Stephen M. Boone Jr.

STEPHEN BOONE focuses his practice on oil and gas related transactions, including mergers and acquisitions, joint ventures, and other finance and project development matters across the entire energy value chain.

Stephen advises a broad range of public and private companies and investment funds, including developers, exploration and production (E&P) companies, midstream companies, private equity funds, purchasers, and sellers on all aspects of energy transactions and agreements. His experience representing corporate clients includes upstream and midstream asset acquisitions and divestitures, asset construction, development, operational and commercial matters, mergers and acquisitions, farmouts, farmins, joint ventures, and other investments as well as oil and gas marketing arrangements, financings, and litigation and disputes.

Stephen has been recommended by Legal 500 United States for Energy Transactions: Oil and Gas (2023, 2025) and by The Best Lawyers in America® for Oil and Gas Law (2026). He was listed among Euromoney Expert Guides: Rising Stars for United States – Energy and Natural Resources (2020) and named a Texas “Rising Star” by Super Lawyers (2017–2020). Stephen is board certified in Oil, Gas and Mineral Law by the Texas Board of Legal Specialization.

Prior to entering the legal field, Stephen worked for a major engineering and construction firm in its petrochemical projects area, including on-site at one of the largest oil refineries in the United States.

Stephen’s extensive experience includes the following representative matters:

• Talos Energy in its US$1.29 billion acquisition of QuarterNorth Energy.
• Global oil and gas company, Waldorf Production Limited, in the sale of U.S. Gulf of Mexico assets.
• Viper Energy in its US$1 billion acquisition of Permian Basin mineral and royalty interests.
• A private equity-backed company in the negotiation of a “drillco” partnership with outside capital, including the acquisition of related upstream oil and gas assets.
• A public oil and gas company in the sale of saltwater disposal assets.
• A private upstream company in the negotiation of a broad joint development and area of mutual interest arrangement.
• A private equity-backed company in the negotiation of gas gathering, processing, and sale agreements.
• A private equity-backed company in the negotiation of various surface, midstream, disposal, and other commercial arrangements in advance of sale.
• A private equity manager in the acquisition of strategic nonoperated oil and gas assets and related finance matters.
• A private equity-backed midstream company in negotiating various construction and installation contracts.
• Diamondback Energy Inc. and Rattler Midstream LP in the sale of multiple gas gathering systems and related subsidiaries.
• A midstream company with comprehensive settlement and negotiation of amended crude, gas and water gathering, transportation, and processing agreements in the midst of counterparty’s restructuring.
• A company on the acquisition of a development site for a commercial project.
• A private equity-backed company with its wellbore acquisition program from a global E&P company.
• A private equity-backed upstream company with the negotiation of gathering and midstream arrangements.
• Various complex upstream and midstream reorganizations and restructurings, including acquisition and divestiture, commercial, operational, and litigation support.
• A private equity fund with its dissolution and negotiated distributions and related upstream oil and gas matters.
• Diamondback Energy Inc. in connection with its US$620 million “drillco” transaction.
• A private equity fund sponsor in the sale of a domestic wind farm company.
• Sanchez Energy Corporation with the restructuring of a midstream natural gas joint venture, advising on commercial, processing, dedication, and other critical upstream and midstream issues.
• Diamondback Energy Inc. in connection with its US$9.2 billion all-stock merger with Energen Corporation.
• Sanchez Energy Corporation in a joint development agreement in connection with a US$2.3 billion acquisition of Eagle Ford Shale assets from Anadarko Petroleum Corporation.
• Diamondback Energy Inc. in a US$212.5 million acquisition in the Permian Basin from ExL Petroleum Management, LLC, et al.
• Diamondback Energy, Inc. in a US$2.43 billion acquisition of Delaware Basin assets from Brigham Resources Operating, LLC and Brigham Resources Midstream, LLC.
• A large, publicly traded midstream master limited partnership (MLP) in negotiating a joint venture transaction.
• A publicly traded oil and gas company in various mineral interest acquisitions.
• A publicly traded midstream MLP with operational matters.
• A private equity company in connection with the acquisition of operated upstream properties.

The above matters were handled prior to joining Sidley.

• Member, Oil, Gas and Mineral Law Section, Houston Bar Association.