Pioneer Natural Resources, Occidental Petroleum, Hess and other major U.S. shale oil producers were hit with an antitrust class action on Jan. 22 in Nevada District Court. The 76-page lawsuit, brought by Cohen Milstein Sellers & Toll and Eglet Adams Eglet Ham Henriod, accuses the defendants of conspiring in coordination with OPEC to curb production for the purpose of driving up crude oil prices, rather than increasing production to take advantage of market opportunity. The suit claims the alleged conspiracy resulted in billions of dollars in additional costs for individuals and businesses that purchased motor vehicle fuel for commercial use. Counsel have not yet appeared for the defendants. The case is 2:24-cv-00150, Andrew Caplen Installations LLC v. Permian Resources Corp. f/k/a Centennial Resource Development, Inc.
Energy
January 22, 2024, 8:40 PM