Dale Smith’s practice focuses on finance, energy and real estate matters. A member of the electric and gas utility industry for more than a decade, Dale now uses that knowledge when helping clients navigate through their corporate needs. His finance and banking experience includes the representation of both lending institutions and borrowers in all types of secured and unsecured credit transactions, including syndicated and structured finance transactions, project finance, letter of credit, working capital, ABL, exploration and production reserve base facilities, workouts and restructurings and DIP and bankruptcy exit financings.
Dale represents energy industry clients in a broad range of transactions, including the purchase and sale of hydrocarbons, oil and gas properties, gas processing plants, production and storage facilities and pipeline systems, as well as negotiating and drafting many types of transactional agreements including leases; farmout and participation agreements; seismic and license agreements; drilling and other service contracts; operating agreements; gas, crude and natural gas liquid gathering, transportation, processing, storage and fractionation agreements; power purchase agreements; off-take agreements; engineering, procurement and construction contracts; and operation and maintenance agreements. Dale has substantial experience performing mineral reserve due diligence reviews for clients investing in exploration and production assets.
Dale’s real estate practice focuses on transactions involving the acquisition, development, operation, leasing, management and disposition of real property, including advising developers with respect to surface and building leases for telecommunications facilities and equipment.
Recent Notable Matters
Halcón Resources Corporation — $325 million divestiture of all water infrastructure assets across the Delaware Basin to a subsidiary of WaterBridge Resources LLC
Phillips 66 Partners LP — joint venture construction and operating agreements with Andeavor and an equity option with Canadian midstream company Enbridge Inc. in relation to the Gray Oak Pipeline, LLC joint venture, and in a joint venture with Buckeye Partners LP to develop the new South Texas Gateway Terminal at the mouth of Corpus Christi Bay
Apache Corporation — formation of SCM Alpine, LLC, which will own and operate a greenfield NGL y-grade pipeline, including transportation service agreements, tariffs and related regulatory matters
Major midstream MLP — finance counsel in connection with its $1.5 billion syndicated revolving credit facility
Major U.S. bank — agent, with respect to aggregate 21-bank syndicated secured $750 million revolving credit facility to an oil and gas exploration and production company
Lender — $15.9 million secured loan agreement to a pipeline company to acquire and construct natural gas assets to serve residential customers in the City of Houston
Energy financial services firm — project finance loans to developers of solar and wind electric generation facilities plants located in New Jersey, Georgia and Texas, and a $50 million letter of credit facility for an electric generation company's environmental remediation obligations
Major midstream MLP — $2.15 billion purchase of natural gas and crude oil gathering, treating, compression and condensate processing services in the Eagle Ford Shale basin, including the negotiation and drafting of dedicated natural gas processing and transportation, natural gas liquids transportation and fractionation, processed condensate and crude oil transportation service, and export dock sales agreements
International commodities trading company — acquisition of over $1 billion of mineral interests and related midstream assets located in East Texas
Portfolio company of a private equity sponsor — greenfield 75-mile interstate crude pipeline in the Permian basin, including acquiring right-of-way, regulatory filings and tariffs and the negotiation of anchor shipper agreements, interconnection agreements, terminalling and storage agreements, and several gathering and transportation service agreements with crude producers and refineries
Midstream operator — negotiation and drafting of several gas purchase contracts with major and independent oil and gas producers in the Permian basin
Independent oil and gas company and equity sponsor — negotiation and drafting of several rich and lean gas gathering and processing agreements in North Louisiana and East Texas
National telecommunications provider — negotiation of several surface and roof-top cellular equipment lease agreements in Texas and Louisiana
Texas electric generation company — negotiation of engineering, procurement and construction contracts for several of its fossil fuel plants
Publications and Speeches
"Due Diligence When Acquiring Oil and Gas Interests Subject to Midstream Contracts," Texas Bar Advanced Oil, Gas & Energy Resources Law Course, September 20-21, 2018.
“Rights and Remedies of the Parties With Respect to Defaults Under Oil and Gas Agreements,” Texas Bar Advanced Oil, Gas & Energy Resources Law Course, September 29-30, 2016.