The Oklahoma Supreme Court on Monday reversed a lower-court ruling and said Tulsa-based Helmerich and Payne Inc. does not have to pay nearly $124 million to royalty owners.
The case centers on royalty payments H&P made to owners of minerals under two 640-acre sections of land in Beckham County from 1978 to 1998.
The royalty owners claim that in the mid-1980s, H&P underpaid them for natural gas production and that it hid a settlement it made with a pipeline operator in the area.
At trial, a jury found the company guilty of unjust enrichment and disgorgement of profits and awarded the royalty owners nearly $127 million.
The state Supreme Court on Tuesday upheld part of the lower court's findings and said the company must still pay $3.65 million in damages. The Supreme Court, however, reversed the jury's awards of nearly $124 million.