Upstream Oil and Gas

Porter Hedges 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

Related Practices

Experience

Representation of Franco-Nevada Corporation in its acquisition of an overriding royalty interest on acreage in the Marcellus Shale from Range Resources Corporation for $300 million.
Representation of Ascent Resources, LLC in the acquisition of natural gas and oil properties from Hess Corporation, CNX Resources, Utica Minerals Development, and a fourth undisclosed seller for $1.5 billion.
Representation of BHP Billiton in the sale of certain Eagle Ford Shale assets.
Representation of Noble Energy in the $3.2 billion acquisition of 50% of a company’s Marcellus oil and gas development leases and the related joint venture development agreement.
Representation of Ascent Resources, LLC in the $1.7 billion acquisition of Utica and Marcellus properties from East Resources, Inc.
Representation of Black Stone Minerals, L.P. in the $340 million acquisition of a large and diverse mineral and royalty package from affiliates of Noble Energy.
Representation of Red Mountain Energy and IOG Capital in the sale of its STACK position to SandRidge Energy.
Representation of Noble Energy in the $1.225 billion divestiture of Marcellus Shale assets to an undisclosed buyer.
Representation of Middle Fork Energy Partners, LLC in an acquisition of natural gas and oil producing properties, undeveloped acreage, and related assets located in the Uinta Basin for $155 million from QEP Energy Company.
Representation of Talisman Energy in the $1.325 billion acquisition of Eagle Ford shale leases and formed a joint venture to develop the fields with Statoil.
Representation a Special Committee of the Gulfport Energy Corporation Board of Directors in the $372 million and $220 million acquisition of Utica Shale Acreage from Windsor Ohio.
Representation of EPL Oil & Gas in the purchase of oil and gas assets in the Gulf of Mexico from Hilcorp Energy Co. for $550 million.
Representation of White Star Petroleum, LLC in the acquisition of Mississippi Lime and Woodford Shale assets from Devon Energy Corporation for $200 million.