Winter Storm Uri left millions in Texas without electricity and water in mid-February 2021, opening up threats of mass litigation. Texans seek to hold the state’s primary grid operator, Electric Reliability Council of Texas (ERCOT) and electricity retailers liable. Among the litigation is a $100 million suit brought by family members of an 11-year-old boy
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Latest from Porter Wright Morris & Arthur LLP - Page 2
Supreme Court of Ohio tolls civil deadlines during COVID-19 emergency period
In response to the COVID-19 pandemic, Ohio’s legislative, executive, and judicial branches are working together to clarify requirements for civil litigants and alleviate mounting pressure on Ohio’s courts. My colleague Sean Klammer explains in this Porter Wright Law Alert.
Reference to oil & gas royalty interest deemed sufficient under the Marketable Title Act
The Ohio Supreme Court recently settled an open question under Ohio’s Marketable Title Act (MTA), determining that a reference to the type of interest created and to whom it was granted is all that is necessary under the MTA to preserve the interest. And interestingly, despite the existence of the Dormant Mineral Act (DMA), the…
New Ohio tax law clarifies and expands sales and use tax exemptions for the oil and gas industry
Many thanks to Kevin Scott for his assistance in preparing this post.
On June 14, 2018, Governor Kasich signed into law H.B. 430 which will go into effect in September of 2018. The bill clarifies the language covering sales and use tax exemptions for certain oil and gas industry participants. Specifically, the new law modifies…
West Virginia joins majority view on oil and gas leasing with new cotenancy statute
On March 5, 2018, the West Virginia Legislature passed new legislation known as the Cotenancy Modernization and Majority Protection Act, W. Va. Code § 37B-1-1 et seq. (Cotenancy Statute). This new Cotenancy Statute, which became effective June 3, 2018, is intended to facilitate oil and gas development of West Virginia properties that have numerous fractional…
2015-2016 Ohio budget bill proposes severance tax increase
On Feb. 11, 2015, the biennial budget bill appropriating money for 2015 and 2016 was introduced in the Ohio House of Representatives. The bill incorporates Gov. Kasich’s proposals, which were released earlier this month in his Blueprint for a New Ohio. Generally, if enacted in its current form, there would be an overall reduction in…
Ohio severance tax is a point of ongoing negotiation
Ohio Gov. John Kasich’s mid-biennium review plan calls for an increase in Ohio oil and gas severance taxes, as proposed in House Bill 472. These increased taxes would fund certain local governmental initiatives and the Ohio Department of Natural Resources. They also would help offset personal income tax cuts outlined in the mid-biennium plan.…
What Goes Up … Quick Glance #3 at Ohio Oil and Gas Leases in Bankruptcy
Fifth Circuit Affirms $44.4 Million Jury Award for Trade Secret Misappropriation of Software Developed for Oil and Gas Industry
The Fifth Circuit Court of Appeals recently affirmed a jury verdict awarding $26.2 million in compensatory damages and $18.2 million in punitive damages for trade secret misappropriation of software that enabled oil and gas companies to “plan, procure and pay for complex services” online. See Wellogix, Inc. v. Accenture, LLP, Case No. 11-20816 (5th…
Due Diligence in Lending to the Oil and Gas Industry
Lenders venturing into Ohio’s oil and gas industry need to be aware of unique features of the industry and how to conduct due diligence to properly evaluate risk. Successful lenders understand how the maturity of an oil and gas play, unique features of oil and gas assets, and a borrower’s experience can impact risk. Unique…