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Stephen D. Davis
Stephen D. Davis
Experience | Education | Recognition | Activities | Publications
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Biography
Steve, a partner who has practiced at the firm since 1982, is a member of the firm's Corporate Department and a founding member of its worldwide Project Finance and Development Practice.
Steve has broad experience in representing sponsors/developers and project companies, sellers and buyers, financial institutions, private equity investors, and other parties to major transactions relating to oil and gas, LNG, power, refining, processing, petrochemical, renewables and cleantech, pipeline, and other energy industries, with emphasis on project finance and development, mergers and acquisitions, joint ventures, foreign direct investment, private equity and venture capital, and restructuring and reorganization transactions, including ones involving climate change, carbon capture, emissions credits, and related issues.
In recent years, Steve has worked on over 45 major transactions in these areas, in jurisdictions spread over five continents. He has been named in The Best Lawyers in America® 2011 in multiple categories; Euromoney’s Best of the Best 2010 and 2008 as one of the top 25 energy lawyers in the United States; Legal Media Group’s (Euromoney's) Guide to the World’s Leading Project Finance Lawyers, 2010 and Legal Media Group’s (Euromoney's) Guide to the World’s Leading Energy and Natural Resource Lawyers, 2009; PLC Which Lawyer? Yearbook 2009/10 as a leading energy lawyer; and as a “Top Notch Lawyer” in international law, Texas Lawyer’s Go-To Guide, 2007; and in numerous Who's Who publications. In addition, Steve for a number of years was named one of Asia’s Leading Lawyers in Asia Law & Practice surveys of practitioners in the region.
Currently based in the firm's Houston office, from 1995 to 2001 Steve was the Managing Partner of V&E's first Asian office. In addition to his roles within the firm, Steve serves as Immediate Past Chair of the International Law Section of the State Bar of Texas (having been on its Council since 2004), as a member of the Board of Directors of the Houston World Affairs Council, and as a member of the Texas Supreme Court Task Force on the practice of international law. Steve's undergraduate degree is in Chemical Engineering.
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Representative Experience
Project Finance and Development
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- Representing the lead sponsor of the first Canadian LNG liquefaction facility on development, LNG sales, EPC arrangements, and financing matters, as well as the lead sponsor of an Australian LNG liquefaction facility to be supplied by coal-bed methane on EPC-related matters
- Represented three different energy companies on matters relating to development or restarting of four different LNG receiving terminals in North America, including the EPC contracts for both the onshore works and the jetty works for the Canaport LNG project in New Brunswick, Canada, Canada's first re-gas terminal
- Represented a sponsor of a large Saudi petrochemical facility jointly owned with SABIC and another party in the expansion and extension of their joint venture arrangements
Mergers and Acquisitions
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- Represented a major Asian national oil company in connection with its proposed multi-billion dollar acquisition of a major interest in a large Latin American energy company and related shareholder, subscription, and diligence matters
- Represented Chevron Phillips Chemical Company in the formation of Americas Styrenics LLC, a large international joint venture with The Dow Chemical Company that includes production facilities in the U.S., Colombia, and Brazil, many of which were embedded in larger complexes, and other operations in four other countries
- Represented an international petrochemical company in the sale of one of its business lines, which required complex structuring to carve the relevant assets out of a series of large, integrated facilities
Financings and Structured Transactions
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- Represented a large financial institution in connection with a proposed structured transaction involving the purchase of crude oil and products inventory at several U.S. refineries and related financing matters
- Represented a large financial institution in connection with several highly-structured transactions to supply natural gas on a long-term, pre-paid basis (funded by issuance of tax-exempt debt) to municipal users
- Represented a major financial institution in connection with one of the largest volumetric production payment (VPP) transactions ever, including acquisition of the VPP, related hedging and derivatives matters, and a subsequent capital markets financing
Private Equity
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- Represented a cleantech company in the establishment of its energy services division and a related round of financing and restructuring of its prior financings
- Represented private equity investors in connection with proposed investments in existing and new ethanol and biodiesel renewable energy transactions
- Represented a private equity fund on purchases of distressed real estate and non-performing loan portfolios and related servicing joint ventures in Indonesia, Japan, Korea, and Thailand
Asia-Pacific
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- Represented a major Asian national oil company in connection with its proposed multi-billion dollar acquisition of a major interest in a large Latin American energy company and related shareholder, subscription, and diligence matters
- Handled matters related to the U.S. $5 billion development of Philippine natural gas reserves and related pipeline facilities and power plants, including negotiation of numerous gas sales agreements and government support documents, analysis of project finance issues, work on EPC matters, and other related matters
- Handled matters related to the development and project financing of a U.S. $1.2 billion Indonesian gas gathering, processing and transmission project, which involved a unique natural-gas-for-crude-oil exchange and export feature, including EPC work for the large gas processing plant and a “step-in rights” agreement related to construction of the gas pipeline
Power
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- Handled matters related to coal-based synthetic fuel transactions in the United States, including several M&A and project transactions, all involving the power industry
- Represented a large international energy company in connection with the acquisition of a controlling stake in a troubled Indonesian power company and related debt restructuring and operation and maintenance matters and subsequent sale of such stake
- Represented the sponsor in connection with the proposed development and project financing of the world's largest biomass power project in the Philippines, including matters related to emissions credits under the Kyoto Protocol and EPC matters
Construction
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- Representing the lead sponsor of the first Canadian LNG liquefaction facility on development, LNG sales, EPC arrangements, and financing matters, as well as the lead sponsor of an Australian LNG liquefaction facility to be supplied by coal-bed methane on EPC-related matters
- Represented three different energy companies on matters relating to development or restarting of four different LNG receiving terminals in North America, including the EPC contracts for both the onshore works and the jetty works for the Canaport LNG project in New Brunswick, Canada, Canada's first re-gas terminal
- Represented international petrochemical companies on development and financing of several world scale petrochemical facilities in Qatar, Saudi Arabia, Trinidad & Tobago, and the United States, including extensive EPC and technology licensing work
Prior results do not guarantee a similar outcome.
Education and Professional Background
- The University of Texas School of Law, J.D. with honors, 1981
- Louisiana State University, B.S. Chemical Engineering with honors, 1979
- Brown & Root, Abu Dhabi, United Arab Emirates, and Bahrain, 1979 - 1980
- Admitted to practice: Texas, 1982
- Extensive travel throughout Asia, Australia, Europe, Southern Africa, the Middle East, and Central and South America
Professional Recognition
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- The Best Lawyers in America® in energy law, 2009 - 2011; international trade and finance law, 2006 - 2011; in corporate, M&A, and securities law, 2005 and 2006
- Legal Media Group's (Euromoney's) Guide to the US Best of the Best in energy and natural resources law, 2008 and 2010
- "One of the top 25 energy lawyers in the United States," Euromoney's Best of the Best, 2008
Activities and Affiliations
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- Immediate Past Chair of the International Law Section of the State Bar of Texas
- Member: Texas Supreme Court Task Force on the Practice of International Law
- Member: Association of International Petroleum Negotiators (AIPN)
Publications and Presentations
- Steve has published numerous articles on a variety of international energy and finance topics and is a frequent speaker in numerous venues on international project finance and energy industry topics
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Full Biography
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First City Tower
1001 Fannin Street
Suite 2500
Houston, TX 77002-6760
Tel +1.713.758.3862
Fax +1.713.615.5597
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