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David Palmer Oelman

David Palmer Oelman Partner, Capital Markets and Mergers & Acquisitions

David Palmer Oelman co-heads V&E’s Mergers & Acquisitions and Capital Markets practice group and he is a member of the firm’s Management Committee.

David is one of the country’s preeminent IPO practitioners, having worked on more IPOs in the last three decades than all but a small handful of lawyers practicing in the U.S. across all industries. He represents issuers and underwriters on capital markets transactions involving oil exploration and production companies, midstream companies, oil field service (OFS) companies and other energy, power and infrastructure-related businesses. His capital markets experience also extends to other sectors including biotechnology, medical devices, chemicals, and construction.

Over the course of his thirty-year career, David has participated in more than one energy industry transformation. In the 1990s and the first decade of the 2000s, he advised on the initial public offerings of numerous midstream businesses, including for the predecessors of Kinder Morgan Inc., Energy Transfer, Plains All American Pipeline and dozens of others.  

He considers himself fortunate to have participated in the emergence of a new independent midstream and infrastructure industry in the U.S. This development was but a prelude to an even more significant reshaping of the national and international energy landscape. Starting with his representation of Continental Resources on its IPO in 2007, David has been fortunate to represent a number of the pioneers of the “Shale Revolution” and over the past decade has worked with numerous upstream, downstream, LNG and OFS businesses launched in its wake.

David continues to counsel clients after completing their IPOs. He is experienced in corporate governance matters, follow-on public offerings, private placements of equity and debt, mergers and acquisitions, dispositions, joint ventures, and private equity investments.

In April 2019, David was inducted into the Alerian Hall of Fame, together with Kelcy Warren, Raymond Plank and David Fleischer, in recognition of his work in the U.S. midstream and infrastructure industry over three decades. In addition, Chambers USA 2019 ranked David a national "Band 1" capital markets lawyer and cited V&E as one of the country’s top law firms representing issuers in equity capital markets transactions. Chambers noted that David is "highly regarded by his clients," and praised him for his "highly engaging intellect," his "impressive mastery of the subject matter," and his "great judgment and work ethic."

David is a sixth-generation lawyer in Harris County, Texas. He was drawn to capital markets because he enjoys the collaborative nature of deal-driven practice, particularly when working with clients over the long term to build their businesses.

A Phi Beta Kappa graduate of Princeton University’s Woodrow Wilson School and a member of Chancellors at the University of Texas School of Law, David received a MacArthur Foundation Grant to work for the U.S. House of Representatives budget committee during the creation of the Gramm-Rudman-Hollings Balanced Budget and Emergency Deficit Control Act of 1985. His public policy involvement continues through industry-related initiatives involving the Securities and Exchange Commission, the U.S. Department of Treasury and the Federal Energy Regulatory Commission.

David is a member of the board of directors of the Energy Infrastructure Council (formerly the Master Limited Partnership Association.) He is a former longtime trustee and alumnus of The Kinkaid School, and he is the former general counsel of Theatre Under the Stars, a non-profit musical theatre production company in Houston.

    Experience Highlights

    • Continental Resources in its $220 million sale of mineral rights in the SCOOP and STACK oil and gas plays and formation of a joint venture with Franco-Nevada Corporation
    • BP Midstream Partners LP in its $765 million initial public offering of common units 
    • Select Energy Services, an affiliate of Crestview Partners, in its $1.3 billion merger with Rockwater Energy Solutions
    • SemGroup Corporation in its $2.1 billion acquisition of Houston Fuel Oil Terminal Company, one of the largest oil terminals in the U.S., from Alinda Capital Partners
    • Oasis Midstream Partners LP in its $147 million initial public offering of common units
    • Liberty Oilfield Services, Inc. in its $249 million initial public offering of common stock 
    • Underwriters to Antero Midstream GP LP in its $875 million initial public offering of common units by a selling securityholder
    • Select Energy Services, Inc. in its $122 million initial public offering of common stock
    • The General Partner of Dominion Midstream Partners in the $1.725 billion acquisition of Questar Pipeline from Dominion Resources 
    • Plains GP Holdings, L.P. in its $7.2 billion simplification transaction between Plains All American Pipeline, L.P. and Plains AAP, L.P.
    • Underwriters to CNX Coal Resources LP in its $83 million initial public offering of common units

    Master Limited Partnerships

    • Underwriters to Tallgrass Energy GP, LP in its $1.4 billion initial public offering of common units
    • Underwriters to EQT GP Holdings, LP in its $714 million initial public offering of common units by a selling securityholder
    • Dominion Midstream Partners, LP in its $423 million initial public offering of common units
    • Westlake Chemical Partners LP in its $311 million initial public offering of common units
    • Plains GP Holdings, L.P. in its $2.9 billion initial public offering of common units
    • Columbia Pipeline Partners LP in its $1.2 billion initial public offering of common units
    • Antero Midstream Partners LP in its $1.15 billion initial public offering of common units
    • Underwriters to CONE Midstream Partners, LP in its $443 million initial public offering of common units
    • Western Refining Logistics, LP in its $348 million initial public offering of common units
    • Underwriters to Tallgrass Energy Partners, LP in its $314 million initial public offering of common units

    IPOs & Equity Offerings

    • GlobeLTR Energy Inc. in its $115 million Rule 144A offering of Class A-1 common stock 
    • Select Energy Services, Inc. in its $360 million Rule 144A offering of Class A-1 common stock 
    • FMSA Holdings Inc. in its $400 million initial public offering of common stock by a selling stockholder 
    • Midstates Petroleum Company, Inc. in its $234 million initial public offering of common stock
    • Pacific Drilling S.A. in its $57 million initial public offering of common stock
    • C&J Energy Services, Inc. in its $384 million initial public offering of common stock
    • ECA Marcellus Trust I in its $202 million initial public offering of trust units
    • Oasis Petroleum Inc. in its $676 million initial public offering of common stock
    • Continental Resources, Inc. in its $443 million initial public offering of common stock

    Mergers & Acquisitions

    • Energy Transfer Partners in the transfer of 100% of outstanding interests in Trunkline LNG Company, whose primary asset is a regasification facility in Lake Charles, Louisiana, to Energy Transfer Equity
    • The Shaw Group in its $3 billion sale to Chicago Bridge & Iron
    • Devon Energy Corporation in the $8.84 billion contribution of substantially all of its U.S. midstream business to Crosstex Energy, Inc. and Crosstex Energy, L.P, to form a consolidated midstream business controlled by Devon
    • Energy Transfer Partners in the $3.75 billion purchase of Energy Transfer Equity’s 60% interest in ETP Holdco Corporation
    • Energy Transfer Partners in the $1.5 billion contribution by Southern Union Company, its affiliate through a joint venture with Energy Transfer Equity, of Southern Union Gas Services to Regency Energy Partners; transaction includes 5,600-mile gathering system and approximately 50 million cubic feet per day of processing and treating facilities in West Texas and New Mexico
    • Energy Transfer Equity in the $5.3 billion drop down of interest in Southern Union Company into an Energy Transfer Partners-controlled entity


    Contact Details

    Houston

    T +1.713.758.3708
    M +1.832.266.9503
    F +1.713.615.5861
    doelman@velaw.com
    1001 Fannin Street
    Suite 2500
    Houston, TX 77002
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    David's Practices

    • University of Texas School of Law, J.D. with honors, 1990 (Chancellors; Phi Kappa Phi; Order of the Coif)
    • Princeton University, B.A. Public and International Affairs summa cum laude, 1987 (Phi Beta Kappa)
    • Admitted to practice: Texas
    • Legal 500 U.S., Capital Markets: Equity Offerings, 2013-2019; Debt Offerings, 2013-2019; High-Yield Debt Offerings, 2018; Venture Capital and Emerging Companies, 2017; Real Estate Investment Trusts, 2019
    • The Best Lawyers in America©(Woodward/White, Inc.), “Lawyer of the Year,” Corporate Law (Houston), 2013, 2020 and Mergers & Acquisitions Law (Houston), 2020
    • The Best Lawyers in America©(Woodward/White, Inc.), Corporate Law, Mergers & Acquisitions Law, 2005-2020
    • Chambers Global, Capital Markets: Debt & Equity (USA) 2014–2019
    • Chambers USA, Capital Markets: Debt & Equity (Nationwide), 2013–2018; Capital Markets: Debt & Equity (Texas), 2013–2019; Corporate/M&A (Texas), 2005–2015; Capital Markets: Debt & Equity: Central United States (Nationwide), 2019
    • The International Who’s Who of Capital Markets Lawyers (Law Business Research Ltd.), 2007, 2008, and 2010
    • Selected to the Texas Super Lawyers list, Super Lawyers (Thomson Reuters), 2003–2019
    • Board of Directors: Master Limited Partnership Association 
    • Board of Directors: Theatre Under the Stars
    • Board of Trustees: The Kinkaid School