Energy Co. Is Owed $500K For Withheld Gas Sale Proceeds
Law360 (January 13, 2021, 9:06 PM EST) -- K. Petroleum Inc. must pay Penneco Pipeline Corp. more than $500,000 for failing to pass along proceeds made from selling gas produced by Penneco-owned wells, a Pennsylvania federal court ruled on Wednesday.
U.S. District Judge William S. Stickman IV issued the damages calculation following a bench trial, more than a year after determining KPI violated an inherited contract by withholding information about how much gas from Pennoco-owned wells had made its way into a gathering system controlled by KPI. KPI then pocketing the proceeds once it sold the gas into a transmission line owned and operated by Equitrans Midstream Corp., according to...
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