Retrial Denied, Aruba to Appeal $2.95M Barnett ‘Nuisance’ Verdict

Retrial Denied, Aruba to Appeal $2.95M Barnett ‘Nuisance’ Verdict

Aruba Petroleum Inc.’s motion for a new trial in a drilling/hydraulic fracturing (fracking) nuisance case has been denied by a Texas judge and the company plans to appeal the $2.95M judgment against it.

September 18, 2014

Industry Briefs

El Paso Corp. has closed on the sale of its Aruba refinery and related marine, bunkering, and marketing affiliates to Valero Energy Corp. for $465 million plus $162 million for working capital. In connection with closing, El Paso retired a $366 million lease financing associated with the refinery. The sale supports El Paso’s long-range plan to reduce the company’s total debt, net of cash, to approximately $15 billion by year-end 2005. So far, the company has announced or closed $2.9 billion of the $3.3 billion to $3.9 billion of asset sales targeted under the plan.

March 8, 2004