partners on its acquisition of Meade Pipeline Co LLC and its interest in the Central Penn Line.
  • Represented Enterprise Products Partners in the negotiation and execution of long-term contracts with LyondellBasell Industries that support the construction of Enterprises’ second propane dehydrogenation plan.

Mayer Brown

Centred domestically out of Houston and also able to draw upon significant international resources in Asia, Latin America and Europe, Mayer Brown is particularly well suited to handling oil and gas-related corporate and finance transactions with an international complexion. Dividing his time between Houston and Rio de Janeiro, Alexandre Chequer heads up the global oil and gas team.

Sullivan & Cromwell LLP

New York-based firm Sullivan & Cromwell LLP is regularly involved in significant LNG and conventional oil and gas-related project finance matters for a sponsor side client base. Sergio Galvis is a contact in the team.