Sarah McLean is a partner in the Mergers & Acquisitions practice.
Sarah's practice focuses on private equity transactions, particularly portfolio company investments, acquisitions and divestitures of upstream and midstream oil and gas assets and companies, and midstream joint ventures.
- EnCap Investments in 2017-2019 in connection with portfolio company commitments in excess of $2.2 billion
- EnCap Flatrock Midstream in 2017-2019 in connection with portfolio company commitments in excess of $1.3 billion
- EnCap Energy Capital Fund XI, L.P. with respect to its investment in a new portfolio company, Raisa III Holdings, LLC
- GulfTex Energy Management V, LLC on the formation of GulfTex Energy V Holdings, LLC, a portfolio company with equity commitments from subsidiaries of Wells Fargo & Co. and Prudential Financial, Inc.
- EnCap Flatrock Midstream in connection with the formation of Getka Energy, LLC and $250 million equity investment therein
- EnCap Flatrock Midstream in connection with the formation of Lotus Midstream LLC and $400 million equity investment therein
- Elephant Oil & Gas in its $152 million equity commitment from Trilantic Capital Partners
- Post Oak Energy Capital, LP with respect to its investment in Layne Water Midstream Holdings, LLC (LWM Holdings) and LWM Holding’s acquisition of Layne Water Midstream from Granite Construction Incorporated. Post Oak made an approximately $135 million capital commitment to LWM Holdings alongside a minority investor who also made an approximately $15 million capital commitment to LWM Holdings
- Post Oak Energy Capital in connection with equity commitments to PetroEdge Energy IV, LLC, Veritas Energy Partners, LLC, Crown Oil Partners VI, LLC, Moriah Henry Partners, LLC, Mavros Minerals, LLC, Mavros Minerals II, LLC, and Sierra EF, L.P.
- Oryx Midstream Services and Oryx Midstream Services II in connection with obtaining equity commitments from Post Oak Energy Capital, Quantum Energy Partners, and Wells Fargo Energy Capital
- A Midland-based company focused on acquiring, exploiting, and developing oil and gas properties in the Permian Basin in its equity investment from a Houston-based private equity and venture capital firm focused on oil and natural gas
Equity Joint Ventures
- Oryx Midstream in its joint venture with Rattler Midstream to acquire Reliance Gathering
- Post Oak Energy Capital and its portfolio company, Layne Water Midstream Resources, LLC, in securing a minority investment from The University of Texas/Texas A&M Investment Company into UL Water Midstream LLC, a joint venture between Post Oak and EIV Capital, LLC
- EnCap Flatrock Midstream in connection with the formation of Iron Horse Midstream LLC, a joint venture to develop the Iron Horse System for gas gathering and processing in the STACK formation of Oklahoma
- EnCap Flatrock Midstream in connection with the formation of Black Diamond Gathering LLC, a joint venture between Greenfield Midstream LLC and Noble Midstream Partners LP and in connection with the acquisition by Black Diamond Gathering LLC of Saddle Butte Rockies Midstream, LLC for $625 million
- Oryx Midstream Services II, LLC in its joint venture with Brigham Resources and Concho Resources for development of the Oryx Trans Permian Pipeline System
- Oryx Midstream Services II, LLC in its joint venture with WPX Permian Midstream Crude Holdings, LLC
Acquisitions and Divestitures
- Oryx in its $135 million acquisition of 100% of a crude oil gathering network in the Permian Basin from Targa Resources
- Oryx Southern Delaware Holdings LLC and Oryx Delaware Holdings LLC (“Oryx”) with respect to the sale by Oryx of 100% of the equity interest in its operating subsidiaries to a subsidiary of Stonepeak Infrastructure Partners for $3.6 billion
- GulfTex Energy in the sale of approximately 13,000 acres and 7,600 boed in the Eagle Ford to INPEX Americas, Inc.
- Protégé Energy Holdings III LLC in the sale of its membership interests of Cinco Oil & Gas, LLC to Pillar Energy Management, LLC
- GulfTex Energy IV LP and GulfTex Karnes LP in connection with the sale of oil and gas assets in the Eagleford Shale to Enervest, Ltd. as part of Enervest’s three-deal $1.3 billion transaction
- BC Operating, Inc. in connection with the $1.1 billion sale of 70,000 net surface acres in the Permian Basin to Marathon Oil Corporation
- EnCap Flatrock Midstream in connection with the $2 billion sale of EagleClaw Midstream Ventures to Blackstone Energy Partners
- EnCap Investments in connection with the sale of Felix Energy to Devon for $2.5 billion and representation of EnCap Flatrock Midstream in connection with the sale Tall Oak Midstream to EnLink Midstream for $1.55 billion
- EnCap Flatrock Midstream in connection with the $1.5 billion sale of Nuevo Midstream to Western Gas Partners
- A seller in connection with the sale of assets in Texas and Oklahoma to a NYSE corporation for approximately $900 million in cash and stock
- PetroLegacy Energy II LLC in its $266 million acquisition of roughly 20,000 net acres in northeastern Martin County, Texas from Pioneer Natural Resources
- A private equity firm and its portfolio company, a Houston-based exploration and production company, in the acquisition of commonly owned oil and gas properties in the Permian Basin from two separate companies for a total purchase price of more than $211 million
- EnCap Investments and Payrock Energy Management in connection with the $888 million sale of Payrock Energy Holdings, LLC to Marathon Oil Corporation
- Titanium Exploration Partners, LLC in its acquisition from Vanguard Natural Resources, LLC of natural gas, oil, and natural gas liquids assets in the SCOOP/STACK for $272.5 million
- A privately held, Midland-based oil and gas company focused in the Permian Basin in its $290 million sale of assets to an oil and gas exploration and production company
- Three privately owned oil and gas companies in the disposition to a foreign-owned oil and gas company of oil and gas assets and equity interests in a limited liability company holding midstream assets for $540 million cash
- A NYSE corporation in the acquisition of interests in a limited liability company holding oil and gas assets in Alabama for $210 million cash
- PetroLegacy Energy II, LLC in its acquisition of oil and gas assets in Martin County, Texas from Harvard Energy Partners, L.P.
- Elephant Assets, LLC in its acquisition of certain undeveloped leasehold and wellbore interests in Converse County, Wyoming from EOG Resources, Inc.
- EnCap Energy Capital Fund VII, L.P. in the sale of Cornerstone Natural Resources LLC, whose assets consist of oil and gas assets in the Williston Basin
- Crown Oil Partners V, LP and Crump Energy Partners III, LLC with respect to the sale of their joint interests in a certain salt water disposal well in the Permian Basin to 3 Bear Energy – Lynch, LLC
- A privately held exploration, production and development company focused on unconventional reserves in South Texas and the Midland Basin in their $501 million sale of oil and gas properties to affiliates of one of the largest oil and gas companies in the United States
The University of Texas School of Law
J.D., With Honors
- Notes Editor, Texas Law Review
- Order of the Coif
Oklahoma State University
B.S. in Biochemistry and Molecular Biology, With Honors
- Member, American Bar Association
Awards & Accolades
- Recognized by Chambers USA 2020 as a leading lawyer in Corporate/M&A – Texas: Austin Surrounds
- “Recommended Attorney,” The Legal 500 US by Legalese (Industry Focus: Energy Transactions - Oil and Gas) (2017)
- Texas Rising Stars by Thomson Reuters (Mergers & Acquisitions, Energy & Natural Resources); (2004–2014)
- “Avoiding Personal Liability Pitfalls in a Distressed Oil & Gas Environment,” served as a moderator for the IPAA’s Industry Insights Webinar (May 2020)
- “Private Equity Value Creation Strategies,” led a round table during the Hart Energy Conference (March 2, 2020)
- “Considerations for Oil and Gas Transactions Involving Private Equity Backed Buyers and Sellers,” presented during the 65th Annual Rocky Mountain Mineral Law Institute