Marathon, Pacific Energy Pitch Ch. 11 Platform Deal

Law360, New York (November 22, 2010, 4:23 PM EST) -- Marathon Oil Co. and bankrupt Pacific Energy Resources Ltd. have pitched a $2.9 million settlement over the decommissioning of an Alaska offshore platform, which is expected to cost at least $21 million, and a related fuel gas contract.

Marathon, which had four claims related to the dispute, would be able to recover under two allowed unsecured claims, according to a joint motion filed Friday in the U.S. Bankruptcy Court for the District of Delaware.

Marathon's claims relate to its assertion that Pacific Energy subsidiary Pacific Energy...
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