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About Molly

Molly Butkus represents and counsels developers, exploration and production companies, midstream companies, private equity funds, purchasers and sellers in all aspects of upstream and midstream transactions, including acquisitions and divestitures, joint venture formation and other day-to-day operational representation. Molly also focuses on representing upstream producers and water management companies in the drafting and negotiation of water gathering, disposal, supply and recycling agreements, as well as the acquisition and divestiture of produced and fresh water assets and infrastructure.

Very client-friendly, smart and really understands the upstream oil and gas space.
Chambers USA, 2021


Recent Notable Matters

Sabalo Energy, LLC — $715 million sale of Midland Basin assets to Laredo Petroleum, Inc.

TC Energy Corporation — approximately $1.275 billion sale of US midstream assets held by its subsidiary, Columbia Midstream Group, to a subsidiary of UGI Corporation

WaterBridge Resources LLC — $238 million acquisition of salt water disposal assets from NGL Energy Partners LP

WaterBridge Resources LLC — $125 million acquisition of produced water assets from PDC Energy, Inc. and negotiation of water services agreements

Sabalo Energy, LLC — divestiture of produced water gathering and recycling infrastructure assets in the Midland Basin to H2O Midstream LLC, including negotiation of long-term produced water gathering, disposal and recycling agreements

Independent oil and natural gas exploration and production company — sale of substantially all of its Gulf of Mexico assets to Fieldwood Energy LLC for over $700 million

Three Rivers Operating Company III LLC — sale of 59,000 net acres in the Delaware Basin for an undisclosed cash consideration to Admiral Permian Resources, LLC

Noble Energy, Inc. — sale of 30,200 net acres in the DJ Basin in Weld County, Colorado to SRC Energy Inc. for $608 million

Independent oil and natural gas exploration and production company — acquisition of Clayton Williams Energy, Inc. for $2.7 billion in stock and cash

Independent oil and natural gas exploration and production company — divestiture of Wattenberg Field assets in the DJ Basin for $505 million to Synergy Resources Corporation

Integrated international energy company — multiple divestitures of its producing assets in the Gulf of Mexico

Tall City Exploration LLC — agreement with Moss Creek Resources, LLC to sell its Howard and Borden county assets in Texas for $803 million

Private equity-backed seller — sale of Permian acreage and production to an undisclosed buyer for $1.24 billion

Heyco Energy Group, Inc. — sale of its subsidiary, Harvey E. Yates Company, to Matador Resources Co. in exchange for Matador stock

Tall City Exploration LLC — sale of Permian acreage and production to American Energy – Permian Basin, LLC for $440 million

Private equity-backed buyer — purchase of Encana’s East Texas acreage and production for approximately $425 million

Three Rivers Acquisition LLC and Three Rivers Operating Company LLC — sale of all their Permian Basin oil and gas producing assets to Concho Resources for $1 billion

Manti Equity Partners, LP — $141 million joint sale of Eagle Ford acreage and production to a subsidiary of the Chinese company, MeiDu Holding Co., Ltd.

Apache Corporation — $3.75 billion divestiture of its Gulf of Mexico Outer Continental Shelf business, including an innovative collateral arrangement to secure the performance by the buyer of $2 billion of abandonment exposure

Fortune 500 company — multiple acquisitions and divestitures in the Permian Basin, Bakken, MidCon and Niobrara

Fortune 150 oilfield services company — several alternative investment transactions involving the exchange of services for Net Profits Interests in associated oil and gas properties, which, in each case, included an area of mutual interest, right of first refusal to provide services, as well as structuring of a cash waterfall within a special purpose vehicle to address applicable tax consequences

Kinder Morgan, Inc. — approximately $280 million purchase of CO2 and helium producing properties in the Permian Basin

SWEPI LP (a unit of Royal Dutch Shell plc) — $1.9 billion acquisition from Chesapeake Energy Corporation of approximately 618,000 net acres of oil and gas properties in the Southern Delaware region of the Permian Basin

Private equity-backed buyer — $190 million acquisition of approximately 15,000 acres in the Permian Basin

Kinder Morgan, Inc. — $7.15 billion sale of El Paso’s exploration and production business unit which includes assets in the Eagle Ford Shale, Permian Basin, Haynesville Shale, Black Warrior Basin, Uintah Basin, Raton Basin, Powder River Basin and the Gulf of Mexico, as well as in Egypt and Brazil

Publications and Speeches

“Water Midstream Transactions: There’s Floodin’ Down in Texas,” Oil and Gas Investor, April 2020.

“Areas of Mutual Interest Agreements – Certain Legal Issues to Consider in Texas,” Section Report of the Oil, Gas & Energy Resources Law Section of the State Bar of Texas, Volume 41, Number 3/ Spring 2017.

“Hedging Strategy,” The American Oil & Gas Reporter, July 2015.

“Two Companies Formed Partnership After All, Jury Finds,” Oil & Gas Investor, March 2014.

“Maturing Shale Plays Help Usher in Recent Increase in Upstream MLPs,” Oil & Gas Financial Journal, June 11, 2013.



The University of Texas School of Law,
with honors
The University of Kansas,
Bachelor of Arts
with honors, Phi Beta Kappa

Bar Admissions



State Bar of Texas
Houston Bar Association
Houston Young Lawyers Association





Chambers USA
Nationwide Energy: Oil & Gas (Transactional), 2021
The Legal 500 United States
Energy Transactions: Oil and Gas, 2021 (Next Generation Partner, 2021)
Thomson Reuters
Texas Super Lawyers
Rising Star, 2018 - 2020


Past Events

- Webinar - February 25, 2021