Anadarko Petroleum Corp. and Tronox Inc. have set their trial on hold so they can discuss a settlement in the $25 billion dispute over environmental liabilities left from former Oklahoma City energy firm Kerr-McGee Corp., according to a court filing.
Houston-based Anadarko bought Kerr-McGee in 2006 for $18 billion. Tronox spun off from Kerr-McGee a year earlier.
Tronox claims it should not have been saddled with Kerr-McGee environmental liabilities in its spinoff. The chemicals company is asking for $15 billion in assets and $10 billion in interest payments from Anadarko and has said the Houston company should be responsible for cleaning up 2,000 polluted sites.
Under terms of Tronox's previous settlement with the U.S. Department of Justice and the Environmental Protection Agency, Tronox paid the government $270 million in cash and pledged 88 percent of its winnings in the lawsuit against Anadarko. The remaining 12 percent will be set aside for trusts designed for environmental cleanup.
From staff reports