Energy is a vibrant , diverse industry , especially in Texas , and Bracewell attorneys are working at its forefront , Song said , helping clients navigate everything from traditional oil and gas deals , to carbon capture and sequestration and renewable energy projects , as well as the tax credits created by 2022 ' s Inflation Reduction Act .
In April , the firm advised another Houston neighbor , Kinder Morgan , on a pore space lease for 10,800 acres underneath a massive industrial park near the Houston Ship Channel , a site capable of storing 300 million tons of carbon dioxide . In the month before , Bracewell guided PLT Energia on a joint venture that aims to develop over a gigawatt of renewable energy in the state .
Bracewell ' s energy expertise also took center stage in the courtroom over the past year . The firm said it secured a favorable outcome for Tenaska Power Services Co . in litigation stemming from Winter Storm Uri that claimed the company had wrongfully passed along charges and replacement power costs . The storm ' s snow , ice and frigid temperatures overwhelmed Texas ' power grid in February 2021 , and Bracewell has served on a defense steering committee for multidistrict litigation related to the incident .
Additionally , the firm said it helped Houston-based Apache Corp . fend off a suit over a disputed expiration date in a drilling commitment Apache entered into with three other companies . The plaintiffs initially sought more than $ 1 billion in damages , and the case ultimately landed before the Texas Supreme Court , which found in favor of the oil exploration company in a ruling that set a precedent for how lease expiration dates are understood .
" We were only arguing about one day ' s difference in what the expiration date was , but under the language of these contracts , damages were either zero or $ 180 million depending on who was right on which day it was ," Harris said of the case .
While the firm specializes in energy , building strong relationships is also key to Bracewell ' s success , Song said .
" Regardless of whether it ' s getting to know your colleagues or getting to know our clients , it ' s all about relationships , and I think this firm does an excellent job of developing that ," Song said .
Bracewell is " a great destination firm " for lawyers , both Song and Harris noted , and it ' s growing .
The firm said that , in July , it launched an energy and infrastructure team in Paris to complement its London and Dubai offices , making at least a dozen lateral partner hires and promoting seven lawyers to partner over the past year .
Beyond the energy realm , Bracewell represented Texas-based Prosperity Bancshares Inc . on a March acquisition of Lone Star Bank that made it a top-three bank in several markets . And the firm ' s public finance team is making a mark in the housing sector , with many parts of the state working to confront skyrocketing costs .
Bracewell advised San Antonio ' s Housing Trust on a half-dozen transactions valued at more than $ 178 million last year , and also served as bond counsel for the Texas Department of Housing and Community Affairs — which manages the state ' s single-family mortgage loan program — on multiple bond transactions totaling more than $ 1 billion .
The firm additionally landed a major Seventh Circuit win representing two Texas residents in a suit