This episode's guest is Clay Brett. Clay is a partner at Baker Botts, and leads a broad transactional practice, representing private equity investors, private credit investors, portfolio companies and financial institutions in M&A, capital formation, financing and joint venture deals. While Clay has led transactions across sectors as a generalist, Clay is regarded as one of a handful of the most respected names in the private energy investment space.Clay is uniquely positioned to give legal advice because he has experience in both operating companies as well as doing structured finance deals. In this episode, we start with Clay's background and discuss his motivations for leaving corporate law to join a private equity backed E&P company. After a few years of operating upstream assets, his group raised additional private capital to deploy into DrillCos and other structured finance deals. Clay is an expert in deal structuring and drops a ton of knowledge in this episode on how to get transactions across the finish line. You don't want to miss this one! Enjoy the show!Timestamps:00:00 - Intro00:01:51 - Clay's Introduction00:02:37 - Clay's Career Journey00:09:10 - Transition to Law00:11:36 - Deal Making: A High-Level View00:13:30 - Key Considerations in Deal Making00:19:38 - Role of Rep and Warranty Insurance in Transactions00:21:21 - Framing the Transaction00:23:12 - Importance of Good Representation00:24:29 - Understanding the Financial Impact00:29:02 - Negotiation Tone and Relationship00:30:23 - Deal Exhaustion and Loss of Trust00:33:52 - Importance of Detailed Term Sheets00:35:27 - Evolution of Millennial Phase00:41:43 - The Investment Process00:43:15 - Understanding the Drill Code Space00:44:52 - Transitioning to Advisory and Legal Side00:45:56 - Private Equity Space for Oil and Gas00:53:34 - Challenges in Upstream Transactions00:55:32 - Changes in Private Equity Funding00:57:12 - Surviving in the Industry00:58:03 - Opportunities in Lower Middle Market01:00:58 - Transition and New Role01:01:40 - Water Situation in Texas01:03:00 - Interest in Storage and Carbon01:03:26 - Contact Information

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