Joshua Ewing Sutton

The Supreme Court of Texas case of Occidental Permian v. Citation 2002 Investment offers insights into interpreting complex conveyance instruments with multiple granting clauses and other provisions. This high-stakes case highlights the importance of precise drafting and holistic interpretation when navigating conveyance intricacies. Learn more on the Energy & the Law blog.

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The Department of Interior's Bureau of Ocean Energy Management just released a draft programmatic Environmental Impact Statement for the offshore oil and gas leases currently included in the 5-Year offshore leasing plan. However, given the time required to finalize the environmental reviews, we may not see another offshore oil and gas lease sale until sometime in 2026. The Republican led Congress may look to ways to accelerate this process, but, for now, it looks like we won't see another offshore oil and gas lease sale for over a year. The current 5-year plan calls for the fewest number of offshore oil and gas lease sales over the period (3 lease sales in the Gulf of Mexico), which represents the Biden administration's estimate of the minimum number of offshore oil and gas to satisfy the requirement in the Inflation Reduction Act to hold at least one offshore oil and gas lease sale within a year of an offshore wind lease sale. The incoming Trump administration will likely pursue ways to speed up the timeline for new offshore oil and gas lease sales.

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Removability of Pre-September 2024 Cases to Business Courts - https://lnkd.in/g4mFjkjQ The first substantive decision of the Texas business courts came out on October 30, 2024. In Energy Transfer et al v. Culberson Midstream LLC et al, 24-BC01B-0005, Judge Bill Whitehill (Div. 1 - Dallas) held that a case commenced prior to September 1, 2024, cannot be removed to the business court. The written opinion is not just a characteristic but a requirement for the business courts in some circumstances. New Tex. R. Civ. P. 360 requires that business courts issue written opinions "(1) in connection with a dispositive ruling, on the request of a party; and (2) on an issue important to the jurisprudence of the state, regardless of request." The order was reported on Westlaw five days later as 2024 WL 4648110. https://lnkd.in/gBJei4bp #TexasBusinessCourtsBlog

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The Supreme Court of Texas case of Occidental Permian v. Citation 2002 Investment offers insights into interpreting complex conveyance instruments with multiple granting clauses and other provisions. This high-stakes case highlights the importance of precise drafting and holistic interpretation when navigating conveyance intricacies. Learn more on the Energy & the Law blog.

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Project Fusion is the codename for a significant merger transaction involving Kinder Morgan Inc. (KMI) and its related entities, namely Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR), and El Paso Pipeline Partners (EPB). The project was managed and analyzed by Barclays, a major investment bank, to provide a comprehensive fairness opinion and strategic rationale for the merger. Key Components of Project Fusion: 📊 Quick Presentation for Banking Applicants Title: Key Insights from Barclays' Project Fusion Pitchbook Introduction: Aspiring to join the banking sector this summer? Mastering insights from high-profile pitchbooks, like Barclays' Project Fusion, is essential. Here's a concise overview. Content: 🔍 Fairness Opinion Analysis: Evaluates merger terms for Kinder Morgan Inc. (KMI) and affiliates Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR), and El Paso Pipeline Partners (EPB). Details share exchanges and cash components, showing premiums over closing prices to determine fairness for stakeholders. 📈 Strategic Rationale: Highlights benefits such as projected 10% annual dividend growth and reduced overall corporate cost of capital. Describes strategic goals like creating a single credit family, which simplifies the corporate structure and improves financial flexibility. 🏛️ Transaction Structure: One-step reverse triangular merger with significant tax benefits. Pro forma ownership structure indicating post-merger governance changes, including increased board members from KMP and EPB. 💹 Valuation and Comparables: Comparative analysis of KMI’s valuation against peers and precedent transactions. Highlights multiples and premiums in similar MLP transactions, providing context for the valuation metrics used in the merger. 💰 Accretion/Dilution Impact: Shows projected accretion in dividends per share for KMI shareholders post-merger. Details improvements in coverage ratios and lower capital costs, illustrating financial benefits of the merger. Conclusion: Familiarity with these concepts demonstrates your analytical skills and readiness for complex financial transactions in banking. To get access to the full report: ➡️ Follow The Banking Vault ➡️ Like this post (verified by our automation tool) ➡️ Comment with your email, and we will send you the document for free. 📚For quicker access to our material, 📊 Have the updated version of our tracker, 📢 Be aware of Internships opening announcement live, Join our Free telegram channel ➡ https://lnkd.in/eJScM862 📢 and our instagram @thebankingvault

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Legal Update🚨SCOTUS recently made a decision regarding what qualifies as 'oil' under the #OilPollutionAct, rejecting companies' attempts to revive claims against a Houston Ship Channel operator. Learn more about this decision in our latest case update by Molly Pela: https://bit.ly/3xAnKV5. #OilandGasLaw #OilandGas #Texas #SCOTUS #Litigation #OlivaGibbs #OGLawyers #EnergyLaw

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On May 17, 2024, the Texas Supreme Court issued its opinion in Carl v. Hilcorp Energy Co., No. 24-0036, and confirmed that lessees can deduct gas used off lease in post-production activities when calculating “market value at the well” royalties. The Court’s decision likely spells the end of recent efforts to upend longstanding practices for calculating such royalties. Partners Benjamin Gonsoulin and Macey Reasoner Stokes and associate Elisabeth Butler share their thoughts: https://okt.to/XCnNa4

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An important decision for mineral and royalty owners.

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#Louisiana stands alone as the sole state in the country with legal principles not derived from English common law. A pivotal term in the Energy Transfer litigation is “servitude,” (corresponding to common law “easement”) and denotes a legal right granted by one party (the servient estate) to another (the dominant estate) over a property. This right empowers the holder of the servitude to use the servient estate in a specified manner. The crux of this case revolves around the interpretation of the term “exclusive” concerning ETC’s servitude for its pipeline, and whether that exclusivity prohibits DTM from crossing it. The servitude confers upon ETC “[a]n exclusive servitude of use sixty feet (60’) in width and eighteen thousand three hundred seventy six and one tenth (18,376.10’) linear feet, more or less, for the purposes of constructing, maintaining, inspecting, operating, patrolling, repairing, replacing, renewing, and removing, in whole or in part, one (1) pipeline[.]” The court ruled that ETC’s exclusive servitude did not confer the right to obstruct other pipeline crossings because, although exclusive, it did not encompass all depths and could not unilaterally prevent the crossing of another #pipeline. It also determined ETC didn't satisfy the prerequisites for obtaining an injunction — demonstrating irreparable harm in the absence of one, entitlement to relief, and likelihood of prevailing on the merits. The court reasoned that ETC’s servitude did not expressly prohibit underground crossings; rather, it only granted ETC the authority to prevent any use that "may unreasonably damage, destroy, injure, and/or interfere with" its use of the servitude. And, the court found that ETC failed to prove that safety was an actual concern and that DTM could not meet ETC’s requirements for crossing under their pipeline. To understand the potential magnitude of this decision — as several pipeline projects have been proposed and planned to provide Haynesville egress to the Gulf Coast — it is helpful to visualize Energy Transfer's footprint across the state.

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"The U.S. government said on Monday it may get involved in a dispute over whether Argentina should give up its 51% stake in oil and gas company YPF (YPFDm.BA), opens new tab to help satisfy a $16.1 billion court judgment. In a letter filed with the U.S. District Court in Manhattan, the U.S. Department of Justice said it is "actively considering" whether to file a so-called statement of interest, which it can file when a case touches on its sovereign interests." Read more: https://lnkd.in/e7tkWKEZ . . . . #damadeolaw #law #lawyer #lawfirm #legal #legalhelp #legalservices #attorney #attorneyatlaw #NYlaw #NY #NYC #newyork #longisland #manhattan #litigator #litigation #commercial #commericallitigation #business #businesslaw #businessowner #transactions #acquisitions #buyer #seller #buy #sell

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The U.S. Gulf Coast is poised to experience another big wave of new LNG export capacity, and this time it will be joined by new capacity in both Mexico and Canada. The more than 13 Bcf/d of incremental natural gas demand from LNG projects starting up over the next five years will have significant effects on gas producers, gas flows and (quite likely) gas prices. In today’s blog, we provide updates on these projects and discuss the impacts of rising LNG exports. https://lnkd.in/gqXsBXeh

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G&K is proud to sponsor the 2024 New Mexico Oil & Gas Association (NMOGA) Annual Meeting, set in beautiful Santa Fe. Join G&K attorneys Dalva Moellenberg, TJ Trujillo, and Samantha Catalano, Esq. at this important event next week. Learn more about the 96th annual meeting and register here: https://lnkd.in/gcBW5Gt9 NMOGA is a coalition of over 1,000 oil and natural gas companies, individuals, and stakeholders advocating for the safe and responsible development of New Mexico’s vital oil and natural gas resources. As one of the nation's top producers, New Mexico’s Permian and San Juan Basins are key areas of energy activity, driving global interest and investment.

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FERC approves Venture Global’s CP2 LNG project, DOE’s approval is pending The US Federal Energy Regulatory Commission (FERC) has approved Venture Global’s CP2 LNG export project in Louisiana, despite regional and nationwide massive environmental campaigns to derail it.   The CP2 project needs to receive permission from the US Department of Energy (DOE) before commencing the #construction. However, permission review and granting process of the LNG projects has been paused by the Biden administration since January in order to update the #climate, consumer, and #environmental criteria used to evaluate the LNG export projects.   According to the Global LNG Database®, Venture Global’s CP2 project to be located adjacent to the operating Calcasieu Pass LNG export plant which is at the intersection of the Calcasieu Ship Channel and the Gulf of Mexico.   US market observers had predicted that the recent signing of an initial LNG sales agreement between Venture Global and a Ukrainian private company to supply the latter with LNG from the CP2 could encourage Biden's administration to approve the project.   Venture Global is in deep disputes with its main LNG buyers since nearly 2-year ago over its “deliberately” delaying commercial operations date (COD) of its first LNG export project (Calcasieu Pass) which the European buyers believe have "detrimental consequences" for energysecurity in Europe at a “critical time”. None of the Calcasieu Pass project’s long-term LNG buyers are on the list of off-takers from the CP2 project. The complete article is available at: https://lnkd.in/d3Q7Jash   Perfect information of the world’s LNG import/export projects such as “CP2 LNG project” is available on the Global LNG Database®. If you have not yet subscribed to this service, learn more at: https://lnkd.in/dSG73cW. To see more posts like this in your feed and stay up-to-date with what is going on in the LNG world, follow Global LNG Info on LinkedIn at https://lnkd.in/e442DdDn #lngshipping #gasprice #gasindustry #energymarkets #gasmarket #lngmarkets #naturalgas #naturalgasindustry #oilandgasindustry #energypolicy #energycrisis #oilandgas #constructionjobs #constructionindustry #engineering #engineering #engineeringservices

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Permian Basin: Center of E&P Activity #oil #gas #USA #energy #growth #boom #strategic #consolidation #texas #newmexico #production #expansion #services #ofs https://lnkd.in/gpUmGWNQ

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The rise of the U.S. global LNG export sector is a remarkable one: from essentially zero in 2015 to a position of global leadership in less than a decade. The Texas-Louisiana-Mississippi Gulf Coast has transformed into an epicenter for super-chilled natural gas bound for Europe and Asia. The CDT Roundup this week takes a closer look at a couple of news items that suggest the short-term future could be a bit bumpier than expected. And, as always, there were deals reported last week. We have the firms and the lawyers behind them. https://lnkd.in/gDqpvn7C Firms mentioned in this week's Roundup include: Sidley Austin LLP, Pillsbury Winthrop Shaw Pittman LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Simpson Thacher & Bartlett LLP, Kirkland & Ellis, Cleary Gottlieb Steen & Hamilton LLP, Bourland, Wall, & Wenzel P.C., Norton Rose Fulbright, Gibson Dunn, Cooley LLP, Latham & Watkins, Vinson & Elkins, Bracewell LLP, Haynes and Boone, LLP, Clifford Chance, Willkie Farr & Gallagher LLP, Baker Botts, Holland & Hart LLP, Dechert LLP, O'Melveny & Myers LLP, King & Spalding

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