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Energy

  • August 9, 2018

    Texas Court Denies Exxon $337M Tax Refund For Fuel Credit

    A Texas federal court has denied Exxon Mobil Corp.’s request for a $337 million tax refund, finding the company must account for a fuel tax credit in its expenses when calculating its cost of goods sold.

  • August 9, 2018

    Icahn Can't Escape Depo In Wachtell Malpractice Suit

    A Manhattan federal judge said on Thursday that billionaire financier Carl Icahn can’t get out of being deposed in a long-running malpractice fight between CVR Energy Inc. and Wachtell Lipton Rosen & Katz, saying he wasn’t buying the notion that prior questioning was done in bad faith.

  • August 9, 2018

    Oil & Gas Co. Wins Water Use Fight With Texas Landowner

    A Texas appeals court has ruled that the accommodation doctrine in oil and gas drilling agreements does not obligate a driller to use a surface landowner's water during operations, affirming a summary judgment in favor of Rosetta Resources Operating LP.

  • August 9, 2018

    General Electric Calls On Court To Toss Retirement Suit

    General Electric Co. has urged a Massachusetts federal judge to drop a proposed Employee Retirement Income Security Act class action accusing the company of funneling workers' retirement savings into subpar company-managed investment funds, claiming Wednesday that the suit does not prove the funds were a bad decision for the retirement plan.

  • August 9, 2018

    Oil & Gas Co. Strikes $3M Deal In Royalty Interest Row

    A proposed class of oil and gas royalty owners and Citation Oil & Gas Corp. have agreed to a $3 million deal to settle allegations that the company failed to pay interest on allegedly late royalty payments, the putative class told an Oklahoma federal court Wednesday.

  • August 9, 2018

    Thompson & Knight Guides Ajax Resources’ $900M Asset Sale

    Private equity-backed oil and gas company Ajax Resources LLC has tapped Thompson & Knight LLP to assist with the sale of its northern Midland Basin assets to Diamondback Energy Inc. for $900 million in cash and 2.58 million shares of Diamondback common stock, the companies announced Thursday.

  • August 9, 2018

    PE-Backed GrafTech Prices $460M Secondary Offering

    Private-equity backed GrafTech International Ltd. late on Wednesday unveiled an upsized $460 million secondary offering that will allow its lead stockholder to trim its stake in the steel products company, representing the latest of several large secondary sales to hit the market this week.

  • August 9, 2018

    Orsted Bolsters Wind Farm Biz With $580M Acquisition

    Offshore wind farm developer Orsted announced Thursday that it has agreed to buy a U.S.-based wind farm developer, owner and operator from private equity firm I Squared Capital for an enterprise value of $580 million.

  • August 8, 2018

    Bowles Rice, Title Insurer Set For Trial In $41M Contract Row

    Bowles Rice LLP is headed to trial against a longtime partner, title insurer First American, after a federal court ruled Wednesday enough facts remain disputed about the law firm's share of blame around a $41 million settlement following the rocky construction of a coal power plant, whose title First American insured.

  • August 8, 2018

    1st Circ. Opens Path For PREPA Bondholders' Receiver Bid

    The First Circuit on Wednesday reversed a ruling by the judge presiding over Puerto Rico's restructuring proceedings, finding she is not precluded from lifting automatic stay protections for the island's bankrupt electric utility so that bondholders can pursue legal action to appoint a receiver.

  • August 8, 2018

    US Plans Sanctions On Russia Over Nerve Agent Attack

    The U.S. State Department said Wednesday that it plans to sanction Moscow for using chemical or biological weapons in violation of international law or against its own nationals, following the attempted assassination of former Russian spy Sergei Skripal and his daughter Yulia.

  • August 8, 2018

    BLM Wants Input For Enviro Analysis Of Calif. Fracking

    The Bureau of Land Management on Wednesday opened up a 30-day period for the public to weigh in on the "potential environmental impacts" of hydraulic fracturing on around 400,000 acres of public land in California, a proposal that was met with opposition from environmental groups.

  • August 8, 2018

    Texas Panel Zaps Power Co.'s Tax Break On Steam Generators

    A Texas appeals panel has ruled that a power company was properly denied a tax exemption for steam generators that it couldn't prove were used for pollution control, saying a determination from the state’s environmental commission was a binding opinion on the equipment's usage.

  • August 8, 2018

    Ex-Energy Contract Worker Must Repay $2.5M In Bribes

    A former project manager for a U.S. government contractor that retrofits buildings for energy efficiency was ordered on Wednesday to repay the $2.5 million he admitted to taking in kickbacks and bribes from companies seeking $15 million in subcontracts.

  • August 8, 2018

    SoCalGas Reaches $119.5M Deal In Calif. Gas Leak Litigation

    Southern California Gas Co. has agreed to a proposed $119.5 million deal to end state litigation from the California Air Resources Board and the city and county of Los Angeles over the huge Aliso Canyon gas leak, the company and local officials announced on Wednesday.

  • August 8, 2018

    Attys Shake Malpractice Suit Over $20M Arbitration Losses

    A Texas state appellate court declined on Wednesday to revive a petroleum engineer’s suit against the attorneys he claimed cost him an extra $20 million in losses after representing him in an underlying arbitration, saying that the lower court was right to find the engineer’s expert was introduced too late.

  • August 8, 2018

    Lenders In $25B EFH Loan Row Get No Priority, 3rd Circ. Says

    The Third Circuit on Tuesday found Marathon Asset Management LP and several Polygon Global Partners funds do not have a priority claim on the $1.25 billion remainder of a $24.5 billion loan in the Energy Future Holdings Corp. bankruptcy.

  • August 8, 2018

    Texas Court Affirms $16M Mexico Power Plant Arbitration Win

    A Texas appeals court on Wednesday affirmed a $16 million arbitration award in a dispute between an electrical equipment maker and a power company over the construction of a Mexico power plant, ruling that the lack of a record in the arbitration proceedings isn’t grounds to reverse its finding.

  • August 8, 2018

    Va. Power Co. Wants Insurers To Defend It In Injury Suit

    A Virginia power company has filed suit in federal court accusing Continental Western Insurance Co. and other carriers of shirking their contractual duty to defend it against a lawsuit filed by a man who was shocked after his vehicle was hit by a downed power line.

  • August 8, 2018

    3 Firms Steer Starwood's $2.6B GE Energy Finance Biz Deal

    Starwood Property Trust on Wednesday expanded its reach beyond traditional real estate, striking a deal with GE Capital to acquire an arm of its energy finance business for $2.56 billion, with Sidley Austin LLP and Paul Hastings LLP guiding the buyer and Shearman & Sterling LLP guiding the seller.

Expert Analysis

  • Series

    From Lawmaker To Lawyer: Prioritizing Is Always Key

    Joe Lieberman

    Today, members of Congress often seem able to blame colleagues of the other party for not getting anything done for their constituents. In law practice, you can’t really blame a bad result for your clients on the lawyers on the other side, says former Sen. Joe Lieberman, D-Conn., of Kasowitz Benson Torres LLP.

  • Limiting Law Firms' Professional Liability Risks: Part 1

    Stuart Pattison

    Corporate law departments are increasingly demanding more concessions from outside legal counsel, and presenting engagement letters that open the door to greater professional and cyber liability exposure for law firms — often beyond the scope of their insurance coverage. Firms must add their own language to engagement letters to limit liability, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.

  • Series

    From Lawmaker To Lawyer: How Congress Affected My Career

    Yvonne B. Burke

    Being a former member of Congress put me in an advantageous position when I approached law firms in the late '70s, at a time when there were few female lawyers, and even fewer African-American lawyers, in major law firms, says former Rep. Yvonne B. Burke, D-Calif., a director of Amtrak.

  • Are OCC's Reserve-Based Lending Guidelines Enforceable?

    Buddy Clark

    Following the Government Accountability Office's determination that the Interagency Guidance on Leveraged Lending did not comply with the Congressional Review Act, it would appear that the binding nature of the Office of the Comptroller of the Currency's handbook for oil and gas reserve-based loans should be similarly questioned, says Buddy Clark of Haynes and Boone LLP.

  • Tax-Friendly Docs Can Lower Renewable Energy Project Costs

    David Burton

    Many developers of renewable energy projects have experienced higher than expected transaction costs. One all-too-common reason is project documents that cause tax tensions, says David Burton of Mayer Brown LLP.

  • EPA Rule Changes Signal Divergence Of Federal, State Regs

    Benjamin Patton

    Last month, the U.S. Environmental Protection Agency published a proposed rule rolling back Obama-era requirements for facilities handling hazardous substances. Some western states, meanwhile, have strengthened their own regulations in this area. Companies now contend with accident prevention and process safety regulations that are inconsistent, say Benjamin Patton and Mary Balaster of Reed Smith LLP.

  • Series

    From Lawmaker To Lawyer: DC Isn't As Bad As You Think

    Norm Coleman

    Popular culture paints the Hill as a place teeming with intrigue, corruption and malicious intent. But in Congress I learned important lessons about respecting people and the work they do, says former Sen. Norm Coleman, R-Minn., of Hogan Lovells.

  • BSEE Listened To Industry In Well Control Rule Revisions

    James Vines

    The U.S. Bureau of Safety and Environmental Enforcement issued its 2016 well control rule in the wake of the Deepwater Horizon disaster. The revisions it proposed last month respond to complaints that the rule failed to account for best available, economically feasible safety technologies, and set out requirements that were neutral in benefit but rendered some wells uneconomical, say attorneys with King & Spalding LLP.

  • Venezuela Sanctions Complicate Compliance For Cos.

    Seetha Ramachandran

    New sanctions issued by President Donald Trump last month prohibit transactions involving the purchase of any debt owed to the Venezuela government. The challenge for firms that buy and sell securities is that the interest of a sanctioned party in any given security or transaction may not be readily apparent, say attorneys with Schulte Roth & Zabel LLP.

  • Series

    From Lawmaker To Lawyer: 6 Things I Learned In Congress

    Charles Gonzalez

    I found that senior members of Congress didn’t have time to mentor younger members. Lawyers — though just as busy as members of Congress — cannot afford to follow this model, says former Rep. Charles Gonzalez, D-Texas, of Ogletree Deakins Nash Smoak & Stewart PC.