Helmerich & Payne Unaffected by Verdict

Helmerich & Payne lost a $69 million in Tulsa County District Court to royalty owners, but the company said the verdict is not final and subject to modification by the Court. The Court is expected to enter judgment in the lawsuit in the near future.
Late last month, H.B. Krug won a decision relating to the exploration and production business that separated from Helmerich & Payne following a spin-off transaction completed in 2002. As part of the spin-off, Cimarex assumed all of the assets and liabilities relating to the E&P business and insured Helmerich & Payne for E&P-related liabilities — including the Krug litigation.
Since then, Cimarex has conducted the defense of the Krug litigation.

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