Oil producers who sold to middleman SemCrude LP before its bankruptcy do not have a right to recover money from a purchaser downstream of SemCrude who allegedly shielded itself from the company's troubles by taking unfair advantage of the upstream producers' credit agreements, a Delaware federal judge said Thursday.
Vermont Gas Systems Inc. will have to pay a $100,000 civil penalty for holding off on reporting that its budget for a natural gas pipeline project had swollen to $154 million, climbing about 77 percent in a span of a few months, according to an order from the state’s Public Service Board.
TerraForm Global Inc., a clean energy-focused yieldco and a unit of SunEdison, slashed its initial public offering expectations on Friday, raising $675 million instead of a targeted $1.13 billion, which would have been one of the largest U.S. public debuts so far this year.
The unsecured creditors committee in the Boomerang Tube LLC case took aim Friday at the Chapter 11 plan support agreement the oil and gas piping manufacturer entered bankruptcy with, arguing that it is no longer needed and would stop the debtor from following the court’s instructions to consider alternatives.
The Fifth Circuit on Friday revived a Sarbanes-Oxley Act whistleblower suit leveled against Tesoro Corp. by a former vice president who said he was fired after reporting that the company counted taxes as revenue, saying that although his complaint was garbled it shouldn't have been completely dismissed.
Two Iranian oil companies are no longer being sanctioned by the European Union, the United Kingdom's treasury department announced Friday, just weeks after a historic nuclear deal was reached with the country.
In Law360's latest roundup of new actions at the Trademark Trial and Appeal Board, the Seattle Seahawks aim to sack a "12"-related mark, Chevron keeps fighting its decadelong battle to register gas station trade dress, and the high-profile dispute between rival "Comic Con" shows spills over into TTAB.
An executive for Clean Global Energy on Friday urged a Texas federal judge to toss a suit filed by the company alleging he helped wrongfully boot two shareholders, arguing in part that the two men had no right to sue in the company's name.
Uber has just closed a new funding round that values it at a whopping $51 billion, private equity giant The Carlyle Group has parted ways with the founders of its Vermillion commodity hedge fund, and three bottlers of Coca-Cola products in Europe have entered advanced talks on a merger.
Hunt Oil Co. heir Al Hill III on Friday asked the U.S. Supreme Court to reverse a Fifth Circuit order giving his former lawyers more than $40 million in contingency fees for their work on litigation involving a family trust, saying the award was unconscionable.
A total of 10 companies — two energy companies, two health-conscious private equity-backed companies, four life sciences companies and two holdovers — are ready to go public during the first week of August, together targeting $1.4 billion before an end-of-summer slowdown.
The Fifth Circuit preserved a $25.4 million win for oilfield operator Cox Operating LLC in a coverage suit for damage from Hurricane Katrina on Thursday, rejecting an insurer's argument that the lower court misread Texas insurance law when it calculated interest.
Energy Transfer Partners LP, Sunoco Logistics Partners LP and Phillips 66 have created a joint venture to construct a crude oil pipeline that will connect terminals in eastern Texas and southwestern Louisiana, the companies said Thursday.
Midstream master limited partnership Oneok Partners LP said on Thursday that it will invest up to $100 million to increase the output of its natural gas pipeline in western Texas.
The Chinese government said Friday it is easing rules to allow foreign traders to invest in the country’s oil futures markets using foreign currencies or yuan, a move that could encourage wider use of its capital markets.
A Delaware bankruptcy judge Thursday allowed Energy Future Holdings Corp. to set a Dec. 14 bar date for asbestos-related injury claims, which some unsecured creditors had called “ill-advised,” and approved a noticing campaign that includes direct mail, newspapers and the Internet and incorporates some of the revisions objectors advocated.
Alliant Energy Corp. on Friday wrapped up the $145 million sale of its electricity and gas distribution businesses in Minnesota, saying it's finalized the sale of the electricity unit to a coalition of 12 electric service cooperatives.
London-based oil production and exploration company Afren PLC said Friday it will go into administration after failing to come up with a debt restructuring deal, saying project delays and a slump in the company's production created short-term liquidity problems.
A series of now-revoked import duties leveled against U.S. electrical steel by China that were imposed following adverse World Trade Organization findings still fell short of international trade rules, a WTO compliance panel ruled Friday.
CSX Transportation Inc. on Thursday took aim at the Alabama Department of Revenue’s alleged attempts to justify the ”discriminatory practice” of exempting the railroad’s competitors from a sales tax on diesel fuel, calling on the Eleventh Circuit to reverse a ruling that favored the state.
The most recent Halliburton class certification decision addressed one of the key questions left open after the U.S. Supreme Court’s ruling last year — the level of proof necessary to rebut the fraud-on-the-market presumption, say attorneys with Akin Gump Strauss Hauer & Feld LLP.
After the D.C. Circuit's recent ruling in EME Homer City Generation LP v. U.S. Environmental Protection Agency, the EPA can continue to implement its Cross-State Air Pollution Rule for the foreseeable future, including imposing state emission budgets for sulfur dioxide and nitrogen oxide that have now been ruled invalid, say Thomas Lorenzen and Robert Meyers of Crowell & Moring LLP.
Despite the media attention surrounding a recent University of Pennsylvania study linking increased hospital visits for cardiac and neurological complaints with hydraulic fracturing, it is unlikely to significantly help plaintiffs looking to establish causation, say Harry Weiss and Philip Yannella of Ballard Spahr LLP.
Unless corporate policy is absolute, in-house counsel should advocate for use of the work-product privilege when conducting U.S.-based internal investigations. A company can always choose to waive the privilege if it decides to disclose its finding to the government — but it loses that option if it never invokes the privilege in the first place, say attorneys at Alston & Bird LLP and Tervita Corp.
The biggest legal and regulatory challenges for oil and gas industry participants and their lenders relate to the hot-button issue of hydraulic fracturing, where a number of recent developments put credit risk front and center. A lender could easily find itself with a borrower unable to pay and collateral that evaporated, say Matthew Clark and Colin Deihl of Faegre Baker Daniels LLP.
The International Institute for Conflict Prevention & Resolution's screened selection process for party-appointed arbitrators is a simple compromise between the positions of those who believe the existing system of party appointments should remain unchanged and those who would overhaul the system, say Charles Rosenberg of White & Case LLP and Olivier Andre of the International Institute for Conflict Prevention & Resolution.
U.S. v. CH2M Hill was a matter of first impression in the Ninth Circuit, and the court’s recent holding is consistent with prior decisions from the Sixth and Eighth Circuits that have noted that relators who have been convicted for their participation in the fraud are not entitled to any recovery, say Suzanne Jaffe Bloom and Mollie Richardson of Winston & Strawn LLP.
The Sabine Pass Liquefaction LLC rehearing order suggests that the Council on Environmental Quality's draft guidance concerning climate change analysis from federal agencies will not change the calculus of environmental impact analyses from the Federal Energy Regulatory Commission under the National Environmental Policy Act, insofar as it concerns greenhouse gases, say Gus Howard and Howard Nelson of Greenberg Traurig LLP.
Opportunities for distressed debt funds to buy attractively priced distressed corporate assets have been few and far between in recent terms, but do not expect activity levels to be quiet forever. One market that funds have been eyeing closely is Italy, say attorneys with Orrick Herrington & Sutcliffe LLP.
The U.K. government has set a target to reduce greenhouse gas emissions by at least 80 percent by 2050, but incentives for making energy-efficiency investments in the rental sector have been lacking and voluntary initiatives have had disappointing results. The U.K. Department of Energy and Climate Change's new regulations show the carrot has been replaced with the stick, says Elizabeth Alibhai at Dechert LLP.