Laredo Petroleum, Inc. (NYSE:LPI)
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6 Months : From Jan 2019 to Jul 2019
By Stephen Nakrosis
Laredo Petroleum, Inc. (LPI) said Monday it has settled previously disclosed litigation with Shell Trading (US) Co.
The litigation, which Laredo said was related to a crude-oil purchase agreement, commenced in May 2017.
Laredo said April 12 it received a one-time payment from Shell of $42.5 million, and both sides dismissed their claims with prejudice.
Laredo said it would record the cash payment as non-operating income on its consolidated statement of operations.
Shell Trading (US) Co. is an energy trading company that acts as the single market interface for Royal Dutch Shell (RDSA) companies and affiliates in the U.S.
A spokesman from the company couldn't immediately provide a comment.
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(END) Dow Jones Newswires
April 15, 2019 17:37 ET (21:37 GMT)
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