Atman Shukla

ATMAN SHUKLA’s practice focuses on mergers and acquisitions and investment transactions (including joint ventures) for clients in the energy and infrastructure space, including upstream, oilfield services, midstream, and downstream (including power, refining and trading). Atman’s practice also includes aviation matters, particularly in the regional airline space and, more recently, in the sustainable aviation space.

Atman has recently co-led the following transactions:

• Represented funds advised by Wafra Inc. in the acquisition of Aquila Air Capital from funds managed by Warburg Pincus LLC. Aquila is a specialty finance platform focused on providing aviation asset financing, including purchasing and leasing aircraft engines.
• Represented a private credit platform in the restructuring of its debt and equity arrangements with an LNG developer and its sponsorship of a new management team.
• Represented a buyer and its equity sponsor in the purchase of an ethanol production facility and a related carbon capture development project, as well as in related financing arrangements.
• Represented the founder of Commonwealth LNG in Kimmeridge’s additional equity investment in Commonwealth LNG.
• Represented Bradford Airport Logistics, a leading provider of advanced logistics services to airports and other transportation hubs through its proprietary Centralized Receiving and Distribution Centers model, in a significant growth equity investment from Bregal Sagemount, a leading private equity platform with a focus on growth investments in the United States and Europe.
• Represented Energy Transfer LP in its purchase of Lotus Midstream LLC (an affiliate of EnCap Flatrock Midstream) for approximately US$1.45 billion, including approximately 3,000 miles of crude gathering and transportation pipelines extending from Southeast New Mexico across the Permian Basin of West Texas to Cushing, Oklahoma, a crude storage terminal in Midland, Texas that increases Energy Transfer’s storage capacity by approximately two million barrels, and a 5% equity interest in the Wink to Webster Pipeline.
• Represented Greene’s Energy Group and Denham Capital in their sale of Greene’s Energy Group, LLC to KLX Energy Services Holdings, Inc. (KLX) for approximately 2.4 million shares of KLX common stock.
• Represented United Airlines in its transaction with Mesa Airlines (Mesa) involving the restructuring of Mesa’s long-term capacity purchase agreement (including the addition of up to 38 CRJ-900 aircraft), the assumption of all of CIT Bank’s rights and obligations under a credit facility with Mesa, the agreement to purchase 30 GE aircraft engines for gross proceeds of approximately US$80 million, and related equity and governance arrangements.
• Represented Sunoco LP in its purchase from Zenith Energy of 16 refined product terminals across the East Coast and Midwest, for approximately US$110 million.
• Represented VoltaGrid in its acquisition from Pilot Company of substantially all of Pilot Company’s CNG compression, CNG virtual pipeline, and CNG logistics platform assets, making VoltaGrid the largest vertically integrated portable power generation and clean fuels platform in North America.
• Representing Enbridge, Inc. in its transaction with Encap Flatrock Midstream to acquire Moda Midstream Operating, LLC for US$3 billion in cash.
• Representing JERA Americas Inc. in the US$2.5 billion purchase of a 25.7% equity ownership interest from Global Infrastructure Partners in Freeport LNG Development, L.P.
• Representing I Squared Capital in a transaction in which affiliates of Blackstone and I Squared Capital are merging EagleClaw Midstream into Altus Midstream, a public company subsidiary of Apache Corp.
• Representing NuStar Energy L.P., one of the largest independent liquids terminal and pipeline operators in the nation, in the sale of eight storage terminal locations to Sunoco LP for US$250 million.

He has also recently co-led the following sustainable aviation transactions:

• Representing United Airlines in an agreement to work with Archer Aviation, an air mobility company, whose electric vertical takeoff and landing (eVTOL) aircraft is designed to use electric motors and have the potential for future use as an “air taxi” in urban markets.
• Representing United Airlines in its commercial agreement to work with Denver-based aerospace company Boom Supersonic on an aircraft purchase, as well as a cooperative sustainability initiative.
• Representing United Airlines Ventures in its investment in electric aircraft startup Heart Aerospace along with Breakthrough Energy Ventures and Mesa Airlines.
• Represented American Airlines in its investment in Vertical Aerospace, a leading UK-headquartered engineering and aeronautical business developing electric vertical takeoff and landing aircraft, in which American has agreed to pre-order, subject to certain future agreed upon milestones and other terms, up to 250 aircrafts, representing a potential pre-order commitment of US$1 billion, and an option to order an additional 100 aircrafts. 

Atman’s corporate practice also includes experience with capital markets transactions (both private and public, and both debt and equity), as well as corporate governance matters. Atman has also advised start-ups and emerging ventures through Sidley’s Emerging Enterprises Pro Bono Program.

Recently, Atman has been named a “Rising Star” by Law360 in the Energy category, which honors lawyers under the age of 40 “whose legal accomplishments belie their age” (2024). He was recognized as a leading lawyer by Lawdragon 500 Leading Energy Lawyers (2024). Atman was noted as a part of Sidley’s Aviation and Airlines team which was named the winner of Financial Times’ 2021 “Innovation in Sustainability and ESG” award for its work in helping aviation and airlines industry clients reduce greenhouse gas emissions. He was also named to Oil and Gas Investor’s “40 Under 40” list in 2022. Atman also served as a Judicial Intern for the Honorable Jeff Bohm of the U.S. Bankruptcy Court, Southern District of Texas (July 2008–August 2008).

Atman’s representative experience at Sidley includes:

Private Equity/Investment Transactions

• Represented Twin Eagle Pipeline Company, LLC in its sale to Ironwood Midstream Energy Partners II, LLC of 100% of the equity interests of an entity owning the Gardendale and Asherton gathering systems in the Eagle Ford shale, which together included 137 miles of active crude oil gathering pipeline with connections to multiple long-haul pipelines, allowing access to the U.S. Gulf Coast, Three Rivers and Houston markets.
• Represented Argo Infrastructure Partners in its agreement to acquire 100% of the equity interests of the holding companies owning the Oneta Power Generation Project, a 1,127 MW power plant in Coweta, Oklahoma, and the Carville Power Generation Project, a 516 MW power plant in St. Gabriel, Louisiana, from a portfolio company of LS Power Equity Partners.
• Represented I Squared Capital in the formation of a joint venture with Blackstone Energy Partners for the expansion of midstream activities in the Delaware Basin, including the ongoing construction of the Permian Highway Pipeline with Kinder Morgan, as well as the concurrent acquisitions of Caprock Midstream and Pinnacle Midstream by Eagle Claw Midstream, involving cash commitments by I Squared Capital exceeding US$500 million, a transaction recognized as the 2019 “Energy, Power & Utilities Deal of the Year” by The Deal’s Middle Market Awards.
• Represented Enbridge in its acquisition of, and exercise of, an option to purchase an approximate 26% equity interest in the Gray Oak Pipeline development project with Phillips 66 Partners for the transportation of crude oil from the Permian Basin and Eagle Ford Shale to several destinations along the Texas Gulf Coast.
• Represented an investment trust in its purchase, from an energy-focused private equity firm, of a business engaged in the financing of oil and gas producers for approximately US$40 million in aggregate enterprise value.
• Represented an energy-focused private equity firm in its sale of oilfield services assets for approximately US$15 million.
• Represented a preferred investor in the redemption and restructuring of its preferred equity securities in a joint venture owning an interest in a gas gathering facility in Wyoming.
• Represented an energy-focused private equity firm in its equity commitment with a management team pursuing investment opportunities in the minerals space.
• Represented an energy-focused private equity firm in its equity commitment with a management team pursuing upstream acquisition and divestiture opportunities.
• Represented a private equity firm in its creation of a joint venture, as well as its subsequent purchase and sale of distressed upstream oil and gas assets valued at approximately US$40 million.
• Represented an energy-focused private equity firm in the structuring of its management-related arrangements in connection with an initial public offering of an oil and gas exploration and production portfolio company.
• Represented GE Oil & Gas in its investment in US$25 million of convertible preferred securities of Tellurian, the developer of the Driftwood LNG project, prior to its public listing via a merger with Magellan.
• Represented a hedge fund in its investment in preferred securities of a publicly-traded oilfield services company.
• Represented an energy-focused commodities trading firm in its minority stake investment in a crude oil terminal development project contemplating an aggregate investment of approximately US$50 million.

M&A

• Represented Cenovus in the US$1.4 billion sale of its 50% interest in joint venture WRB Refining (WRB) to its joint venture partner Phillips 66, including the Wood River Refinery in Illinois and the Borger Refinery in Texas.
• Represented United Airlines, Inc. (United) in connection with the proposed merger of Republic Airways Holdings Inc. (Republic) and Mesa Air Group, Inc. (Mesa), including assisting with several agreements among United, Republic, and/or Mesa addressing certain financial matters and United’s capacity purchase arrangements with those airlines.
• Representing NuStar Energy L.P. in the sale of eight storage terminal locations in the Northeast and Florida to Sunoco LP for US$250 million.
• Representing Enbridge Inc. in the US$132 million purchase of crude storage assets from Blueknight Energy Partners, including approximately 6.6 million barrels of crude oil storage in Cushing, Oklahoma.
• Represented GE EFS in the sale of ARC Logistics Partners and GE EFS’ interest in the Joliet terminal to Zenith Energy.
• Represented Range Resources Corporation in its stock-for-stock acquisition of Memorial Resources Development Corp. for aggregate transaction value of approximately US$4.2 billion.
• Represented I Squared Capital in its acquisition of Pinnacle Midstream, an oil and natural gas gathering, processing and midstream operator in the Delaware Basin.
• Represented an energy-focused private equity firm in the purchase of oil and gas assets in the Barnett formation valued at approximately US$250 million.
• Represented Stonepeak Infrastructure Partners in the sale by its portfolio company Casper Crude to Rail Holdings LLC of all the equity interests in a crude-to-rail loading facility located in Casper, WY to USD Partners LP, a publicly traded master limited partnership, for aggregate consideration of US$225 million.
• Represented an energy-focused private equity firm in the sale by its portfolio company of upstream oil and gas properties in Wyoming for approximately US$600 million.
• Represented an energy-focused private equity firm in the purchase by its portfolio company of upstream oil and gas properties in the Permian basin for aggregate consideration of approximately US$100 million.
• Represented a major banking institution in the sale of a power project to a private equity firm.
• Represented numerous private equity investors and other private entities in the preparation of bid packages for potential acquisition and investment opportunities.

Aviation

• Represented a major airline in the sale of more than 50 vintage aircraft to an air carrier, as well as the entry into equity investment documentation and several long-term commercial arrangements.
• Represented United Airlines in arrangements with urban air mobility company Archer Aviation relating to the production of short-haul, eVTOL aircraft.
• Represented United Airlines, Inc. in connection with the purchase of ExpressJet Airlines, Inc. from SkyWest, Inc. by ManaAir LLC, an entity in which United has a minority investment, and the purchase by United of aircraft-related equipment from ExpressJet Airlines, Inc.
• Represented a major airline in its negotiation and closing of minority stake investments in, and new capacity purchase arrangements with, regional airlines.
• Represented a major airline in a divestiture of an overseas subsidiary providing travel-related services for aggregate consideration of approximately US$15 million.
• Represented a major airline in the restructuring of its commercial arrangement with a regional airline.

Prior to joining Sidley, Atman’s representative experience includes:

Public M&A

• Represented a publicly traded master limited partnership in its approximately US$1.8 billion cash-and-unit acquisition of a publicly traded entity which owned retail convenience stores and distributed wholesale fuel.
• Represented a publicly traded master limited partnership in its approximately US$1.3 billion contribution of its midstream business to another publicly traded midstream master limited partnership.
• Represented a publicly traded midstream master limited partnership in its approximately US$8 billion unit-for-unit merger with another publicly traded midstream master limited partnership.
• Represented a major chemicals corporation in its subsequently withdrawn unsolicited bid to acquire a large manufacturer of vinyl construction products.
• Represented a large private equity fund in its approximately US$775 million sale of the general partner interest in a publicly traded downstream master limited partnership.

Private Equity

• Represented a large private equity fund in the sale to a major renewables investor of a 50% stake in a joint venture for the operation and development of solar projects.
• Represented a private equity fund in an approximately US$240 million tender offer by its portfolio company of a publicly traded provider of land drilling services and equipment contractor.
• Represented a major upstream company in its approximately US$2.4 billion sale of a refinery.
• Represented a private equity fund in its approximately US$127 million combination of its coal producing portfolio company with a publicly traded Canadian coal company.

Aviation

• Represented United Airlines in the negotiation of a capacity purchase agreement with Republic Airways for the operation of existing Embraer 170 and Embraer 175 aircraft and a new 12-year arrangement for the operation of an additional 38 Embraer E175LL aircraft.
• Represented a major commercial airline in the negotiation and execution of several new and amended capacity purchase agreements with its regional jet partners.
• Represented a regional airline in a subsequently withdrawn proposed spinoff from a major airline.

• Houston Bar Association
• Leadership Class, Institute for Energy Law (2020–2021)
• Member of Executive Board, Pratham USA, Houston chapter (2016–2018)

• Represented several sibling children from Honduras in their attempts to obtain Special Immigrant Juvenile Status, as well as their attempts to obtain asylum.
• Advised Farmer’s Pride Limited, an enterprise whose mission is to provide innovative and affordable solutions to small farmers in Kenya, on equity and debt financing and related matters.