Davis Polk advised XTO Energy Inc. in connection with its all cash tender offer to purchase all outstanding units of beneficial interest in Hugoton Royalty Trust.
The tender offer is subject to customary conditions, including the successful tender of at least 80% of outstanding units.
XTO Energy is a leading oil and natural gas producer in the United States with expertise in developing tight gas, shale gas and unconventional oil resources. It is a wholly owned subsidiary of ExxonMobil.
Hugoton Royalty Trust is an express trust formed for the purpose of collecting and distributing to its unitholders 80% of the net proceeds from the sales of oil and gas produced from certain properties located in Kansas, Oklahoma and Wyoming that are owned by XTO Energy Inc.
The Davis Polk corporate team included partners George R. Bason Jr. (Picture) and William J. Chudd and associates Shanu Bajaj, Arthur M.T. Burke and Andrew T. Wilson. Partners David H. Schnabel and William A. Curran and associate Adam R. Brownstone are providing tax advice.
Involved fees earner: Shanu Bajaj – Davis Polk & Wardwell; George Bason Jr. – Davis Polk & Wardwell; Adam Brownstone – Davis Polk & Wardwell; Arthur Burke – Davis Polk & Wardwell; William Chudd – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; David Schnabel – Davis Polk & Wardwell; Andrew Wilson – Davis Polk & Wardwell;
Law Firms: Davis Polk & Wardwell;
Clients: XTO Energy;