Sam Bacon, shareholder, Welborn Sullivan Meck & Tooley. Courtesy photo; ExxonMobil Holding Loses Control of California Oil Field in Court Order
Judge Thomas S. Clark concluded the weight of the evidence suggested Aera prioritized its financial situation over the interests of the plaintiffs in making business decisions.
May 10, 2024 at 03:55 PM
3 minute read
What You Need to Know
- An ExxonMobil Corp. subsidiary avoided a $100 million judgment last year but has now lost control, in a California court order, of the oil field in dispute.
- Clark concluded the weight of the evidence suggested Aera prioritized its financial situation over the interests of the plaintiffs in making business decisions.
- A jury decided breach of contract and money damages, but the equitable claims were decided by the judge.
A subsidiary of Houston-based ExxonMobil Corp. avoided a $100 million judgment last year but has since lost control, in a California state court order, of the oil field under litigation.
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