Texas Justices Keep Noble On The Hook For $63M Indemnity

Law360, New York (December 15, 2017, 8:45 PM EST) -- The Texas Supreme Court on Friday declined to revisit its decision that Noble Energy Inc. has to indemnify ConocoPhillips in connection with $63 million in environmental cleanup costs despite arguments that Noble’s predecessor wasn’t properly told about the indemnity agreement.

The order, which was issued with a simple declaration that rehearing was denied, keeps in place the June 5-3 split decision that upheld an indemnity agreement Noble inherited from its predecessor that purchased oil and gas assets in Alma Energy Corp.’s Chapter 11 bankruptcy. Alma’s undisclosed...
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