Over the last 30 years, we have designed Bracewell to be an oil and gas projects law firm. We handle a wide variety of large and small clients involved in the oil and gas value chain, including upstream exploration and development companies; oilfield service businesses; pipeline, storage and terminals companies; refining and chemicals companies; commercial banks, trading houses, investors and private equity investors involved in oil and gas; and investment banks, other intermediaries and strategic advisors to oil and gas companies and investors. Bracewell has developed targeted practices, such as regulatory, environment, tax, intellectual property, and strategic communications, to serve the oil and gas industry. Our industry focus enables us to maintain cutting-edge experience and in-depth knowledge of the commercial, legal and regulatory challenges faced by our clients, so that we can provide the most effective legal solutions to facilitate transactions and resolve disputes.
Representing clients in the upstream oil and gas industry in jurisdictions across the globe is at the core of what we do. Our integrated team, which is one of the largest in the world, covers every aspect of the upstream sector, including transactions; financings; project development and commercial arrangements; environmental and other regulatory permitting, compliance, enforcement and defense; governmental relations; and disputes. Our clients include independent upstream businesses, major integrated oil companies, private investment funds and financial institutions.
The oil and gas midstream business is a primary focus at Bracewell. In 2018 alone, our lawyers represented clients in 10 of the 16 announced long-haul Permian to Gulf Coast pipelines. We are unique in our depth and breadth of experience in all aspects of the midstream sector. . As a result, we are able to efficiently provide comprehensive legal advice to midstream businesses and investors. Our large midstream team includes practitioners with experience in the U.S. and across the globe in the development, regulation, ownership, operation, acquisition and disposition of gas and liquids pipelines, gathering systems, storage and processing facilities, terminals, and LNG facilities. We cover the complete midstream life-cycle, from project development, permitting, financing and construction through operations, sales and purchases of midstream assets and companies, and ultimately through the abandonment and satisfaction of the related regulatory requirements. Our experience includes environmental permitting, compliance and incident management and defense; precedent agreements and other storage, processing, gathering and throughput agreements; tariffs and ongoing regulatory compliance; antitrust analysis and compliance; and government relations to influence policy and facilitate regulatory approvals. In addition, in the U.S., we routinely support clients before Congress, FERC, PHMSA, EPA, OSHA and other federal and state regulatory agencies.
Bracewell is among the leading law firms in standardized and structured transactions involving physical and financial power, oil, gas and other commodities. We bring a unique perspective with several lawyers on our team who have had in-house experience working for commodity trading businesses as well as experience with federal energy commodity regulators. Our lawyers are intimately familiar with agreements promulgated by the International Swaps and Derivatives Association and the North American Energy Standards Board and have significant experience with structured commodity transactions, acquisitions and divestitures involving trading portfolios and compliance with related regulations.
Private equity investing, including both debt and equity, is a core component of our transactions business. Our private equity experience has a particular focus in oil and gas, power and infrastructure investments, but also includes a wide variety of other industries. We handle all types of transactions on behalf of private equity clients, including fund development, joint ventures, distressed investments and exit transactions. Our team includes lawyers with significant experience advising private equity clients on fund formation, tax, and regulatory matters.
Bracewell has experience in all aspects of downstream oil and gas operations, including refining, manufacturing, marketing, and distribution businesses. We act for some of the largest refining and petrochemical companies in the world, as well as financial institutions and other lenders to the industry. Our lawyers represent clients in connection acquisitions and disposals, project and portfolio financing, operational arrangements (including feedstock and offtake contracts), environmental and compliance issues, permitting and other regulatory matters, intellectual property issues, and defending and prosecuting litigation.
As production from unconventional shale plays continues to grow across the US, a new industry has emerged focused on the business of water management. Our deep understanding of the upstream and midstream sector has made us the go-to firm for various stakeholders across this new industry. Our engagements to date include representing upstream producers and newly formed water management companies in the drafting and negotiation of gathering, disposal, connection, transportation and recycling agreements; the acquisition and disposition of water producing and disposal assets; and the drafting and negotiation of freshwater supply, recycling and redelivery agreements. We also engage in legislative and administrative advocacy as it relates to this burgeoning industry, both at the federal and state level.
Recent Notable Matters
Eni Petroleum US LLC — acquisition of 70 percent and operatorship of the Oooguruk oil field in Alaska from Caelus Natural Resources Alaska, LLC
Eni S.p.A. — sale to Qatar Petroleum of a 35 percent interest in the Area 1 development in Mexico, which holds an estimated 2.1 billion barrels of oil
COG Operating LLC, subsidiary of Concho Resources Inc. — sale of produced water assets in the southern Delaware Basin to WaterBridge Resources LLC
Genel Energy plc — acquisition of interests in the Chevron-operated Sarta and Qara Dagh blocks in the Kurdistan region of Iraq
Halcón Resources Corporation — $325 million divestiture of all water infrastructure assets across the Delaware Basin to a subsidiary of WaterBridge Resources LLC
Par Pacific Holdings, Inc. — acquisition of 100 percent of the equity interests in U.S. Oil & Refining Co. and certain affiliated entities for $358 million, including a 42,000 bpd refinery, a marine terminal and associated logistical system in Tacoma, Washington
Pioneer Natural Resources Company — divestiture of its pressure pumping assets to ProPetro Holding Corp. in exchange for total cash and stock consideration of $400 million and entry into a 10 year pressure pumping and related services agreement with ProPetro
Pioneer Natural Resources Company — agreement with undisclosed buyer to sell all of its assets in the West Panhandle field in Texas for $201 million
Apache Corporation — creation of $3.5 billion midstream company with Kayne Anderson Acquisition Corp., forming the only publicly traded, pure-play Permian Basin midstream company that is a C-corporation
Alinda Capital Partners — sale of NorTex Midstream Partners, LLC, a company owned by funds managed by Alinda that own Texas gas storage facilities, to a subsidiary of Castleton Commodities International LLC
Apache Corporation — strategic partnership with EPIC Midstream Holdings, LP and Noble Energy Inc. to develop the EPIC Crude Oil Pipeline, including transportation service agreements, tariffs and related regulatory matters
Apache Corporation — formation of SCM Alpine, LLC, which will own and operate a greenfield NGL y-grade pipeline, including transportation service agreements, tariffs and related regulatory matters
Eni S.p.A. — $934 million sale of a participating interest in the Egyptian Shorouk Concession, containing the Zohr gas field, to Mubadala Petroleum
Hellenic Republic Asset Development Fund (HRADF) —Joint sale (with Pan European Oil and Industrial Holdings SA) of 50.1 percent of the shares of Hellenic Petroleum SA, Greece's largest oil refiner with a market capitalisation in excess of €2.33 billion. The transaction is expected to be Greece's largest privatisation so far.
HPS Investment Partners, LLC and Kingfisher Midstream, LLC — merger agreement between Kingfisher, Silver Run Acquisition Corporation II and Alta Mesa Holdings, LP to combine and form Alta Mesa Resources, Inc.
Kinder Morgan, Inc. — investment between Kinder Morgan Texas Pipeline LLC, DCP Midstream, LP and an affiliate of Targa Resources for the $1.7 billion Gulf Coast Express Pipeline Project, designed to transport up to 1.92 billion cubic feet per day of natural gas
Kinder Morgan, Inc. – construction, operation and ownership arrangements for the Permian Highway Pipeline, a joint venture among affiliates of Kinder Morgan, Inc. and EagleClaw Midstream Ventures, LLC, a portfolio company of Blackstone Energy Partners of a 430 mile, 2.0 billion cubic feet per day natural gas pipeline from Waha in the Texas Permian Basin to Katy, Texas
PetroLogistics Company LLC — formation of PetroLogistics II LLC, a joint venture between the founders of PetroLogistics, Quantum Energy Partners, Stonecourt Capital LP, and others with initial capital commitments in excess of $500 million for the development of petrochemical facilities
Phillips 66 — structuring and negotiation of transaction with DCP Midstream LP whereby DCP acquired an option to purchase up to a 30 percent ownership interest in the company's new fractionators under construction at its expanded Sweeny Hub
Phillips 66 Partners LP — joint venture construction and operating agreements with Andeavor and an equity option with Enbridge Inc. for the Gray Oak Pipeline, LLC joint venture, and in a joint venture with Buckeye Partners LP to develop the new South Texas Gateway Terminal at the mouth of Corpus Christi Bay
Private equity-backed portfolio company — negotiated execution and subsequent termination of a $950 million cash and stock transaction involving both producing and non-producing assets in the Midland Basin
SemGroup Europe Holding L.L.C. — sale of SemLogistics Milford Haven Limited, a petroleum terminal and storage business located in South Wales, to Valero Logistics UK Limited, a subsidiary of Valero Energy Corporation
Three Rivers Operating Company III LLC — sale of 59,000 net acres in the Delaware Basin for an undisclosed cash consideration to Admiral Permian Resources, LLC
Parsley Energy Inc. — $2.8 billion acquisition of certain entities holding undeveloped acreage and producing oil and gas properties in the core of the Midland Basin from Double Eagle Energy Permian LLC and certain of its affiliates consisting of approximately $1.4 billion in cash and approximately 39.8 million units of Parsley Energy
Pembina Pipeline Corporation — CAD$9.7 billion combined cash and stock acquisition of Veresen Inc.