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Slowed Energy M&A Is a Downer for Some Texas Firms
Bracewell’s Alan Rafte and Dewey Gonsoulin Jr. discussed the energy deals market with Brenda Sapino Jeffreys of the Texas Lawyer.
Jeffreys writes that it is “not just the volume of deals. The market is plagued by uncertainty about where the price of oil will land, which affects the profitability of oil and gas companies. And the count of U.S. rigs drilling for oil has slipped below 700, down 20% from a year ago.”
Rafte says “he’s worked on a few deals in the upstream area for larger companies selling off non-core assets, but midstream, in contrast, is ‘very hot’ because of construction projects to transport oil and gas from the Permian Basin to the Gulf Coast.”
Gonsoulin tells Jeffreys “it’s been a ‘pretty choppy’ year so far, but notes “there’s been an uptick in refinancings.”