This article is about three “f” words that defined the exploration and production industry in 2018 and, by extension, the lawyers and law firms serving that industry: fundamentals, focus and flexibility. Increased bank regulation and concentration of capital in the hands of fewer providers, most of which focus on “large” deals, have created a gap in lower middle-market exploration and production industry transactions.
This, in turn, has created a shift in the way lawyers are advising clients engaged in this market. In order to effectively execute these transactions from a commercial perspective, and serve clients from a legal perspective, over the last year lawyers have had to refocus their attention on the fundamentals of the transaction, possess the flexibility to adjust structures and return profiles to fit the transaction, and seek the ability to stay ahead of transactions by focusing on the environment in which the transaction occurs.
Funding Gap
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