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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

  • Anadarko Petroleum Corporation in a $5 billion unsecured 364-day revolving credit facility and five-year revolving credit facility
  • Antero Midstream Partners LP in a $1.5 billion secured reserve-based revolving credit facility
  • Caerus Operating LLC in a $1 billion secured reserve-based revolving credit facility 
  • Concho Resources Inc. in a $4 billion secured reserve-based revolving credit facility
  • 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 
  • Occidental Petroleum Corporation & California Resources Corporation in $3 billion revolving credit facility and term loan in connection with the spinoff of California Resources Corporation
  • RSP Permian, Inc. in a $2.5 billion secured reserve-based revolving credit facility
  • Bank of America, N.A. in a $2 billion secured reserve-based revolving credit facility to Memorial Resource Development Corp.
  • JPMorgan Chase, N.A. in a $1.6 billion secured reserve-based revolving credit facility to Denbury Resources Inc.
  • JPMorgan Chase Bank, N.A. in a $1 billion secured reserve-based revolving credit facility to Approach Resources Inc.
  • Wells Fargo Bank, N.A., as left lead arranger and administrative agent, in a $1.5 billion secured reserve-based revolving credit facility to Indigo Natural Resources LLC
  • Wells Fargo Bank, N.A. in a $2 billion secured reserve-based revolving credit facility to WildHorse Resource Development Corporation

Key Contacts

+1.214.220.7756
ewinandy@velaw.com
+1.713.758.3370
bmoss@velaw.com
+1.214.220.7965
cdewar@velaw.com

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