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...
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