ConocoPhillips, Burlington Dodge NM's $24M Royalty Suit

Law360, Washington (August 28, 2012, 2:26 PM EDT) -- The New Mexico Supreme Court on Friday denied the state's bid to recover more than $24 million in allegedly unpaid oil and gas lease royalties from ConocoPhillips Co. and Burlington Resources Oil and Gas Co., saying the companies can deduct post-production costs when calculating the payments.

The New Mexico State Land Office accused ConocoPhillips and Burlington of shortchanging the state of $18.9 million and $5.6 million, respectively, in royalty payments stemming from their oil and natural gas production leases, saying the companies mistakenly deducted costs incurred...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.