Class

Acknowledging that Nova Scotia has work to do if its waters are to ever be considered a world class attraction for exploration and production companies, the regulator of the province’s offshore petroleum industry announced changes to make the region more enticing.

Acknowledging that Nova Scotia has work to do if its waters are to ever be considered a world class attraction for exploration and production companies, the regulator of the province’s offshore petroleum industry announced changes to make the region more enticing.

A class action lawsuit filed Tuesday in the U.S. District Court for the Eastern District of Louisiana is seeking unspecified damages against several oil and natural gas pipeline and production companies, alleging their coastal operations in Louisiana destroyed wetlands and allowed Hurricane Katrina to do more damage to occur than would have otherwise.

A U.S. district judge in Louisiana has set a court date of June 30 in New Orleans to hear arguments to dismiss a class action lawsuit brought last year against several major pipeline companies and producers by residents of the region devastated by Hurricane Katrina. The lawsuit was originally filed in September 2005, alleging that the companies’ exploration and production of oil and natural gas destroyed wetlands, which contributed to the massive storm damage (see Daily GPI, Sept. 16).

The Northern Trust Co. on Friday reached an agreement to seek approval of a $37.5 million settlement of an Enron Corp. class-action lawsuit, all of which would be paid by Northern Trust’s insurance carriers.

The scheduled start for the jury trial for Sempra Energy’s multi-billion-dollar class action lawsuit in which it is alleged to have manipulated wholesale Arizona border natural gas prices was delayed Monday as hearings continued on 30 pre-trial motions in the case in a state Superior Court in San Diego County.

Williams said it agreed to pay $55 million to settle a class action lawsuit Monday. The plaintiffs in the lawsuit are former employees who participated in the company’s 401(k) retirement plan during a period that began prior to July 24, 2000.

Kerr-McGee Corp.’s chemicals unit, New-Co Chemical Inc., has filed an initial public offering (IPO) for up to $300 million in Class A common stock. However, Kerr-McGee still holds an option to sell New-Co if the opportunity arises. The IPO or sale of the chemicals unit was announced earlier this year so the company could refocus its attention on oil and gas exploration and production (see NGI, May 16). About 90% of the chemicals sold by the unit last year were titanium dioxide, according to the company. In the Securities and Exchange Commission filing on the IPO, the Oklahoma City-based producer did not specify how many shares would be offered or the price of the shares. That information is expected to be disclosed in a later filing. The underwriters are Lehman Brothers and JP Morgan. Kerr-McGee said it wants the chemicals unit sold or spun off from the company by the end of the year.

Kerr-McGee Corp.’s chemicals unit, New-Co Chemical Inc., has filed an initial public offering (IPO) for up to $300 million in Class A common stock. However, Kerr-McGee still holds an option to sell New-Co if the opportunity arises.