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Reserve-Based Lending

Consistently named the World's Leading Energy Law Firm by Euromoney* (1995 - present), Vinson & Elkins' lawyers bring focus, efficiency, and experience regarding all facets of the energy industry, energy finance-related issues, market practices, terms, and trends. Our commercial-minded lawyers understand the intricacies of the energy business and are attuned to industry developments and finance needs.

Combining that deep knowledge with extensive finance experience, we evaluate loan-related risks and then structure, negotiate, and document reserve-based finance arrangements, collateral packages, and covenants with an understanding of the need to balance lender protections and borrower flexibility. We advise throughout the loan life cycle, meeting client needs in the context of their big-picture goals.

V&E's Finance lawyers represent leading agent banks, other lenders, and investors, as well as public and private oil and gas exploration and production companies on the full range of reserve-based financing arrangements. Our lawyers advise on all reserve-based finance options, issues, products, and structures, handling financings ranging from single-bank loans to the largest and most complex syndicated financings.

As a further example of our full-service capabilities in the upstream finance sector, V&E provides value-added due diligence support to our lead arranger clients. Our full-time staff of property analysts conducts title review on oil and gas exploration companies' record of ownership of the hydrocarbon and other oil and gas interests constituting collateral for these reserve-based lending facilities.

* Based upon the number of lawyers named in the Guide to the World’s Leading Energy Lawyers.

Additional Information

Practice Highlights

  • Clayton Williams Energy in a $1 billion revolving borrowing base credit facility secured by 80% of borrowing base property and substantially all personal property of borrower and guarantors 
  • Range Resources Corporation in a $4 billion reserve-based revolving credit facility
  • Occidental Petroleum Corporation & California Resources Corporation in $3 billion revolving credit facility and term loan in connection with the spinoff of California Resources Corporation
  • Deep Gulf Energy II, LLC in a $225 million term loan agented by Wells Fargo Energy Capital, Inc. 
  • JPMorgan Chase, N.A. in a $1.6 billion reserve-based revolving credit facility to Denbury Resources Inc.
  • Wells Fargo Bank, N.A. in a $1.5 billion revolving credit facility to Atlas Resource Partners, L.P.
  • Bank of America, N.A. in a $2 billion revolving credit facility to Memorial Resource Development Corp.
  • Wells Fargo Bank, N.A. in a $2.5 billion reserve-based revolving credit facility to Energen Corporation
  • JPMorgan Chase Bank, N.A. in a $1 billion revolving credit facility to Approach Resources Inc.
  • Anadarko Petroleum Corporation in a $5 billion senior unsecured 364-day revolving credit facility and five-year revolving credit facility