Texas Justices Take Up $63M ConocoPhillips Pollution Row
By Steven Trader (September 2, 2016, 3:18 PM EDT) -- The Texas Supreme Court agreed Friday to review a dispute over whether, through a complex series of acquisition transactions, Noble Energy owes ConocoPhillips $63 million in costs related to Louisiana oil contamination, as a state appeals court had concluded in March 2015.
At issue is whether Noble Energy Inc., through assets purchased 15 years ago from bankrupt Alma Energy Corp., inherited a previously agreed-to duty by Alma to indemnify ConocoPhillips Co. for any claims arising from waste materials related to their oil and gas exploration projects.
A Texas trial court had ruled that as a matter of law, Noble Energy was...
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