Junior bondholders of Energy Future Holdings Corp. told a Delaware bankruptcy judge on Thursday they were on board with the energy giant's proposal to repay $750 million of their notes but said it should be approved only after a fight with senior creditors is defused.
The Supreme Court of Texas on Friday denied an appeal to rehear a former Exxon Mobil Corp. top executive's case against the company for stripping him of $5 million in nonvested stock rights when he joined a rival energy firm, re-confirming the court's decision granting employers more leeway in bonus plans.
The Court of Federal Claims on Friday ordered the U.S. Department of Energy to pay an additional $22.5 million in damages to Sacramento's public electric utility, on top of the $53 million it was awarded in 2014 for the cleanup of an old nuclear plant.
In an oil and gas investment dispute, the Texas Supreme Court on Friday held that the clock to sue business partners to recover partnership debt doesn’t start when the underlying cause of action accrues, but after a final judgment against the partnership is entered.
BP Exploration and Production Inc. on Thursday asked the Fifth Circuit for permission to claw back payouts it made under a since-overturned claims calculation that’s part of a $9.2 billion Deepwater Horizon settlement, saying individual releases don’t bar BP from obtaining restitution.
Gov. Chris Christie’s administration came under fire on Friday for inking a reported $250 million settlement with ExxonMobil Corp. in a decadelong legal battle over more than $8.9 billion in estimated environmental damage from contamination at two refinery sites in northern New Jersey.
Oil and natural gas company Samson Resources Co. has hired the restructuring teams of Kirkland & Ellis LLP and Blackstone Group to help advise during what has become a messy restructuring, while the New York Daily News may be on the chopping block after being approached recently by a potential buyer.
Pennsylvania Gov. Tom Wolf on Friday urged President Barack Obama to push for stricter oversight of the transportation of oil by rail, including the prompt issuance of tougher safety regulations crafted in the wake of several fiery derailments involving crude oil from North Dakota's Bakken Shale.
The U.S. Court of Federal Claims has handed the government a partial win in a $67 million contract dispute with Georgia Power Company over U.S. obligations to dispose of spent nuclear fuel, tossing plant operator Southern Nuclear Operating Company Inc. as a plaintiff and limiting damage claims.
Murray Energy Corp. said Thursday that the D.C. Circuit must act now to stop the U.S. Environmental Protection Agency’s plan to limit greenhouse gases from existing power plants — or coal-based facilities will go “cold” waiting for further litigation to play out.
Valero Energy Partners LP said Friday it's agreed to pay $671 million for crude oil and petroleum terminals in Texas and Louisiana from subsidiaries of its general partner Valero Energy Corp.
Oil and gas driller Concho Resources Inc. said Thursday it is looking to raise $650 million in an upsized stock offering of 6 million shares following a stream of Texas drillers tapping the public markets amid low oil prices.
A California federal judge on Thursday denied Pacific Gas and Electric Co.'s attempt to nix a commercial fishermen group's lawsuit accusing the utility of contaminating the San Francisco Bay and its environs with residual pollutants from former manufactured gas plants, finding that the complaint adequately pled the group's injury.
In this week’s Taxation With Representation, Valeant is successful in its bid to create a pharmaceutical behemoth, two metal producers combine to form a trans-Atlantic mining giant, and a Spanish utility grows in the U.S. with help from a couple of Cravath tax attorneys.
Magellan Midstream Partners LP and Plains All American Pipeline LP said Friday that they're teaming up to build an $850 million pipeline that will ship crude oil from Colorado's Denver Basin to storage facilities in Oklahoma owned by the two midstream master limited partnerships.
A Louisiana federal judge sanctioned three attorneys on Thursday for misconduct in connection with BP PLC’s Deepwater Horizon settlement, disqualifying them from participating in the settlement program and referring their case to the court’s disciplinary committee.
Houston-based broker-dealer Sanders Morris Harris Inc. withheld crucial information when it sold more than 1.5 million shares of Yuma Energy Inc. stock to investors a week before the company announced its oil production had decreased significantly, a group of investors said Thursday.
Owners of the troubled utility plant built to power the Revel Casino Hotel urged a judge on Wednesday to order the defunct resort into liquidation, claiming it cannot be trusted to treat creditors fairly after electing to “throw in the towel” and sell itself for a lowballed $82 million.
Italy has reportedly agreed to sell a 5.74 percent stake in state-owned energy utility Enel for $2.5 billion, while Atkins Nutritional, creator of the low-carb diet program, is on the chopping block and could fetch upwards of $1 billion.
A Texas federal judge on Thursday awarded oil field operator Cox Operating LLC nearly $6.3 million in attorneys' fees and costs resulting from a dispute with St. Paul Surplus Lines Insurance Co. over Hurricane Katrina cleanup coverage.
As predicted, Congress managed to avoid a Department of Homeland Security shutdown, but the continuing resolution was shorter than expected. Both chambers will need to spend time this week trying to resolve the funding issue. Meanwhile, other issues remain up in the air as attention turns to Iranian nuclear development, with the Israeli prime minister scheduled to address Congress on Tuesday, say members of Covington & Burling LLP.
While there is no bright-line rule for determining the existence or absence of intent for purposes of arranger liability under the Comprehensive Environmental Response, Compensation and Liability Act, several factors identified by circuit courts should serve as useful guideposts for businesses seeking to reduce their exposure to arranger liability, says John DiChello Jr. of Blank Rome LLP.
Oil companies in need of funding for capital expenditures will increasingly find alternative financing structures attractive as traditional sources of credit tighten. Royalty-based investments may become even more popular than in the past due to their flexible structure, ability to target specific assets and potential bankruptcy advantages to investors, say attorneys at Jones Day.
The Texas Supreme Court's recent ruling in the matter of Deepwater Horizon will inevitably prompt more questions regarding the importance of “certificates of insurance” as well as how explicit a reference within an insurance policy must be or what nexus that reference must have with a coverage limitation before additional-insured status is circumscribed, says Micah Skidmore of Haynes and Boone LLP.
Recently, a potential new legal trend has emerged in which plaintiffs are filing product liability and securities class actions against companies by invoking claims related to environmental, social and governance or sustainability statements. This development demonstrates the risks associated with issuing ESG statements as some consumers and investors will not hesitate to litigate their accuracy or materiality, say Sara Orr and Bar... (continued)
Even as some journalists used Parr v. Aruba Petroleum Inc. to push an anti-fracking narrative, a bigger story has developed beneath the radar — scientific inquiry into hydraulic fracturing has increasingly demonstrated that expertly built and operated fracking operations pose few novel environmental dangers, says Craig Warner of King & Spalding LLP.
Last fall, 74 countries and more than 1,000 businesses signed a declaration calling on all nations to price carbon dioxide and other greenhouse gases, yet the prospects of meaningful government action are dim. We see a possible solution in our patent system — impose a flexible license fee tied to greenhouse gas emissions, say attorneys with Klarquist Sparkman LLP, Green Patent Law, Robins Kaplan LLP, Burns & Levinson LLP and Susman Godfrey LLP.
One major change in the debate over U.S. Department of Homeland Security funding — which expires this Friday — is that a Texas federal district judge has issued an injunction against the Obama administration’s immigration policy, essentially putting it on hold. This may be an opportunity for the Senate to avoid the policy riders and pass a clean funding bill, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.
Not every data breach is a massive headline-grabbing theft of consumer credit card information. As significant as these events may seem, the more dangerous and prevalent threats are the least visible — occurring through "data leakage." Put simply, this is raw meat awaiting a strike by the plaintiff’s bar, says legal industry adviser Jennifer Topper.
There is a strong chance the U.S. Fish and Wildlife Service will list the Northern Long-Eared Bat under the Endangered Species Act as either endangered or threatened with a special take rule come April. Even the special take rule, as currently proposed, would do little to blunt the impact of a threatened listing on the bulk of the energy industry, say Benjamin Cowan and Andrew Davitt of Locke Lord LLP.