Baker Botts advises upstream companies, investors and industry participants on the transactions, developments, financings, disputes and incident response matters that drive value across the life of an asset. Our upstream team integrates corporate, global projects, finance, tax, regulatory, environmental, litigation, safety and incident response capabilities to help clients execute strategy, manage operational risk and navigate market volatility with speed and precision.

From initial investment and acquisition through development, production and dispute resolution, we provide coordinated legal counsel across the full upstream lifecycle. Our lawyers combine deep industry knowledge with practical commercial insight to help clients address complex operational, regulatory and business challenges in the United States and around the world.

What upstream oil and gas challenges does Baker Botts help solve?

Our cross-practice team advises clients on the critical legal, commercial and operational issues that shape upstream investments and operations.

Key areas of experience include:

Transactions & Corporate:

• Asset and corporate acquisitions and divestitures
• Joint ventures, development and strategic partnerships
• Operator and non-operator arrangements
• Governance, fiduciary and ownership matters
• Portfolio optimization and strategic transactions

Projects, Operations & Commercial:

• Field development and production operations
• EPC, drilling and oilfield services contracting
• Commercial frameworks for exploration and development activities
• Gathering, processing, water handling and offtake arrangements
• Upstream-midstream interface agreements and infrastructure coordination

Capital & Structuring:

• Reserve-based lending and other upstream financings
• Private equity investments and structured equity transactions
• Capital markets and strategic investment matters
• Tax-efficient acquisition, divestiture and operating structures
• Restructuring and balance sheet optimization initiatives

Regulatory, Environmental & Enforcement:

• Federal, state and international permitting and compliance matters
• Environmental, safety and operational risk management
• Methane, flaring, air, water and ESG-related regulatory issues
• Land, title, unitization and pooling matters
• Regulatory investigations, enforcement defense

Disputes & Incident Response:

• Joint venture, royalty and joint operating agreement disputes
• Development, operational and commercial disputes
• High-stakes litigation and arbitration involving upstream assets
• Catastrophic incident response and crisis management
• Internal investigations, enforcement proceedings and stakeholder management

Who do we represent?

Baker Botts advises a broad range of participants across the upstream sector, from major public companies and national oil companies to private investors and emerging platforms. Our clients rely on commercially focused counsel grounded in decades of upstream experience.

We represent:

• Public and private E&P operators
• Major integrated and independent upstream companies
• National oil companies and international upstream participants
• Minerals and royalty owners, aggregators and family offices
• Private equity, infrastructure and credit investors
• Oilfield services and equipment providers
• Lenders, arrangers and underwriters

What Are the Critical Legal Moments in the Upstream Lifecycle?

Upstream companies face inflection points that require deep industry knowledge, practical judgment and decisive execution. Baker Botts advises clients at every stage of the asset lifecycle, helping protect value, manage risk and advance strategic objectives.

A&D & Integration → Development & Operations → Capital & Restructuring → Incidents & Disputes