Press Release

Kirkland Advises National Fuel Gas on Sale of Seneca’s California Oil and Gas Assets to Sentinel Peak Resources

Kirkland & Ellis counseled National Fuel Gas Co. (NYSE:NFG) on the divestiture of Seneca’s California oil and gas assets to Sentinel Peak Resources California LLC for total consideration between $280 million and $310 million, depending on oil prices, and subject to customary closing adjustments. The consideration consists of $280 million in cash at closing, plus up to three annual contingent payments between calendar years 2023 and 2025 that can total $30 million in aggregate. The transaction has an effective date of April 1, 2022 and is expected to close on June 30, 2022, subject to customary closing conditions (including waivers of certain transfer restrictions).

Read National Fuel Gas Co.’s press release

The Kirkland team was led by corporate partners David Castro Jr. and Chad Smith and associates Will Eiland and Jonathan Strom; environmental transactions partner Jon Kidwell and of counsel Jennifer Cornejo; and tax partner David Wheat and associate David Gilbert.