Energy - Upstream Oil and Gas

Energy - Upstream Oil and Gas

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Porter Hedges’ transactional group practice represents companies in the upstream energy sector ranging from large publicly-traded companies to smaller privately-owned oil and gas companies including landowners and mineral owners. The energy group has extensive experience in upstream agreements such as:

  • Negotiation and drafting of joint venture agreements between companies for purposes of exploration, development, gathering, processing and transportation of oil and gas
  • Negotiating and drafting master limited partnership drop down transaction
  • Acquisitions and divestitures, including financial; asset purchase agreements, membership interest purchase agreements, partnership interest purchase agreements, mergers and other special purpose entity structures
  • Financing upstream projects including, reserve-based credit facilities, commercial bank credit facilities, mezzanine, private equity and public debt and equity offerings
  • Exploration agreements, participation agreements and joint development agreements
  • Production handling agreements
  • Drilling funds
  • Master service agreements
  • Hedging agreements, including ISDA master swap agreements and master netting agreements
  • Oil and gas sales contracts, including NAESB contracts
  • Oil and gas transportation and gathering agreements including long term dedications to support infrastructure construction
  • Volumetric production payment and net profits interest conveyances
  • Oil and gas leases
  • Farm-out and farm-in agreements
  • Operating agreements, COPAS accounting procedures and gas balancing agreements
  • Turnkey, day rate and footage rate drilling contracts – onshore, offshore, domestic and international
  • Seismic data purchase and license agreements
  • Area of mutual interest agreements
  • Pooling and unitization agreements
Representative Experience+
 Upstream Oil and Gas
  • Representing major independent in creation of $1.7B joint venture for midstream assets in Haynesville Shale.
  • Representing producer in raising $1B in drilling funds from financial participants for funding developmental drilling.
  • Representing various producers in acquisitions of over $2B shale assets from bankrupt or financially troubled producers.
  • Representing Colombian company in $950M divestiture of Colombian oil concession to Madrid based utility.
  • Representing international producer in purchase of $494M property acquisition in Rocky Mountain area from Canadian seller.
  • Representing numerous producers in joint development agreements for shale resource development in Haynesville, Bakken, Eagle Ford, Marcellus and other shale trends.
  • Representing upstream and midstream public master limited partnerships in numerous drop down acquisition transactions from private selling sponsors.
  • Representing producers in Deepwater Gulf of Mexico with respect to connection of 150 mmcf/day gas production from subsea well completed in 6,000 feet of water to production spar and ultimate transportation and delivery from the production spar to onshore facilities.
  • Representing various mezzanine providers in numerous debt and equity transactions to upstream operations.
  • Representing numerous commercial banks in balance sheet and reserve-based credit facilities to oil and gas operations.
  • Represented numerous companies in purchase of oil and gas sales through Bankruptcy Court sales process.
  • Represented private equity providers and portfolio companies in various acquisition and divestiture transactions.
  • Representing upstream sellers in preparation of sales, process data room documents, and population of data rooms with appropriate materials.
  • Representing purchasers of upstream assets by providing title, regulatory and environmental due diligence reviews of assets in purchase transactions.
  • Representing various producers in acquisitions and divestitures as part of Section 1031 like kind exchange transactions both direct and reverse.
  • Representing various producers in exchange of operated working interests for non-operated working interests.
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