Chad S. McCormick
Chad S. McCormick is a tax partner in White & Case's M&A practice, based in Houston, Texas. Chad advises clients on tax-efficient structures for domestic and cross-border mergers, acquisitions, and separations. He also advises clients on tax aspects of capital markets transactions, financing arrangements and matters regarding S-corporations, partnerships, and other pass-through entities. Chad has extensive experience in the energy and oil & gas sector, having advised oil & gas companies, oil & gas project investors and private equity and venture capital firms on multimillion and multibillion-dollar deals, arrangements, funds and other matters.
Recent experience includes the representation of:
- Representation of EOG Resources, Inc. (NYSE: EOG), one of the largest independent oil and natural gas companies in the United States, in its exit from China through the US$140 million sale of EOG Resources China Ltd., a company holding EOG's upstream oil and gas assets in China, including its participating interest in and operatorship of the Bajiaochang Field located in the Chuanzhong Block, Sichuan Basin, to Roc Oil Company Pty Ltd., an international oil and gas company based in Australia and subsidiary of Fosun International Ltd.
- Representation of Sixth Street Partners, LLC, a global investment firm, in its US$405 million acquisition of PDP assets from Laredo Petroleum, Inc., a company focused on exploration in the Permian basin.
- Representation of Occidental Petroleum Corp. on its US$825 million sale of onshore oil and gas assets in Colombia to The Carlyle Group, a private equity management firm.
- Priority Power Management, LLC, an independent energy management services and consulting firm, in its acquisition of Satori Enterprises LLC (d/b/a Satori Energy), a leading energy consulting firm based out of Chicago, Illinois serving more than 55,000 industrial, municipal and residential clients in 25 states, the District of Columbia, Canada and Mexico.
- ARM Energy Holdings, LLC in connection with the formation of ARM Resource Partners, LLC (ARM Resources) with a capital commitment from EIV Capital, LLC. ARM Resources will focus on making investments in various non-operating working interests, producing and non-producing mineral interests, royalty interests and other passive upstream investments within the United States.
- REE Automotive Ltd., an electric-vehicle technology startup based in Israel, in its US$3.6 billion go-public acquisition by 10X Capital Venture Acquisition Corp. (NASDAQ: VCVCU), a SPAC.
- Macquarie Infrastructure Partners II in the US$1.212 billion sale of Gadus Holdings Corporation, the parent company of WCA Waste Corporation, to GFL Holdco (US), LLC, a subsidiary of GFL Environmental Inc.
- Occidental Petroleum Corporation in its US$825 million sale of onshore oil and gas assets in Colombia to The Carlyle Group.
An affiliate of Sixth Street Partners in a US$402 million overriding royalty interest acquisition and joint venture with Antero Resources Corporation.
- WaterBridge, a portfolio company of Five Point Energy and provider of water management solutions to the E&P industry, on its issuance of US$345 million of equity capital through the issuance of US$195 million of common equity to Five Point Energy, GIC and management and issuance of US$150 million of perpetual preferred equity to a subsidiary of Magnetar Capital.
- Triten Energy Partners, LLC, an energy and oil company in Houston specializing in downstream infrastructure projects, in securing a US$150 million equity commitment from Tailwater Capital LLC, an energy-focused private equity firm based in Dallas.
- IFM Investors, in its US$10.3 billion acquisition of Buckeye Partners, L.P. (NYSE: BPL). The transaction was named "Private Equity Deal of the Year (Over US$10 billion)" by M&A Advisor (2020).
- Delek Group in its acquisition of a 22.45% working interest in the Caesar Tonga field in the Gulf of Mexico from Shell for US$965 million, and a long-term purchase agreement with Shell Trading (US) Company for the produced oil.
- WaterBridge Resources LLC, a portfolio company of Five Point Energy, in its acquisition of produced water disposal assets from, and entry into a long-term produced water management services agreement with, a subsidiary of Concho Resources Inc. (NYSE: CXO).
- EchoStar Corp. (NASDAQ: SATS) in the tax-free spin-off and subsequent sale of its broadcast satellite service business to DISH Network Corp. (NASDAQ: DISH).
- Milestone Environmental Services, LLC, an oilfield environmental services provider, in an exchange of real property and produced water disposal assets with High Roller Group.
Intermediate Capital Group plc in connection with a US$60 million second lien credit facility, consisting of US$37 million of initial term loans and US$23 million of delayed draw term loans, in part to finance the acquisition of Utimus Fund Solutions and
The Gemini Companies by the sponsor, GTCR.
Ara Partners Group, an alternative asset manager, in its
majority investment in Centric Gas Services, LLC, a local gas
distribution platform headquartered in Magnolia, Texas.
Recent experience prior to joining White & Case includes the representation of:
- KKR/Venado Oil & Gas, LLC in its US$765 million acquisition of Cabot Oil & Gas Corporation's (NYSE: COG) developed and undeveloped oil and gas assets in the Eagle Ford Shale.
- Alberta Investment Management Company in its commitment to fund, along with a syndicate of financial sponsors, Howard Midstream Energy Partners LLC's strategic partnership with WPX Energy (NYSE:WPX) to develop crude oil and natural gas gathering and processing infrastructure in the Delaware Basin.
- Sable Permian Resources (formerly known as Permian Resources), a privately held exploration and production company backed by The Energy & Minerals Group, OnyxPoint Global Management, Sable Management, First Reserve and other investors, in connection with a recapitalization transaction that included an equity capital raise of approximately US$750 million, an optional equity purchase amount of approximately US$350 million, a debt for equity exchange of approximately US$325 million of secured and unsecured indebtedness and a debt for equity exchange of approximately US$250 million of junior subordinated notes.
- Pine Brook on its co-led US$600 million line of equity investment in Admiral Permian Resources, LLC with Riverstone Holdings.
- KKR in the preferred financing of Covey Park Energy LLC's US$465 million acquisition of assets in the Haynesville shale area of North Louisiana from Chesapeake Exploration, LLC and related companies.
- Blackstone Energy Partners and Sanchez Energy Corporation in their 50/50 partnership, definitive purchase agreement and related financing to acquire Anadarko Petroleum Corporation's working interest in approximately 318,000 gross operated acres in the Western Eagle Ford for approximately US$2.3 billion.
- Alta Marcellus Development, LLC, a wholly owned subsidiary of Alta Resources Development, LLC, in its US$1.24 billion acquisition of operated and non-operated upstream assets and operated midstream assets in the Marcellus Shale of north-central Pennsylvania from Anadarko Petroleum Corp.
- Alta Marcellus Development, LLC, a wholly owned subsidiary of Alta Resources Development, LLC, in its US$207 million acquisition of oil and gas assets in the Marcellus Shale of north-central Pennsylvania from Mitsui E&P USA LLC.
- Alberta Investment Management Corporation on its agreement to acquire, on behalf of certain of its clients, an ownership stake in Howard Energy Partners from EnLink Midstream Partners, LP.
- The Blackstone Group in its US$1 billion capital commitment to Jetta Permian, LP, a Delaware basin-focused oil and gas exploration and production company.
- Alberta Investment Management Corporation in its US$500 million preferred equity investment in Howard Midstream Energy Partners, LLC.
- Energy Capital Partners Mezzanine Opportunities Fund in its preferred equity investment in Ramaco Development, a Yorktown-backed metallurgical coal miner.
- TPG Special Situations Partners, LLC in the formation of US$400 million drilling partnership to develop domestic unconventional resources in the Midland Basin with Hunt Oil Company.
- Chesapeake Energy Corporation in connection with sales of approximately US$1.2 billion of upstream assets to various private equity groups.
- Noble Corporation in its redomestication to the United Kingdom.
- Transocean in its multiple sales of drilling rigs, including sale of 38 drilling rigs to private equity group.
- A private equity group in its "Double-wing" transaction involving acquisition of US$100 million company.
- Pride International, Inc. in its US$8.6 billion acquisition by Ensco plc.
- McMoRan Exploration Co. in its acquisition of Gulf of Mexico shelf properties from Plains Exploration & Production Company.
- ICO, Inc. in its cash/stock merger with A. Schulman, Inc.
- Chesapeake Energy Corporation in its spin-off of Seventy Seven Energy, Inc.
- Noble Corporation plc in its spin-off of Paragon Offshore plc.
- Liberty Media Corporation in numerous transactions including (i) the spin-off of Capital group; and (ii) the split-off of Capital and Starz groups, IAC/Interactive Corp., News Corp, and The DIRECTV Group, Inc., followed combination with remaining public interests in DIRECTV.
- Liberty Interactive Corporation in its spin-off of TripAdvisor.
- McDermott International, Inc. in its spin-off of The Babcock & Wilcox Company.
- Pride International, Inc. in its spin-off of Seahawk Drilling, Inc.
- Halliburton Company: IPO/Split-off of KBR, Inc.
Recognized as a Texas Super Lawyer-Rising Star, Thomson Reuters, 2014-2015