Sidley is representing Laredo Petroleum, Inc. (NYSE: LPI) in its agreement to acquire approximately 20,000 net acres in western Glasscock County, Texas from Pioneer Natural Resources Company (NYSE: PXD) for cash and stock consideration aggregating US$230 million, subject to customary closing price adjustments. The leasehold to be acquired is directly adjacent to Laredo’s existing western Glasscock leasehold, expanding its oil-weighted core development area in the prolific Midland Basin. The transaction is expected to close in October 2021.
The Sidley team is led by partners Jim Rice and Tim Chandler, and associate Jeremy Pettit. The team also included partners Jessica Adkins (Project Finance and Infrastructure), Heather Palmer (Environmental), C.J. Polito (Energy Regulatory), Zack Pullin (Tax), and Robert Velevis (Commercial Litigation), as well as associate John Brannan III (Energy).