Welcome to the third edition of Shearman & Sterling’s Fifth Circuit Securities Litigation Quarterly. As public companies and financial institutions continue to migrate to Texas, our Texas-based securities litigation team...more
On Wednesday, May 26, 2021, a series of events transpired that could have long-lasting impacts on the energy industry and which seem likely to accelerate that industry’s evolving responses to environmental, social and...more
A Bad Day for Big Oil - "ExxonMobil, Chevron lose key shareholder votes and Dutch court orders Shell to cut emissions faster." Why this is important: Issues related to climate change embroiled three oil companies this...more
May 26, 2021 was the day the energy world changed. On the same day that a Dutch court in The Hague ruled that Royal Dutch Shell could be held liable for climate change and ordered it to reduce its greenhouse gas...more
U.S. Shale Producers Race for Federal Permits Ahead of Presidential Election - "Federal permitting in the largest U.S. oilfield in the Permian Basin, located in Texas and New Mexico, is up 80 percent in about the last three...more
FERC: No Rehearing on Potomac Pipeline - "A federal commission this week turned down a request to rehear its approval for a proposed natural-gas pipeline under the Potomac River." Why this is important: In 2018, the Federal...more
On March 30, 2020, Shell announced that it is pulling out of the Lake Charles liquefied natural gas (“LNG”) project. Just a few weeks ago, it was reported that Shell’s 50% share of the quantities from the 16.45 MTPA project...more
The contentious and partisan debate in Washington over climate change policy may be shifting in a new direction—one that is driven not by partisanship but by a group of bipartisan members of Congress and the engagement and...more
New York Sues Exxon Mobil, Saying It Deceived Shareholders on Climate Change - "The litigation, which follows more than three years of investigation, represents the most significant legal effort yet to establish that a...more
Is U.S. Shale as Productive as It's Cracked Up to Be? "When you look at the data, the question arises of whether E&Ps' well production systems are as efficient and productive as they like to think they are." Why this is...more
Increasing Challenges for Energy Producers - Several state attorneys general (“state AGs”) recently have undertaken high-profile investigations into energy producers’ research and public statements about the potential...more
South Africa to align energy plans with SADC gas master plan - Energy Minister Jeff Radebe has promised greater alignment between South Africa’s energy plans, including the new Integrated Resource Plan (IRP) for...more
In Cities v. Fossil Fuels, Exxon's Allies Want the Accusers Investigated - "Now two industry-friendly groups are turning the tables and asking the SEC to investigate the cities and counties for possible fraud." Why this...more
Ohio Supreme Court Joins Texas and Oklahoma in Holding the State Does Not Recognize a Separate Implied Covenant to Explore Further - "We conclude that Ohio does not recognize an 'implied covenant to explore further'...more
This is our second installment of Currents - our weekly energy news e-blast where we deliver the week's top energy news stories and our synopsis of why those stories are important from a legal perspective. - Appeals Court...more
Uber CEO Travis Kalanick’s indefinite leave of absence just got a whole lot more definite with news late yesterday that, bowing to pressure from shareholders, Kalanick has resigned from his post altogether....more
Uber’s troubles over the past few months have been well documented (here, among many other places). Still, this weekend’s news that the ride-hailing company’s board is considering a three-month leave of absence for CEO Travis...more
President-Elect Donald Trump announced this week three new cabinet nominees who will certainly influence U.S. energy policy at home and abroad. This alert is intended to update clients on the President-Elect's nominees and...more
The latest on the AT&T/Time Warner deal, including its place in the “ambitious climb” of AT&T’s CEO, Randall Stephenson [NYTimes] and a conversation with one of the deal’s vocal political opponents, Sen. Al Franken....more
In the face of dropping oil prices, the SEC has launched an investigation into how Exxon Mobil Corp. has valued its assets. While the value of competitors' assets have dropped dramatically since oil prices have plunged,...more
Longoria v. ExxonMobil is like throwing a big party but failing to invite all the right guests. The Longorias – 59 of them – sued producer-defendants over ownership of 9,200 acres in Brooks County, Texas, acquired in the...more
When issues become symbolic in a public policy debate, they take unexpected and unpredictable paths. This was true of the Keystone Pipeline debate and the same will be true for the latest controversy over ExxonMobil’s climate...more
In a November 3 decision, the Texas Railroad Commission (RRC) agreed with an administrative law judge (ALJ) that two wastewater injection wells, one operated by EnerVest Operating LLC and the other by Exxon Mobil Corp....more
Update: On September 10, the Texas Railroad Commission concluded that these small earthquakes that occurred near Azle, Texas likely were not caused by drilling operations conducted by EnerVest Operating LLC. The Texas...more
Texas Railroad Commission examiners have determined that a well operated by EnerVest Operating LLC likely did not contribute to a series of earthquakes in the state, mirroring a similar determination made on August 31 in a...more