Overview
Todd Lowther is a partner in the Tax practice.
He provides tax advice to clients on mergers and acquisitions, oil and gas transactions, and corporate and general business matters, including business formation, reorganization, and partnership and limited liability company structuring. He also has extensive experience in the structuring, organization, and capitalization of private equity funds, and frequently advises management teams from both a transactional and tax perspective. His experience includes a focus on the taxation of natural resources, partnerships, international joint ventures, and other transactions common in the petroleum industry.
Todd also advises and represents clients in tax controversy matters including cases in U.S. Tax Court and U.S. District Court.
Experience
Midstream Oil & Gas
- Citizen Energy on its agreement to acquire all the equity of Blue Mountain Midstream LLC for approximately $111 million
- Oryx Midstream, the largest privately-owned midstream operator in the Permian Basin, in its $3.6 billion sale to Stonepeak Infrastructure Partners
- DTE Pipeline Company in the $2.65 billion acquisition of gas gathering pipelines, a produced water system, fresh water system and a sand mine in Louisiana
- Oryx Midstream in its $135 million acquisition a crude oil gathering system in the Delaware Basin from Targa Midstream
- The Energy & Minerals Group in its joint venture with Tailwater Capital to acquire, through Silver Creek Midstream, Genesis Energy's Powder River Basin assets
- Oryx Midstream in connection with forming a JV to acquire Reliance Gathering LLC for $355 million
- EnCap Flatrock Midstream in connection with its $1.6 billion sale of Lucid II in a management rollover transaction involving financial buyers associated with Riverstone Holdings and Goldman Sachs
- Frontier Midstream IV, a portfolio company of Energy Spectrum Capital, in its joint venture with Concho Oil & Gas to construct, own and operate a crude oil midstream system in the Permian Basin
- DTE Pipeline Company in its $275 million acquisition of an additional 30% stake in the Stonewall natural gas gathering system in West Virginia
- EnCap Flatrock Midstream, as majority investor, in Tradition Midstream's sale of Shongaloo Midstream to ETC Shongaloo Midstream
- Post Oak Energy Capital in its acquisition of Layne Water Midstream, a full cycle water midstream business providing upstream sourcing, disposal, and recycling infrastructure and services in the Delaware and Midland Basins
- Delaware basin midstream company on negotiation of $100 million pipe-in-pipe joint venture transaction
- EnCap Flatrock Midstream and Toledo Bend Midstream in connection with the sale of the Wildcat Sabine Gathering System in the Bossier-Haynesville shale play
- Rangeland Energy II, a portfolio company of EnCap Flatrock Midstream, in its sale to Andeavor
- EnCap Flatrock Midstream in connection with Ironwood Midstream II’s acquisition of the Twin Eagle Gardendale Pipeline, a crude oil gathering, transportation, and storage system in Texas
- Private Equity Firm in connection with the proposed sale of a midstream portfolio company for $750 million+
- EnCap Flatrock Midstream in connection with the sale of EagleClaw Midstream to funds managed by Blackstone Energy Partners and Blackstone Capital Partners for approximately $2 billion
- Midstream company in connection with the $33 million sale of a gathering system in the Bossier-Haynesville shale play
- Major midstream client regarding tax matters on development of a natural gas fractionation unit, including negotiation of a fabrication/EPC contract
Upstream Oil & Gas
- Orion Mine Finance on its agreement to acquire Occidental Petroleum Corporation’s (Oxy) Wyoming, Colorado and Utah Land Grant assets for about $1.33 billion
- Independent exploration and production company in connection with debtor-side representation in Chapter 11 bankruptcy proceeding
- Ecopetrol on its joint venture with Occidental Petroleum Corporation to develop 97,000 net acres in the Permian Basin in west Texas
- GulfTex Energy IV on the sale of 13,000 acres in the Eagle Ford with producing properties yielding 7,600 boepd to INPEX Americas, a subsidiary of INPEX Corp., Japan’s largest exploration and production company
- Oil Search (Alaska) in connection with its exercise of a $450 million option to acquire acreage in the Nanushuk field in Alaska’s North Slope and entry into a bilateral acquisition agreement with Repsol E&P USA Inc. to align ownership
- Public Company in connection with the $2 billion sale of 933,000 acres in Ohio/Utica to a private company buyer
- EnCap Energy Capital Fund X, L.P. in connection with the sale of Staghorn Petroleum and Staghorn Petroleum II
- Private-equity backed upstream E&P company in connection with drilling joint venture with a public company
- Management team in connection with the sale of oil and gas interests for $2.8 billion in the Permian Basin
- Independent exploration and production company in connection with the activation and sale of oil and gas “top” leases for $43 million in the Permian Basin
- Tax partnership on the sale of Permian assets for $1 billion to publicly-traded company
Private Equity and Fund Formation
- Tatanka Midstream in connection with formation matters including an initial capital commitment of $500 million from Encap Flatrock Midstream
- EnCap Flatrock Midstream in connection with a $400 million equity commitment to Ironwood Midstream II
- Oryx Midstream in connection with forming a joint venture with Diamondback subsidiary Rattler Midstream LP
- Post Oak Energy Capital in its $135 million capital commitment to Layne Water Midstream
- The Energy & Minerals Group in its joint venture with Tailwater Capital to increase capital commitments to Silver Creek Midstream
- Post Oak Energy Capital and its portfolio company, Layne Water Midstream Resources, in securing a minority investment from The University of Texas/Texas A&M Investment Company
- Rangeland Energy III in connection with formation of Rangeland Midstream Canada and expansion of its existing capital commitment from Encap Flatrock Midstream
- EnCap Flatrock Midstream in its $400 million equity investment in Lotus Midstream LLC
- Various private companies in securing preferred equity financing from private equity capital providers, nontraditional lenders, and institutional equity partners
- Multiple energy and infrastructure-related private equity funds regarding fund formation and related matters
- Multiple private equity funds on tax issues related to use of “net profits interest” investments by UBTI-sensitive investors
Power & Renewables
- Energy services utility holding company in the formation of a joint venture which will develop, own and operate renewable energy projects, and in the joint venture’s acquisition of two fuel cell projects in New York
- Private company on tax advice pertaining to Section 45Q carbon sequestration credits
- OMERS Infrastructure on its acquisition of Leeward Renewable Energy, LLC from affiliates of ArcLight Capital Partners including 19 wind projects across the U.S. with a total installed capacity of 1.7 GW
- Major wind developer and financial institution concerning $225 million tax equity investment in 204 MW wind power project in Texas
- Major wind developer and financial institution concerning $265 million tax equity investment in 300 MW wind power project in Texas
- Designated lenders’ counsel on multiple project financings involving solar, wind and other renewables asset packages
- Tax planning and representation of U.S. ethanol importer regarding income and excise tax credits
Real Estate
- Leader in high-end multifamily development, construction, and property management in connection with a $98 million joint venture to construct a 350-unit Class A luxury multifamily development in Fort Lauderdale, Florida
- Multiple real estate developers and commercial real estate investors in negotiating joint venture agreements for commercial real estate development projects
- Multiple tax-exempt foundations regarding mixed-use master-planned commercial real estate development projects and structures pertaining to unrelated business taxable income
- Multiple commercial real estate private equity funds regarding fund formation issues, cross-border / international, domestic, and state and local tax issues
- Developer of luxury multi-family housing in forming a joint venture with publicly-traded REIT to develop a luxury multifamily/mixed-use project
Other
- The Conflicts Committee of a publicly traded master limited partnership (MLP) in a $2 billion merger transaction
- International logistics and manufacturing business on multiple state and local controversy matters involving disputes in excess of $1 million
- Structuring Section 1031 exchange transactions, including build-to-suit reverse exchange transactions
- Private equity funds regarding tax issues related to investments by sovereign wealth funds / Section 892 investors
- Multiple Canadian investors regarding U.S. tax issues arising in connection with U.S. acquisition, M&A transactions, and other cross-border matters
- Issuer of qualifying Section 1202 small business stock in equity raise
- Developers, investors, and manufacturer regarding New Markets Tax Credits
Qualifications
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Education
Tulane University Law School
J.M. Tull School of Accounting - Terry College of Business, University of Georgia
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Admissions
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Courts
Of Note
Professional Affiliations
- Board of Advisors and Department Head, Corporate Taxation (previously Business Entities), Current Developments, (2016-2020)
- Member, State Bar of Texas Tax Section
- Vice-Chair, Energy and Natural Resources Committee, (2016-2018)
- Participant, Leadership Academy, State Bar of Texas Tax Section, (2012-2013)
Awards & Accolades
- The Best Lawyers in America® by Woodward/White Inc. (Tax Law), (2018)
- Texas Rising Stars® by Thomson Reuters, Tax, (2012, 2014–2018)
- “Recommended Attorney,” The Legal 500 US by Legalese, Tax: U.S. Taxes: Non-Contentious, (2017)