Oil & Gas (9 articles)
Almost a year after a U.S. District Court dismissed a case brought by Plains All American Pipeline LLC against Delaware for its use of a contingency fee auditor (Kelmar Associates), a U.S. Court of Appeals held that Plains’ procedural due process claim was ripe for review and remanded the case to federal district court. Here’s the latest on this litigation.
On August 16th, the Delaware Federal District Court dismissed the lawsuit brought by Plains All American Pipeline against certain Delaware Department of Finance employees and Delaware’s contracted auditor, Kelmar Associates in regards to an unclaimed property audit. The court ruled that Plains did not have standing to sue Kelmar and that the allegations against the state officials were not ripe for judicial review.
As domestic energy production has boomed over the last several years, an affiliated risk item has been growing on the books and records of oil and gas firms. Specifically, the unpaid amounts associated with suspended and/or unknown owners creates “unclaimed property” for a company.
Unclaimed property compliance for oil & gas, utilities and energy-related companies can be an especially complex issue due to nuances and intricacies specific to these industries. Mineral rights, the distribution of royalties, title disputes, uncashed deposit payments and credit balances all contribute to the uniqueness of these industries – and their unclaimed property requirements. If […]