Josh Davidson handles a wide range of corporate and securities work, and he is nationally recognized for his experience in transactions involving master limited partnerships, (MLPs), YieldCos and royalty trusts. Mr. Davidson is head of the firm's Capital Markets and MLP/YieldCo Practice and has concentrated on MLPs for 25 years. He has participated in hundreds of common and preferred equity and investment grade and high yield debt public offerings and private placements of MLPs and other alternative entities, including over 60 initial public offerings. Mr. Davidson works with companies in the investment grade and high yield pipeline, midstream, oil and gas, coal, renewable energy, shipping, and refining industries.
Mr. Davidson is also skilled in representing issuers, conflicts committees and financial advisors in public MLP M&A transactions, including going private transactions, as well as MLP simplifications, restructurings, corporate conversions, asset dropdowns, third party asset acquisitions, restructurings, tender offers and proxy filings private equity funds and other institutional investors in acquiring MLP securities from issuers and selling unitholders; and MLP issuers in their ongoing corporate and securities work.
Mergers & Acquisitions (including MLP Simplifications)
- Kimbell Royalty Partners – acquisition of Haymaker Minerals & Royalties, LLC and Haymaker Resources, LP (pending)
- Conflicts Committee of Williams Partners, LP – merger of Williams partners into a subsidiary of The Williams Companies, Inc. (pending)
- EQT Corporation – merger of Rice Midstream Partners LP into EQT Midstream Partners, LP and related transactions (pending)
- Tallgrass Energy GP, LP – merger of a subsidiary of Tallgrass Energy GP into Tallgrass Energy Partners, LP (pending)
- 8point3 Energy Partners and SunPower Corporation – merger of 8point3 into a subsidiary of Capital Dynamics (pending)
- Conflicts committee of CNX Midstream Partners – several transactions with CNX Resources
- Conflicts Committee of Arc Logistics Partners LP – $406.5 million acquisition by Zenith Energy
- Conflicts Committee of Williams Partners, L.P. – $11.4 billion financial repositioning transaction with The Williams Companies, Inc.
- Board of Directors of Plains GP Holdings, L.P. – $7.2 billion simplification transaction with Plains All American Pipeline, L.P.
- Conflicts Committee of Williams Partners L.P. – proposed $13.8 billion acquisition by The Williams Companies, Inc.
- Conflicts Committee of Kinder Morgan Energy Partners (KMP) and Special Committee of Kinder Morgan Management (KMR) – $70 billion purchase of KMP, KMR and El Paso Pipeline Partners by Kinder Morgan, Inc.
- Conflicts Committee of Williams Partners, L.P. – $50 billion merger of Williams Partners with Access Midstream Partners, L.P.
- Conflicts Committee of Williams Partners, L.P. – numerous asset dropdowns from The Williams Companies, Inc., totaling over $15 billion
- Conflicts Committee of Kinder Morgan Energy Partners – dropdown of Tennessee Gas Pipeline Company and 50% of El Paso Natural Gas from Kinder Morgan Inc. for $6.2 billion
- Conflicts Committee of Kinder Morgan Energy Partners – dropdown of 50% of El Paso Natural Gas and 50% of El Paso Midstream Investment Company from Kinder Morgan Inc. for $1.7 billion
- Special Committee of Western Gas Equity Partners – partial financing for the $750 million acquisition by Western Gas Partners of oil and gas gathering pipelines from Anadarko Corporation
- Barclays Capital – financial advisor to Memorial Resource Development Corp. in its $4.4 billion merger with Range Resource Corp.
- SunPower Corporation – various dropdowns of assets to 8point3 Energy Partners
- Westmoreland Coal Company – acquisition of the general partner of Oxford Resource Partners and recapitalization of Oxford Resource Partners
- Bowie Resources, LLC – acquisition of Canyon Fuel Company, LLC from Arch Coal, Inc.
- Lazard – financial advisor to Furmanite Corporation in its $335 million merger with Team, Inc.
- Regency Energy Partners – acquisition by merger of PVR Partners
- TEPPCO Partners, L.P. – $3.3 billion going private merger with Enterprise Products Partners L.P.
- Tudor, Pickering & Holt – merger of Inergy Holdings, L.P. with Inergy, L.P.
- Harold Hamm – $369 million going private acquisition of Hiland Partners, LP and Hiland Holdings GP, L.P.
- Quest Midstream Partners, L.P. – recombination going private transaction with Quest Energy Partners, L.P. and Quest Resource Corporation to form PostRock Energy Corp.
- Occidental Petroleum Corporation – Acquisition of a 10% interest in the general partner of Plains All American Pipeline, L.P.
- The First Reserve Corporation and The Blackstone Group – Formation of a $2 billion refining joint venture with Petroplus
- ArcLight Capital Partners – $412 million purchase with Kelso & Company of the general partner of Buckeye GP Holdings and a 63 percent limited partner interest in Buckeye GP Holdings L.P. and subsequent tender offers for the minority interest
- Lehman Brothers Inc. – purchase of the general partner of Pacific Energy Partners from The Anschutz Corporation and subsequent sale of this interest to Plains All American and $2.4 billion merger of Pacific Energy Partners with Plains All American
- Issuer side MLP/YieldCo IPOs: Kimbell Royalty Partners, 8point3 Energy Partners, Transocean Partners, Shell Midstream Partners, Tallgrass Energy GP, EQT Midstream Partners, EQT GP Holdings
- Underwriter side MLP/YieldCo IPOs: Liberty Oilfield Services, BP Midstream Partners LP, Forterra, Inc., Columbia Pipeline Partners, Höegh LNG Partners, Foresight Energy, NextEra Energy Partners, LP (the first "YieldCo" to be structured as an MLP), Cypress Energy Partners, Midcoast Energy Partners, Sprague Resources, Plains GP Holdings, OCI Resources, Western Refining Logistics, World Point Terminals, Summit Midstream Partners, Rose Rock Midstream, Inergy Midstream Partners, Niska Gas Storage Partners, PAA Natural Gas Storage, Chesapeake Midstream Partners, Pioneer Southwest Energy Partners, Quest Energy Partners, Spectra Energy Partners, Cheniere Energy Partners, Duncan Energy Partners, Targa Resources Partners, Universal Compression Partners, Breitburn Energy Partners, Calumet Specialty Products Partners, DCP Midstream Partners, Global Partners, Teekay LNG Partners, Hiland Partners, Copano Energy, Holly Energy Partners, MarkWest Energy Partners, Sunoco Logistics Partners, Natural Resource Partners, Penn Virginia Resource Partners, Inergy, NuStar Energy, Alliance Resource Partners, Plains All American Pipeline and Enterprise Products Partners
- Underwriter side royalty trust IPOs: Chesapeake Granite Wash Trust, Enduro Royalty Trust, VOC Energy Trust and ECA Marcellus Trust
Awards & Community
Recommended as a “Leading Lawyer” for Energy Transactions in The Legal 500 U.S., 2011-2017
Listed in Chambers USA, 2003-2018
Recognized as a Texas Super Lawyer, (Thomson Reuters), 2004-2018
Listed in The Best Lawyers in America, (Woodward/White Inc.), 2006-2018
Listed in The International Who's Who of Business Lawyers for Capital Markets and Mining, Law Business Research Ltd, 2008-2017
Dealmaker of the Week, The American Lawyer, October 31, 2014
Law360 MVP Award for Capital Markets, November 2014
Publications, Speeches & Presentations
Panel Presentation at the MLP & Energy Conference, Master Limited Partnership Association
RSM Executive Business Update Conference
Baker Botts is a sponsor of the Master Limited Partnership Association's (MLPA) 2018 MLP & Energy Infrastructure Conference.
Please join Baker Botts partners Josh Davidson and Mike Bresson and Evercore Senior Managing Director Ray Strong as they discuss recent M&A and restructuring trends among master limited partnerships.
Baker Botts partners Josh Davidson, David Sterling, and A.J. Ericksen, discussed the important process takeaways for MLP dropdowns following the April 2015 El Paso decision of the Delaware Court of Chancery.