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Acreage dedications are a fundamental component of midstream oil and gas agreements, playing a crucial role in facilitating the transportation of hydrocarbons from production sites to market. These dedications involve the...more
Is a midstream contract treated the same as other executory contracts in bankruptcy, subject to assumption and rejection pursuant to the US Bankruptcy Code? An executory contract is any contract of the debtor where both the...more
The real estate investment trust (REIT) has been a preferred vehicle for investment in income producing real estate portfolios. The REIT provides investors with many federal income tax benefits associated with C-corporations,...more
On October 4, 2019, the Supreme Court granted review of a Fourth Circuit decision that rejected U.S. Forest Service authorization of a $7 billion natural gas pipeline. See Cowpasture River Pres. Assn v. Forest Service, 911...more
The answer depends on what part of “the oil business” you care about. The 86th Legislature produced a few, but not many, changes in laws affecting the business, (most going into effect on September 1). ...more
Iran's Latest Terrorist Attack Matters More than OPEC's Latest Meeting, RBC's Croft Says - "Oil market attention was focused on an OPEC meeting in Algeria this weekend, but it was Saturday's terrorist attack in an oil-rich...more
A Texas Court of Appeals ruled this week that when companies agree in writing that they have no legal obligations to proceed with a project, they mean it. That may appear to be a simple concept but a jury came to a different...more
One of the hottest issues from 2016 was whether an E&P debtor can reject, under section 365 of the Bankruptcy Code, an above-market midstream contract. Given the potential for a “no-win” situation, in all but one case where...more
Described by The Economist as “the unsung masters of the oil industry,” oilfield services are an integral and indispensable part of the oil and natural gas industry in Western Canada. Oilfield services companies are involved...more
In previous Energy newsletters, we have addressed one of the current hot topics in E&P bankruptcy cases – rejection of midstream contracts and declaratory relief that the “dedications” contained in those agreements are not...more
The issue of whether gathering agreements are subject to rejection in bankruptcy as executory contracts and whether certain provisions of those agreements run with the land and survive rejection will impact ongoing bankruptcy...more
Lessons from Sabine - In March, Bankruptcy Judge Shelley Chapman held that Sabine Oil & Gas Corp. satisfied the standards for rejection of several gathering and handling agreements between Sabine and its midstream...more
Recently, the Bankruptcy Court for the Southern District of New York issued an opinion in In re Sabine Oil & Gas Corp. that permitted the debtor, Sabine Oil & Gas Corporation ("Sabine") to reject certain gathering and...more
In a much anticipated ruling, Bankruptcy Judge Shelley Chapman has granted the motion of Sabine Oil and Gas Corporation (No. 15-11835, USBC SDNY) to reject certain executory contracts with Nordheim Eagle Ford Gathering, LLC...more