Cyril V. Jones, P.C.

Kirkland & Ellis counseled Quantum Capital Solutions (QCS), an affiliate of Quantum Capital Group, on the formation of a midstream partnership with Comstock Resources Inc. for Comstock’s Western Haynesville acreage. As part of this transaction, Comstock will contribute its Pinnacle gathering and treating system, which is comprised of 145-mile high pressure pipeline and the Bethel natural gas processing plant to the partnership in exchange for a total capital commitment by QCS of $300 million to fund the future build-out of the Western Haynesville midstream system over the next several years. Comstock will control and operate the midstream system. Read Comstock’s press release The Kirkland team was led by corporate partners Cyril Jones, Chad Smith and Emily Lichtenheld and associates Isaac Bate and Scott Myers; debt finance partners Will Bos and Angela Hagerman; and tax partners David Wheat and Bill Dong.

Oct 31

1 min

Kirkland & Ellis advised Blackstone Energy Partners on a transaction whereby Patterson-UTI Energy, Inc., a leading provider of drilling and completions services in the United States, will acquire Ulterra Drilling Technologies, L.P., a global provider of specialized drill bit solutions, from affiliates of Blackstone Energy Partners on a debt-free basis for aggregate consideration of $370 million of cash and 34.9 million shares of Patterson-UTI common stock. The pending transaction, which is expected to close in the third quarter of 2023, is subject to customary closing conditions and receipt of required regulatory approvals. Read the transaction press release The Kirkland team was led by corporate partners Cyril Jones, Rhett Van Syoc and Joshua Teahen, with corporate associates James Long and Paul Fife; capital markets partners Michael Rigdon and Billy Vranish; tax partners Mark Dundon and Rebecca Fine; and executive compensation partner Stephen Jacobson and associate Brandon Newman.

Jul 5

1 min

Kirkland & Ellis counseled Earthstone Energy, Inc. on its agreement to acquire Novo Oil & Gas Holdings, LLC, a privately-held Delaware Basin focused E&P company backed by EnCap Investments L.P., for $1.5 billion. Concurrently, Northern Oil and Gas, Inc. (NYSE: NOG), also counseled by Kirkland & Ellis, will acquire working interests equal to a pro-rata 33⅓ percent of the oil and gas assets of Novo for $0.5 billion from Earthstone, resulting in a $1 billion purchase price net to Earthstone for the retained 66⅔ percent interest. Consideration at closing will be subject to customary purchase price adjustments. The effective date for the Novo acquisition is May 1, 2023, and closing is anticipated to occur in the third quarter of 2023, subject to customary closing conditions. Read Earthstone Energy’s press release Read NOG’s press release The Kirkland team was led by corporate partners David Castro, Jr., Cyril Jones, Lindsey Jaquillard, Chad Smith and William Eiland; with assistance from corporate partner Randy Santa Ana and associates Daniel Cadis, Jarrod Gamble and Jonathan Strom; debt finance partners Mary Kogut and Jordan Roberts and associate Lauren Elledge; and capital markets partners Bryan Flannery and Matt Pacey associate Erin Meziere.

Jun 15

1 min

Kirkland & Ellis advised Apollo (NYSE: APO) in connection with the sale of Broad Reach Power, a Houston-based company specialized in battery storage, to French multinational utility company ENGIE, by co-investment partners Apollo, EnCap, Yorktown Partners and Mercuria Energy. The sale to ENGIE includes 350 MW of grid-scale battery assets in operation and 880 MW under construction mainly in the Electric Reliability Council of Texas (ERCOT) territory, with commissioning expected before the end of 2024. The acquisition also includes a 1.7 GW pipeline of battery storage projects at an advanced stage of development and a significant pipeline of early-stage projects. In November 2021, Kirkland advised Apollo on its agreement to acquire a 50 percent stake in Broad Reach Power. Read EnCap's press release The Kirkland team was led by corporate partners Adam Larson and Cyril Jones and associate Fern Langa and tax partner Mark Dundon.

Aug 24

1 min

Kirkland & Ellis is advising EQT Corporation (NYSE: EQT) on the sale of its remaining working interest in its non-operated natural gas assets in Northeast Pennsylvania to Equinor USA Onshore Properties Inc. and certain of its affiliates for $1.25 billion. The transaction was announced October 29, 2024, and is expected to close in the fourth quarter of 2024, subject to customary closing adjustments, required regulatory approvals and clearances. Read the transaction press release Kirkland’s team included corporate lawyers Lindsey Jaquillard, Chad Smith, Luke Strother, Rizwan Popatia, David Feirstein and Cyril Jones.

Oct 30

1 min