Sunday, November 17, 2019

Us Court News

US Judge Rejects Exxon, Shell Nigeria Case

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A U.S. judge on Wednesday rejected Exxon Mobil Corp's and Royal Dutch Shell Plc's effort to revive a $1.8 billion arbitration award against Nigeria's state-run oil company, which stemmed from a dispute over a 1993 contract to extract oil near the African country's coastline.U.S. District Judge William Pauley in Manhattan cited public policy and due process considerations…

TC Energy: Order Blocking Keystone XL Pipeline Lifted

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TC Energy Corp's long-delayed Keystone XL oil pipeline took a small step forward this week, after a U.S. court overturned an injunction that barred certain work on the project, the company said.The company, which also reported a better-than-expected quarterly profit on Thursday, has been working for more than a decade to build the controversy-ridden 830,000 barrel per day (bpd) pipeline.KXL would run from an oil hub at Hardisty…

U.S. Court Vacates Dominion Atlantic Coast Natgas Pipe Permit

Photo: Atlantic Coast Pipeline

A U.S. appeals court in Richmond, Virginia, on Friday vacated a permit by the U.S. Fish and Wildlife Service that allowed Dominion Energy Inc to build its Atlantic Coast natural gas pipe from West Virginia to North Carolina in areas inhabited by threatened or endangered species.(Reuters, Reporting by Scott DiSavino; editing by Jonathan Oatis)

U.S. Court to Decide Who Will Control Citgo

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A U.S. court will decide whether a board of directors appointed by Venezuelan President Nicolas Maduro or one backed by his rival, opposition leader Juan Guaido, runs the eighth-largest U.S. refiner, Citgo Petroleum Corp.A lawsuit filed by Maduro's representatives on Tuesday in Delaware Chancery Court seeks to reassert control over Citgo , along with other U.S. subsidiaries of PDVSA…

Venezuela's Deals to Shield Citgo from Creditors in Doubt

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Venezuela is facing the possible unraveling of a pair of billion-dollar settlements aimed at protecting the cash-strapped country's U.S.-based Citgo Petroleum Corp from seizure by creditors.A lawyer for Canadian mining company Crystallex International Corp said on Tuesday Venezuela had breached the $1.4 billion November agreement that resolved a long-running fight over an expropriated gold mine.Separately…

Impact of U.S. Court Ruling on Keystone XL Timing Unclear-TransCanada

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TransCanada Corp is reviewing a decision by a Montana judge blocking construction of the Keystone XL pipeline expansion, but the impact on project timing remains unclear, the company's top crude pipeline executive said on Tuesday."We're going through the decisions, we're reviewing the deficiencies to determine how best to address the deficiencies," Paul Miller, President, Liquids Pipelines, said at an Investor Day in Toronto.

Pucks and Pellets: Canada Eyes New Ways to Move Crude

(Photo: Canadian National Railway Company)

Canada's biggest railroad says it is attracting interest from oil producers in its effort to move crude in solid, puck-like form, as clogged pipelines divert more oil to riskier rail transport.Congested pipelines have stranded much of Canada's crude in Alberta, driving discounts to record-high levels. Canadian heavy crude traded on Friday for less than one-third of the U.S.

US Judge Halts Keystone XL Oil Pipeline

Photo: TransCanada Corp

A U.S. judge in Montana has halted construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing a sharp rebuke on Friday from President Donald Trump.The ruling of a U.S. Court in Montana late on Thursday dealt a major setback to TransCanada Corp, whose stock dropped 2 percent in Toronto. Shares of companies that…

U.S. Court Dismisses Climate Change Lawsuits Against Oil Majors

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A California federal court dismissed climate change lawsuits against five oil companies by the cities of San Francisco and Oakland, saying the complaints required foreign and domestic policy decisions that were outside the purview of courts, Chevron Corp said on Monday. The cities of San Francisco and Oakland, California sued Chevron, Exxon Mobil Corp, ConocoPhillips…

U.S. Court Stops Work on Natgas Pipeline

Photo: EQT Midstream Partners

EQT Midstream Partners will stop construction in West Virginia of parts of its $3.5 billion Mountain Valley natural gas pipeline, after a U.S. federal appeals court issued a stay order last week against a permit, a U.S. regulator and the company said. The pipeline company will not proceed with construction in waters affected by the stay order in West Virginia, the U.S. Federal Energy Regulatory Commission said in a document issued on Monday.

Schlumberger Wins in US Supreme Court on Patent Damages

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The U.S. Supreme Court ruled on Friday that companies can recover profits lost because of the unauthorized use of their patented technology abroad in a victory for Schlumberger NV, the world's largest oilfield services provider.The 7-2 decision overturned a lower court's ruling that had enforced limits on applying U.S. patent law overseas and reduced by $93.4 million…

PDVSA Sued in US Court over Nonpayment

Venezuela's state-run oil firm PDVSA is being sued for more than $25 million in a U.S. court over non-payment of notes issued for work performed by Canadian energy contractor SNC-Lavalin, according a court filing.The suit, filed in a district court in Manhattan, is the latest in a recent series of court actions seeking to press the cash-strapped oil firm for payment, with actions in recent days by ConocoPhillips and Rusoro.

Post-Bankruptcy, Seadrill Eyes Closer Oil Service Ties

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Offshore oil driller Seadrill aims to expand relations with Schlumberger, the world's largest oil services firm, and other suppliers to the global oil and gas industry, its chief executive told Reuters on Wednesday. Seadrill plans to emerge from Chapter 11 bankruptcy proceedings in late June or early July, following a U.S. court's approval on Tuesday of its multi-billion dollar debt restructuring plan, CEO Anton Dibowitz said.

US Court Approves Seadrill's Bankruptcy Exit Plan

(Photo: Seadrill)

A U.S. judge said on Tuesday he would approve Seadrill Ltd's plan to exit its Chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt and raise $1 billion in new investment. U.S. Bankruptcy Judge David Jones in Houston overruled two minor objections to the reorganization plan during a 90-minute hearing.

Schlumberger Fights to Boost Patent Damages at US Supreme Court

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The U.S. Supreme Court on Monday appeared divided over whether to make it easier for companies to recoup profits lost due to the unauthorized use of their patented technology overseas in a dispute involving Schlumberger NV, the world's largest oilfield services provider.The nine justices heard about an hour of arguments that will resolve the amount of money that rival…

U.S. Court Preliminarily Approves Petrobras Class Action Settlement

A U.S. federal court preliminarily approved on Wednesday the terms of a $3 billion class action settlement Brazilian state oil company Petroleo Brasileiro SA reached with U.S. shareholders in January, the firm said in a Thursday securities filing. The company said a judge will assess potential objections to the accord at a hearing scheduled for June 1. In early January, Petrobras, as the company is known, agreed to pay $2.95 billion to U.S.

Seadrill, Creditors Reach Joint Restructuring Deal

(Photo: Seadrill)

Shipping tycoon John Fredriksen has reached an agreement with a majority of creditors over a restructuring plan for oil rig firm Seadrill, according to U.S. court documents on Monday. The company, once the world's largest offshore driller by market value, filed for Chapter 11 bankruptcy protection with debt and liabilities of over $10 billion last September after a sharp drop in oil prices in 2014 cut demand for rigs.

Seadrill Rises as Creditors Reach Joint Restructuring Deal

(Photo: Seadrill)

U.S.-listed shares of oil rig firm Seadrill are up 10 percent at 28 cents in early trade. Seadrill, controlled by John Fredriksen, has reached an agreement with a majority of creditors over a restructuring plan according to U.S. court documents. Under an amended plan, the company will raise $1.08 billion in new capital via the issuance of new secured notes and equity.

Seadrill Close to Restructuring Deal with Bondholders

Photo: Seadrill

Seadrill's main owner, billionaire John Fredriksen, is close to a deal with unsecured bondholders and South Korean shipyards on a restructuring plan for the rig operator, sources familiar with the talks said on Thursday. The Norwegian company, which last year filed for bankruptcy protection in a U.S. court, has been working with creditors since last month on a restructuring plan to bring in more than $1 billion in fresh funding…

Seadrill Nears Comprehensive Restructuring Deal

(File photo: Seadrill)

Rig firm Seadrill, which last year filed for bankruptcy protection in a U.S. court, is working towards a comprehensive deal with all its creditors that could be concluded this week, it said in a court filing late on Friday. Once the largest drilling rig operator by market value, Oslo-listed Seadrill filed its bankruptcy case in Texas on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop in crude prices.