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Todd Way
Todd Way
Partner — Tax
Partner — Tax

Todd Way

Todd Way

Trammell Crow Center
2001 Ross Avenue
Suite 3900
Dallas, Texas 75201


Texas Tower
845 Texas Avenue
Suite 4700
Houston, Texas 77002

Todd Way

Experience Highlights

  • Blackstone Credit and ClearGen, a Blackstone Credit portfolio company, in the formation of a strategic partnership between ClearGen and GreenStruxure, a Schneider Electric and Huck Capital joint venture, to develop, own and operate up to $500 million of renewable energy microgrid systems for C&I customers

  • A national bank (in its role as the agent for a $550 million secured lending facility to an upstream producer) in connection with the producer’s Chapter 11 bankruptcy restructuring and emergence in an Up-C structure

  • The Carlyle Group in the $300 million definitive drilling agreement to fund the development of Diamondback Energy’s oil and gas assets in Pecos County, Texas 

  • Plains All American Pipeline in its $1.438 billion sale of a 30 percent interest, and sale of a 20 percent interest by Magellan Midstream, for a collective 50 percent interest, in BridgeTex Pipeline Company to OMERS

  • Flywheel Energy Operating, a portfolio company of funds managed by Kayne Anderson Capital Advisors, in its $1.86 billion acquisition of all Fayetteville Shale and ARKOMA upstream and midstream assets of Southwestern Energy Company via the acquisition of 100% of the issued and outstanding securities in SWN Production (Arkansas), LLC and DeSoto Gathering Company, LLC

  • EnCap Investments in its $394 million line of equity commitment to XCL Resources Holdings, a newly-formed Houston, Texas-based E&P company focused on the acquisition and development of oil and gas properties in the United States

  • Continental Resources in its $220 million sale of mineral rights in the SCOOP and STACK oil and gas plays to, and formation of a joint venture with, Franco-Nevada Corporation

  • Concho Resources in its $1.625 billion acquisition of oil and gas assets from Reliance Energy

  • TPG Capital in its $1.8 billion acquisition of natural gas properties in Wyoming’s Jonah field from Encana Corporation

  • Trafigura AG in the sale of a majority stake in its Corpus Christi Terminal and associated Eagle Ford assets in South Texas, and related joint ownership arrangements 

  • Apollo Global Management in a $500 million equity commitment to CSV Midstream Solutions, which pursues the construction and operation of midstream facilities in the Western Canadian Sedimentary Basin

  • Mitsui & Co., Ltd. in its agreement with DuPont to purchase DuPont’s global Kocide and ManKocide copper fungicide assets

  • CONSOL Energy, Inc. in Marcellus shale and Utica shale joint venture transactions with Noble Energy, Inc. valued at approximately $4 billion

  • SandRidge Energy in $1.12 billion sale of its Gulf of Mexico offshore and Gulf Coast assets to Fieldwood Energy, LLC

  • Austin Ventures in its acquisition of SAM, Inc., a surveying, mapping and engineering company 

  • Century Payments in the sale of the company, an electronic payment processing company, to a wholly owned subsidiary of WorldPay US

  • Iracore International in the sale of the company, a Lime Rock Partners portfolio company and developer, manufacturer, and applicator of elastomeric products for pipelines and other equipment used in demanding industrial applications

  • Pioneer Natural Resources in the $300 million sale of Pioneer Natural Resources Alaska, Inc., its wholly owned subsidiary, to Caelus Energy

  • Welsh Carson in the $790 million sale of Concentra to Humana 

  • BG North America in the $450 million sale of its entire U.S. power generation portfolio to Energy Capital Partners

  • United Engines Holding, a manufacturer and service provider operating within the oil, gas, and power industries, in its $270 million sale to Kirby Corporation

  • Parallel Resource Partners in its $700 million debut private equity fund, focusing on control investments in distress-driven opportunities in the North American upstream oil and gas sector

  • Lime Rock Partners in the $118.5 million line of equity commitment to Battlecat Oil & Gas, an exploration and production company focused on South Texas

  • The CEO of Endeavor Energy Holdings in the $100 million formation of the company, focused on thermal and hydroelectric power projects in Africa, and a line of equity commitment by Denham Capital

  • Lime Rock Partners in its $100 million line of equity commitment to Endurance Resources Holdings, an exploration and production company focused on the Bone Spring oil play in New Mexico

  • Lime Rock Partners in the formation of Shelf Drilling International Holdings Ltd., a joint venture with Castle Harlan and CHAMP, which acquired 38 shallow water drilling rigs from Transocean for $1.05 billion

  • Pharos Capital Group in its acquisition of Employee Benefit Solutions, a provider of employee benefit and wellness products for employers

  • Devon Energy in its $2.5 billion joint venture with Sinopec for five shale plays (Tuscaloosa Marine Shale, Niobrara, Mississippian, Ohio Utica Shale, and Michigan Basin)

  • KNOC in its $1.55 billion joint venture to buy a stake in the liquids-rich Eagle Ford shale in Texas from Anadarko Petroleum, including subsequent sale of minority interest by KNOC to VOGO

  • SandRidge Energy in its $500 million disposition of a minority interest in, and its joint venture with Atinum Partners to develop, Mississippian Lime oil and gas properties

  • SandRidge Energy in its $1 billion sale and development joint venture with Repsol in the Mississippian Lime

  • Devon Energy in the sale of a 30% stake in 650,000 shale acres in the Permian Basin (Cline Shale and Midland-Wolfcamp Shale) to Japan’s Sumitomo for $1.45 billion

  • Concho Resources in its $1.65 billion acquisition of the oil and gas assets of Marbob Energy Corporation and affiliated entities

  • Oil States International in the $2.6 billion spin-off of its accommodations business into Civeo Corporation

  • Forest Oil in the spin-off of Lone Pine Resources Inc.

  • MoneyGram International in its $2 billion leveraged recapitalization


  • The University of Texas School of Law, J.D. with honors, 2003 (Order of the Coif; Texas Law Review)
  • The University of Texas, B.B.A., Accounting with high honors, 1999
  • The University of Texas, B.A., Economics with high honors, 1999 (Phi Beta Kappa)
  • Chambers USA, Tax (Texas), 2021 and 2022
  • Legal 500 U.S., U.S. Taxes: Non-Contentious, 2019 and 2020
  • The Best Lawyers in America© (BL Rankings, LLC), Tax Law (Dallas), 2021–2023
  • Member: Tax Section, American Bar Association; Tax Section, State Bar of Texas; Tax Section, Dallas Bar Association
  • Texas
  • “Structuring JV Arrangements (Tax),” North American Petroleum Accounting Conference, May 17, 2018 (speaker)
  • “New Proposed Regulations for BBA Partnership Audits Allow for Push Out Elections in Tiered Partnerships,” V&E Tax Update E-communication, December 19, 2017 (co-author)
  • “Hot Topics in Oil and Gas Tax,” 14th Biennial Parker C. Fielder Oil and Gas Tax Conference, November 17, 2017 (moderator)
  • “Implications of the Tax Reform Bill for Energy Companies,” Tax Reform Webcast & Teleconference, November 6, 2017 (speaker)
  • “The New Era of Partnerships As Taxpayers,” American Investment Council, September 28, 2017, (co-author)
  • “Taxation of Upstream and Downstream Partnerships,” Tax Executives Institute – Houston Chapter, Houston, Texas, February 17, 2016
  • “13th Biennial Parker C. Fielder Oil and Gas Tax Conference,” Houston, Texas, November 19,  2015 (speaker)
  • “Dramatic Changes to Partnership Audit Rules and Their Implications for Existing Partnerships,” V&E Tax Update E-communication, November 5, 2015 (co-author)
  • Presented on Recent Trends and Traps in M&A Transactions at the Tax Executive Institute’s Houston Chapter Tax School, February 7, 2014
  • Presented on the tax considerations involved in buying and selling subsidiaries out of consolidated groups at the Tax Executive Institute’s Houston Chapter Tax School, March 2, 2011
  • “Introduction to Energy Finance,” V&E and Tudor, Pickering, Holt & Co. Presentation, Midland, Texas, May 6, 2013