Noble Asks Texas Justices To Nix $63M Conoco Indemnity
Law360, Dallas (January 12, 2017, 8:26 PM EST) -- Noble Energy Inc. on Thursday told the Texas Supreme Court it's wrongly on the hook to ConocoPhillips Co. for $63 million in environmental cleanup costs under an indemnity agreement a predecessor company didn't know existed when it bought property.
Arguing for Noble, Tom Wright of Wright & Close LLP said though a Noble predecessor bought oil and gas assets from Alma Energy Corp. during Alma's Chapter 11 bankruptcy, it did not take over an asset exchange agreement that contained an indemnity obligation covering Louisiana property later determined to be contaminated by oil and gas drilling. ConocoPhillips eventually settled Louisiana's environmental contamination...
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